For filings with the FCA include the annexFor filings with issuer exclude the annexTR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi1. Identity of the issuer or the underlying issuer PICTON Property Incomeof existing shares to which voting rights are Ltdattached:ii2 Reason for the notification (please tick the appropriate box or boxes):An acquisition or disposal of voting rights YESAn acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attachedAn acquisition or disposal of instruments with similar economic effect toqualifying financial instrumentsAn event changing the breakdown of voting rightsOther (please specify):3. Full name of person(s) subject to the PREMIER FUND MANAGERS LIMITEDnotification obligation:iii4. Full name of shareholder(s) (if different from 3.):iv5. Date of the transaction and date onwhich the threshold is crossed or 21/10/2014reached: v6. Date on which issuer notified: 22/10/20147. Threshold(s) that is/are crossed or 4% to 5%reached: vi, vii8. Notified details:A: Voting rights attached to shares viii, ixClass/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rights xif possible of of of shares rightsusing Shares Votingthe ISIN Rights Direct Direct xi Indirect Direct IndirectCODE xii 21,024,230 21,024,230 22,024,230 22,024,230 5.01%GB00B0LCW208B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of Expiration Exercise/ Number of voting % of votingfinancial date xiii Conversion Period xiv rights that may be rightsinstrument acquired if the instrument is exercised/ converted.C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xviResulting situation after the triggering transactionType of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion instrument refers to xix, xxinstrument period xviii Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rights22,024,230 5.01%9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxiProxy Voting:10. Name of the proxy holder:11. Number of voting rights proxy holder will cease to hold:12. Date on which proxy holder will cease to hold voting rights:13. Additional information: Percentage based on Issued Share Capital of 439,191,76314. Contact name: Christopher du Toit15. Contact telephone number: +44 (0)1483 400429