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 LIMITEDattached: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 mayresult in theacquisition of shares already issued to which voting rightsare 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 J O HAMBRO CAPITALnotification obligation:iii MANAGEMENT LIMITED4. Full name of shareholder(s) (if differentfrom 3.):iv5. Date of the transaction and date onwhich the threshold is crossed or 17 DECEMBER 2014reached:v6. Date on which issuer notified: 18 DECEMBER 20147. Threshold(s) that is/are crossed or ABOVE 5%reached:vi, vii8. Notified details:A: Voting rights attached to sharesviii, ixClass/type of Situation Resulting situation after the triggering transactionshares previous to the triggering transactionif possibleusing Number Number Number Number of voting % of voting rightsxthe ISIN CODE of of of shares rights Shares Voting Rights Direct Directxi Indirectxii Direct IndirectGB00B0LCW208 21797339 21797339 23797339 23797339 5.42%B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of financial Expiration Exercise/ Number of voting % of votinginstrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted.Total (A+B)Number of voting rights Percentage of voting rights23797339 5.42%9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:xxiNOT APPLICABLEProxy 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: -14. Contact name: Simon Gartery15. Contact telephone number: 0207 747 5637