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 Income Limitedof existing shares to which voting rights areattached:ii2 Reason for the notification (please tick the appropriate box or boxes):An acquisition or disposal of voting rights XAn acquisition or disposal of qualifying financial instruments which mayresult in theacquisition of shares already issued to which voting rights areattachedAn 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 Investec Wealth & Investmentnotification obligation:iii Limited4. Full name of shareholder(s) N/A (if different from 3.):iv5. Date of the transaction and date onwhich the threshold is crossed or 21st October 2014reached:v6. Date on which issuer notified: 22nd October 20147. Threshold(s) that is/are crossed or From 18% to 19%reached:vi, vii8. Notified details:A: Voting rights attached to sharesviii, ixClass/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transactionif possible Number Number Number Number of voting % of voting rightsxusing of of of shares rightsthe ISIN Shares VotingCODE Rights Direct Directxi Indirectxii Direct IndirectOrdinary 83,436,883 83,436,883 83,492,083 19.01%sharesGB00B0LCW208B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of Expiration Exercise/ Number of voting % of votingfinancial datexiii Conversion Periodxiv rights that may be rightsinstrument acquired if the instrument is exercised/ converted.C: Financial Instruments with similar economic effect to Qualifying FinancialInstrumentsxv, xviResulting situation after the triggering transactionType of Exercise Expiration Exercise/ Number of voting rights % of votingfinancial price datexvii Conversion instrument refers to rightsxix, xxinstrument periodxviii Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rights83,492,083 19.01%9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:xxiClient holdings registered in the name of Nominee companies 100% owned byInvestec Wealth & Investment Limited.Proxy Voting:10. Name of the proxy holder: N/A11. Number of voting rights proxy holder will cease N/Ato hold:12. Date on which proxy holder will cease to hold N/Avoting rights:13. Additional information: N/A14. Contact name: Phil Beardwell Chartered FCSI Senior Compliance Manager15. Contact telephone number: 020 7597 1356