For filings with the FCA include the annex                                              
For filings with issuer exclude the annex                                               
                                                                                        
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
1. Identity of the issuer or the underlying issuer      Picton Property Income Limited 
of existing shares to which voting rights are                                    
attached:ii                                                                             
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                        X    
                                                                                        
An acquisition or disposal of qualifying financial instruments which may                
result in theacquisition of shares already issued to which voting rights are            
attached                                                                                
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                   Investec Wealth & Investment 
notification obligation:iii                                          Limited            
                                                                                        
4. Full name of shareholder(s)                                         N/A              
 (if different from 3.):iv                                                              
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                 1st August2014        
reached:v                                                                               
                                                                                        
6. Date on which issuer notified:                                4th August 2014        
                                                                                        
7. Threshold(s) that is/are crossed or                           From 17% to 18%        
reached:vi, vii                                                                         
                                                                                        


8. Notified details:                                                                             
                                                                                                 
A: Voting rights attached to sharesviii, ix                                                      
                                                                                                 
Class/type   Situation previous        Resulting situation after the triggering transaction      
of           to the triggering                                                                   
shares       transaction                                                                         
                                                                                                 
                                                                                                 
if possible  Number        Number      Number        Number of voting        % of  voting rightsx
using        of            of          of shares     rights                                      
the ISIN     Shares        Voting                                                                
CODE                       Rights                                                                
                                       Direct        Directxi    Indirectxii Direct  Indirect    
                                                                                                 
                                                                                                 
                                                                                                 
                                                                                                 
Ordinary     79,008,143    79,008,143                            79,216,369          18.04%      
shares                                                                                           
                                                                                                 
GB00B0LCW208                                                                                     
                                                                                                 
                                                                                                 
                                                                                                 
B: Qualifying Financial Instruments                                                              
                                                                                                 
Resulting situation after the triggering transaction                                             
                                                                                                 
Type of        Expiration    Exercise/                Number of voting             % of voting   
financial      datexiii      Conversion Periodxiv     rights that may be           rights        
instrument                                            acquired if the                            
                                                      instrument is                              
                                                      exercised/ converted.                      
                                                                                                 
                                                                                                 
                                                                                                 
                                                                                                 
                                                                                                 
C: Financial Instruments with similar economic effect to Qualifying Financial                    
Instrumentsxv, xvi                                                                               
                                                                                                 
Resulting situation after the triggering transaction                                             
                                                                                                 
Type of       Exercise     Expiration Exercise/      Number of voting rights    % of voting      
financial     price        datexvii   Conversion     instrument refers to       rightsxix, xx    
instrument                            periodxviii                                                
                                                                                                 
                                                                                                 
                                                                                Nominal Delta      
                                                                                                 
                                                                                                 
                                                                                                 
Total (A+B+C)                                                                                    
                                                                                                 
Number of voting rights                       Percentage of voting rights                        
                                                                                                 
79,216,369                                    18.04%                                             
                                                                                                 


9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:xxi                           
                                                                                        
Client holdings registered in the name of Nominee companies 100% owned by               
Investec Wealth & Investment Limited.                                                   
                                                                                        

Proxy Voting:                                                                           
                                                                                        
                                                                                        
10. Name of the proxy holder:                                          N/A              
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                               N/A              
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                         N/A              
                                                                                        
13. Additional information:                                                             
                                                                       N/A                             
                                                                                        
                                                        Phil Beardwell Chartered FCSI   
14. Contact name:                                       Senior Compliance Manager       
                                                                                        
15. Contact telephone number:                                                           
                                                                  020 7597 1356