Holding(s) in Company

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 LIMITEDof existing shares to which voting rights areattached:ii 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights YES An acquisition or disposal of qualifying financial instruments which mayresult in theacquisition of shares already issued to which voting rightsare attached An acquisition or disposal of instruments with similar economic effect toqualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the J O HAMBRO CAPITAL MANAGEMENTnotification obligation:iii LIMITED 4. Full name of shareholder(s) (if differentfrom 3.):iv 5. Date of the transaction and date onwhich the threshold is crossed or 12 NOVEMBER 2014reached:v 6. Date on which issuer notified: 13 NOVEMBER 2014 7. Threshold(s) that is/are crossed or BELOW 5%reached:vi, vii 8. Notified details: A: Voting rights attached to sharesviii, ix Class/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction if possible Number Number Number Number of voting % of voting rightsxusing of of of shares rightsthe ISIN Shares VotingCODE Rights Direct Directxi Indirectxii Direct Indirect GB00B0LCW208 22197339 22197339 21797339 21797339 4.96% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type 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 rights 21797339 4.96% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:xxi NOT APPLICABLE Proxy 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 Gartery 15. Contact telephone number: 0207 747 5637