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 Incomeof existing shares to which voting rights are Ltdattached: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 may resultin the acquisition of shares already issued to which voting rights are 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 PREMIER FUND MANAGERS LIMITEDnotification obligation:iii 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date onwhich the threshold is crossed or 21/10/2014reached: v 6. Date on which issuer notified: 22/10/2014 7. Threshold(s) that is/are crossed or 4% to 5%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/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%GB00B0LCW208 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type 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, xvi Resulting situation after the triggering transaction Type of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion instrument refers to xix, xxinstrument period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 22,024,230 5.01% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi 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: Percentage based on Issued Share Capital of 439,191,763 14. Contact name: Christopher du Toit 15. Contact telephone number: +44 (0)1483 400429