Publication of Supplementary Prospectus

21 January 2015 PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") Publication of Supplementary Prospectus Picton Property Income Limited (the "Company") has published a supplementaryprospectus approved by the UK Listing Authority. The publication of thesupplementary prospectus is a regulatory requirement under the Prospectus Rulesfollowing the publication of the Company's Net Asset Value for the quarterended 31 December 2014. The supplementary prospectus is supplemental to, and should be read inconjunction with, the Prospectus published by the Company on 1 May 2014 and thesupplementary prospectuses published by the Company on 14 July 2014, 4 August2014, 29 October 2014 and 21 November 2014 respectively, all in relation to thePlacing Programme. Copies of the supplementary prospectus will shortly be available for inspectionat www.hemscott.com/nsm.do and on the Company's website at www.pictonproperty.co.uk ENDS For further information: Northern Trust International Fund Telephone: +44 1481 745 529Administration Services (Guernsey) LimitedDavid SauvarinThe Company SecretaryTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Picton Capital Limited Telephone: +44 20 7628 4800Michael Morris J.P. Morgan Cazenove Telephone: +44 20 7742 4000William Simmonds Oriel Securities Limited Telephone: +44 20 7710 7600Roger Clarke Tavistock Communications Telephone: +44 20 7920 3150Jeremy Carey, James Verstringhe Note to Editors Picton Property Income Limited ('Picton') is an income focused, propertyinvestment company listed on the London Stock Exchange. It was established in2005 to invest both directly and indirectly in commercial property across theUnited Kingdom. With Net Assets of £315.7 million at 31December 2014, the Company's objectiveis to provide shareholders with an attractive level of income, together withthe potential for capital growth by investing in the principal commercialproperty sectors.