Results of the Placing

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOTFOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES ANDPOSSESSIONS, ANY OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA,NEW ZEALAND, CANADA, JAPAN, SOUTH AFRICA, ANY MEMBER STATES OF THE EEA (OTHERTHAN THE UNITED KINGDOM) OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS AN ADVERTISMENT AND NOT A PROSPECTUS. THIS ANNOUNCEMENT ISFOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR INVITATION TOPURCHASE OR ACQUIRE ANY TRANSFERABLE SECURITIES (AS DEFINED IN SCHEDULE 11A OFTHE FINANCIAL SERVICES AND MARKETS ACT 2000), NOR SHALL IT FORM THE BASIS OFANY CONTRACT FOR THE SALE OF ANY INTEREST IN A TRANSFERABLE SECURITY OR ASOLICITATION, INDUCEMENT, ADVICE OR RECOMMENDATION TO EFFECT ANY TRANSACTION OFANY KIND WHATSOEVER. POTENTIAL INVESTORS SHOULD READ THE RELEVANT PROSPECTUSESCAREFULLY BEFORE ANY INVESTMENT DECISION IS MADE. PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") RESULTS OFPLACING Further to the announcement dated 1st December 2014, the Board of Picton ispleased to announce the successful issue of 39,215,686 new ordinary shares byway of a placing (the "Placing") pursuant to the terms and conditions of thePlacing Programme established underthe prospectus issued by the Company dated 1May 2014 (as amended). A total of 39,215,686ordinary shares (the "New Shares") have beenplaced,subject to Admission, by J.P. Morgan Cazenove ("JPMC") and Oriel SecuritiesLimited ("Oriel") at a price of 63.75 pence per share, raising grossproceeds ofapproximately £25million. The New Shares will, when issued, be credited as fully paid and will rankparipassu in all respects with the existing Ordinary Shares, (save foranydividends or other distributions declared, made or paid on the OrdinarySharesby reference to a record date prior to the allotment of the relevantNewShares). Application has been made for the new shares to be admitted to the premiumsegment of the Official List of the Financial Conduct Authority (the "FCA") andto trading on the main market for listed securities of the London StockExchange ("Admission"). It is expected that Admission will become effective andunconditional dealings in the new ordinary shares will commence at 8.00am on 22December 2014. Following Admission, the number of ordinary shares that the Company has inissuewill be 478,407,449. The total number of voting rights of the Companywill be478,407,449and this figure may be used by shareholders as thedenominator forthe calculations by which they will determine if they arerequired to notifytheir interest in, or a change to their interest in theCompany, under theDisclosure and Transparency Rules. The New Shares will be issued in registered form and may be heldinuncertificated form. The New Shares allocated will be issued to Placeesthroughthe CREST system unless otherwise stated. The New Shares will beeligible forsettlement through CREST with effect from Admission. Commenting, Nick Thompson, Chairman of Picton said: "We are pleased to have successfully completed this further tranche of ourPlacing Programme, with support from new and existing shareholders. In terms ofthe proceeds, we have already identified attractive acquisition opportunitiesand look forward to being able to report more fully in due course" FOR FURTHER INFORMATION, PLEASE CONTACT: Northern Trust International Fund Telephone: +44 1481 745 529Administration Services (Guernsey) Limited David 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, Neil Winward Tavistock Telephone: +44 20 7920 3150Jeremy CareyJames VerstringheImportant Information This Announcement has been issued by and is the sole responsibility of theCompany. This Announcement is for information purposes only and does not constitute aninvitation to subscribe for or otherwise acquire or dispose of securities inthe Company in any jurisdiction. The information contained in this Announcementis for background purposes only and does not purport to be full or complete. Noreliance may be placed for any purpose on the information contained in thisAnnouncement or its accuracy or completeness. This Announcement does notconstitute or form part of any offer to issue or sell, or any solicitation ofany offer to subscribe or purchase, any investments nor shall it (or the factof its distribution) form the basis of, or be relied on in connection with, anycontract therefor. This Announcement is an advertisement and not a prospectus. This Announcementdoes not constitute or form part of, and should not be construed as, any offerfor sale or subscription of, or solicitation of any offer to buy or subscribefor, any shares in the Company or securities in any other entity, in anyjurisdiction, including the United States, nor shall it, or any part of it, orthe fact of its distribution, form the basis of, or be relied on in connectionwith, any contract or investment decision whatsoever, in any jurisdiction. ThisAnnouncement does not constitute a recommendation regarding any securities. Any investment decision must be made exclusively on the basis of the prospectuspublished by the Company and any supplement thereto in connection with theadmission of ordinary shares of the Company to the premium segment of theOfficial List of the UK Listing Authority and to trading on the London StockExchange's main market for listed securities. J.P. Morgan Cazenove which is authorised by the Prudential Regulation Authorityand regulated by the Prudential Regulation Authority and the Financial ConductAuthority and Oriel Securities Limited which is authorised and regulated in theUnited Kingdom by the Financial Conduct Authority (together, the "JointSponsors"), are each acting exclusively for the Company and no-one else inconnection with the Placing or the matters referred to in this Announcement,will not regard any other person as their respective client in relation to thePlacing and will not be responsible to anyone other than the Company forproviding the protections afforded to their respective clients or for providingadvice in relation to thePlacing or any transaction or arrangement referred toin this Announcement. This Announcement is not for release, publication or distribution (directly orindirectly) in or into the United States of America (including its territoriesand possessions, any of the United States and the District of Columbia),Canada, Australia, New Zealand, Japan, the Republic of South Africa, any memberstates of the EEA (other than the United Kingdom) or to any "US person" asdefined in Regulation S under the United States Securities Act of 1933, asamended (the "Securities Act") or into any other jurisdiction where applicablelaws prohibit its release, distribution or publication. The distribution ofthis Announcement and the Initial Offers and Placing Programme in certainjurisdictions may be restricted by law. No action has been taken by the Companyor the Joint Sponsors that would permit an offering of the New Ordinary Sharesor possession or distribution of this Announcement or any other offering orpublicity material relating to such shares in any jurisdiction where action forthat purpose is required. Persons into whose possession this Announcement comesare required by the Company and the Joint Sponsors to inform themselves about,and to observe, such restrictions. The New Ordinary Shares have not been and will not be registered under theSecurities Act or with any securities regulatory authority of any state orother jurisdiction of the United States and, subject to certain exceptions, maynot be offered or sold within the United States or to, or for the account orbenefit of, US Persons. The Company will not be registered as an "investmentcompany" under the Investment Company Act of 1940, and investors will not beentitled to the benefits of that Act. In addition, relevant clearances havenot been, and will not be, obtained from the securities commission (orequivalent) of any province of Australia, New Zealand, Canada, Japan, theRepublic of South Africa or any member state of the EEA (other than the UnitedKingdom) and, accordingly, unless an exemption under any relevant legislationor regulations is applicable, none of the New Ordinary Shares may be offered,sold, transferred or delivered, directly or indirectly, in Australia, NewZealand, Canada, Japan, the Republic of South Africa or any member state of theEEA (other than the United Kingdom). No representation or warranty express or implied, is or will be made as to, orin relation to, and no responsibility or liability is or will be accepted bythe Company, Picton Capital Limited (the "Investment Manager"), the JointSponsors or by any of their respective affiliates or agents as to or inrelation to, the accuracy or completeness of this Announcement or any otherwritten or oral information made available to or publicly available to anyinterested party or its advisers, and any liability therefore is expresslydisclaimed. The Company, the Investment Manager, the Joint Sponsors and theirrespective affiliates accordingly disclaim all and any liability whetherarising in tort, contract or otherwise which they might otherwise have inrespect of this Announcement or its contents or otherwise arising in connectiontherewith. Certain statements in this Announcement are forward-looking statements whichare based on the Company's expectations, intentions and projections regardingits future performance, anticipated events or trends and other matters that arenot historical facts. These statements are not guarantees of future performanceand are subject to known and unknown risks, uncertainties and other factorsthat could cause actual results to differ materially from those expressed orimplied by such forward-looking statements. Given these risks anduncertainties, prospective investors are cautioned not to place undue relianceon forward-looking statements. Forward-looking statements speak only as of thedate of such statements and, except as required by applicable law, the Companyundertakes no obligation to update or revise publicly any forward-lookingstatements, whether as a result of new information, future events or otherwise.The information contained in this Announcement is subject to change withoutnotice and neither the Company nor the Joint Sponsors assume any responsibilityor obligation to update publicly or review any of the forward-lookingstatements contained herein. The expected timetable including the date of Admission may be influenced by arange of circumstances, including market conditions. There is no guarantee thatAdmission will occur and you should not base your financial decisions on theCompany's intentions in relation to the Placing Programme and Admission at thisstage. Acquiring New Ordinary Shares to which this Announcement relates mayexpose an investor to a significant risk of losing all of the amount invested.Persons considering making such an investment should consult an authorisedperson specialising in advising on such investments. This Announcement does notconstitute a recommendation concerning the Placing. The value of New OrdinaryShares can decrease as well as increase. Potential investors should consult aprofessional advisor as to the suitability of the Placing for the personconcerned. Past performance or information in this Announcement or any of thedocuments relating to the Placing cannot be relied upon as a guide to futureperformance.