London, January 22
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND ISNOTFOR 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 OFTHE EEA (OTHERTHAN THE UNITED KINGDOM) OR ANY OTHER JURISDICTION IN WHICHSUCH RELEASE,PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS AN ADVERTISMENT AND NOT A PROSPECTUS. THISANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE ANOFFER OR INVITATION TO PURCHASE 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 ORRECOMMENDATION TO EFFECT ANY TRANSACTION OFANY KIND WHATSOEVER.POTENTIAL INVESTORS SHOULD READ THE RELEVANT PROSPECT USES CAREFULLY BEFORE ANY INVESTMENT DECISION IS MADE. PICTON PROPERTY INCOME LIMITED ("Picton" or the "Company") Issue of Equity In connection with the Company´s placing programme, the board of directors of Picton Property Income Limited (the "Company") announces that 10,294,118 New Ordinary Shares in the Company have been placed by Oriel Securities and J.P. Morgan Cazenove, raising gross proceeds of £7.0 millionat a price of 68.0 pence per share, conditional upon Admission. The Issue price represents a premium to the closing share price of 67.75 pence per share on 21 January 2015 as well as thelast published net asset value per share of 66.0 pence per share. The Company expects to use these proceeds to finance property investment opportunities currently under consideration. Application has been made for the New Ordinary Shares to be admitted to listing on the premium segment of the UK Listing Authority´s Official List and to trading on the London Stock Exchange´s main market for listed securities. It is expected that such admissions will become effective and that dealings in the New Ordinary Shares will commence at 8:00 am on 27 January 2015. The New Ordinary Shares will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue. Following Admission, the number of ordinary shares that the Company has inissuewill be 488,701,567. The total number of voting rights of the Companywill be 488,701,567 and 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 Company´s placing programme will continue for the term set out in the Company´s prospectus dated 1 May 2014 (as supplemented). Commenting, Nick Thompson, Chairman of Picton said: "We were aware of interest from one significant institutional shareholder throughout our December 2014 capital raise. Following further due diligence by them we are pleased that this further placing allows this investor to participate in Picton´s exciting investment story and provides further funds for investment". For further information: Northern Trust International Fund Telephone: 44 1481 745 529 Administration Services (Guernsey) Limited David Sauvarin The Company Secretary Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Picton Capital Limited Telephone: 44 20 7628 4800 Michael Morris J.P. Morgan Cazenove Telephone: 44 20 7742 4000 William Simmonds Oriel Securities Limited Telephone: 44 20 7710 7600 Roger Clarke Tavistock Communications Telephone: 44 20 7920 3150 Jeremy Carey, James Verstringhe Important Information Definitions used in the Prospectus issued by the Company dated 1 May 2014 shall have the same meanings when used in this announcement unless the context otherwise requires. The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and, therefore, any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. Failure to comply with any such restrictions may constitute a violation of the securities laws of any jurisdiction. Each of Oriel Securities Limited ("Oriel"), which is authorised and regulated by the Financial Conduct Authority, and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority, is acting exclusively for the Company and for no-one else in connection with the Placing and will not be responsible to any other person for providing the protections afforded to clients of Oriel or J.P. Morgan Cazenove or for providing advice in connection with the Placing, the contents of this announcement or any matters referred to in this announcement. Neither Oriel nor J.P. Morgan Cazenove is responsible for the contents of this announcement. This does not exclude or limit any responsibilities which either Oriel or J.P. Morgan Cazenove may have under FSMA or the regulatory regime established thereunder. No person has been authorised to give any information or make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied upon as having been authorised by the Company, Oriel or J.P. Morgan Cazenove. None of the Company, Oriel or J.P. Morgan Cazenove takes any responsibility for, or can provide assurance as to the reliability of, other information that you might be given. This announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom. The expected timetable including the date of Admission may be influenced by a range of circumstances such as market conditions. There is no guarantee that Admission will occur and you should not base your financial decisions on the Company´s intentions in relation to the Placing Programme and Admission at this stage. Acquiring New Ordinary Shares to which this Announcement relates may expose an investor to a risk of losing all of the amount invested. Persons considering making such an investment should consult an authorised person specialising in advising on such investments. This Announcement does not constitute a recommendation concerning the Capital Raise. The value of New Ordinary Shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Issue for the person concerned. Past performance or information in this Announcement or any of the documents relating to the Capital Raise cannot be relied upon as a guide to future performance.