London, March 19
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOTFOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, 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 13 March 2015, the Board of Picton ispleased to announce the successful placing of 51,352,093ordinary sharesof no par value in the Company ("New Ordinary Shares") raising grossproceeds of £35.2million. This placing brings the total gross proceeds raised under the Placing Programme, now closed, to £102 million. The New Ordinary Shareswere placed, subject to Admission, by J.P. Morgan Cazenove and Stifel Nicolaus Europe Limited pursuant to the terms and conditions of thePlacing Programme established underthe prospectus issued by the Company dated 1May 2014 (as amended). The New Ordinary Shares will, when issued, be credited as fully paid and will rankparipassu in all respects with the existing ordinary shares. Application has been made for the New Ordinary Shares to be admitted to the premiumsegment of the Official List of the Financial Conduct Authority 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 23 March 2015. Following Admission, the number of ordinary shares that the Company has inissuewill be 540,053,660. The total number of voting rights of the Companywill be540,053,660 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 New Ordinary Shares will be issued in registered form and may be heldinuncertificated form. The New Ordinary Shares will be issued to Placeesthroughthe CREST system unless otherwise stated and will beeligible forsettlement through CREST with effect from Admission. Commenting, Nick Thompson, Chairman of Picton said: "We have now achieved the objective we set in May last year to grow the Company by raising over £100 million under thePlacing Programme. The support of our existing and new shareholders provides a clear endorsement of our approach and ambitions to grow the Company, whilst maximising shareholder value and continuing to reduce the total expense ratio. The capital we´ve raised so far has been invested in attractive assets that meet our investment objective and we are confident that the proceeds from this final tranche will be invested in a similar manner, further diversifying the Company´s portfolio." FOR FURTHER INFORMATION, PLEASE CONTACT: 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 70119980 Michael Morris Stifel Nicolaus Europe Limited Telephone: 44 20 7710 7600 Roger Clarke Neil Winward J.P. Morgan Cazenove Telephone: 44 20 7742 4000 William Simmonds Tavistock Telephone: 44 20 7920 3150 James Verstringhe Jeremy Carey Important 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 an invitation to subscribe for or otherwise acquire or dispose of securities in the Company in any jurisdiction. The information contained in this Announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this Announcement or its accuracy or completeness. This Announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investments nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract 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 on 1 May 2014 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 Stifel Nicolaus Europe Limited which is authorised and regulatedin the United 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,and will not regard any other person as their respective client in relation tothe Placing 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 Prospectus (asamended) in certain jurisdictions may be restricted by law. No action has beentaken by the Company or the Joint Sponsors that would permit an offering of theNew Ordinary Shares or possession or distribution of this Announcement or anyother offering or publicity material relating to such shares in anyjurisdiction where action for that purpose is required. Persons into whosepossession this Announcement comes are required by the Company and the JointSponsors 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 or other 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.Acquiring New Ordinary Shares to which this Announcement relates may expose aninvestor to a significant risk of losing all of the amount invested. Personsconsidering making such an investment should consult an authorised personspecialising 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.