PICTON PROPERTY INCOME LTD - Publication of Supplementary Prospectus

11 March 2015

                        PICTON PROPERTY INCOME LIMITED
                         ("Picton" or the "Company")

                   Publication of Supplementary Prospectus

Picton has published a supplementary prospectus approved by the UK Listing
Authority. The publication of the supplementary prospectus is a regulatory
requirement under the Prospectus Rules following the novation of all of Oriel
Securities Limited's rights and obligations under the Placing Agreement (as
detailed in the Company's 1 May 2014 Prospectus) to Stifel Nicolaus Europe
Limited.

The supplementary prospectus is supplemental to, and should be read
in conjunction with, the Prospectus published by the Company on 1 May 2014 and
the supplementary prospectuses published by the Company on 14 July 2014,
4 August 2014, 29 October 2014, 21 November 2014 and 21 January 2015
respectively, all in relation to the Placing 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: [phone]
Administration Services (Guernsey) Limited

David Sauvarin
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Picton Capital Limited                        Telephone: [phone]
Michael Morris

J.P. Morgan Cazenove                          Telephone: [phone]
William Simmonds

Oriel Securities Limited                      Telephone: [phone]
Roger Clarke

Tavistock                                     Telephone: [phone]
Jeremy Carey, James Verstringhe


Note to Editors

Picton Property Income Limited ('Picton') is an income focused,
property investment company listed on the London Stock Exchange. It was
established in 2005 to invest both directly and indirectly in commercial
property across the United Kingdom.

With Net Assets of £315.7 million at 31December 2014, the Company's objective
is to provide shareholders with an attractive level of income, together with
the potential for capital growth by investing in the principal commercial
property sectors.