Holding(s) in Company

For filings with the FCA include the annex                                              
For filings with issuer exclude the annex                                               
                                                                                        
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
1. Identity of the issuer or the underlying issuer                     Picton Property  
of existing shares to which voting rights are                           Income Limited  
attached:ii                                                                             
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                          X     
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in theacquisition of shares already issued to which voting rights are attached          
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                            BlackRock, Inc.     
notification obligation:iii                                                             
                                                                                        
4. Full name of shareholder(s)                                                          
 (if differentfrom 3.):iv                                                               
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                  23rd January 2015     
reached:v                                                                               
                                                                                        
6. Date on which issuer notified:                                  26th January 2015     
                                                                                        
7. Threshold(s) that is/are crossed or                         Holding has gone above 5%
reached: vi, vii                                                                        
                                                                                        

8. Notified details:                                                                                       
                                                                                                           
A: Voting rights attached to sharesviii, ix                                                                
                                                                                                           
Class/type   Situation previous             Resulting situation after the triggering transaction           
of           to the triggering                                                                             
shares       transaction                                                                                   
                                                                                                           
                                                                                                           
if possible  Number           Number        Number          Number of voting        % of  voting rightsx   
using        of               of            of shares       rights                                         
the ISIN     Shares           Voting                                                                       
CODE                          Rights                                                                       
                                            Direct          Directxi  Indirectxii   Direct   Indirect      
                                                                                                           
                                                                                                           
GB00B0LCW208 N/A              N/A           N/A             N/A       29,108,477    N/A      6.08%         
                                                                                                           
                                                                                                           

B: Qualifying Financial Instruments                                                                        
                                                                                                           
Resulting situation after the triggering transaction                                                       
                                                                                                           
Type of financial  Expiration      Exercise/                 Number of voting              % of voting     
instrument         datexiii        Conversion Periodxiv      rights that may be            rights          
                                                             acquired if the                               
                                                             instrument is                                 
                                                             exercised/ converted.                         
                                                                                                           
                                                                                                           
                                                                                                           
C: Financial Instruments with similar economic effect to Qualifying Financial                              
Instrumentsxv, xvi                                                                                         
                                                                                                           
Resulting situation after the triggering transaction                                                       
                                                                                                           
Type of       Exercise price  Expiration   Exercise/        Number of voting rights  % of voting rightsxix,
financial                     datexvii     Conversion       instrument refers to     xx                    
instrument                                 periodxviii                                                     
                                                                                                           
                                                                                                           
                                                                                     Nominal  Delta        
                                                                                                           
                                                                                                           
                                                                                                           
Total (A+B+C)                                                                                              
                                                                                                           
Number of voting rights                            Percentage of voting rights                             
                                                                                                           
29,108,477                                         6.08%                                                   
                                                                                                           

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:xxi                           
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                           
13. Additional information:                BlackRock Regulatory Threshold Reporting Team 
                                            
                                                                                        
14. Contact name:                          Gareth Slade                                 
                                                                                        
15. Contact telephone number:              020 7743 2536                                
                                                                                        

Note: Annex should only be submitted to the FCA not the issuer                          
                                                                                        
Annex: Notification of major interests in sharesxxii                                    
                                                                                        
                                                                                        
                                                                                        
A: Identity of the persons or legal entity subject to the notification                  
obligation                                                                              
                                                                                        
Full name                                                                               
(including legal form of legal entities)                   BlackRock, Inc.              
                                                                                        

Contact address                                            c/o 12 Throgmorton Avenue,                             
(registered office for legal entities)                     London, EC2N 2DL             
                                                                                        
                                                                                        
Phone number & email                                       020 7743 2536;               
                                                           [e-mail]
                                                                                        
                                                                                        
Other useful information                                   BlackRock Regulatory                              
(at least legal representative for legal persons)          Threshold Reporting Team     
                                                                                        
                                                                                        
B: Identity of the notifier, if applicable                 BlackRock Investment                             
Full name                                                  Management (UK) Limited         
                                                                 
                                                                                        
Contact address                                            12 Throgmorton Avenue,       
                                                           London, EC2N 2DL             
                                                                                        
                                                                                        
Phone number & email                                       020 7743 2536;               
                                                           [e-mail]
                                                                                        
                                                                                        
Other useful information                                   BlackRock Regulatory                             
(e.g. functional relationship with the person or legal     Threshold Reporting Team     
entity subject to the notification obligation)                                          
                                                                                        
                                                                                        
                                                                                        
C: Additional information                                                               
                                                                                        
                                                                                        
                                                                                        
For notes on how to complete form TR-1 please see the FCA website.