Publication of Supplementary Prospectus

29 October 2014

                        PICTON PROPERTY INCOME LIMITED                         

                          ("Picton" or the "Company")                          

                    Publication of Supplementary Prospectus                    

Picton Property Income Limited (the "Company") has published a
supplementary prospectus approved by the UK Listing Authority. The publication
of the supplementary prospectus is a regulatory requirement under the Prospectus
Rulesfollowing the publication of the Company's Net Asset Value for the
quarter ended 30 September 2014.

The supplementary prospectus is supplemental to, and should be read
in conjunction with, the Prospectus published by the Company on 1 May 2014 and
thesupplementary prospectuses published by the Company on 14 July 2014 and 4
August 2014, all inrelation to the Placing Programme.

Copies of the supplementary prospectus will shortly be available for
inspection at 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 Communications                            Telephone: [phone]
Jeremy Carey, James Verstringhe                                                


Note to Editors

Picton Property Income Limited ('Picton') is an income focused,
propertyinvestment 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 £273.7 million at 30 September 2014, the Company's objective
isto provide shareholders with an attractive level of income, together with
thepotential for capital growth by investing in the principal commercial
property sectors.