Dividend Policy Review

11 March 2015

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

                            DIVIDEND POLICY REVIEW

The Board of Picton today announces its intention to increase its dividend
distribution to shareholders on an ongoing basis.

Background

Since September 2012,and following completion of a significant refinancing
exercise, Picton has paid a well-covered dividend of 3 pence per share annually.
Equally, occupancy within the portfolio has risen from 89% to 95% thereby
reducing associated void costs and improving the underlying income profile.

£85.2 million of primary equity has been raised since September 2012, which has
been principally deployed into new assets or re-invested into the existing
portfolio. Furthermore the Company has seen a material increase in the value of
the underlying property portfolio on a like-for-like basis. The cumulative
effect of these has resulted in net assets rising by 75% between September
2012 and December 2014.

The Company indicated last year as part of its placing programme that the
successful deployment of proceeds into income accretive acquisitions, combined
with the economies of scale that arose in respect of Picton's internalised
structure, could potentially lead to an increase in dividend payments.

In the first nine months of the current financial year, to 31 December 2014,
the Company has paid dividends totalling 2.25 pence per share with an average
dividend cover ratio* of 1.15. As a result of the success of its ongoing
Placing Programme and the subsequent deployment of these proceeds in higher
yielding assets, the Company's underlying profitability and capacity for
dividend payments has improved.

Dividend increase

The Board of Picton has recently undertaken a detailed dividend policy review,
the results of which show that, in its view, it is now appropriate to update
the Company's distribution policy to reflect the ongoing strength of the
Company's recurring income stream.

The Company pays quarterly dividends to its shareholders, with the last
dividend being 0.75 pence per share in respect of the period 1 October 2014 to
31 December 2014. The Board today announces its current intention to pay a
dividend of 0.825 pence per share for the period 1 January 2015 to 31 March
2015, a 10% increase on the preceding level. It is expected that this dividend
will be declared in April 2015 and paid in May 2015.

This proposed change to the Company's dividend policy will reflect an
annualised dividend of 3.3 pence per annum **.

Nicholas Thompson, Chairman, commented: "This is a significant milestone for
Picton. It reflects the improved market conditions that we are operating in,
alongside the benefits which are starting to flow from the economies of scale
from our growth. Over the last 12 months we have had considerable success
improving occupancy and de-risking the income profile within the portfolio.
The increase in dividend reflects this enhanced position."

*Dividend Cover ratio is defined as the net income after tax, as a proportion
of dividends paid over the period.

** These are targets only and not profit forecasts. There can be no assurance
that these targets can or will be met and they should not be seen as an
indication of the Company's expected or actual results or returns.

                                     ENDS

For further information:

Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
[e-mail]

Picton Capital Limited
Michael Morris, 020 7011 9980, [e-mail]

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

David Sauvarin, 01481 745001, [e-mail]

Note to Editors

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

With Net Assets of £315.7 million at 31 December 2014 and approximately 870
investors, 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.www.pictonproperty.co.uk