17 January 2017

                            PICTON PROPERTY INCOME LIMITED                         

                       ("Picton", the "Company" or the "Group")                    

                     PICTON DISPOSES OF TWO NON-CORE RETAIL ASSETS                 

    Picton, the property investment company, announces the disposal of two small,
    non-core retail assets in Bath for a total of £3.23 million, reflecting an
    aggregate net initial yield of 4.7% and a 29% premium to the 30 September
    external valuation.

    The disposals of 2 Bath Street and 6 Argyle Street, are in line with the
    Company's ongoing strategy to reshape the portfolio in favour of larger assets
    with greater potential for capital and income growth.

    These assets were originally purchased with a combined value of £2.08 million
    as part of the Rugby REIT acquisition in 2010 and have since generated
    attractive income and capital returns.

    Michael Morris, Chief Executive of Picton Capital Limited, commented: "These
    disposals are NAV accretive, reduce our overall retail exposure and further
    demonstrate our ability to create value significantly ahead of the wider
    market, through our opportunity led approach."

    Picton will announce its net asset value as at 31 December 2016 during the week
    commencing 23 January 2017.

                                         ENDS                                      

    For further information:

    Tavistock
    Jeremy Carey/James Verstringhe, 020 7920 3150,
    james.verstringhe@tavistock.co.uk

    Picton Capital Limited
    Michael Morris, 020 7011 9980, michael.morris@picton.co.uk

    Note to Editors

    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 £423.9 million at 30 September 2016, 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.picton.co.uk