PICTON PROPERTY INCOME LD

Share Issue/Capital Change • Sep 19, 2016

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PICTON ZDP LIMITED - Redemption of 2016 ZDP Shares and Notice of Cancellation

PR Newswire

London, September 16

19 September 2016

PICTON ZDP LIMITED

(The “Company”)

REDEMPTION OF 2016 ZERO DIVIDEND PREFERENCE SHARES AND NOTICE OF CANCELLATION

The Company, (PCTZ) is pleased to announce the redemption of its 2016 Zero Dividend Preference Shares which are set to reach maturity on 15 October 2016.  The details are as follows :-

• The final capital entitlement amount is £1.3231 per 2016 ZDP Share.

• The record date for the final capital entitlement is 5 pm on 11 October 2016.

• CREST accounts of certificated holders are expected to be credited on 14 October 2016.

• Cheques are expected to be mailed to certificated holders on 14 October 2016.

As such, the Company has requested the UK Listing Authority ("UKLA") suspend the listing of the ZDP Shares on the standard listing segment of the Official List and requested the London Stock Exchange (the "LSE") suspend trading of the ZDP Shares on the main market of the LSE, effective at 7:30 a.m. on 12 October 2016.

In addition, the Company has applied to the UKLA to cancel the listing of the ZDP Shares on the Official List and applied to the LSE for the cancellation of admission to trading on the main market of the LSE.  It is the Company’s intention that the listing will be cancelled on 17 October 2016.

For further information:

Tavistock

Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.uk

Picton Capital Limited

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

The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Katie Le Page, 01481 745001, team_picton@ntrs.com

Note to Editors

Picton ZDP Limited is a wholly owned subsidiary of Picton Property Income Limited (‘Picton’). The Company’s principal investment objective is to provide the holders of the zero dividend preference shares with a predetermined final capital entitlement in October 2016.

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 £418.0 million at 30 June 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