22-Mar-13	Zero Dividend Preference Share Purchases

25th March 2013

PICTON PROPERTY INCOME LIMITED

("Picton" or the "Company")

Zero Dividend Preference Share Purchases

In October 2012, Picton ZDP Limited, a wholly owned subsidiary of Picton Property Income Limited issued 22 million Zero Dividend Preference Shares ("ZDPs") and at that time the Company highlighted one of the benefits of ZDPs was the ability of the Company to reduce its gearing position through the purchase ZDPs over time.

Picton today announces its intention to purchase ZDPs in the market. It is expected that ZDP purchases will take place over time utilising excess cash flow. To that end, the Company has instructed Oriel Securities Limited to purchase ZDPs on the Company's behalf subject to certain pre-set parameters.

Picton confirms that it is satisfied that all inside information in relation to the ZDPs has previously been notified.

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