Form 8.5 EPT/Non RI PICTON PROPERTY INCOME LIMITED

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

Name of offeror/offeree in relation to whose

Name of the party to the offer with which exempt

YES:

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Relevant securities owned

Cash-settled derivatives:

Stock-settled derivatives (including options)

(b)

Rights to subscribe for new securities (including directors and other executive

options)

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

(b)

Cash-settled derivative transactions

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

(ii)

Exercising

(d)

Other dealings (including subscribing for new securities)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

(b)

Agreements, arrangements or understandings relating to options or derivatives

(c)

Attachments