Response to Press Speculation

About this update from Picton Property Income Limited

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE   24 March 2026   PICTON PROPERTY INCOME LIMITED ('Picton' or the 'Company')   Response to Press Speculation                                                                                                           The Board of Picton notes this morning's media speculation regarding the Company's ongoing Strategic Review and Formal Sale Process.   As noted in the Company's announcement on 19 March 2026, the Board has received proposals from a wide range of interested parties with a variety of structures and funding sources. The Board is progressing with a shortlisted number of these proposals, and confirms that a consortium comprising of LondonMetric Property PLC and Schroder Real Estate Investment Trust Limited (the " Consortium ") is one of the interested parties.   The Company will update the market as and when appropriate.    Code dispensations As previously announced, the Takeover Panel Executive has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that: (i) Picton is not required to identify in this announcement any potential offeror with which the Company is in talks, or from which an approach has been received, unless that potential offeror is specifically identified in any rumour or speculation; and (ii) LondonMetric Property PLC and Schroder Real Estate Investment Trust Limited will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Code so long as they are participating in the process.   The Consortium has not made a firm offer for Picton and there can be no certainty that a firm offer will be made, nor to the terms of any offer, if made.   The person responsible for arranging release of this announcement on behalf of Picton is Kathy Thompson, Company Secretary.   For further information:   Picton Kathy Thompson, Company Secretary 020 7011 9988   Stifel (Financial Adviser to Picton) Mark Young                                                                                             Jonathan Wilkes-Green Andrew Yeo Jason Grossman 020 7710 7600   Tavistock  James Verstringhe, James Whitmore, Olivia Rhodes 07769 698 105     About Picton   Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.   Picton owns and actively manages a £699 million UK commercial property portfolio, invested across 46 assets and with around 300 occupiers (as at 31 December 2025).   Through an occupier focused, opportunity led approach, Picton aims to be the consistently best performing diversified UK REIT and has delivered upper quartile outperformance and a consistently higher income return than the MSCI Quarterly Property Index since launch.   With a portfolio strategically positioned to capture income and capital growth, currently weighted towards the industrial sector, Picton's agile business model provides flexibility to adapt to evolving market trends over the long-term.   Picton has a responsible approach to business and is committed to being net zero carbon by 2040.   LEI: 213800RYE59K9CKR4497     Notices related to financial adviser Stifel Nicolaus Europe Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Picton and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Picton for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.   Rule 29 of the Takeover Code (the 'Code') Following the publication of the Company's Strategic Review and Commencement of Formal Sale Process on 13 January 2026, the Company is in an offer period for the purposes of the Code. The Unaudited NAV as at 31 December 2025 (the '31 December NAV ') referenced in the NAV and Trading Update issued on 29 January 2026 and the portfolio valuation of £699.1 million (the ' Portfolio Valuation ') referred to above constitute asset valuations in accordance with Rule 29.1 of the Code. The Company has agreed with the Takeover Panel that in the event of a firm offer being announced for the Company, a valuation report in accordance with Rule 29 of the Code on the 31 December NAV and the Portfolio Valuation or any subsequent net asset value or portfolio valuation published by the Company prior to date of such offer will be published in due course and by no later than the publication of any offer document or scheme document in relation to such offer. Publication on website In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website:  www.picton.co.uk promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.  

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