Form 8.3 PICTON PROPERTY INCOME LIMITED

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR

MORE

Rule 8.3 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Full name of discloser:

Barclays PLC.

(b)

Owner or controller of interest and short

positions disclosed, if different from 1(a):

(c)

Name of offeror/offeree in relation to whose

PICTON PROPERTY INCOME LIMITED

relevant securities this form relates:

(d)

If an exempt fund manager connected with an

offeror/offeree, state this and specify identity of

offeror/offeree:

(e)

Date position held/dealing undertaken:

13 Jan 2026

(f)

In addition to the company in 1(c) above, is the discloser making

NO

disclosures in respect of any other party to the offer?

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)

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

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

Class of relevant security:

Ordinary NPV

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

5,485,666

1.07%

524,942

0.10%

(2)

Cash-settled derivatives:

71,775

0.01%

5,338,920

1.04%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

5,557,441

1.08%

5,863,862

1.14%

(b)

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

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a)

Purchases and sales

Class of relevant

Purchase/sale

Number of

Price per unit

security

securities

Ordinary NPV

Purchase

26,057

0.8300 GBP

Ordinary NPV

Purchase

18,000

0.8268 GBP

Ordinary NPV

Purchase

17,728

0.8299 GBP

Ordinary NPV

Purchase

14,349

0.8282 GBP

Ordinary NPV

Purchase

13,076

0.8216 GBP

Ordinary NPV

Purchase

9,281

0.8321 GBP

Ordinary NPV

Purchase

8,316

0.8180 GBP

Ordinary NPV

Purchase

7,556

0.8278 GBP

Ordinary NPV

Purchase

4,058

0.8251 GBP

Ordinary NPV

Purchase

3,641

0.8360 GBP

Ordinary NPV

Purchase

1,910

0.8290 GBP

Ordinary NPV

Purchase

1,656

0.8345 GBP

Ordinary NPV

Purchase

1,594

0.8250 GBP

Ordinary NPV

Purchase

690

0.8170 GBP

Ordinary NPV

Purchase

615

0.8340 GBP

Ordinary NPV

Purchase

606

0.8179 GBP

Ordinary NPV

Purchase

593

0.8210 GBP

Ordinary NPV

Purchase

474

0.8190 GBP

Ordinary NPV

Purchase

445

0.8230 GBP

Ordinary NPV

Purchase

294

0.8149 GBP

Ordinary NPV

Purchase

40

0.8200 GBP

Ordinary NPV

Purchase

14

0.8220 GBP

Ordinary NPV

Purchase

14

0.8400 GBP

Ordinary NPV

Sale

78,340

0.8277 GBP

Ordinary NPV

Sale

43,390

0.8300 GBP

Ordinary NPV

Sale

18,000

0.8268 GBP

Ordinary NPV

Sale

10,546

0.8180 GBP

Ordinary NPV

Sale

6,253

0.8272 GBP

Ordinary NPV

Sale

4,209

0.8210 GBP

Ordinary NPV

Sale

3,874

0.8289 GBP

Ordinary NPV

Sale

1,414

0.8220 GBP

Ordinary NPV

Sale

1,380

0.8170 GBP

Ordinary NPV

Sale

615

0.8340 GBP

Ordinary NPV

Sale

474

0.8190 GBP

Ordinary NPV

Sale

445

0.8230 GBP

Ordinary NPV

Sale

277

0.8214 GBP

Ordinary NPV

Sale

56

0.8380 GBP

Ordinary NPV

Sale

40

0.8200 GBP

Ordinary NPV

Sale

14

0.8400 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

Ordinary NPV

SWAP

Opening Long

1,500

0.8179 GBP

Ordinary NPV

SWAP

Increasing Long

64

0.8180 GBP

Ordinary NPV

SWAP

Increasing Long

3,204

0.8312 GBP

Ordinary NPV

SWAP

Opening Short

7,660

0.8180 GBP

Ordinary NPV

SWAP

Increasing Short

3,583

0.8200 GBP

Ordinary NPV

SWAP

Increasing Short

1,594

0.8250 GBP

Ordinary NPV

SWAP

Increasing Short

4,058

0.8251 GBP

Ordinary NPV

CFD

Opening Long

3,753

0.8179 GBP

Ordinary NPV

CFD

Increasing Long

78,340

0.8277 GBP

Ordinary NPV

CFD

Decreasing Long

4,945

0.8180 GBP

Ordinary NPV

CFD

Decreasing Long

5,352

0.8257 GBP

Ordinary NPV

CFD

Decreasing Long

14,349

0.8282 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercise

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

14 Jan 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213