Further financing update

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

28 October 2026

ALTERNATIVE INCOME REIT PLC

("AIRE" or the "Company")

Further financing update

As noted in the announcement made by AIRE on 14 September 2026, AIRE received a reservation of rights letter from HSBC UK Bank plc ("HSBC") in relation to the £41 million facility agreement dated 2 September 2025 between, amongst others, the Company and HSBC (the "Facility Agreement") (the "Reservation of Rights Letter"). The Reservation of Rights Letter had been issued by HSBC following the all-cash offer by Glenstone REIT plc being declared unconditional, which constituted a change of control for the purposes of the Facility Agreement (the "Change of Control").

The Board of directors of AIRE is pleased to confirm that AIRE and HSBC have now entered into a waiver and amendment letter to the Facility Agreement (the "Side Letter") pursuant to which HSBC has given its consent to the Change of Control and the subsequent de-listing of the Company from the London Stock Exchange. Under the terms of the Side Letter, HSBC has agreed, amongst other things, to fund future utilisations under the Facility Agreement, notwithstanding the Change of Control, and to waive any right it may have to request repayment of any amounts outstanding under the Facility Agreement as a result of, or in connection with, the Change in Control.

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Inside information

This announcement contains inside information as defined in the Market Abuse Regulation. Upon the publication of this announcement via a Regulatory Information Service, such inside information will be considered to be in the public domain.

The person responsible for arranging the release of this announcement on behalf of AIRE is Rob Maybury. AIRE's LEI number is 213800MPBIJS12Q88F71.