Strategic Review Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE") AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION BY ANY PARTY TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE FOR PICTON PROPERTY INCOME LIMITED, NOR AS TO THE TERMS ON WHICH ANY OFFER MAY BE MADE.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

19 March 2026

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

Strategic Review Update and Publication of Annual Results

On 13 January 2026, Picton announced a Strategic Review and Formal Sale Process in order to explore options to maximise value for shareholders.

The Board has since engaged with investors and stakeholders to gather their views and feedback.

The Board is pleased to have received proposals regarding the Strategic Review and Formal Sale Process from a wide range of interested parties and with a variety of structures. The Company is progressing with a shortlisted number of these proposals in order to determine a preferred option.

In light of the above, the Board has decided to delay the release of the Annual Results from 21 May 2026 to a later date.

The Company will provide further updates as appropriate.

Picton

Kathy Thompson, Company Secretary

020 7011 9988, [email protected]

Tavistock

James Verstringhe

020 7920 3150, [email protected]

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 UK 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.

For more information please visit:www.picton.co.uk

LEI: 213800RYE59K9CKR4497

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.

ENDS