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

11 February 2026

PICTON PROPERTY INCOME LIMITED

('Picton' or the 'Company')

Response to Press Speculation

The Board of Picton notes recent media speculation and confirms interest from LondonMetric Property PLC in relation to its Strategic Review and Formal Sale Process.

The Company looks forward to progressing discussions with all interested parties and 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 will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Code so long as LondonMetric Property PLC is participating in the process.

LondonMetric Property PLC has not made an offer for Picton and there can be no certainty that an 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.

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 portfolio valuation of £699 million (the 'Portfolio Valuation') referred to in this announcement and the presentation 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 or 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.