Update on Letter of Intent

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.10 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"). THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE.

Disclosure under Rule 2.10(c) of the Takeover Code in respect of the

Recommended acquisition

of

Pinewood Technologies Group plc ("Pinewood.AI")

by

U.K. Piston Bidco Limited ("Bidco")

(a newly formed company indirectly owned by entities administered by Ridgeview Partners LLC)

Update on letter of intent given by Feoh Investments UK LLP ("Feoh")

As set out in the Announcement, on 19 August, Feoh gave a letter of intent to Bidco in support of the terms of the Recommended Offer in respect of 4,014,640 Pinewood.AI Shares (representing approximately 3.49 per cent. of the existing issued ordinary share capital of Pinewood.AI) as at 18 August 2026, being the Business Day prior to the date of the Announcement.

As at 2 September 2026 and as described in the 2.10(c) announcement released on that date, Feoh had sold a total of 2,444,759 Pinewood.AI shares as a result of which the total number of Pinewood.AI Shares which remained subject to the revised letter of intent given by Feoh dated 31 August 2026 was 1,569,881 Pinewood.AI Shares.

On 2 September 2026, Bidco was informed by Feoh that it had disposed of a further 4,020 Pinewood.AI Shares. Accordingly, Feoh informed Bidco that the total number of Pinewood.AI Shares which remain subject to the letter of intent dated 31 August 2026 is 1,565,861 Pinewood.AI Shares (representing approximately 1.36 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 2 September 2026, being the Business Day prior to the date of this announcement), as reflected in a new letter of intent (the "Feoh Further Revised Letter of Intent"). The Feoh Further Revised Letter of Intent confirms that if Feoh sells further Pinewood.AI Shares it will continue to apply to such number of Pinewood.AI Shares over which Feoh is from time to time able to exercise the relevant rights, including voting rights.

Taking this into account, the Feoh Further Revised Letter of Intent and the irrevocable undertakings received by Bidco now represent, in aggregate, 53,578,969 Pinewood.AI Shares (representing approximately 46.55 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 2 September 2026, being the Business Day prior to the date of this announcement), although the number of Pinewood.AI Shares covered by the Feoh Further Revised Letter of Intent may reduce from time to time.

This announcement is made in accordance with Rule 2.10(c) of the Code.