Update on Letter of Intent

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.10 OF THE CITY CODE ON TAKEOVERS AND MERGERS (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 (the "Feoh Original Letter of Intent").

Since the date of the Feoh Original Letter of Intent, Feoh has informed Bidco of disposals of certain Pinewood.AI Shares and announcements have been made as required by Rule 2.10(c) of the Takeover Code. On 17 September 2026, Bidco was informed by Feoh that it had disposed of a further 15,861 Pinewood.AI Shares. Accordingly, Feoh informed Bidco that there are no longer any Pinewood.AI Shares which remain subject to the letter of intent dated 3 September 2026.

Taking this into account, the irrevocable undertakings received by Bidco now represent, in aggregate, 52,013,108 Pinewood.AI Shares (representing approximately 44.56 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 17 September 2026, being the Business Day prior to the date of this announcement).

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