Picton Property Income Limited Annual Report 2022

Strategic Report

Financial Statements

Additional Information

Governance

The single figure of remuneration for the Directors for the year 2021/22 (in £ thousands) is:

Chief Executive

Finance Director

Non-Executive Directors

9

3

333

127

195

227

196

288

830

559

279

2

2

332

43

29

302

205

276

497

Salary

Benefits

Pension

Annual bonus

Long-term Incentive Pay

Total fixed

Total variable

The potential remuneration of the Executive Directors for the year to 31 March 2023 is:

Chief Executive

Finance Director

The following charts show the composition of the Executive Directors’ remuneration at three performance levels: ‒ Fixed pay – base salary from 1 April 2022, benefits and pension salary supplement of 15% of base salary ‒ On target – fixed pay plus target vesting for the annual bonus (at 50% of maximum opportunity for illustrative purposes) and threshold vesting for the LTIP (at 25% of maximum award) ‒ Maximum – fixed pay plus maximum vesting for both the annual bonus (155% of base salary) and the LTIP (125% (Chief Executive) and 110% (Finance Director) of base salary) ‒ Maximum with share price growth – maximum scenario incorporating assumption of 50% share price growth during LTIP vesting period Other than where stated, the charts do not incorporate share price growth or dividend equivalent awards.

100%

£382K

100%

£261K

53% 35% 12%

52% 34% 14%

£741K

£497K

29%

£1,307K

£856K

30% 41%

29% 39% 32%

25% 34% 27% 14%

£1,514K

27% 35% 25% 13%

£980K

Total fixed

Annual bonus

LTIP

Share growth

Percentage change in remuneration The table below shows the percentage change in total remuneration for each of the Directors between the years 2019/20 to 2020/21 and 2020/21 to 2021/22 compared to the average remuneration of the employees of the Group. Change from 31 March 2021 to 31 March 2022 Change from 31 March 2020 to 31 March 2021 Base salary/ Fees Benefits Annual bonus Base salary/ Fees Benefits Annual bonus Michael Morris 15.0% 15.8% -9.4% 0% 0.6% 14.4% Andrew Dewhirst 15.0% 16.1% -9.4% 0% 0.8% 8.6% Lena Wilson 11.2% – – n/a n/a n/a Mark Batten 10.5% – – 0% – – Maria Bentley 16.7% – – 0% – – Richard Jones 16.7% – – n/a n/a n/a Nicholas Thompson n/a n/a n/a 0% – – Roger Lewis n/a n/a n/a 0% – – Average of all other employees 6.4% 15.0% 13.2% 4.6% 8.1% 15.4% The Non-Executive Director fees were last reviewed in 2018, and then in 2021.

 Picton Property Income Limited  Annual Report 2022

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