Properly Investment Company Ltd. Early Warning Report

Executive Summary

• Properly Investment Company Ltd. acquired an additional 132,300 Swiss Water Decaffeinated Coffee Inc. common shares for CAD $595,350, raising its ownership to approximately 16.23% of Swiss Water.
• The acquisition represents a 1.39‑percentage‑point increase from the prior day and a 2.43‑percentage‑point rise since the November 19 2025 Early Warning Report.
• Shares were purchased on the Toronto Stock Exchange for investment purposes only; no change in control of Swiss Water is indicated.

Key Details

• Acquisition price: CAD $595,350 for 132,300 common shares.
• Pre‑acquisition holding: 1,416,791 shares (≈14.84% of Swiss Water).
• Post‑acquisition holding: 1,549,091 shares (≈16.23% of Swiss Water).
• Increase vs. prior report (Nov 19 2025): from 13.80% to 16.23%, a rise of ≈2.43 percentage points.
• Purpose: Investment only; Properly may adjust its stake in the future based on market conditions or other factors.
• Regulatory filing: Early Warning Report filed on www.sedarplus.ca.

Notable Quotes

• Mark Vendramin, Chief Investment Officer, Properly Investment Company Ltd., – “The securities were acquired for investment purposes only. The Acquiror may from time to time increase or decrease ownership or control of securities of Swiss Water depending on market conditions and/or other relevant factors.”