Mr. Mark Vendramin of Properly Investment reports

PROPERLY INVESTMENT COMPANY LTD. EARLY WARNING REPORT

On Nov. 19, 2025, Properly Investment Company Ltd. (the acquiror) acquired an aggregate of 6,791 common shares of Swiss Water Decaffeinated Coffee Inc. through the facilities of the Toronto Stock Exchange for total consideration of $30,239.

Immediately prior to the acquisition, the acquiror held 1,310,700 Swiss Water common shares, representing approximately 13.73 per cent of Swiss Water's issued and outstanding common shares. As of the acquiror's early warning report dated Sept. 8, 2025, the acquiror held 1,126,600 Swiss Water common shares, representing approximately 11.80 per cent of Swiss Water's issued and outstanding common shares. After giving effect to the acquisition, the acquiror now holds 1,317,491 Swiss Water common shares, representing approximately 13.80 per cent of Swiss Water's issued and outstanding common shares. This represents an increase of approximately 0.07 per cent in the acquiror's shareholdings in Swiss Water and an increase of approximately 2.00 per cent in the acquiror's shareholdings in Swiss Water since the acquiror's early warning report dated Sept. 8, 2025. 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. A copy of the early warning report has been filed on SEDAR+.

The head office of the issuer is located at 7750 Beedie Way, Delta, B.C., V4G 0A5. The head office of the acquiror is located at 212 Meridian Rd. NE, Calgary, Alta., T2A 2N6.