Disclosure 25545

Issuer	Ultima Capital SA
Reason for disclosing	Termination of group
Basis of calculation	17’014’818
Purchase positions	0 (0.000%)
Sale positions	0 (0.000%)
Date of origination of the reporting obligation	04.12.2025

Beneficial owners
Engelwood Asset Management S.A., 11 rue Eugène Ruppert L-2453 Luxembourg, Luxembourg, acting as manager of Philae Fund (Subfund Property)
Rafiq, Akbar, London, United Kingdom
Picco Golinelli, Eliane, London, United Kingdom
Sabater, Jaume, Zug, Switzerland

Type of understanding
Group of sellers

Direct shareholder(s)

Representation of the group

Philae Fund S.A. acting on behalf of its sub fund Property, a Luxembourg investment company in variable capital – reserved alternative investment fund (société d’investissement en capital variable – fonds d’investissement alternatif réservé, SICAV-FIAR) incorporated under the form of a société anonyme, 15, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg; Madison Debt Holdings IV S.à r.l., 1, Place d'Armes, L-1136 Luxembourg; Varia Investments Opportunities Group S.A., 5, rue Guillaume Kroll, L-1882 Luxembourg; Global Financial Opportunities, 5, rue Guillaume Kroll, L-1882 Luxembourg

Engelwood Asset Management S.A., 11 rue Eugène Ruppert L-2453 Luxembourg, Luxembourg