Pilgrim Global Icav - 31 Mar 2025 Form 4/A - Amendment Insider Report for Sable Offshore Corp. (SOC)

Reporting Owners (2)

Pilgrim Global Icav is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Remarks:

On April 21, 2025, Pilgrim Global Advisors LLC (the "Adviser") and Pilgrim Global ICAV (the "Fund" and, together with the Adviser, the "Pilgrim Entities") filed a Form 4 that should not have been filed and which reported a transaction that did not, in fact, occur. The Form 4 reported a disposition of securities on April 17, 2025 that was actually an in-kind distribution of Common Shares (the "Shares") of Sable Offshore Corp. ("Sable") on a pro rata basis to certain controlling shareholders of the Adviser on March 30, 2025. Such distribution did not result in a change in pecuniary interest. As further described in the amended Form 3 filed by the Pilgrim Entities on November 6, 2025, (i) the Adviser does not have beneficial ownership of any Shares pursuant to Rule 16a-1(a)(1)(v) and (ii) the Fund has delegated all investment and voting authority and furthermore does not have beneficial ownership of Shares pursuant to Rule 16a-1(a)(1)(x). The Adviser and the Fund did not acquire any Shares with the purpose or effect of changing or influencing control of Sable or engaging in any arrangement subject to Rule 13d-3(b). Any Shares held by the Pilgrim Entities are held for the benefit of third-party investors. Therefore, neither of the Pilgrim Entities are the beneficial owners of any Shares for purposes of Section 16, and neither of them are subject to the reporting requirements of Section 16(a) or the matching provisions of Section 16(b). As a result, the Pilgrim Entities were not obligated to file this Form 4 pursuant to Section 16(a) and the transaction reported herein was not matchable pursuant to Rule 16(b). Such Form 4 should be deemed revoked.