Mr. Scott Ewert reports

UNITED CORPORATIONS LIMITED ANNOUNCES RESULTS OF ITS 2025 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS AND FURTHER DETAILS REGARDING PREVIOUSLY ANNOUNCED SHARE SPLIT

United Corporations Ltd. has released the results of its annual and special meeting of shareholders, held on June 18, 2025. All director nominees were elected as directors of the company, and PricewaterhouseCoopers LLP was reappointed as the company's auditor and the board of directors was authorized to fix its remuneration. Shareholders approved the previously announced amendments to the company's articles of continuance to give effect to a 10-for-one share split of the company's common shares, all as further described in the company's management information circular dated May 27, 2025.

Meeting results

The detailed results of the meeting were as follows.

Election of directors

By a vote conducted by poll, the seven nominees set forth in the circular were elected as directors of the company. The specific voting results are provided in an attached table.

Appointment of auditor

By a vote conducted by poll, PricewaterhouseCoopers LLP was reappointed as the auditor of the company and the board of directors was authorized to fix its remuneration. The specific voting results are provided in an attached table.

Share split

By a vote conducted by poll, the special resolution in respect of the share split, details of which were set forth in the circular, was passed by a two-thirds majority of the votes cast. The specific voting results are detailed in an attached table.

Share split

After consideration, the company's board of directors has decided to proceed with the share split and the company will proceed to file the articles of amendment under the Canada Business Corporations Act to effect the share split. Shareholders of record as of the close of business on July 4, 2025, will receive from Computershare Investor Services Inc., the company's registrar and transfer agent, on July 14, 2025, nine additional common shares, as applicable, for every share held. The share split will not change the rights of holders of common shares and will not change a shareholder's proportionate ownership in the company. As of the close of business on June 17, 2025, the company had 11,250,865 common shares issued and outstanding. Adjusted for the share split, as of June 17, 2025, there would have been 112,508,650 common shares issued and outstanding.

The company's common shares will begin trading with due bills on the Toronto Stock Exchange at the opening of business on Friday, July 4, 2025 (being the record date), until the close of business on Monday, July 14, 2025 (being the payment date), inclusively. A due bill is an entitlement attached to listed securities undergoing a material corporate action, in this case the share split. During such period, anyone who purchases company common shares on the TSX will receive the entitlement to the additional common shares issuable pursuant to the share split. The company common shares will commence trading on an ex distribution (postsplit) basis on the TSX at the opening of business on Tuesday, July 15, 2025, as of which date purchases of company common shares will no longer have the attaching entitlement to the additional common shares. The due bill redemption date will be July 15, 2025.

Shareholders do not need to take any action. Currently outstanding share certificates representing the company common shares will continue to be effective. They should be retained by shareholders and should not be forwarded to the company or Computershare. The company will use the direct registration system (DRS) to electronically register the common shares issued pursuant to the share split, rather than issuing physical share certificates. On or about July 14, 2025, Computershare will mail DRS advice statements to registered shareholders indicating the number of additional company common shares that they are receiving as a result of the share split. Non-registered (beneficial) shareholders who hold their shares in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the share split in accordance with the applicable brokerage account providers' usual procedures.

All share and per-share data for future periods will reflect the share split. The company's normal course issuer bid will be adjusted to reflect the share split.

Further details of the share split are contained in the circular, which is available on the company's profile on SEDAR+ and on its website.

About United Corporations Ltd.

The company is a closed-end investment corporation that trades on the TSX. The company has always been an investment vehicle for long-term growth through investments in common equities, as management believes that over long periods of time common equities, as an asset class, will outperform fixed income instruments or balanced funds. The equity investments in the portfolio reflect investment opportunities worldwide.

We seek Safe Harbor.