Mr. Richard Carty reports

UNITED CORPORATIONS LIMITED ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted a notice filed by United Corporations Ltd. of its intention to proceed with the renewal of its normal course issuer bid to be transacted through the facilities of the exchange or through alternative Canadian trading systems.

The notice provides that the company may, during the 12-month period commencing March 12, 2026, and ending March 11, 2027, purchase up to 5,624,022 common shares in the capital of the company in total, being approximately 5 per cent of the total number of 112,480,450 shares outstanding as at Feb. 27, 2026. The price which the company will pay for any such shares will be the prevailing market price at the time of acquisition. The actual number of shares which may be purchased pursuant to the bid will be determined by management of the company. Any shares purchased pursuant to the bid will be cancelled.

The average daily trading volume of the shares on the exchange for the most recently completed six calendar months was 5,788. Under the bid, the company may purchase up to 1,447 shares on the exchange during any trading day.

The timing of purchases will be determined by management of the company, which will be based on market conditions, share price, best use of available cash and other factors. The financing for any purchase pursuant to the bid will be financed out of the working capital of the company.

The company's previous normal course issuer bid expires on March 11, 2026. Under the previous NCIB, the company obtained the approval of the exchange to purchase up to 562,543 shares, which represented 5 per cent of the 11,250,865 shares issued and outstanding as at the close of business on Feb. 27, 2025. Upon the 10-for-one share split of the shares on July 15, 2025, the company obtained the approval of the exchange to purchase up to 5,625,430 shares to account for the share split. The company purchased on the open market and cancelled an aggregate of 28,200 shares under the previous NCIB at an average price of $14.34 per share.

The board of directors believes that, in the event the shares trade in a price range that does not fully reflect their value, the purchase of the shares would be an appropriate use of corporate funds in the best interests of the company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold shares by increasing their equity interest in the company if the repurchased shares are cancelled.

About United Corporations Ltd.

The company is a closed-end investment corporation that trades on the exchange. 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 around the world.

We seek Safe Harbor.