Ms. Elizabeth Naumovski reports

URBANA CORPORATION ANNOUNCES THE RECENT INITIAL PUBLIC OFFERING OF ONE OF ITS INVESTEES

One of Urbana Corp.'s investee companies, Miami International Holdings Inc. (MIH), has recently completed an initial public offering (IPO) on the New York Stock Exchange.

On Aug. 14, 2025, MIH shares commenced trading on the NYSE following the successful pricing of its IPO at $23 (U.S.) per share. The company raised $396.75-million (U.S.) through its IPO of 15 million shares of its common stock and the underwriter's exercise of the overallotment option to purchase 2.25 million shares of its common stock. MIH shares closed at $31.12 (U.S.) per share on Friday, Aug. 15, 2025.

Urbana owns 663,810 MIH shares with an acquisition cost of $12.3-million (Canadian). The market value of these shares was approximately $28.5-million (Canadian) at the close of trading on Friday, Aug. 15, 2025, representing an unrealized gain of approximately $16.2-million (Canadian) (or approximately 132 per cent).

As an early shareholder in MIH, Urbana was previously a member seatholder of the Minneapolis Grain Exchange (MGEX) and was a shareholder of the Bermuda Stock Exchange (BSX), two of the exchange properties MIH acquired for its network.

About Urbana Corp.

Urbana is a diversified corporation with a focus on financial services, information services and innovative technologies. The long-term goal of Urbana is to seek and acquire investments for income and capital appreciation through a combination of public and private investments. The portfolio mix of actively managed publicly traded securities with private equity investments has generated significant long-term investment results.

About Miami International Holdings Inc.

MIH is a technology-driven leader in building and operating regulated financial markets across multiple asset classes. MIH owns Miami International Securities Exchange LLC, MIAX Pearl LLC, MIAX Emerald LLC, MIAX Sapphire LLC, MIAX Futures Exchange LLC, MIAX Derivatives Exchange, Dorman Trading LLC, the Bermuda Stock Exchange and the International Stock Exchange.

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