SEDAR Interim Financial Statements

SECOND QUARTER REPORT September 30, 2025 THE PERIOD AT A GLANCE (Unaudited) As at Sept. 30 As at March 31 2025 2025 Net equity value per Common Share1, 3 $ 21.99 $ 19.71 Net assets2 $ 2,481,831 $ 2,224,887 Number of Common Shares outstanding at period end3 112,505,650 112,508,650 Six months ended September 30 2025 2024 Net investment income per Common Share1, 3 $ 0.14 $ 0.13 Dividends per Common Share3 $ 0.19 $ 0.10 Net income per Common Share3 $ 2.47 $ 1.33 Net investment income 1,2 $ 15,471 $ 14,381 1 See Management’s Discussion and Analysis for Use of Non-GAAP Measures. 2 In thousands of Canadian dollars. 3 On June 18, 2025, the Company approved a ten-for-one Common Share split (“Common Share Split”) of its issued and outstanding Common Shares. Each shareholder of record at the close of business on July 4, 2025 (“Record Date”) that continued to hold their Common Shares through the close of business on July 14, 2025 (“Payment Date”) received nine additional Common Shares for every one share held. All Common Share numbers and per Common Share amounts have been adjusted to reflect the Common Share Split as if it was retroactively applied to all prior periods. The accompanying financial statements have been prepared under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS The Company’s external auditors, PricewaterhouseCoopers LLP, have not performed a review of these interim financial statements of United Corporations Limited. 1 The following Management’s Discussion and Analysis (“MD&A”) of the unaudited interim condensed financial performance and financial condition of United Corporations Limited (“United” or the “Company”) for the September 30, 2025 second quarter should be read in conjunction with: the March 31, 2025 Annual Report, including the MD&A, the Company’s audited annual financial statements and the notes and supplementary financial information; the Company’s MD&A and unaudited interim condensed financial statements and notes for the previous fiscal quarter; and the unaudited quarterly condensed interim condensed financial statements and notes contained in this report. These financial statements have been prepared in compliance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). The reporting currency for the Company is the Canadian dollar, and all amounts in the following discussion are in Canadian dollars. This MD&A is dated as of November 5, 2025. This MD&A may contain certain forward-looking statements that are subject to risks and uncertainties that may cause the results or events mentioned in this discussion to differ materially from actual results or events. No assurance can be given that results, performance or achievement expressed in, or implied by, any forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them. The Company United is a closed-end investment corporation that trades on the Toronto Stock Exchange. United is 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. From time to time, however, assets of the Company may be invested in interest-bea --- ring short-term securities pending the selection of suitable equity investments. The Company has been a closed-end investment corporation since 1929. The Common Shares have persistently traded at a discount to their net asset value, ranging from approximately a 20% discount to a 42% discount over the past 10 years. Management believes that shareholders who have invested in the Common Shares of the Company recognize that the Common Shares of the Company usually trade at a discount to their net asset value. Closed-end investment corporations have the following benefits: they often allow investors the opportunity to purchase assets at a discounted price; they have management expense ratios which are generally much lower than those for actively-managed open-ended funds; and the management of a closed-end investment corporation’s portfolio is not impacted by shareholder subscription or redemption activities. United has no plans to become an open-ended investment fund. The majority of the Company’s investment portfolio is actively managed by Comgest Asset Management International Limited (“Comgest”), Causeway Capital Management LLC (“Causeway”), and Neuberger Berman Canada ULC (“NB”). Each of these managers has a global equity mandate. As of September 30, 2025, $578,176,000 (March 31, 2025 - $533,437,000), $669,081,000 (March 31, 2025 - $584,664,000), $598,314,000 (March 31, 2025 - $512,092,000), and $636,776,000 (March 31, 2025 - $551,488,000) of equity investments were managed by Comgest, Causeway, NB Global Equities which tracks the MSCI All Country World Index (“ACWI”), and NB Global Equities Quality Strategy, respectively. Comgest is part of the Comgest group which is an independent, international asset management group, with headquarters in Paris and offices in Amsterdam, Boston, Brussels, Dublin, Düsseldorf, Hong Kong, Milan, Singapore, Tokyo and a representative office in London. Since inception in 1985, Comgest has pursued a long-term ‘Quality Growth’ investment style. The portfolio will generally hold between 30 - 40 companies. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 2 Causeway Capital is a global investment manager and is based out of Los Angeles, California, USA. The investment philosophy emphasizes the merits of value investing and combines both fundamental and quantitative research to identify investment opportunities in equity markets around the world. The portfolio will generally hold between 35 – 55 companies. NB is an investment management firm headquartered in Toronto. NB manages its portfolio in two separate mandates. The first mandate invests in global equities, with low tracking risk to the MSCI All Country World Index, which expects to hold 600 - 1,000 companies. The second mandate invests in global equities with a quality strategy, which expects to hold 200 - 400 companies. NB is a business of Neuberger Berman. Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager headquartered in New York. The firm manages a range of strategies including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds on behalf of institutions, advisors and individual investors globally. With offices in 26 countries, Neuberger Berman’s diverse team has approximately 2,900 professionals. The Company also has a long-term investment in Algoma Central Corporation (“Algoma”), a public shipping company. Algoma is a related party and is a re --- porting issuer which trades on the Toronto Stock Exchange with a profile on SEDAR+. The investment in Algoma is consistent with the Company’s investment strategy and contributes to achieving the investment objective of the Company. Investment Strategy The objective of the Company is to earn an above-average rate of return, primarily through long-term capital appreciation and dividend income. Short-term volatility is expected and tolerated. Management remains confident that the Company’s investment strategy will reward shareholders over the long term. The investment portfolio of the Company comprises primarily foreign equities. Net equity value and net investment income may vary significantly from period to period depending on the economic environment and market conditions. Use of Non-GAAP Measures This MD&A contains references to “net equity value per Common Share”, “growth in net equity value per Common Share”, “net investment income”, and “net investment income per Common Share”. These terms do not have any standardized meanings in GAAP (generally accepted accounting principles) and therefore may not be comparable to similar measures presented by other companies. The Company believes that these measures provide information useful to our shareholders in evaluating the Company’s financial results. Net equity value per Common Share is used by investors and management as a comparison to the market price of its Common Shares to determine the discount or premium at which the Company’s Common Shares are trading, relative to the net equity value per Common Share. In order to determine its net equity value per Common Share, the Company deducts the cost of redemption of its Preferred Shares from its net assets. Net investment income per Common Share is used by both investors and management to assess the approximate amount of dividends to be distributed on Common Shares. In order to determine its net investment income per Common Share, the Company deducts the dividends paid and accrued on its Preferred Shares from net investment income. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 3 Net equity value per Common Share is calculated as follows (in thousands of dollars, except number of Common Shares and per Common Share amounts): September 30 2025 March 31 2025 Net Assets $ 2,481,831 $ 2,224,887 Deduct: Cost of redemption First Preferred Shares 1,567 1,567 1959 and 1963 Series Second Preferred Shares 6,180 6,180 7,747 7,747 Net equity value $ 2,474,084 $ 2,217,140 Common Shares outstanding 112,505,650 112,508,650 Net Equity Value per Common Share $ 21.99 $ 19.71 On June 18, 2025, the Company approved a ten-for-one Common Share split (“Common Share Split”) of its issued and outstanding Common Shares. Each shareholder of record at the close of business on July 4, 2025 (“Record Date”) that continued to hold their Common Shares through the close of business on July 14, 2025 (“Payment Date”) received nine additional Common Shares for every one share held. All Common Share numbers and per Common Share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all prior periods presented. Net investment income per Common Share is calculated as follows (in thousands of dollars, except number of Common Shares and per Common Share amounts): Three months ended September 30 Six months ended September 30 2025 2024 2025 2024 Net income $ 182,135 $ 78,559 $ 277,990 $ 149,747 Add (deduct): Other net fair value cha --- nges in investments (202,307) (83,726) (302,616) (156,042) Tax on other net fair value changes in investments 26,806 11,095 40,097 20,676 Net investment income 6,634 5,928 15,471 14,381 Deduct: Dividends paid on Preferred Shares 95 95 189 189 Net investment income, net of dividends paid on Preferred Shares1 $ 6,539 $ 5,833 $ 15,282 $ 14,192 Weighted average Common Shares outstanding2 112,508,063 112,548,100 112,508,355 112,556,330 Net investment income per Common Share1, 2 $ 0.06 $ 0.05 $ 0.14 $ 0.13 1 On an after-tax basis. 2 All Common Share numbers and per Common Share amounts have been adjusted to reflect the Common Share Split as if it was retroactively applied to all prior periods presented. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 4 Net Equity Value per Common Share The Company’s net equity value per Common Share increased to $21.99 at September 30, 2025 from $19.71 at March 31, 2025 and $20.40 at June 30, 2025. With dividends reinvested at month-end net equity values, the Company’s net equity value return for the three months ended September 30, 2025 was 7.9% compared to 3.5% for three months ended September 30, 2024. On a year-to-date basis the net equity value return was 12.6% compared to 6.8% for the same period in the prior year. For the six months ended September 30, 2025, investments managed by Comgest had a pre-tax total return of 8.6% (September 30, 2024 – 3.5%), Causeway 17.4% (September 30, 2024 – 5.1%), NB Global Equities Quality Strategy 15.5% (September 30, 2024 - 4.9%) and NB Global Equities ACWI 16.8% (September 30, 2024 – 6.4%). As the Company is a taxable Canadian corporation, the Company’s net equity value is net of a current income tax provision on net investment income and net realized gains on investments, and net of a deferred income tax provision on its unrealized appreciation of investments. In Canadian dollar terms, total returns (capital gains plus dividends) for stock market indices, were as follows: Three Months ended Six Months ended September 30 September 30 % % MSCI All Country World Index 10.0 16.5 S&P 500 Index 10.5 16.1 S&P/TSX Composite Index 12.5 22.1 Growth in Net Equity Value (“NAV”) Set out below is a table that shows annual growth in NAV in each of the past 10 fiscal years: Annual growth in NAV1 NAV per Common Share2 Annual Growth $ % 2016 12.07 4.0 2017 13.23 11.6 2018 13.84 6.4 2019 14.70 7.7 2020 13.80 (4.7) 2021 17.07 25.5 2022 16.65 (1.2) 2023 16.41 2.5 2024 19.55 20.1 2025 19.71 9.7 Compound annual growth* 2016 - 2025 - 10 years 7.8 1 Growth in NAV is determined by the percentage change in NAVs including dividends reinvested at month-end NAVs. 2 All Common Share numbers and per Common Share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all prior periods presented. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 5 Operating Results Net income The Company’s net income for the three months ended September 30, 2025 was $182,135,000 compared to $78,559,000 for the three months ended September 30, 2024. On a year-to-date basis, there was net income of $277,990,000 compared to $149,747,000 in the prior year period. Net income per Common Share for the three months ended September 30, 2025 was $1.62 compared to $0.70 for the three months ended September 30, 2024. On a year-to-date basis, net income per Common Share was $2.47 compared to $1.33 per Common Share for the six months ended September 30, 2024. Other n --- et fair value changes in investments for the portfolio for the three months ended September 30, 2025 was a net gain of $202,037,000 compared to $83,726,000 for the three months ended September 30, 2024. On a year-to-date basis, the other net fair value changes in investments was $302,616,000 compared to $156,042,000 for the six months ended September 30, 2024. During the quarter, there was positive investment performance of $109,843,000 in North America, $41,858,000 in Emerging Markets, $26,294,000 in Europe, $16,575,000 in the United Kingdom, and $6,696,000 in Japan. On a year-to-date basis, there was positive investment performance of $168,675,000 in North America, $57,558,000 in Emerging Markets, $37,093,000 in Europe, $25,648,000 in the United Kingdom, and $11,202,000 in Japan. The net realized gain was $24,690,000 for the three months ended September 30, 2025 compared to $33,670,000 for the three months ended September 30, 2024. On a year-to-date basis, the net realized gain was $42,780,000 compared to $46,725,000 for the six months ended September 30, 2024. The largest year-to-date contributors to the net realized gain for the six months ended September 30, 2025 were from the sales of securities with net gains of $18,976,000 in North America, $13,735,000 in the United Kingdom, $7,406,000 in Europe, and $2,000,000 in Japan. Net Investment Income The Company’s net investment income for the three months ended September 30, 2025 increased to $6,634,000 compared to $5,928,000 for the three months ended September 30, 2024. On a year-to-date basis, net investment income increased to $15,471,000 compared to $14,381,000 for the same period in the prior year. On a per Common Share basis, net investment income for the quarter increased to $0.06 for the three months ended September 30, 2025 compared to $0.05 for the three months ended September 30, 2024 and on a year-to-date basis, increased to compared to $0.14 compared to $0.13 for the six months ended September 30, 2024. Foreign dividend income for the three months ended September 30, 2025 increased to $10,397,000 from $9,147,000 for the same quarter in the prior year and on a year-to-date basis increased to $23,636,000 from $22,019,000 for the six months ended September 30, 2024. In general, foreign dividend income is also impacted by changes in the composition of the investment portfolio, variability in foreign exchange rates and dividend yields. Canadian dividend income for the three months ended September 30, 2025 decreased to $899,000 from $919,000 for the same quarter in the prior year and on a year-to-date basis decreased to $1,779,000 from $1,797,000 for the six months ended September 30, 2024. Interest and securities lending income for the three months ended September 30, 2025 decreased to $509,000 from $534,000 for the same quarter in the prior year and on a year-to-date basis decreased to $1,092,000 compared to $1,223,000 for the six months ended September 30, 2024. The decrease occurred approximately evenly between interest income and securities lending income. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 6 Expenses during the quarter decreased to $3,098,000 for the three months ended September 30, 2025 compared to $3,104,000 for the same period in the prior year, and on a year-to-date basis increased to $6,124,000 compared to $6,090,000 in the prior year. Quarterly Results The following table summarizes various financial results on a quarterly basis for the m --- ost recent quarters (in thousands of dollars, except per share amounts): Sept. 30 June 30 March 31 Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2025 2025 2025 2024 2024 2024 2024 2023 Investments $ 2,542,896 $ 2,322,480 $ 2,237,444 $ 2,469,072 $ 2,383,634 $ 2,326,969 $ 2,230,828 $ 2,098,679 Net investment income1 $ 6,634 $ 8,837 $ 6,473 $ 7,126 $ 5,928 $ 8,453 $ 4,684 $ 3,520 Net income (loss) $ 182,135 $ 95,855 $ (3,336) $ 74,689 $ 78,559 $ 71,188 $ 172,923 $ 155,887 Per Common Share2: Net investment income)1 $ 0.06 $ 0.08 $ 0.06 $ 0.06 $ 0.05 $ 0.07 $ 0.04 $ 0.03 Net income (loss) $ 1.62 $ 0.85 $ (0.03) $ 0.66 $ 0.70 $ 0.63 $ 1.54 $ 1.35 NAV $ 21.99 $ 20.40 $ 19.71 $ 21.42 $ 20.78 $ 20.11 $ 19.55 $ 18.05 1 On an after-tax basis. 2 All Common Share numbers and per Common Share amounts have been adjusted to reflect the Common Share Split as if it was retroactively applied to all prior periods presented. Investment income is derived primarily from dividend income that is earned by the Company. While North American investments usually pay regular quarterly dividends, investments outside of North America often pay less frequently. In general, dividends earned on investments outside of North America peak in the first quarter of the fiscal year. From time to time, the Company receives additional one-time dividends arising from significant corporate transactions. Overall returns are determined by the performance of the investment managers of the portfolio and may fluctuate significantly as illustrated by the past eight quarters. The returns generated by the investment managers may not correlate with benchmark returns. There is no guarantee that the Company will receive dividend income on its investments at current dividend payout levels. Share Data As at September 30, 2025, the following shares were issued and outstanding: 52,237 First Preferred Shares, 80,290 1959 Series Second Preferred Shares, 119,710 1963 Series Second Preferred Shares and 112,505,650 (March 31, 2025 - 112,508,650 adjusted to reflect the Common Share Split) Common Shares. On June 18, 2025, the Company approved a ten-for-one share split of its issued and outstanding Common Shares (“Common Share Split”). Each common shareholder of record at the close of business on July 4, 2025 (“Record Date”) that continued to hold their Common Shares through the close of business July 14, 2025 (“Payment Date”), received nine additional Common Shares for every one Common Share held on the Record Date. All Common Share numbers and per Common Share amounts have been adjusted to reflect the Common Share Split as if it was retroactively applied to all prior periods presented. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 7 Normal Course Issuer Bid On March 10, 2025, the Company renewed the normal course issuer bid (“NCIB”), which allows the Company during the 12-month period commencing March 12, 2025 and ending March 11, 2026 to purchase up to 5,625,430 Common Shares. Daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB were limited to 1,375 Common Shares. The price which the Company will pay for Common Shares will be the market price at the time of acquisition. For the six-month period ended September 30, 2025, 3,000 (September 30, 2024 - 47,000 (post Common Share Split)) Common Shares were purchased at an average price of $14.33 (September 30, 2024 - $12.36) per share for a total consideration of $43,000 (September 30, 2024 - $581,000). --- Liquidity and Capital Resources The Company’s dividend policy is to distribute quarterly Preferred Share dividends of $0.375 per share and quarterly Common Share dividends of $0.03 per share (adjusted for the Common Share Split). If the annual net investment income is in excess of the quarterly dividends paid, an additional Common Share dividend equal to the excess will be paid following the end of the fiscal year. An additional Common Share pre-Stock-Split dividend of $1.25 was paid on June 30, 2025 as net investment income per Common Share for the prior fiscal year was greater than quarterly Common Share dividends paid. The Company’s dividend policy is established by the Board of Directors at its discretion and is subject to change. The Company has a $50,000,000 operating credit facility with a Canadian chartered bank. The credit facility is pledged with equity investments from the Company’s investment portfolio. The Company is able to borrow funds in an amount up to 50% of the fair value of investments pledged. As of September 30, 2025, no funds were drawn on this facility. Change in Fiscal Year On November 5, 2025, the Company’s Board of Directors approved a change in the Company’s fiscal year end from March 31 to December 31. This change is being made to better align the Company’s reporting calendar with other companies in the industry. The Company’s current fiscal year will end on December 31, 2025, resulting in a nine-month reporting period from April 1, 2025 to December 31, 2025. Additional Information Additional information relating to United, including the Company’s Annual Information Form, is available at www.sedarplus.ca. United’s website, www.ucorp.ca, also provides further information on the Company, including historical information on the net equity value per Common Share which is updated weekly. UNITED CORPORATIONS LIMITED MANAGEMENT’S DISCUSSION & ANALYSIS 8 STATEMENTS OF FINANCIAL POSITION (Unaudited) (in thousands of Canadian dollars) September 30 2025 March 31 2025 ASSETS Cash and cash equivalents $ 44,267 $ 80,426 Investments (Note 4) 2,542,896 2,237,444 Receivable in respect of investments sold 6,056 — Dividends and interest receivable 2,074 3,348 Income taxes receivable 8,230 — Other assets 2,784 2,627 Total assets 2,606,307 2,323,845 LIABILITIES Accrued expenses 3,095 3,079 Payable in respect to investments purchased 6,397 3,043 Income taxes payable — 11,978 Dividends payable 3,470 3,470 Deferred tax liabilities 111,514 77,388 Total liabilities 124,476 98,958 NET ASSETS $ 2,481,831 $ 2,224,887 SHAREHOLDERS' EQUITY Share capital (Note 5) $ 499,610 $ 499,623 Retained earnings 1,982,221 1,725,264 TOTAL SHAREHOLDERS' EQUITY $ 2,481,831 $ 2,224,887 The accompanying notes are an integral part of these financial statements. UNITED CORPORATIONS LIMITED 9 STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in thousands of Canadian dollars) Three months ended Six months ended September 30 September 30 2025 2024 2025 2024 INCOME Dividends Foreign $ 10,397 $ 9,147 $ 23,636 $ 22,019 Canadian 899 919 1,779 1,797 11,296 10,066 25,415 23,816 Interest and securities lending income 509 534 1,092 1,223 Other net fair value changes in investments (Note 6) 202,307 83,726 302,616 156,042 214,112 94,326 329,123 181,081 EXPENSES Investment management and administrative costs (Note 7) 2,559 2,542 4,989 4,959 Transfer, registrar and custody fees 238 275 432 521 Directors' and officer's remuneration 185 177 371 356 Office and miscellaneous 77 --- 101 261 217 Professional fees 39 9 71 37 3,098 3,104 6,124 6,090 INCOME BEFORE INCOME TAXES 211,014 91,222 322,999 174,991 Provision for income taxes 28,879 12,663 45,009 25,244 NET INCOME $ 182,135 $ 78,559 $ 277,990 $ 149,747 EARNINGS PER COMMON SHARE - BASIC AND DILUTED 1 $ 1.62 $ 0.70 $ 2.47 $ 1.33 1 On June 18, 2025, the Company approved a ten-for-one share split (“Share Split”) of its issued and outstanding Common Shares. Each shareholder of record at the close of business on July 4, 2025 (“Record Date”) that continued to hold their Common Shares through the close of business on July 14, 2025 (“Payment Date”) received nine additional Common Shares for every one share held. All Common Share numbers and per Common Share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all prior periods . The accompanying notes are an integral part of these financial statements. UNITED CORPORATIONS LIMITED 10 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (in thousands of Canadian dollars) Share Capital Retained Earnings Total At April 1, 2025 $ 499,623 $ 1,725,264 $ 2,224,887 Net income — 277,990 277,990 Dividends — (21,003) (21,003) Repurchase and cancellation of Common Shares (Note 5) (13) (30) (43) At September 30, 2025 $ 499,610 $ 1,982,221 $ 2,481,831 At April 1, 2024 $ 499,868 $ 1,708,638 $ 2,208,506 Net income — 149,747 149,747 Dividends — (11,444) (11,444) Repurchase and cancellation of Common Shares (Note 5) (205) (376) (581) At September 30, 2024 $ 499,663 $ 1,846,565 $ 2,346,228 The accompanying notes are an integral part of these financial statements. UNITED CORPORATIONS LIMITED 11 STATEMENTS OF CASH FLOWS (Unaudited) (in thousands of Canadian dollars) Six months ended September 30 2025 2024 Net inflow (outflow) of cash related to the following activities: Operating Net Income $ 277,990 $ 149,747 Adjustments for: Other net fair value changes in investments (302,616) (156,042) Purchases of investments (370,533) (395,042) Proceeds from sale of investments 364,994 398,120 Dividends and interest receivable 1,274 1,047 Deferred taxes 34,126 14,324 Net change in other assets and liabilities (20,348) (6,061) (15,113) 6,093 Financing Dividends paid to shareholders (21,003) (11,447) Repurchase of Common Shares (43) (581) (21,046) (12,028) Net decrease in cash and cash equivalents (36,159) (5,935) Cash and cash equivalents at beginning of period 80,426 55,044 Cash and cash equivalents at end of period $ 44,267 $ 49,109 Additional information for operating activities: Interest received $ 921 $ 1,009 Dividends received, net of withholding taxes 23,489 22,505 Income taxes paid, net of refunds 25,845 14,750 The accompanying notes are an integral part of these financial statements. UNITED CORPORATIONS LIMITED 12 1. Description of business United Corporations Limited (“United” or the “Company”) is a closed-end investment corporation. The head office, principal address and registered office of the Company is located at 165 University Avenue, Toronto, Ontario, M5H 3B8. United trades on the Toronto Stock Exchange under the symbols UNC, UNC.PR.A, UNC. PR.B and UNC.PR.C. United is 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. From time to time, however, assets of the Company may be invested in interest-bearing short-term --- securities pending the selection of suitable equity investments. The financial statements are presented in Canadian dollars which is the functional and presentation currency. These financial statements were approved by the Company’s Board of Directors on November 5, 2025. 2. Basis of presentation These unaudited interim condensed financial statements have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting as issued by the International Accounting Standards Board and follow the same accounting policies and methods as the most recent annual financial statements. These unaudited interim condensed financial statements do not include all of the disclosures required under International Financial Reporting Standards for annual financial statements and should be read in conjunction with the notes to the Company’s audited financial statements for the year ended March 31, 2025. 3. Critical accounting estimates and judgments The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Company has made in preparing the financial statements: Deferred taxes Estimates and assumptions are used primarily in the determination of the Company’s deferred tax assets and deferred tax liabilities, as the income tax rates used are dependent on an assumption as to when deferred tax is expected to be realized. 4. Financial instruments The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: • Quoted unadjusted prices in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (Level 2); and • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). At September 30, 2025, the Company had $2,542,896 (March 31, 2025 - $2,237,444) of Level 1 equity investments. There were no year-to-date transfers between Level 1, 2 or 3 equity investments. UNITED CORPORATIONS LIMITED NOTES TO FINANCIAL STATEMENTS (Unaudited, all dollar figures in thousands of Canadian, except per share amounts) 13 5. Share capital The share capital of the Company is as follows: September 30, 2025 March 31, 2025 Authorized Issued and outstanding Issued and outstanding First Preferred Shares 52,237 52,237 $ 119 52,237 $ 119 Second Preferred Shares 200,000 200,000 6,000 200,000 6,000 Common Shares unlimited 112,505,650 493,491 112,508,650 493,504 Total $ 499,610 $ 499,623 Common Share Split On June 18, 2025, the Company approved a ten-for-one share split (“Share Split”) of its issued and outstanding Common Shares. Each shareholder of record at the close of business on July 4, 2025 (“Record Date”) that continued to hold their Common Shares through the close of business on July 14, 2025 (“Payment Date”) received nine additional Common Shares for every one share held. All Common Share numbers and per Common Share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all prior periods presented. Normal Course Issuer Bid On March 10, 2025, the Company renewed the normal course issuer bid (“NCIB” --- ), which allows the Company during the 12-month period commencing March 12, 2025 and ending March 11, 2026 to purchase up to 5,625,430 Common Shares. Daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB were limited to 1,375 Common Shares. The price which the Company will pay for Common Shares will be the market price at the time of acquisition. For the six-month period ended September 30, 2025, 3,000 (September 30, 2024 - 47,000 (post Common Share Split)) Common Shares were purchased at an average price of $14.33 (September 30, 2024 - $12.36) per share for a total consideration of $43 (September 30, 2024 - $581). Changes in Common Share Capital was as follows: September 30, 2025 March 31, 2025 6-Month Period 12-Month Period Common Shares Number of Shares Share Capital Number of Shares Share Capital Balance, beginning of the period 112,508,650 $ 493,504 112,564,650 $ 493,749 Repurchase and cancellation of Common Shares (3,000) (13) (56,000) (245) Balance, end of the period 112,505,650 $ 493,491 112,508,650 $ 493,504 UNITED CORPORATIONS LIMITED NOTES TO FINANCIAL STATEMENTS (Unaudited, all dollar figures in thousands of Canadian, except per share amounts) 14 6. Other net fair value changes in investments The other net fair value changes in investments is comprised as follows: Three months ended September 30 Six months ended September 30 2025 2024 2025 2024 Net realized gain $ 24,690 $ 33,670 $ 42,780 $ 46,725 Net change in unrealized appreciation 177,617 50,056 259,836 109,317 $ 202,307 $ 83,726 $ 302,616 $ 156,042 7. Related party information Included in the Company’s Schedule of Investment Portfolio is Algoma Central Corporation (“Algoma”), a related party, with a fair value at September 30, 2025 of $60,549 (March 31, 2025 - $55,763). Dividend income from Algoma for the three months and six months ended September 30, 2025 to $725 (September 30, 2024 - $689) and $1,450 (September 30, 2024 - $1,378), respectively. E-L Financial holds a 56.6% interest in the Company. Included in investment management and administrative costs are fees for administrative services paid to E-L Financial. These fees are calculated at 0.1% per annum of the fair value of the investments managed by the external investment managers and are paid monthly. The total fees for the three months and six months ended September 30, 2025 amounted to $682 (September 30, 2024 - $665) and $1,297 (September 30, 2024 - $1,296). The ultimate controlling party of the Company and of these related parties is The Honourable Henry N. R Jackman together with a trust created in 1969 by his father, Henry R. Jackman. 8. Subsequent events Common Share dividends of $0.03 per Common Share, and $0.375 per Preferred Share for First Preferred Shares, Second Preferred Shares, 1959 Series and Second Preferred Shares, 1963 Series, were declared by the Board of Directors at its meeting on November 5, 2025, with a record and payable date of February 3, 2026 and February 13, 2026, respectively. The Company’s dividend policy is established by the Board of Directors at its discretion and is subject to change. UNITED CORPORATIONS LIMITED NOTES TO FINANCIAL STATEMENTS (Unaudited, all dollar figures in thousands of Canadian, except per share amounts) 15 United States 8,401 3M Company ........................................................................................ $ 1,218 $ 1,815 14,647 Abbott Laboratories .................................................... --- ........................ 2,144 2,731 37,747 AbbVie Inc. ............................................................................................ 7,481 12,167 2,043 Adobe Inc .............................................................................................. 1,138 1,003 7,745 Advanced Micro Devices, Inc. ........................................................... 800 1,744 1,436 Affirm Holdings, Inc. ............................................................................ 176 146 4,920 Aflac Incorporated ................................................................................ 397 765 2,617 Agilent Technologies, Inc. ................................................................... 391 468 1,590 Air Products and Chemicals, Inc. ...................................................... 478 604 2,183 Airbnb, Inc. - Class A ........................................................................... 371 369 1,896 Albemarle Corporation ........................................................................ 138 214 468,000 Alibaba Health Information Technology Limited .............................. 318 558 881 Allstate Corporation (The) .................................................................. 128 263 80,406 Ally Financial Inc. ................................................................................ 4,306 4,388 442 Alnylam Pharmaceuticals, Inc. .......................................................... 154 281 220,709 Alphabet Inc. Class A .......................................................................... 27,658 74,692 112,027 Alphabet Inc. Class C .......................................................................... 20,720 37,982 91,091 Altria Group, Inc. .................................................................................. 5,033 8,377 127,256 Amazon.com, Inc. ................................................................................ 25,580 38,898 3,581 American Electric Power Company, Inc. .......................................... 379 561 23,589 American Express Company ............................................................. 8,034 10,908 1,713 American International Group, Inc. ................................................... 121 187 1,809 American Tower Corporation ............................................................. 490 484 988 Ameriprise Financial, Inc. ................................................................... 328 676 3,318 AMETEK, Inc. ....................................................................................... 518 868 5,777 Amgen Inc. ............................................................................................ 2,030 2,269 8,300 Amphenol Corporation ........................................................................ 390 1,430 69,970 Analog Devices, Inc. ............................................................................ 17,251 23,932 2,043 Apollo Global Management, Inc. ....................................................... 143 379 198,016 Apple Inc. .............................................................................................. 39,070 70,191 22,616 Applied Materials, Inc. ........................................................................ 3,981 6,446 3,415 AppLovin Corporation ......................................................................... 1,289 3,416 2,752 Arista Networks, Inc. ........................................................................... 303 558 1, --- 529 Assurant, Inc. ........................................................................................ 220 461 38,763 AT&T Inc. ............................................................................................... 796 1,524 1,484 Atlassian Corporation Class A ........................................................... 310 330 9,165 Autodesk, Inc. ....................................................................................... 2,502 4,053 2,460 Automatic Data Processing, Inc. ....................................................... 666 1,005 969 AutoZone, Inc. ...................................................................................... 3,232 5,787 1,131 Avalonbay Communities, Inc. ............................................................ 254 304 697 Avery Dennison Corporation ............................................................. 149 157 102,985 AXIS Capital Holdings Limited ........................................................... 12,115 13,734 34,694 Bank of America Corporation (The) .................................................. 1,337 2,492 4,191 Bank of New York Mellon Corporation (The) ................................... 250 636 9,406 Berkshire Hathaway Inc. ..................................................................... 4,265 6,583 69,651 Biogen Inc. ............................................................................................ 14,926 13,582 2,355 Bio-Techne Corporation ...................................................................... 156 182 547 BlackRock, Inc. .................................................................................... 487 888 2,886 Blackstone Inc. ..................................................................................... 344 686 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 16 United States (continued) 3,193 Boeing Company (The) ....................................................................... $ 654 $ 959 1,710 Booking Holdings Inc. ......................................................................... 6,756 12,853 786 Booz Allen Hamilton Holding Corporation ........................................ 108 109 8,678 Boston Scientific Corporation............................................................. 484 1,179 5,237 Bristol-Myers Squibb Company (The) .............................................. 339 329 35,584 Broadcom Inc. ...................................................................................... 2,299 16,343 2,569 Brown & Brown, Inc. ............................................................................ 188 335 7,968 Builders FirstSource, Inc. .................................................................. 1,426 1,345 39,652 BXP, Inc. ............................................................................................... 3,445 4,104 11,158 Cadence Design Systems, Inc. ......................................................... 3,321 5,456 2,496 Capital One Financial Corporation .................................................... 417 739 1,108 Cardinal Health, Inc. ............................................................................ 124 242 2,911 Carlisle Companies Incorporated ...................................................... 1,449 1,333 3,367 Carlyle Group Inc. (The) ..................................................................... 119 294 415,827 Carni --- val Corporation ........................................................................... 13,800 16,735 180,355 Carrier Global Corporation ................................................................. 16,361 14,989 3,208 Caterpillar Inc. ...................................................................................... 876 2,131 1,720 CBRE Group, Inc. ............................................................................... 280 377 541 Cencora, Inc. ........................................................................................ 125 235 1,348 CF Industries Holdings, Inc. ............................................................... 118 168 8,740 Charles Schwab Corporation (The) .................................................. 606 1,162 4,033 Check Point Software Technologies Ltd. ......................................... 935 1,162 10,187 Cheniere Energy, Inc. .......................................................................... 2,245 3,332 7,217 Chevron Corporation ........................................................................... 1,423 1,560 52,938 Chipotle Mexican Grill, Inc.................................................................. 2,722 2,888 1,402 Cigna Corporation ................................................................................ 425 563 16,120 Cintas Corporation ............................................................................... 2,870 4,606 20,677 Cisco Systems, Inc. ............................................................................. 1,424 1,969 129,086 Citigroup Inc. ........................................................................................ 9,376 18,240 139,671 Citizens Financial Group, Inc. ............................................................ 5,961 10,336 1,086 Clorox Company (The) ........................................................................ 186 186 1,590 Cloudflare, Inc. ..................................................................................... 159 475 1,589 CME Group Inc. .................................................................................. 434 598 62,207 Coca-Cola Co. (The) ........................................................................... 4,867 5,743 143,728 Cognizant Technology Solutions Corporation ................................. 13,998 13,420 1,290 Coinbase Global, Inc. .......................................................................... 66 606 41,144 Colgate-Palmolive Company ............................................................. 3,982 4,579 24,224 Comcast Corporation Class A ............................................................ 1,357 1,060 21,667 ConocoPhillips ...................................................................................... 2,637 2,853 2,227 Constellation Energy Corporation ..................................................... 167 1,020 185,193 Copart, Inc. ........................................................................................... 13,389 11,594 8,485 Corning Incorporated .......................................................................... 352 969 4,272 Corteva, Inc. ......................................................................................... 303 402 3,854 CoStar Group, Inc. ............................................................................... 416 453 8,103 Costco Wholesale Corporation .......................................................... 4,377 10,441 633 Credicorp Ltd. ...... --- ................................................................................ 145 235 589 CrowdStrike Holdings, Inc. ................................................................ 321 402 983 Cummins Inc. ........................................................................................ 274 578 9,340 CVS Health Corporation .................................................................... 800 980 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 17 United States (continued) 3,390 D.R. Horton, Inc. .................................................................................. $ 315 $ 800 2,406 Danaher Corporation ........................................................................... 629 664 1,510 Davita Inc. ............................................................................................. 144 279 2,174 Dayforce, Inc. ....................................................................................... 147 208 8,537 Deckers Outdoor Corporation ............................................................ 1,353 1,205 1,914 Deere & Company ............................................................................... 610 1,218 2,316 Dell Technologies Inc. Class C .......................................................... 293 457 1,520 DexCom, Inc. ........................................................................................ 145 142 808 Diamondback Energy, Inc. ................................................................. 146 161 1,830 Digital Realty Trust, Inc. ...................................................................... 243 440 79,976 Disney (Walt) Company ...................................................................... 11,103 12,748 1,232 Dollar General Corporation ................................................................ 159 177 1,340 Dollar Tree, Inc. .................................................................................... 150 176 4,384 Dominion Energy, Inc. ......................................................................... 300 373 3,309 DoorDash, Inc. ..................................................................................... 235 1,253 876 Dover Corporation ............................................................................... 149 203 1,634 DTE Energy Company ........................................................................ 257 322 4,219 Duke Energy Corporation ................................................................... 522 727 1,381 DuPont de Nemours, Inc. ................................................................... 121 150 3,631 Dynatrace, Inc. ..................................................................................... 154 245 32,176 eBay Inc. ............................................................................................... 2,371 4,074 703 Ecolab Inc. ............................................................................................ 198 268 21,524 Elanco Animal Health Incorporated ................................................. 243 603 10,959 Electronic Arts Inc. ............................................................................... 1,858 3,077 21,296 Eli Lilly and Company .......................................................................... 6,853 22,620 2,110 Emerson Electric Co. ................................................................. --- ......... 259 385 2,016 Entergy Corporation ............................................................................ 131 262 5,709 EQT Corporation ................................................................................. 230 433 618 Equinix, Inc. .......................................................................................... 592 674 428 Essex Property Trust, Inc. ................................................................. 126 159 1,706 Estee Lauder Companies Inc. (The) ................................................. 156 209 21,600 Everest Group, Ltd. ............................................................................. 10,333 10,531 3,559 Eversource Energy ............................................................................. 287 352 3,088 Exelon Corporation ............................................................................. 157 193 971 Expedia Group, Inc. ............................................................................. 113 289 1,145 Expeditors International of Washington .......................................... 141 195 788 Extra Space Storage Inc. .................................................................... 148 155 55,649 Exxon Mobil Corporation .................................................................... 7,291 8,735 372 Fair Isaac Corporation ....................................................................... 669 775 32,060 Fastenal Company ............................................................................. 1,621 2,189 1,352 FedEx Corporation .............................................................................. 286 444 627 Ferguson Enterprises Inc. .................................................................. 141 196 1,783 Fidelity National Information Services, Inc. ..................................... 127 164 6,571 Fifth Third Bancorp .............................................................................. 260 408 60 First Citizens BancShares, Inc. Class A ........................................... 141 149 807 First Solar, Inc. .................................................................................... 139 248 2,663 FirstEnergy Corp. ................................................................................. 129 170 3,930 Fiserv, Inc. ............................................................................................. 574 705 30,694 Fortinet, Inc. .......................................................................................... 2,425 3,593 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 18 United States (continued) 10,333 Freeport-McMoRan Inc. ...................................................................... $ 436 $ 564 2,079 GE HealthCare Technologies Inc. ..................................................... 145 217 1,559 GE Vernova Inc. ................................................................................... 100 1,335 9,846 Gen Digital Inc. ..................................................................................... 300 389 847 Generac Holdings Inc. ........................................................................ 117 197 1,301 General Dynamics Corporation ......................................................... 370 618 6,238 General Electric Company ................................................................. 424 2,612 4,970 Gen --- eral Motors Company .................................................................. 311 422 230,913 Genpact Ltd. ......................................................................................... 12,551 13,466 19,669 Gilead Sciences, Inc. .......................................................................... 1,832 3,039 1,504 Global Payments Inc. ......................................................................... 156 174 1,668 Goldman Sachs Group, Inc. .............................................................. 702 1,849 1,197 Graco Inc. .............................................................................................. 126 142 320,184 Graphic Packaging Holding Company ............................................ 9,413 8,723 4,300 Hartford Financial Services Group, Inc. (The) ................................. 386 798 2,080 HCA Healthcare, Inc. .......................................................................... 636 1,234 15,588 Hewlett Packard Enterprise Company ............................................ 292 533 3,522 Hilton Worldwide Holdings Inc. .......................................................... 686 1,272 19,267 Home Depot, Inc. (The) ...................................................................... 7,845 10,868 9,211 Honeywell International Inc. ............................................................... 2,487 2,699 3,353 Howmet Aerospace Inc. ...................................................................... 144 916 8,761 HP Inc. ................................................................................................... 286 332 377 HubSpot, Inc. ........................................................................................ 137 246 1,513 Humana Inc. ......................................................................................... 477 548 7,636 Huntington Bancshares Incorporated ............................................... 141 184 15,958 IDEXX Laboratories, Inc. .................................................................... 10,080 14,193 9,606 Illinois Tool Works Inc. ......................................................................... 2,905 3,487 2,754 Illumina, Inc. .......................................................................................... 302 364 1,762 Incyte Corporation ............................................................................... 141 208 69,067 Ingersoll Rand Inc. ............................................................................... 7,224 7,944 8,605 Intel Corporation .................................................................................. 373 402 3,340 Intercontinental Exchange, Inc. ......................................................... 439 783 5,460 International Business Machines Corporation (The) ...................... 883 2,145 5,116 International Paper Company (The) ................................................. 263 331 27,988 Intuit Inc. ................................................................................................ 16,973 26,608 2,394 Intuitive Surgical, Inc. .......................................................................... 770 1,490 1,694 Iron Mountain Inc. ................................................................................ 121 240 102,926 Johnson & Johnson ............................................................................. 21,984 26,568 11,603 Jones Lang LaSalle Incorporated ................................... --- .................. 2,319 4,818 13,558 JPMorgan Chase & Co. ...................................................................... 2,240 5,953 8,617 KeyCorp ................................................................................................ 128 224 13,303 Kimberly-Clark Corporation ................................................................ 2,364 2,303 21,547 Kinder Morgan, Inc. ............................................................................. 488 849 4,338 KKR & Co. Inc. ..................................................................................... 289 785 4,249 KLA Corporation .................................................................................. 2,705 6,380 4,317 Kroger Co. (The) .................................................................................. 266 405 792,000 Kunlun Energy Limited ........................................................................ 912 986 2,275 L3Harris Technologies, Inc. ................................................................ 537 967 985 Labcorp Holdings Inc. ........................................................................ 323 394 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 19 United States (continued) 53,361 Lam Research Corporation ................................................................ $ 4,843 $ 9,947 1,070 Leidos Holdings, Inc. ........................................................................... 125 281 3,710 Liberty Media Corp-Formula One ...................................................... 283 539 28,765 Live Nation Entertainment, Inc. ......................................................... 3,983 6,543 5,932 Lockheed Martin Corporation............................................................. 3,312 4,122 13,438 Lowe's Companies, Inc. ...................................................................... 3,847 4,701 515 LPL Financial Holdings, Inc. ............................................................... 128 239 8,136 Lululemon Athletica Inc. ...................................................................... 2,767 2,015 737 M&T Bank Corporation ....................................................................... 146 203 3,770 Marathon Petroleum Corporation ...................................................... 575 1,012 2,230 Marriott International, Inc. Class A .................................................... 476 809 3,240 Marsh & McLennan Companies, Inc. ............................................... 766 909 1,748 Marvell Technology, Inc. ...................................................................... 156 205 15,430 Masco Corporation .............................................................................. 1,346 1,512 21,539 MasterCard, Inc. Class A .................................................................... 11,189 17,055 4,460 McDonald's Corporation ..................................................................... 1,564 1,887 690 McKesson Corporation ....................................................................... 262 742 359 MercadoLibre, Inc. ............................................................................... 509 1,168 153,999 Merck & Co., Inc. ................................................................................. 19,712 17,993 52,685 Meta Platforms, Inc. Class A ................................................ --- .............. 18,174 53,861 1,783 MetLife, Inc. ......................................................................................... 118 204 2,347 Mettler-Toledo International, Inc. ....................................................... 4,071 4,011 33,582 Microchip Technology Incorporated .................................................. 2,287 3,002 3,127 Micron Technology, Inc. ...................................................................... 486 728 126,282 Microsoft Corporation .......................................................................... 38,121 91,054 1,345 MicroStrategy Incorporated Inc. ........................................................ 633 603 4,313 Moderna, Inc. ...................................................................................... 154 155 1,072 Mohawk Industries, Inc. ..................................................................... 124 192 1,862 Mondelez International, Inc. ............................................................... 160 162 1,304 MongoDB, Inc. .................................................................................... 273 563 876 Monolithic Power Systems, Inc. ........................................................ 828 1,123 6,154 Monster Beverage Corporation ......................................................... 498 577 683 Moody's Corporation ........................................................................... 274 453 3,599 Morgan Stanley .................................................................................... 397 796 1,250 Motorola Solutions, Inc. ...................................................................... 359 796 3,710 MSCI Inc. Class A ................................................................................ 2,509 2,930 2,322 Nasdaq, Inc. .......................................................................................... 150 286 768 Natera, Inc. ........................................................................................... 155 172 2,305 Netflix, Inc. ............................................................................................ 1,514 3,847 1,088 Neurocrine Biosciences, Inc. ............................................................. 151 213 3,875 Newmont Corporation ......................................................................... 153 458 4,913 Newmont Mining .................................................................................. 303 577 6,613 News Corporation Class A ................................................................. 150 283 11,396 NextEra Energy, Inc. ........................................................................... 880 1,198 34,349 Nike, Inc. - Class B .............................................................................. 2,706 3,334 4,177 NiSource Inc. ........................................................................................ 143 252 1,155 Norfolk Southern Corporation ............................................................ 358 483 1,007 Northrop Grumman Corporation ........................................................ 637 854 2,070 NRG Energy, Inc. ................................................................................. 446 467 1,871 Nucor Corporation ............................................................................... 371 353 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value --- value (000’s) 20 United States (continued) 280,068 NVIDIA Corporation ............................................................................. $ 25,325 $ 72,744 156 NVR, Inc. ............................................................................................... 1,622 1,745 2,736 Occidental Petroleum Corporation .................................................... 156 180 9,602 Old Dominion Freight Line, Inc. ......................................................... 2,066 1,882 1,582 Omnicom Group Inc. ........................................................................... 148 180 5,798 ON Semiconductor Corporation ........................................................ 276 398 2,837 Oneok, Inc. ............................................................................................ 283 288 52,034 Oracle Corporation .............................................................................. 12,238 20,372 36,975 O'Reilly Automotive, Inc. ..................................................................... 2,933 5,549 2,184 Otis Worldwide Corporation ............................................................... 238 278 4,570 Owens Corning .................................................................................... 824 900 5,370 PACCAR Inc. ........................................................................................ 400 735 12,934 Palantir Technologies Inc. Class A .................................................... 115 3,285 1,768 Palo Alto Networks, Inc. ...................................................................... 254 501 841 Parker-Hannifin Corporation .............................................................. 304 888 2,454 Paychex, Inc. ....................................................................................... 361 433 695 Paycom Software, Inc. ........................................................................ 151 201 1,661 PayPal Holdings, Inc. .......................................................................... 139 155 6,326 PepsiCo, Inc. ........................................................................................ 1,149 1,237 265,134 Pfizer Inc. .............................................................................................. 9,730 9,405 18,743 PG&E Corporation ............................................................................... 414 394 10,498 Philip Morris International Inc. ........................................................... 1,314 2,370 3,570 Phillips 66 .............................................................................................. 360 676 11,460 Pinterest, Inc. Class A ......................................................................... 577 513 2,308 PNC Financial Services Group, Inc. ................................................. 364 646 1,035 PPG Industries, Inc. ........................................................................... 142 151 33,878 Procter & Gamble Co. (The) .............................................................. 6,829 7,246 3,309 Progressive Corporation (The) .......................................................... 490 1,138 1,073 Prologis, Inc. ......................................................................................... 160 171 1,033 Prudential Financial, Inc. ................................................................... 111 149 3,317 Public Service Enterprise Group Inc. ............................................... 260 385 --- 406 Public Storage ..................................................................................... 147 163 17,762 QUALCOMM Incorporated ................................................................. 3,100 4,114 788 Quest Diagnostics .............................................................................. 142 209 4,701 Raytheon Technologies Corporation ................................................. 532 1,095 3,060 Regency Centers Corporation ........................................................... 246 311 2,963 ResMed Inc. ........................................................................................ 987 1,129 1,233 Revvity, Inc. ........................................................................................... 156 150 12,245 Rivian Automotive, Inc. ....................................................................... 148 250 2,548 Robinhood Markets, Inc. ..................................................................... 156 508 3,664 Roblox Corporation .............................................................................. 297 707 545 Rockwell Automation Inc. ................................................................... 192 265 830 Roper Technologies, Inc. .................................................................... 480 576 2,680 Ross Stores, Inc. .................................................................................. 303 569 31,615 S&P Global Inc. .................................................................................... 17,337 21,421 4,164 Salesforce, Inc. .................................................................................... 880 1,374 1,083 SBA Communications Corporation ................................................... 285 292 10,582 Schlumberger Limited ......................................................................... 345 506 2,089 SEI Investments Company ................................................................. 139 247 1,336 Sempra Energy .................................................................................... 123 167 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 21 United States (continued) 1,072 ServiceNow, Inc. .................................................................................. $ 647 $ 1,373 1,088 Sherwin-Williams Company .............................................................. 404 524 2,799 Simon Property Group, Inc. ................................................................ 386 731 5,138 Skyworks Solutions, Inc. ..................................................................... 450 551 9,361 Snap Inc. ............................................................................................... 100 101 1,090 Snowflake Inc. Class A ....................................................................... 316 342 9,173 Southern Company .............................................................................. 798 1,210 9,463 Southern Copper Corporation ............................................................ 907 1,599 1,307 Starbucks Corporation ........................................................................ 155 154 1,657 State Street Corporation ..................................................................... 139 268 3,314 Steel Dynamics, Inc. ............................................................................ 559 643 2,059 St --- ryker Corporation ............................................................................. 617 1,060 1,543 Sun Communities, Inc. ........................................................................ 252 277 6,875 Super Micro Computer, Inc. ............................................................... 339 459 2,702 Synopsys, Inc. ...................................................................................... 680 1,856 1,386 Sysco Corporation ............................................................................... 124 159 801 Take-Two Interactive Software, Inc. .................................................. 116 288 688 Targa Resources Corp. ....................................................................... 161 161 2,754 Teradyne, Inc. ....................................................................................... 294 528 13,800 Tesla, Inc. .............................................................................................. 2,807 8,544 6,140 Texas Instruments Incorporated ........................................................ 1,351 1,570 148 Texas Pacific Land Corporation (The) .............................................. 192 192 1,864 Thermo Fisher Scientific Inc. ............................................................. 1,138 1,259 14,782 TJX Companies, Inc. (The) ................................................................ 1,432 2,974 3,762 T-Mobile US, Inc. ................................................................................. 592 1,254 2,139 Trade Desk, Inc. (The) ........................................................................ 144 146 796 Tradeweb Markets Inc. - Class A ...................................................... 59 123 195 TransDigm Group Incorporated ......................................................... 140 358 2,215 Trimble Inc. ........................................................................................... 159 252 9,700 Truist Financial Corporation .............................................................. 355 617 3,665 Tyson Foods, Inc. Class A .................................................................. 248 277 12,163 U.S. Bancorp ........................................................................................ 476 818 9,805 Uber Technologies, Inc. ...................................................................... 292 1,337 17,257 Union Pacific Corporation ................................................................... 5,339 5,678 11,217 UnitedHealth Group Incorporated ..................................................... 4,398 5,392 2,960 Valero Energy Corporation ................................................................. 464 702 593 Veeva Systems Inc. ............................................................................. 152 246 1,172 VeriSign, Inc. ........................................................................................ 294 456 34,681 Verisk Analytics Inc. Class A .............................................................. 7,040 12,143 19,409 Verizon Communications Inc. ............................................................ 925 1,188 4,590 Vertex Pharmaceuticals, Inc. ............................................................. 1,142 2,503 3,501 Vici Properties Inc. ............................................................................... 151 159 89,548 Visa Inc. ...................................................................................... --- ........... 29,450 42,556 1,791 Vistra Corp. .......................................................................................... 288 488 1,620 Vulcan Materials Company ................................................................ 365 694 268 W.W. Grainger, Inc. .............................................................................. 373 356 91,650 Walmart Inc. .......................................................................................... 6,406 13,149 10,345 Warner Bros. Discovery, Inc. .............................................................. 155 281 12,328 Waste Management, Inc. .................................................................... 2,470 3,790 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 22 United States (continued) 1,465 WEC Energy Group, Inc. .................................................................... $ 161 $ 234 15,274 Wells Fargo & Company ..................................................................... 824 1,782 5,187 Welltower Inc. ....................................................................................... 432 1,286 2,202 Weyerhaeuser Company .................................................................... 746 804 75,904 Whirlpool Corporation ......................................................................... 9,774 8,305 2,507 Williams Companies, Inc. (The) ......................................................... 149 221 8,295 Williams-Sonoma, Inc. ........................................................................ 1,582 2,257 1,461 Workday, Inc. ........................................................................................ 343 490 1,912 Wynn Resorts, Limited ........................................................................ 158 341 3,197 Yum China Holdings, Inc. ................................................................... 148 191 22,257 Yum! Brands, Inc. ................................................................................ 3,795 4,710 447 Zebra Technologies Corporation ....................................................... 158 185 70,377 Zimmer Biomet Holdings, Inc. ............................................................ 10,270 9,650 93,257 Zoetis Inc. .............................................................................................. 21,810 18,996 870,465 1,377,603 54.1 Europe, excluding United Kingdom 26,306 ABB Limited .......................................................................................... 1,378 2,633 10,598 ABN AMRO Bank N.V. ....................................................................... 138 472 3,270 Accenture plc Class A ......................................................................... 1,352 1,123 2,848 Adidas AG ............................................................................................. 540 837 4,973 Adyen N.V. ............................................................................................ 10,227 11,086 3,497 AerCap Holdings N.V. ......................................................................... 188 589 54,686 Air Liquide S.A. .................................................................................... 13,358 15,795 1,585 Airbus SE .............................................................................................. 296 511 146,893 Akzo Nobel N.V. .................................. --- ................................................. 14,016 14,537 179,459 Alcon Inc. .............................................................................................. 19,126 18,569 2,238 Allegion plc ............................................................................................ 285 553 1,179 Allianz SE .............................................................................................. 294 690 644,765 Alstom SA ............................................................................................. 16,763 23,292 1,468 Amadeus IT Group, S.A. ..................................................................... 144 162 21,838 Amrize Ltd. ........................................................................................... 1,126 1,464 2,127 Amundi SA ........................................................................................... 146 234 1,610 Aon plc ................................................................................................... 639 799 1,214 ASM International N.V. ........................................................................ 964 1,013 21,261 ASML Holding N.V. .............................................................................. 18,788 28,739 4,245 Assa Abloy AB ...................................................................................... 126 205 103,178 Atlas Copco AB Class A ...................................................................... 2,020 2,423 4,355 Axa S.A. ................................................................................................ 139 289 1,144 Bâloise Holding AG .............................................................................. 229 392 24,326 Banco Bilbao Vizcaya Argentaria, S.A. ............................................ 155 649 46,081 Banco Santander, S.A. ........................................................................ 153 668 5,542 BASF SE ............................................................................................... 300 384 5,086 Bayerische Motoren Werke AG ......................................................... 637 710 42,264 BNP Paribas SA 4,385 5,337 7,072 Brenntag SE ......................................................................................... 624 588 75,270 CaixaBank, S.A. ................................................................................... 294 1,100 12,762 Canal+ SA ............................................................................................. 46 58 24 Chocoladefabriken Lindt & Sprüngli AG Participation Certificate . 302 510 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 23 Europe, excluding United Kingdom (continued) 1,370 Chubb Limited ...................................................................................... $ 387 $ 538 4,987 Cie Financiere Richemont SA ............................................................ 789 1,320 3,213 Coca-Cola HBC AG ............................................................................. 153 211 17,485 Commerzbank AG .............................................................................. 146 916 12,382 Crédit Agricole S.A. ............................................................................ 149 338 1,192 CRH PLC .............................................................................................. 152 199 4,382 Daimler Tr --- uck Holding AG .................................................................. 137 252 7,885 Danone S.A. ......................................................................................... 583 955 7,194 Danske Bank A/S ................................................................................. 142 426 108,431 Deutsche Bank AG .............................................................................. 3,269 5,317 1,780 Deutsche Böerse AG ........................................................................... 391 665 10,066 Deutsche Post AG (DHL Group) ........................................................ 520 625 22,830 Deutsche Telekom AG ......................................................................... 528 1,084 766 D'Ieteren Group .................................................................................... 141 199 8,074 DSV A/S ................................................................................................ 2,103 2,233 20,588 E.ON AG ................................................................................................ 271 539 2,446 Eaton Corporation plc ......................................................................... 464 1,274 22,090 Engie SA ............................................................................................... 341 659 4,849 EQT AB .................................................................................................. 124 233 24,378 Equinor ASA ......................................................................................... 798 828 4,632 Erste Group Bank AG .......................................................................... 149 629 56,459 EssilorLuxottica .................................................................................... 13,830 25,448 25,375 Essity AB .............................................................................................. 939 922 1,959 Eurazeo SE ........................................................................................... 142 179 965,092 Eurobank Ergasias Services and Holdings SA ............................... 5,098 5,173 29,515 Fastighets AB Balder Class B ............................................................ 147 294 4,507 Ferrari N.V. ........................................................................................... 1,546 3,030 5,172 Fresenius Medical Care AG & Co. KGaA ........................................ 234 380 4,572 Geberit AG ............................................................................................ 3,898 4,767 6,424 Getlink S.E. ........................................................................................... 137 164 55 Givaudan SA ........................................................................................ 292 310 1,600 Hannover Rueck SE ............................................................................ 287 670 12,762 Havas N.V. ............................................................................................ 25 33 105,450 Heineken N.V. ....................................................................................... 11,331 11,438 2,329 Hermès International S.A. ................................................................. 6,522 7,923 718,925 Hexagon AB - Class B ........................................................................ 10,081 11,890 21,838 Holcim Limited ..................................................................................... --- . 1,513 2,568 49,359 Iberdrola, S.A. ...................................................................................... 655 1,298 53,490 Industria de Diseño Textil, S.A. .......................................................... 2,462 4,103 6,612 Indutrade AB ......................................................................................... 139 211 325,125 Infineon Technologies AG ................................................................... 15,541 17,612 11,833 Infrastrutture Wireless Italiane S.p.A. .............................................. 149 193 44,414 ING Groep N.V. .................................................................................... 739 1,601 20,988 InPost S.A. ............................................................................................ 156 358 64,980 Intesa Sanpaolo S.p.A. ....................................................................... 156 596 14,410 Investor AB Class B ............................................................................ 279 626 5,990 Johnson Controls International plc .................................................... 434 917 2,260 Julius Baer Group Ltd. ........................................................................ 149 217 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 24 Europe, excluding United Kingdom (continued) 2,215 KBC Group NV ..................................................................................... $ 146 $ 367 79,346 Kering SA .............................................................................................. 33,840 36,613 7,579 Kone Oyj .............................................................................................. 434 718 16,803 Koninklijke Ahold Delhaize N.V. ......................................................... 683 945 226,355 Koninklijke Philips N.V. ........................................................................ 6,703 8,517 6,194 Legrand SA ........................................................................................... 787 1,422 60,610 Linde plc ................................................................................................ 27,447 40,233 13,157 Lonza Group AG .................................................................................. 9,713 12,111 36,023 L'Oréal S.A. ........................................................................................... 18,069 21,679 12,762 Louis Hachette Group ......................................................................... 22 32 16,204 LVMH Moet Hennessy Louis Vuitton SA .......................................... 14,285 13,774 2,101 Mandatum Oyj ..................................................................................... 10 20 8,894 Medtronic plc ........................................................................................ 888 1,179 12,933 Michelin (CGDE) .................................................................................. 581 645 18,845 Moncler S.p.A. ...................................................................................... 1,450 1,535 7,868 Mowi ASA .............................................................................................. 142 232 987 Muenchener Rueckversicherungs-Gesellschaft AG ....................... 297 877 2,158 Nemetschek SE .......................................................................... --- ........ 139 392 16,143 Nestlé S.A. ............................................................................................ 2,116 2,060 54,252 Nokia Oyj ............................................................................................... 256 361 42,534 Nordea Bank Abp ................................................................................. 569 970 85,233 Norsk Hydro ASA ................................................................................. 612 804 67,856 Novartis AG ........................................................................................... 8,540 11,862 33,603 Novo Nordisk A/S ................................................................................. 2,596 2,533 5,864 NXP Semiconductors N.V. .................................................................. 1,564 1,859 25,117 Orkla ASA .............................................................................................. 232 365 953 Partners Group Holding AG ............................................................... 1,490 1,720 9,779 Prosus N.V ............................................................................................ 343 957 2,266 Publicis Groupe .................................................................................... 136 302 2,180 QIAGEN N.V. ........................................................................................ 119 135 62 Rheinmetall AG ................................................................................... 156 200 19,937 Roche Holding AG ............................................................................... 9,065 9,047 12,550 Rockwool A/S-B SHS .......................................................................... 286 648 2,940 Safran SA .............................................................................................. 422 1,441 2,139 SalMar ASA .......................................................................................... 115 159 9,470 Sandoz Group AG ................................................................................ 320 780 15,222 Sandvik AB (publ) ................................................................................ 292 589 6,580 Sanofi S.A. ............................................................................................ 860 844 62,333 SAP SE ........................................................................................... 20,445 23,179 4,748 SAP SE ADR ........................................................................................ 537 1,766 3,560 Schneider Electric SE ......................................................................... 656 1,381 1,124 Scout24 SE ........................................................................................... 103 195 1275 Seagate Technology Holdings plc ..................................................... 131 419 6226 Siemens AG .......................................................................................... 937 2,333 4526 Siemens Healthineers AG .................................................................. 297 340 35,628 Sika AG .................................................................................................. 15,056 11,017 10,513 Skandinaviska Enskilda Banken AB ................................................. 136 286 72,778 Smurfit WestRock Public Limited Company .................................... 4,393 4,313 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS --- AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 25 Europe, excluding United Kingdom (continued) 5,327 Société Générale S.A. ........................................................................ $ 146 $ 490 6,440 Sonova Holding AG ............................................................................. 2,295 2,435 346 Spotify Technology S.A. ...................................................................... 301 336 473 Steris Corporation ................................................................................ 115 163 25,995 Svenska Handelsbanken AB .............................................................. 284 470 8,694 Swedbank AB ....................................................................................... 155 364 301 Swiss Life Holding AG ......................................................................... 255 450 3,231 Swiss Prime Site AG ........................................................................... 358 628 2,374 Swiss Re AG ......................................................................................... 264 610 794 TE Connectivity plc .............................................................................. 140 243 17,382 Tenaris S.A. .......................................................................................... 296 431 12,322 Terna - Rete Elettrica Nazionale S.p.A. ........................................... 126 174 33,069 TotalEnergies SE ................................................................................. 2,683 2,794 4,890 Trane Technologies plc ....................................................................... 2,064 2,872 21,386 UBS Group AG ..................................................................................... 510 1,214 47,654 UniCredit S.p.A. ................................................................................... 808 5,017 3,678 UPM-Kymmene Oyj ............................................................................ 138 140 2,775 VAT Group AG ...................................................................................... 1,422 1,523 4,250 Vinci SA ................................................................................................. 540 819 4,260 Vonovia SE ........................................................................................... 128 184 1,399 Wendel SE ............................................................................................ 150 186 386 Willis Towers Watson plc .................................................................... 125 186 13,453 Wolters Kluwer N.V. ............................................................................. 2,270 2,552 1,298 Zurich Insurance Group AG ............................................................... 774 1,284 402,559 508,493 20.0 Emerging Markets 13,964 Absa Group Limited ............................................................................. 140 204 549,000 Agricultural Bank of China Limited .................................................... 273 516 124,400 AIA Group Limited ................................................................................ 1,588 1,661 12,000 Akeso, Inc. ............................................................................................ 155 303 3,000 Alchip Technologies, Limited .............................................................. 279 475 265,300 Alibaba Group Holding Limited ................... --- ....................................... 3,609 8,401 867 ALTEOGEN Inc., .................................................................................. 315 395 119,000 Anta Sports Products Limited ............................................................ 1,516 1,991 20,274 Arca Continental S.A.B. de C.V. ........................................................ 290 296 434,000 ASE Technology Holding Co., Ltd. .................................................... 2,214 3,251 8,000 Asia Vital Components Co., Ltd. ....................................................... 141 358 16,000 ASUSTeK Computer Inc. .................................................................... 281 490 306,700 B3 S.A. .................................................................................................. 833 1,075 53,300 Banco Bradesco S.A. .......................................................................... 144 212 33,000 Banco do Brasil S.A. ........................................................................... 180 191 5,700 BeOne Medicines ............................................................................... 152 209 7,340 Bilibili Inc. Class Z ................................................................................ 147 295 13,800 BOC Aviation Limited .......................................................................... 133 172 6,118 Capitec Bank Holdings Limited .......................................................... 1,366 1,713 438,000 China CITIC Bank Corporation Limited ............................................ 270 524 503,000 China Construction Bank Corp .......................................................... 459 673 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 26 Emerging Markets (continued) 139,000 China Hongqiao Group Limited ........................................................ $ 132 $ 657 91,000 China Life Insurance Company Limited ........................................... 149 360 56,000 China Mengniu Dairy Company Limited ........................................... 154 150 616,000 China Petroleum & Chemical Corporation ....................................... 402 446 74,000 China Resources Enterprise, Limited ............................................... 312 363 35,200 China Resources Mixc Lifestyle Services Limited ......................... 135 284 50,000 China Resources Power Holdings Company Limited .................... 131 160 479,000 China Shenhua Energy Company Limited ....................................... 2,123 3,188 96,000 China State Construction International Holdings Limited .............. 135 170 92,000 China Tower Corporation Limited ...................................................... 140 189 9,616 Compañia de Minas Buenaventura ................................................. 156 326 1,962,000 CSPC Pharmaceutical Group Ltd. ................................................... 1,792 3,289 226,000 CTBC Financial Holding Co., Ltd. ..................................................... 272 443 587 CyberArk Software Ltd. ....................................................................... 92 395 79,000 Delta Electronics, Inc. ......................................................................... 981 3,082 16,489 Doosan Enerbility Co., Ltd. ................................................................ 289 1,028 132,901 E.SUN Financial Holding Co., Ltd. --- ................................................... 142 202 20,000 Engie Brasil Energia S.A. ................................................................... 175 213 19,600 Equatorial Energia S.A. ...................................................................... 179 189 20,000 Evergreen Marine Corp. (Taiwan) Ltd. ............................................. 133 164 127,745 First Financial Holding Co., Ltd. ....................................................... 146 174 14,348 Fisher & Paykel Healthcare Corporation Limited ............................ 257 428 306,000 Geely Automobile Holding Limited .................................................... 421 1,070 16,279 Gold Fields Limited .............................................................................. 292 957 44,684 Grab Holdings Limited Class A .......................................................... 155 374 7,425 Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B .......... 279 333 111,666 Grupo México, S.A.B. de C.V. .......................................................... 775 1,354 3,877 H World Group Limited ADR ............................................................. 158 211 10,100 Hang Seng Bank Limited ................................................................... 145 214 2,478 Hanjin Kal Corporation ....................................................................... 147 248 2,387 Hanmi Semiconductor Co., Ltd. ....................................................... 138 229 566 Hanwha Aerospace Co. Limited ........................................................ 141 623 627 Hanwha Industrial Solutions Co., Ltd. .............................................. 17 33 14,027 Harmony Gold Mining Company Limited ......................................... 144 356 18,000 Hon Hai Precision Industry Co., Ltd. ................................................. 166 178 146,000 Hong Kong and China Gas Company Limited (The) ..................... 146 177 153,015 Hua Nan Financial Holdings Co., Ltd., ............................................. 153 207 663 Hybe Co., Ltd. ..................................................................................... 148 175 1,179 Hyundai Motor Co. Ltd. Pfd. Series 2 .............................................. 135 195 26,283 Impala Platinum Holdings Limited ..................................................... 123 467 11,677 Industrial Bank of Korea ..................................................................... 136 226 144,330 iShares MSCI India ETF ..................................................................... 9,535 10,460 37,600 JD Health International Inc. ................................................................ 166 447 3,000 Jentech Precision Industrial Co., Ltd. ............................................... 132 330 19,223 Kanzhun Ltd. ADR .............................................................................. 325 625 24,227 Kia Motors Corporation ....................................................................... 2018 2,425 63,806 Kimberly-Clark de México, S.A.B. de C.V. ....................................... 145 188 97500 Kingboard Laminates Holdings Limited ............................................ 261 482 33600 Klabin S.A. ............................................................................................ 142 159 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost valu --- e value (000’s) 27 Emerging Markets (continued) 34,187 KT&G Corporation ............................................................................... $ 3,204 $ 4,540 612 LG Chem, Ltd. ...................................................................................... 165 169 11,500 Li Auto Inc. Class A .............................................................................. 159 209 45,034 Lufax Holding Ltd. ADR ...................................................................... 136 255 31,000 MediaTek Inc. ....................................................................................... 1,192 1,862 19,600 Meituan - Class B ................................................................................ 416 366 24,971 Melco Resorts & Entertainment Limited ADR ................................. 152 319 38,224 Meridian Energy Limited .................................................................... 146 171 2,230 Meritz Financial Group Inc. ................................................................ 133 252 197,532 MTN Group Limited ............................................................................. 1,201 2,308 33,000 MTR Corporation ................................................................................ 150 156 9,200 NetEase, Inc. ....................................................................................... 390 390 359,000 Nongfu Spring Co. Ltd. ....................................................................... 1,800 3,462 19,321 Northam Platinum Holdings Limited ................................................. 172 438 8,960 NU Holdings Ltd. of the Cayman Islands ......................................... 154 200 16,500 Orient Overseas (International) Limited ........................................... 267 373 35,700 Oversea-Chinese Banking Corporation Limited ............................. 406 633 6,353 PDD Holdings Inc. ADR ...................................................................... 961 1,169 1,450,000 PetroChina Company Limited ........................................................... 1,535 1,837 228,200 Petróleo Brasileiro S.A. - Petrobras .................................................. 1,810 2,017 85,500 Petróleo Brasileiro S.A. - Petrobras Prf ............................................ 665 704 16,300 Prio S.A. ................................................................................................ 155 163 32,150 Prologis Property Mexico S.A. de C.V. ............................................ 144 183 31,000 Quanta Computer Incorporated ........................................................ 295 411 536 Royal Caribbean Cruises Ltd. ............................................................ 143 241 46,700 Rumo S.A. ............................................................................................. 173 195 7,100 SABESP Cia de Saneamento Basico do Sao Paulo ..................... 139 245 325,241 Samsung Electronics Co., Ltd. .......................................................... 22,823 27,124 2,232 Samsung Life Insurance Co., Ltd. .................................................... 136 347 657 Sea Limited .......................................................................................... 175 163 182,000 Shandong Weigao Group Medical Polymer Company Limited ... 164 189 68,900 Singapore Technologies Engineering Ltd. ....................................... 259 640 3,432,000 Sino Biopharmaceutical Limited ........................... --- ............................. 1,927 4,998 48,000 Sinopharm Group Co. Ltd. ................................................................. 159 157 2,321 SK Square Co., Ltd. ............................................................................ 147 465 1,543 SK Hynix Inc. ....................................................................................... 263 533 68,000 Smoore International Holdings Limited ............................................ 156 214 31,000 Taiwan Mobile Co., Ltd. ...................................................................... 126 154 146,446 Taiwan Semiconductor ADR .............................................................. 25,978 56,938 243,000 Taiwan Semiconductor Manufacturing Company Limited ............. 6,227 14,486 32,000 Techtronic Industries Company Limited ........................................... 569 570 160,500 Tencent Holdings Limited ................................................................... 11,050 19,037 26,467 Teva Pharmaceutical Industries Ltd. ADR ...................................... 374 744 90,000 Tingyi (Cayman Islands) Holding Corp. ............................................ 140 168 5,800 Trip.com Group Limited ..................................................................... 286 618 38,000 Unimicron Technology Corporation .................................................. 139 263 11800 United Overseas Bank Limited .......................................................... 298 440 1610 Valterra Platinum Limited .................................................................... 59 160 237,900 WEG S.A. .............................................................................................. 2,312 2,277 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 28 Emerging Markets (continued) 333,500 WH Group Limited ............................................................................... $ 308 $ 503 38,000 WuXi Biologics (Cayman) Inc. ........................................................... 138 279 55,400 Xiaomi Corporation - Class B ............................................................. 480 535 57,352 Yageo Corporation .............................................................................. 359 445 1,828 Yuhan Corporation ............................................................................... 172 216 66,000 Zijin Mining Group Co., Limited ......................................................... 131 385 131,073 218,364 8.6 United Kingdom 8,065 3I Group plc .......................................................................................... 145 617 13,868 Anglo American plc .............................................................................. 418 722 11,992 AngloGold Ashanti plc ......................................................................... 264 1,173 8,587 Antofagasta plc .................................................................................... 139 442 93,413 Aptiv plc ................................................................................................. 9,127 11,212 4,705 Ashtead Group plc ............................................................................... 287 437 88,321 AstraZeneca plc ................................................................................... 16,222 18,469 16,496 Auto Trader Group plc .............................................. --- ........................... 145 243 168,094 BAE Systems plc ................................................................................. 3,094 6,473 2,045,849 Barclays plc .......................................................................................... 5,616 14,523 911,088 BP plc ..................................................................................................... 7,368 7,254 89,093 British American Tobacco plc ............................................................ 3,629 6,576 110,295 BT Group plc ......................................................................................... 322 394 3,513 Bunzl plc ................................................................................................ 149 154 1,222 Coca-Cola Europacific Partners plc .................................................. 151 154 14,800 Compass Group plc ............................................................................. 412 700 355,482 Diageo plc ............................................................................................. 15,905 11,803 322,726 Experian plc .......................................................................................... 16,664 22,463 1,917 Ferguson plc ......................................................................................... 286 597 4,580 Halma plc .............................................................................................. 146 295 4,030 Hikma Pharmaceuticals plc ................................................................ 122 128 95,396 HSBC Holdings plc .............................................................................. 807 1,864 13,759 Intertek Group plc ................................................................................ 1,126 1,215 2,774 London Stock Exchange Group plc .................................................. 362 442 449,065 National Grid plc .................................................................................. 8,610 8,965 8,654 Next plc .................................................................................................. 1,427 2,003 199,204 Reckitt Benckiser Group plc ............................................................... 18,279 21,301 71,694 RELX plc ............................................................................................... 2,993 4,769 3,937 Rio Tinto plc .......................................................................................... 326 360 999,040 Rolls-Royce Group plc ........................................................................ 2,030 22,233 3,213 Royalty Pharma plc - Class A ............................................................ 144 158 13,216 Sage Group plc (The) .......................................................................... 150 272 40,060 Shell plc ................................................................................................. 1,495 1,983 4,901 SoFi Technologies, Inc. ...................................................................... 176 180 5,409 SSE plc .................................................................................................. 148 176 4,055,091 SSP Group plc ...................................................................................... 15,522 12,990 33,252 Standard Chartered plc ...................................................................... 290 893 103,402 Taylor Wimpey plc ...................................................... --- .......................... 142 199 29,466 Tesco plc ............................................................................................... 151 246 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 29 United Kingdom (continued) 36,537 Unilever plc ........................................................................................... 2,404 3,006 122,916 Vodafone Group Plc ............................................................................ 144 198 137,337 188,282 7.4 Japan 8,000 Advantest Corporation ........................................................................ 142 1,098 13,800 Aeon Co., Ltd. ...................................................................................... 124 232 10,400 Ajinomoto Co., Inc. .............................................................................. 265 414 22,200 Asahi Group Holdings, Ltd. ................................................................ 302 369 12,900 Canon Inc. ............................................................................................. 384 524 9,800 Capcom Co., Ltd. ................................................................................. 165 369 35,600 Concordia Financial Group, Ltd. ........................................................ 151 379 11,400 Dai Nippon Printing Co., Ltd. ............................................................. 150 269 54,000 Dai-ichi Life Holdings, Inc. ................................................................. 300 590 16,900 Daiichi Sankyo Company, Limited ..................................................... 502 525 7,000 Daito Trust Construction Co., Ltd. ..................................................... 152 213 1,800 DISCO Corporation ............................................................................. 461 784 307,000 Fanuc Corporation ............................................................................... 12,946 12,260 5,000 Fast Retailing Co., Ltd. ....................................................................... 1,373 2,110 108,100 Hitachi, Ltd. ........................................................................................... 2,080 3,981 32,100 Honda Motor Co., Ltd. ......................................................................... 458 461 103,339 HOYA Corporation ............................................................................... 17,870 19,826 9,600 Isuzu Motors Limited ........................................................................... 150 168 36,100 ITOCHU Corporation ........................................................................... 1,730 2,850 11,400 Japan Exchange Group, Inc. ............................................................. 117 177 14,300 Japan Post Bank Co., Ltd. .................................................................. 143 243 16,500 Japan Post Holdings Company, Ltd. ................................................. 152 227 7,300 Japan Post Insurance Company, Ltd. ............................................... 149 287 58,100 Japan Tobacco Inc. .............................................................................. 1,824 2,647 10,400 JFE Holdings, Inc. ................................................................................ 146 177 8,900 Kansai Paint Co., Ltd. ......................................................................... 154 201 14,700 K --- ao Corporation ................................................................................... 721 889 21,338 Keyence Corporation .......................................................................... 12,080 11,033 5,500 Komatsu Ltd. ....................................................................................... 151 266 1,200 Lasertec Corporation ........................................................................... 183 228 70,500 Mitsubishi Corporation ........................................................................ 1,494 2,333 48,800 Mitsubishi Electric Corporation .......................................................... 844 1,739 54,100 Mitsubishi Heavy Industries, Ltd. ..................................................... 293 1,966 44,800 Mitsubishi UFJ Financial Group, Inc. ................................................ 290 1,005 21,400 Mitsui & Co., Ltd. .................................................................................. 481 738 517,600 Murata Manufacturing Co., Ltd. ......................................................... 11,795 13,655 52,300 Nintendo Co., Ltd. ............................................................................... 3,652 6,275 5,700 Nippon Yusen Kabushiki Kaisha ....................................................... 148 270 7,000 Nitto Denko Corporation .................................................................... 120 231 32,100 Nomura Holdings, Inc. ........................................................................ 139 327 3,400 Nomura Research Institute, Ltd. ....................................................... 120 181 4,700 OMRON Corporation ........................................................................... 165 179 13,500 ORIX Corporation ................................................................................ 273 491 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 30 Japan (continued) 2,700 Otsuka Holdings Co., Ltd. ................................................................. $ 164 $ 78 37,900 Recruit Holdings Co., Ltd. .................................................................. 2,086 2,828 1,124,800 Renesas Electronics Corporation ...................................................... 23,826 17,980 16,700 Ricoh Company, Ltd. ........................................................................... 156 204 15,800 Secom Co., Ltd. .................................................................................. 757 803 6,300 Sekisui House, Ltd. .............................................................................. 146 199 2,500 Shimano, Inc. ........................................................................................ 377 389 34300 Shin-Etsu Chemical Co., Ltd. ............................................................. 1,516 1,560 15,900 Shionogi & Company, Limited ............................................................ 338 386 212,000 SoftBank Corp. ..................................................................................... 300 432 1,300 SoftBank Group Corp. ......................................................................... 182 228 21,500 Sohgo Security Services Co., Ltd. .................................................... 151 225 203,300 Sompo Holdings, Inc. .......................................................................... 7,961 8,715 30,000 S --- ony Corporation ................................................................................. 697 1,197 30,000 Sony Financial Holdings ..................................................................... 27 46 6,600 Stanley Electric Co., Ltd. .................................................................... 149 185 8,300 Sumitomo Corporation ........................................................................ 150 334 4,500 Sumitomo Mitsui Financial Group, Inc. ............................................. 156 176 7,400 Sumitomo Mitsui Trust Holdings, Inc. ............................................... 146 298 4,000 Suntory Beverage & Food Limited .................................................... 164 173 10,000 Suzuki Motor Corporation ................................................................... 116 202 13,500 TDK Corporation .................................................................................. 126 272 12,600 Terumo Corporation ............................................................................ 259 288 51,500 Tokio Marine Holdings, Inc. ................................................................ 1,564 3,025 10,700 Tokyo Electric Power Company Holdings, Incorporated ............... 1,930 2,643 13,400 Tokyo Gas Co., Ltd. ............................................................................. 313 661 4,000 Toppan Inc. ........................................................................................... 116 142 2,100 Toyota Industries Corporation ........................................................... 148 327 56,600 Toyota Motor Corporation ................................................................... 1,054 1,511 4,800 Yokogawa Electric Corporation ........................................................ 123 191 36,300 ZOZO, Inc. ............................................................................................ 304 463 120,841 139,348 5.5 Canada 1,747 Agnico Eagle Mines Limited ............................................................... 156 409 3,625,680 Algoma Central Corporation1 ............................................................. 6,201 60,549 9,040 Alimentation Couche-Tard Inc............................................................ 600 671 1,333 Bank of Montreal .................................................................................. 163 242 2,145 Bank of Nova Scotia ............................................................................ 127 193 6,927 Barrick Gold Corporation .................................................................... 148 317 14,648 Brookfield Asset Management Ltd. .................................................. 602 1,397 5,244 Cameco Corporation ........................................................................... 141 612 2,172 Canadian Imperial Bank of Commerce ............................................ 152 242 60,635 Canadian Natural Resources Limited ............................................... 2,527 2,698 107,918 Canadian Pacific Kansas City Limited .............................................. 12,085 11,190 1,361 Celestica Inc. ........................................................................................ 160 466 244 Constellation Software Inc. ................................................................ 514 935 3,076 Dollarama Inc. ...................................................................................... 332 565 19,997 Enbridge Inc. ................... --- ..................................................................... 917 1,404 960 FirstService Corporation ..................................................................... 153 254 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 31 Canada (continued) 2,904 George Weston Limited ...................................................................... $ 148 $ 247 4,137 GFL Environmental Inc. Subordinate Voting Shares ...................... 139 273 3,362 Great-West Lifeco Inc. ....................................................................... 129 190 1,524 iA Financial Corporation Inc. .............................................................. 127 241 28,072 Imperial Oil Limited .............................................................................. 2,085 3,542 32,129 Ivanhoe Mines Ltd. ............................................................................. 272 474 732 Lumine Group Inc. ............................................................................... 10 30 18,534 Lundin Mining Corporation ................................................................. 136 385 2,754 Magna International Inc. ..................................................................... 176 182 10,554 Manulife Financial Corporation .......................................................... 257 458 1,756 Metro Inc. .............................................................................................. 123 164 3,232 National Bank of Canada (The) ........................................................ 284 478 2,453 Nutrien Ltd. .......................................................................................... 157 201 4,200 Rogers Communications Inc. Class B .............................................. 146 201 4,427 Royal Bank of Canada ........................................................................ 497 908 8,021 Shopify Inc. Class A ............................................................................ 468 1,658 1,075 South Bow Corporation ....................................................................... 26 42 1,378 Stantec Inc. .......................................................................................... 121 207 37,164 Suncor Energy, Inc. ............................................................................. 1,809 2,164 5,375 TC Energy Corporation ...................................................................... 243 407 2,816 Thomson Reuters Corporation .......................................................... 439 609 5,480 TMX Group Limited ............................................................................. 138 292 4,161 Toronto-Dominion Bank ..................................................................... 312 463 904 Waste Connections, Inc. ..................................................................... 146 221 1,702 WSP Global Inc. ................................................................................... 310 465 33,676 96,646 3.8 Australia 8,754 Aristocrat Leisure Limited .................................................................. 482 561 21,671 Australia and New Zealand Banking Group Limited ...................... 446 659 73,347 BHP Group Limited .............................................................................. 2,360 2,855 10,664 BlueScope Steel Limited ............................................... --- ..................... 144 221 1,151 Cochlear Limited .................................................................................. 294 294 10,082 Commonwealth Bank of Australia ..................................................... 890 1,540 172,043 Fortescue Ltd. ...................................................................................... 2,317 2,941 27,043 Goodman Group .................................................................................. 438 811 38,842 Insurance Australia Group Limited .................................................... 152 292 1,763 Macquarie Group Limited ................................................................... 256 354 5,154 National Australia Bank Limited ........................................................ 125 208 27,800 Northern Star Resources Limited ...................................................... 254 604 11,113 Orica Limited ........................................................................................ 145 215 22,510 Origin Energy Limited ........................................................................ 151 258 14,130 QBE Insurance Group Limited ........................................................... 155 266 756 REA Group Ltd. .................................................................................... 150 160 1,275 Rio Tinto Group .................................................................................... 120 142 57,683 Scentre Group Limited ........................................................................ 124 215 12,996 Suncorp Group Limited ....................................................................... 112 241 41,559 Telstra Corporation Limited ................................................................ 139 183 2,694 Wesfarmers Limited ............................................................................. 116 227 UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 32 Australia (continued) 20,482 Westpac Banking Corporation ........................................................... $ 381 $ 730 1,272 Xero Limited .......................................................................................... 125 183 9,876 14,160 0.6 Total Investments $ 1,705,827 $ 2,542,896 100.0 1 This company and United are related parties UNITED CORPORATIONS LIMITED SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2025 (Unaudited) % of Number Carrying Carrying Shares Cost value value (000’s) 33 CORPORATE INFORMATION HEAD OFFICE Tenth Floor, 165 University Avenue, Toronto, Ontario, M5H 3B8 Tel: 416-947-2578 Fax: 416-362-2592 EXTERNAL INVESTMENT MANAGER Causeway Capital Management LLC, Los Angeles Comgest Asset Management International Limited, Dublin Neuberger Berman Canada ULC, Toronto AUDITOR PricewaterhouseCoopers LLP, Toronto CUSTODIAN RBC Investor & Treasury Services TRANSFER AGENT AND REGISTRAR Computershare Investor Services Inc. 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1 Toll Free: 1-800-564-6253 www.computershare.com TORONTO STOCK EXCHANGE LISTING Ticker Symbol Common UNC First Preferred UNC.PR.A Second Preferred, 1959 Series UNC.PR.B Second Preferred, 1963 Series UNC.PR.C NET EQUITY VALUE The Company’s Net Equity Value per Common Share is published on the Company’s website. REPORTING PROCEDURE FOR ACCOUNTING AND AUDITING MATTERS If you have a complaint regarding accounting, inte --- rnal controls or auditing matters or a concern regarding questionable accounting or auditing matters, you should submit your written complaint or concern to: Mr. David J. Dawson Chairman of the Audit Committee United Corporations Limited 165 University Avenue, 10th Floor Toronto, Ontario M5H 3B8 Email:[email protected] Phone: (416) 318-3645 You may submit your complaint or concern anonymously. Your submission will be kept confidential and will be treated in accordance with the Company’s policy for reporting accounting or auditing matters. WEBSITE www.ucorp.ca UNITED CORPORATIONS LIMITED