The external investment portfolio of the Company is managed by Jarislowsky Fraser Limited ("Jarislowsky") and ValueInvest Asset Management S.A. ("ValueInvest"), a global equity manager based in Luxembourg. ValueInvest provides services to Canadian clients through Pier 21 Asset Management Inc., a registered portfolio manager based in Montreal, Quebec. Jarislowsky commenced operations in 1955 and ValueInvest in 1998. Each of the managers has a global equity mandate.

The Company also has a long-term investment in Algoma Central Corporation.

The Company faces a broad range of risks and uncertainties in managing a global equity portfolio. Risks of investing in United include market risk, liquidity risk and credit risk. These and other risks are described in the Risk Factors section of the Company's 2011 Annual Information Form which may be found on SEDAR at www.sedar.com.