Mr. Thomas Caldwell reports

URBANA CORPORATION ANNOUNCES APPROVAL OF SALE OF INTEGRATED GRAIN PROCESSORS CO-OPERATIVE INC.

At a special general meeting held on Nov. 13, 2024, members and preference shareholders of Urbana Corp. investment Integrated Grain Processors Co-operative Inc. (IGPC) approved a conversion of IGPC from a co-operative corporation to a business corporation and the subsequent sale of all shares of IGPC under a statutory plan of arrangement to Alco Energy SA, through its Canadian subsidiary, Alco Energy Canada Corp.

IGPC is Canada's largest cooperatively owned fuel ethanol producer and Urbana currently holds 2,052,066 Class E preferred shares or 18.7 per cent of the equity in IGPC.

Completion of the proposed Arrangement is subject to certain conditions, including regulatory approval. The closing of the arrangement is expected to occur in December, 2024.

Urbana's original investment in IGPC totalled approximately $7.5-million. To date, Urbana has received approximately $11.9-million in dividends and capital distributions.

The current distribution, comprising sale proceeds and additional dividends, is expected to approximate $64.8-million to Urbana. Much of this amount has already been accrued but it is expected that Urbana's net assets per share (after tax) will incrementally increase by approximately 16 cents.

We seek Safe Harbor.