Result of Meetings

16 April 2021

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

UIL FINANCE LIMITED

(LEI Number: 213800JPJWZ5P3QJX538)

UIL Limited ("UIL" or the "Company")
UIL Finance Limited ("UIL Finance")

Result of 2022 and 2024 ZDP Class Meetings

The Board of UIL Finance Limited is pleased to announce the results of the 2022 and 2024 ZDP Class Meetings which were held earlier today in relation to the proposed amendment of UIL's investment policy.  These meetings, originally due to be held on 9 April 2021, were adjourned to 16 April 2021 since they were inquorate and, in light of Bermuda recently issuing a Stay at Home Order, on 15 April 2021 notice was given that they were postponed, respectively, to 12:05 p.m. and 12:10 p.m. (local time) today.

Result of the 2022 and 2024 ZDP Class Meetings

The Resolution, requiring the approval of 75 per cent. of the votes cast in respect of it at each Class Meeting, was passed by way of a poll. The results of the poll were as follows:

RESOLUTION - THAT subject to the passing of the resolutions to be proposed at each of the other Class Meetings and at the Special General Meeting, the amended investment policy as set out in the Circular be and is hereby approved and adopted to the exclusion of UIL Limited's current investment policy.

Following the passing of the Resolutions above and at the Special General Meeting of UIL Limited and the 2026 ZDP Class Meeting on 9 April 2021, the amended investment policy as set out in the Circular is hereby approved and adopted to the exclusion of UIL Limited's current investment policy. Specifically, the investment limits are amended so that Platform investments may be up to 50 per cent. of Gross Assets, provided that no single investment held by such Platform exceeds 30 per cent. on a look-through basis

A copy of the Resolutions passed at the Special General Meeting and the 2022, 2024 and 2026 Class Meetings will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Terms used and not defined in this announcement bear the meaning given to them in the Circular published on 17 March 2021.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 

Charles Jillings / Alastair Moreton                             +44(0) 1372 271486

Shore Capital                                                                                    

Rose Ramsden / Hugo Masefield                              +44(0) 20 7408 4090