UG · United Guardian Inc

These shares were owned by my wife and were gifted by her to my grandson. They are being reported here because her stock ownership is deemed to be owned beneficially by me by nature of her being my wife. I am considered an affiliate of the company due to my being on the company's Board of Directors.

1. In Field 6 Reporting Person indicated that his ownership is "Indirect" because there is no option to state ownership as both "Direct" AND "Indirect". The majority of Reporting Person's ownership of UG stock is Indirect beneficial ownership based upon stock owned by his spouse and by the Alfred R. Globus Testamentary Trust, of which he is a Trustee and has sole voting rights. As a result, the stock owned by the Testamentary Trust is considered to be beneficially owned by Reporting Person. Reporting Person's Direct and Indirect ownership is detailed in Footnote #3.

2. Reporting Person owns UG stock both Directly and Indirectly. After the transfer of the 7,480 shares being gifted by Reporting Person's wife as indicated in this Form 4, Reporting Person's Direct ownership remains at 279,027 shares, and Indirect ownership is 1,031,546 shares. Of the Indirect ownership, 271,546 shares are owned by Reporting Person's wife, and 760,000 shares are under the control of the Reporting Person, and therefore considered beneficially owned, pursuant to his role as co-Trustee of the Alfred R. Globus Testamentary Trust, the owner of those 760,000 shares.

In Field 6 Reporting Person indicated that his ownership is "Indirect", but that is only because there is no option to state ownership as both "Direct" AND "Indirect". The majority of Reporting Person's ownership of UG stock is Indirect, beneficial ownership based upon UG stock owned both by his wife and by the Alfred R. Globus Testamentary Trust, of which he is a Trustee and has sole voting rights. As a result, the stock owned by the Testamentary Trust is considered to be beneficially owned by Reporting Person. Reporting Person's Direct and Indirect ownership is detailed in Footnote #2.

Reporting Person owns UG stock both Directly and Indirectly. After the transfer of the 8,400 shares being gifted as indicated in this Form 4, Direct ownership is now 279,027, and Indirect ownership is 1,039,026 shares. Of the Indirect ownership, 279,026 shares are owned by Reporting Person's wife, and 760,000 shares are under the control of the Reporting Person pursuant to his role as co-Trustee of the Alfred R. Globus Testamentary Trust, the owner of those shares.

270,026 shares of UG stock are owned by Reporting Person's wife, and 760,000 shares are owned by the Alfred R. Globus Testamentary Trust, of which the Reporting Person is a Trustee and has sole voting rights.

Reporting Person owns UG stock both directly and indirectly. After the transfer of the 8,000 shares being gifted as indicated in this Form 4, Direct ownership is 287,427, and Indirect ownership is 1,047,426 shares. Of the Indirect ownership, 287,426 shares are owned by Reporting Person's wife, and 760,000 shares are under the control of the Reporting Person in his role as co-Trustee of the Alfred R. Globus Testamentary Trust, the owner of those shares.

In Field 6 Reporting Person indicated that his ownership is "Indirect", but that is only because there is no option to state ownership as both "Direct" AND "Indirect". The majority of Reporting Person's ownership is based on beneficial ownership of UG stock owned both by his wife and by the Alfred R. Globus Testamentary Trust, of which he is a Trustee and has sole voting rights. Reporting Person's Direct and and Indirect ownership is detailed in Footnote #1.

287,426 shares are owned by Reporting Person's wife, and 760,000 shares are owned by the Alfred R. Globus Testamentary Trust, of which the Reporting Person is a Trustee and has sole voting rights.