E-L Financial Corporation Limited ("E-L")
(TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G)(TSX:ELF.PR.H) announces that it acquired a
further 6,400 Common Shares of United Corporations Limited ("United"),
increasing its ownership from 6,259,259 (51.33%) of the Common Shares to
6,265,659 (51.38%) of the Common Shares. E-L has an informal understanding with
other shareholders of United under which they act in concert with respect to the
voting of securities of United held by them. The purchase increases the
ownership of E-L and these other shareholders from 9,002,901 (73.83%) of the
Common Shares to 9,009,301 (73.88%) of the Common Shares. The purchase was
effected through the facilities of the Toronto Stock Exchange for consideration
of $70.62 per share. The purchase, and E-L's holding of Common Shares of United,
are for investment purposes only. E-L may purchase further Common Shares from
time to time, if in its judgment the shares represent a good investment in view
of their price. E-L is relying on the exemption from the formal bid requirements
set forth in section 100 of the Securities Act (Ontario). The normal course
purchase exemption is available as E-L's purchase of 6,400 Common Shares
(together with other purchases by E-L, and the other shareholders with which E-L
acts in concert, in the preceding 12 months) did not exceed 5% of the
outstanding Common Shares of United; there is an established market for the
Common Shares; and, the value of the consideration paid for the Common Shares
will not exceed the market price, plus reasonable brokerage fees or commissions
actually paid.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mark M. Taylor
Executive Vice-President and CFO
165 University Avenue, Tenth Floor
Toronto, Ontario  M5H 3B8
Telephone: (416) 947-2578
Fax: (416) 362-2592
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