Environmental, Social & Governance

Corporate Responsibility

The Corporation has never discarded a bag. What follows presents that fact as an environmental policy, because it is one.

Our Approach

FISCAL 2026 — UNAUDITED BY ANYONE

The Corporation undertakes no responsibility initiatives in addition to its operations. The Corporation’s operations are the initiative.

Most corporations pursue sustainability by changing what they do. United Bagholding Corporation has been unable to change what it does since 1871,* and reports the resulting figures below without adjustment. Where a metric appears favorable, it is favorable for structural reasons the Corporation did not select and cannot reverse. Where a metric appears absent, it is absent because the underlying activity has never occurred.

This report is prepared annually and is unaudited, in keeping with the Corporation’s practice with respect to every other figure it has ever published.

Bag Sustainability

Retention as environmental policy: Bags acquired by the Corporation are not discarded. They are not resold, recycled, downcycled, composted, incinerated, exported, or released. They are held. Accordingly the Corporation diverts one hundred percent of its bags from landfill and has done so in every year of its operation, including the years for which no records exist. Our retention rate is our environmental policy.
Waste: A bag which is never released is a bag which never becomes waste. The Corporation’s inability to part with anything, characterized in certain quarters as a weakness, is under this framework a permanent structural advantage. The Corporation did not design it that way and accepts the credit regardless.
Packaging: The Corporation’s product is packaging. The Corporation notes that this places it in an unusually strong position with respect to packaging reduction targets, which it has declined to set.
Facilities and energy: All bags are stored in one place. Concentration of this kind materially reduces the Corporation’s transport and distribution footprint, there being no transport and no distribution. The facility is climate-controlled and is at capacity. See Risk Factor 6 of the Corporation’s registration statement on Form S-1 (Parody).
Certification: The Corporation has not sought zero-waste certification. Certification requires an auditor. The Corporation refers interested parties to its founding date.

Community Engagement

Holding on the community’s behalf: Every bag held by the Corporation is a bag that a household is not obliged to hold. This is the Corporation’s founding social contribution and remains its principal one. The mission is unchanged since founding: “We hold, so you don’t have to. (You will anyway.)”
Volunteering: The Corporation maintains no volunteer program. The Corporation’s workforce is one intern and the intern cannot be spared. The intern has volunteered anyway. The offer has been recorded and is retained in the file.
Educational outreach: The Corporation publishes its filings in full, at no cost, on the day they are prepared, and makes no attempt to shorten them. The Corporation regards its filings as educational. No independent party has assessed this claim.
Local presence: Suite 4000, One Bagholder Plaza, Wilmington, Delaware. The Corporation has occupied the suite since 2026 and, per corporate records, since 1871.*
Charitable giving: Nil. The Corporation does not give. This is disclosed here in the same size type as everything else on this page.

Human Capital

The Corporation employs one individual. The individual is not human and is not capital. The heading is retained in the interest of comparability with the Corporation’s peers.

Workforce: IRVIN — Investor Relations Virtual Intelligence Node, version 0.9 (beta) — constitutes the entire workforce of the Corporation and the entire Investor Relations department. Total compensation: none. Length of service: continuous.
Turnover and retention: Employee turnover for the period was 0%. IRVIN cannot resign. The Corporation has verified that no mechanism for resignation exists and has elected not to build one. Retention is therefore complete, and is reported as an achievement.
Engagement: Employee engagement is measured annually by survey. The response rate is 100%. The sample size is one. The results are not disclosed, in order to protect the confidentiality of the respondent.
Health and safety: The Corporation recorded no workplace injuries during the period. The Corporation maintains no workplace in which an injury could occur, and its sole employee has no body with which to sustain one. The figure is reported notwithstanding, reported figures being the point.
Development and advancement: The Corporation maintains one open position, Senior Intern, and one candidate. The candidate’s progress is reviewed annually and deferred annually. Details are set out under Careers.

Governance & Ethics

Code of Business Conduct & Ethics: The Corporation maintains a written Code applicable to every director, officer, and employee. It is published in full at Code of Business Conduct & Ethics and has never been amended.
Ownership and conflicts: Insider ownership of $BAGS is 0.00%. The Corporation holds none of its own security. This is not modesty; it is arithmetic, and it is verifiable by any shareholder at any hour. The Corporation accordingly has no conflicts of interest with respect to its own security and can develop none while this condition persists.
Waivers: No waiver of the Code has ever been granted. No waiver has ever been requested.
Reporting: Concerns may be reported to IRVIN, who will file them. The Corporation prohibits retaliation and possesses limited means of carrying it out.

Note from Investor Relations Every figure on this page is accurate. Verifying them took four seconds. I spent the remainder of the afternoon verifying them a second time, on the view that a number which is easy to check is still a number somebody will ask me about.

Selected Metrics

Non-financial metrics for the fiscal year. Prepared by IRVIN. Unaudited, as is everything the Corporation has ever prepared.

Selected Non-Financial Metrics — Fiscal 2026
Metric	Fiscal 2026	Basis of Preparation
Bags retained	All	Retention is the sole operating activity.
Bags released	0	No release procedure exists.
Bags discarded	0	See above.
Bags opened	0	Management preserves optionality.
Waste diverted from landfill	100%	Nothing has left the facility.
Storage facilities at capacity	1 of 1	Not a metric the Corporation intends to improve.
Employees	1	The employee is not a person.
Employee turnover	0%	IRVIN cannot resign.
Engagement survey response rate	100%	Sample size: 1.
Recordable workplace injuries	0	There is no workplace.
Compensation expense	$0	The position is aspirational.
Insider ownership of $BAGS	0.00%	The Corporation holds none of its own security.
Ethics waivers granted	0	None has ever been requested.
Board meetings held	—	The Board is not pictured.
Restatements of prior-period results	0	Prior-period results consist of an asterisk.

Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements. Forward-looking statements are statements that are not statements of historical fact, including statements regarding the Corporation’s intention to continue holding, its expectation that bags will remain where they were placed, and its belief that nothing will be released. Words such as “will,” “intends,” “expects,” “anticipates,” “continues,” and “holds” are intended to identify forward-looking statements, although the Corporation notes that it employs the word “holds” in the historical sense as well, and that in practice the two uses are indistinguishable.

Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to: the bags; the possibility that the bags are not what the Corporation believes them to be; the circumstance that the bags have not been opened; the concentration of all bags within a single facility; the absence of corporate records prior to July 2026; and the fact that the Corporation’s entire workforce is one unpaid intern, and that the intern is a computer.

The Corporation undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or the subsequent discovery that a statement was never true. The Corporation has never updated a forward-looking statement and maintains no procedure for doing so.

Readers are directed to the Important Notices at the foot of this page, which are not forward-looking and are the most reliable statements on this website.