Mr. Steven Scott reports

STORAGEVAULT TO ACQUIRE FOUR LOCATIONS FOR $75.7 MILLION

Storagevault Canada Inc. has agreed to acquire four locations from four vendor groups for an aggregate purchase price of $75,685,000, subject to customary adjustments. Three of the acquisitions are arm's length and one for $45-million is a related party acquisition with Access Self Storage Inc. as the vendor for that acquisition. It is anticipated that the acquisitions will close before Dec. 31, 2023.

The assets are located in Nova Scotia, Quebec, Ontario and British Columbia.

Purchase price and payment

The aggregate purchase price is $75,685,000, subject to adjustments, and is payable with funds on hand and debt.

Conditions precedent to the acquisitions

The obligations of Storagevault to complete the acquisitions are subject to conditions including, but not limited to: completion of agreement of purchase and sale, satisfactory due diligence, and satisfactory environmental site assessment reports. The obligations of both Storagevault and the vendors to complete the closing of the acquisitions are subject to the satisfaction of other customary closing conditions and include, for the related party acquisition, the acceptance of the Toronto Stock Exchange. None of the four vendor group acquisitions are conditional or contingent on the completion of the other acquisition.

Exemption from MI 61-101

As Access is a non-arm's-length party to Storagevault, the related party acquisition is considered a related party transaction under MI 61-101 -- Protection of Minority Security Holders in Special Transactions. Storagevault will rely on exemptions from the formal valuation and minority approval requirements of MI 61-101, in respect of the related party acquisition, pursuant to Section 5.5(a) and Section 5.7(a) (fair market value not more than 25 per cent of market capitalization) of MI 61-101.

Other information

There can be no assurance that the acquisitions will be completed as proposed or at all. No new insiders will be created, nor will any change of control occur, as a result of the acquisitions.

About Storagevault Canada Inc.

Storagevault currently owns and operates 240 storage locations across Canada. Storagevault owns 209 of these locations plus over 5,000 portable storage units representing over 11.5 million rentable square feet on over 680 acres of land. Storagevault also provides last-mile storage and logistics solutions and professional records management services, such as document and media storage, imaging, and shredding services.

We seek Safe Harbor.