Mr. Steven Scott reports

STORAGEVAULT ANNOUNCES NORMAL COURSE ISSUER BIDS FOR COMMON SHARES AND DEBENTURES

Storagevault Canada Inc. has received conditional acceptance from the Toronto Stock Exchange to conduct a normal course issuer bid (NCIB) to purchase for cancellation, during the 12-month period starting March 21, 2024: (i) up to 18,727,451 of the outstanding common shares of the corporation, representing 5 per cent of the 374,549,038 common shares outstanding (as of March 18, 2024); (ii) outstanding 5.75 per cent senior unsecured hybrid debentures of the corporation issued in July, 2020, and due on Jan. 31, 2026, in the aggregate principal amount of $3.75-million, representing 5 per cent of the currently outstanding $75-million aggregate principal amount of 2020 debentures (as of March 18, 2024); (iii) outstanding 5.50 per cent senior unsecured hybrid debentures of the corporation issued in July, 2021, and due on Sept. 30, 2026, in the aggregate principal amount of $2,873,750, representing 5 per cent of the currently outstanding $57,475,000 aggregate principal amount of 2021 debentures (as of March 18, 2024); and (iv) outstanding 5.00 per cent convertible senior unsecured debentures of the corporation issued in January, 2023, and due on March 31, 2028, in the aggregate principal amount of $7,491,850, representing 5 per cent of the currently outstanding $149,837,000 aggregate principal amount of 2023 debentures (as of March 18, 2024). Each NCIB will end on March 20, 2025, unless the maximum amount of common shares or debentures, as applicable, is purchased before then or Storagevault provides earlier notice of termination. Storagevault will not acquire through the facilities of the TSX more than 77,686 common shares, $5,423 aggregate principal amount of 2020 debentures, $8,372 aggregate principal amount of 2021 debentures or $51,352 aggregate principal amount 2023 debentures, during a trading day, being 25 per cent of the average daily trading volume of the common shares (310,747), 2020 debentures ($21,692), 2021 debentures ($33,491) and 2023 debentures ($205,411), respectively, on the TSX from Sept. 1, 2023, until Feb. 29, 2024, subject to certain prescribed exceptions. The stock symbols on the TSX for the common shares, 2020 debentures, 2021 debentures and 2023 debentures are SVI, SVI.DB, SVI.DB.B and SVI.DB.C, respectively.

The purchase and payment for the common shares and debentures will be made by Storagevault through the facilities of the TSX or alternative trading systems. National Bank Financial Inc. has been selected as Storagevault's agent for the NCIB. The price paid for the common shares or debentures, as applicable, will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such common shares or debentures, as applicable, on the TSX at the time of such purchase. Storagevault intends to finance the purchases out of available cash.

Storagevault believes that the market price of its common shares and debentures may not reflect their underlying value and the board of directors has authorized this initiative because, in the board's opinion, the proposed purchase of common shares and debentures pursuant to the NCIB constitutes an appropriate use of Storagevault's funds, and the repurchase of its common shares and debentures is one way of creating securityholder value.

To the knowledge of Storagevault, no director, senior officer or other insider of Storagevault currently intends to sell any common shares or debentures under the NCIB. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose common shares or debentures are purchased would be the same as the benefits available to all other holders whose common shares or debentures are purchased.

Storagevault conducted a previous NCIB for up to 18,905,000 common shares, $3.75-million of 2020 debentures, $2,875,000 of 2021 debentures and $5-million of 2023 debentures through the facilities of the TSX, which NCIB ended on March 17, 2024. Pursuant to the previous common share NCIB, Storagevault purchased an aggregate of 4,308,998 common shares at a volume-weighted average price of $4.863398 per common share, $25,000 principal amount of 2021 debentures at a volume-weighted average price of $90.95 per $100 of principal and $163,000 principal amount of 2023 debentures at a volume-weighted average price of $87 per $100 of principal; and no 2020 debentures were purchased.

About Storagevault Canada Inc.

Storagevault owns and operates 243 storage locations across Canada. Storagevault owns 212 of these locations plus over 5,000 portable storage units, representing over 11.7 million rentable square feet on over 686 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.