Mr. Steven Scott reports

STORAGEVAULT ANNOUNCES $50 MILLION BOUGHT DEAL OFFERING OF 5.60% SENIOR UNSECURED HYBRID DEBENTURES

Storagevault Canada Inc. has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and Bank of Nova Scotia as joint bookrunners, under which the underwriters have agreed to purchase $50-million aggregate principal amount of listed senior unsecured hybrid debentures due Dec. 31, 2030, at a price of $1,000 per debenture. Storagevault has also granted the underwriters an option to purchase up to an additional $7.5-million aggregate principal amount of debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the offering. The offering is expected to close on or about Nov. 28, 2025.

Storagevault intends to use the net proceeds of the offering to initially pay down bank debt, which may be subsequently redrawn to finance the redemption of the 5.75 per cent listed debentures due Jan. 31, 2026, to finance potential future acquisitions and for general corporate purposes.

The debentures will be direct senior unsecured obligations of Storagevault and will rank: (i) subordinate to all existing and future senior secured indebtedness of Storagevault; (ii) subordinate to all existing and future secured indebtedness that is not senior secured indebtedness, but only to the extent of the value of the assets securing such other secured indebtedness; (iii) pari passu with each debenture issued under the indenture under which the debentures will be issued, and with all other present and future unsubordinated indebtedness of Storagevault that is not senior secured indebtedness or that is not indebtedness described in clause (ii) above, including trade creditors, (iv) senior in right of payment to indebtedness of Storagevault that by its terms is subordinated in right of payment to the debentures, and (v) structurally subordinated to all existing and future obligations, including indebtedness and trade payables, of Storagevault's subsidiaries. The payment of principal and premium, if any, of, and interest on, the debentures will be subordinated in right of payment to all senior secured indebtedness of Storagevault, as will be set forth in the indenture. The indenture will not restrict Storagevault or its subsidiaries from incurring additional indebtedness or from mortgaging, pledging or charging its properties to secure any indebtedness or liabilities. None of Storagevault's subsidiaries will guarantee the debentures.

The debentures will bear interest at a rate of 5.60 per cent per annum, payable semi-annually in arrears on June 30 and Dec. 31 of each year, with the first interest payment on June 30, 2026. The first payment will include accrued and unpaid interest for the period from closing to, but excluding, June 30, 2026. The debentures will mature on Dec. 31, 2030.

The debentures will not be redeemable by Storagevault before Dec. 31, 2028. On and after the first call date and prior to Dec. 31, 2029, the debentures will be redeemable, in whole or in part, from time to time, at Storagevault's option at a redemption price equal to 102.8 per cent of the principal amount of the debentures redeemed plus accrued and unpaid interest, if any, up to, but excluding, the date set for redemption. On and after Dec. 31, 2029, and prior to the maturity date, the debentures will be redeemable, in whole or in part, from time to time, at Storagevault's option at par plus accrued and unpaid interest, if any, up to, but excluding, the date set for redemption. Storagevault shall provide not more than 60 nor less than 30 days of prior notice of redemption of the debentures.

The offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange. A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. Delivery of the preliminary short form prospectus and any amendments thereto will be satisfied in accordance with the access equals delivery provisions of applicable Canadian securities legislation. A copy of the preliminary short form prospectus, following filing thereof, may be obtained on SEDAR+, and from CIBC Capital Markets at 161 Bay St. (fifth floor), Toronto, Ont., M5J 2S8, or by telephone at 416-956-6378 or by e-mail at mailbox.canadianprospectus@cibc.com, or from Scotiabank at 40 Temperance St. (sixth floor), Toronto, Ont., M5H 0B4, attention: equity capital markets, or by phone at 416-863-7704 or by e-mail at equityprospectus@scotiabank.com. The preliminary short form prospectus will contain important detailed information about Storagevault and the proposed offering. Prospective investors should read the preliminary short form prospectus, the final short form prospectus and any amendments thereto, following the filing thereof, and the other documents Storagevault has filed on SEDAR+ before making an investment decision.

About Storagevault Canada Inc.

Storagevault owns and operates 265 storage locations across Canada. Storagevault owns 232 of these locations plus over 5,000 portable storage units representing over 13.2 million rentable square feet on 768 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.