SEDAR Interim Financial Statements

StorageVault Canada Inc. Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) NOTICE OF NO AUDITOR REVIEW OF UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Under National Instrument 51-102, subsection 4.3(3)(a), if an auditor has not performed a review of the unaudited interim consolidated financial statements, they must be accompanied by a notice indicating that the consolidated financial statements have not been reviewed by an auditor. The accompanying unaudited interim consolidated financial statements of StorageVault Canada Inc. have been prepared by and are the responsibility of the Corporation’s management. The Corporation’s independent auditor has not performed a review of these unaudited interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim consolidated financial statements by an entity’s auditor. StorageVault Canada Inc. Unaudited Interim Consolidated Statements of Financial Position March 31 December 31 2026 2025 Assets Real estate and equipment, net (Note 5) 2,285,807,217 $ 2,227,647,888 $ Goodwill and intangible assets, net (Note 6) 134,652,885 134,669,340 Cash and short term deposits 13,827,664 15,169,762 Prepaid expenses and other current assets 23,919,178 17,526,168 Accounts receivable 9,861,830 9,717,403 Unrealized fair value of derivative assets (Note 10) - 2,102,870 2,468,068,774 $ 2,406,833,431 $ Liabilities and Shareholders' Equity Debt (Note 7) 1,908,706,672 $ 1,769,233,633 $ Debentures (Note 8) 252,154,826 327,609,632 Lease liabilities (Note 14) 140,112,430 141,712,423 Deferred tax liability 30,569,606 31,842,041 Accounts payable and accrued liabilities 30,702,419 21,914,260 Unearned revenue 16,641,385 14,685,451 Unrealized fair value of derivative liabilities (Note 10) 2,891,600 686,771 2,381,778,938 2,307,684,211 Shareholders' Equity Share capital (Note 9) 359,262,879 356,787,831 Dividends paid (Note 9) (38,800,845) (37,701,700) Equity component of convertible debentures (Note 8) 13,506,670 13,506,670 Contributed surplus (Note 9) 41,846,344 42,535,794 Deficit (289,525,212) (275,979,375) 86,289,836 99,149,220 2,468,068,774 $ 2,406,833,431 $ Subsequent Events (Note 15) Approved on behalf of the Board: "signed" Steven Scott "signed" Iqbal Khan "Director" "Director" __________________________________________________________________________________________ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. StorageVault Canada Inc. Unaudited Interim Consolidated Statements of Changes in Equity For the Three Months Ended March 31 2026 2025 Share Capital Balance, beginning of the period 356,787,831 $ 372,711,658 $ Common shares issued, net of issuance costs (Note 9) 2,475,048 478,318 Stock options, RSUs/DSUs redeemed (Note 9) - 702,455 Common shares repurchased (Note 9) - (13,549,700) Share buyback tax (Note 9) - (271,571) Balance, end of the period 359,262,879 360,071,160 Dividends Paid Balance, beginning of the period (37,701,700) (33,364,996) Dividends paid during the period (Note 9) (1,099,145) (1,076,981) Balance, end of the period (38,800,845) (34,441,977) Contributed Surplus Balance, beginning of the period 42,535,794 41,390,480 Stock based compensation (Note 9) 240,300 83,959 Stock options, RSUs/DSUs redeemed (Note 9) (929,750) - Balance, end of the period 41,846,344 41,474,439 Deficit Balance, begin --- ning of the period (275,979,375) (263,433,112) Net loss and comprehensive loss (13,545,837) (11,369,010) Balance, end of the period (289,525,212) $ (274,802,122) $ __________________________________________________________________________________________ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. StorageVault Canada Inc. Unaudited Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the Three Months Ended March 31 2026 2025 Revenue Storage and related services 84,685,368 $ 75,822,832 $ Management fees 532,070 448,471 85,217,438 76,271,303 Expenses Operating costs 32,730,286 28,615,810 Depreciation and amortization (Notes 5,6) 28,145,247 26,653,029 Interest (Notes 7,14) 27,350,185 24,597,948 Selling, general and administrative 6,867,995 6,087,577 Acquisition and integration costs 1,978,626 1,612,851 Realized and unrealized loss on derivative financial instruments (Note 7, 9) 1,564,576 969,752 Interest accretion on convertible debentures (Note 8) 1,167,984 1,129,896 Stock based compensation (Note 9) 240,300 83,959 Realized (gain) loss on disposal of real estate and equipment (Note 5) (9,489) 39,827 100,035,710 89,790,649 Net loss and comprehensive loss before tax (14,818,272) (13,519,346) Deferred tax recovery 1,272,435 2,150,336 Net loss and comprehensive loss after tax (13,545,837) $ (11,369,010) $ Net loss per common share Basic (0.037) $ (0.031) $ Diluted (0.037) $ (0.031) $ Weighted average number of common shares outstanding Basic 365,315,740 366,505,096 Diluted 366,459,699 366,505,096 __________________________________________________________________________________________ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. StorageVault Canada Inc. Unaudited Interim Consolidated Statements of Cash Flows For the Three Months Ended March 31 2026 2025 Cash from (used for) the following activities: Operating activities Net loss and comprehensive loss after tax (13,545,837) $ (11,369,010) $ Adjustment for non-cash items: Deferred tax recovery (1,272,435) (2,150,336) Depreciation and amortization (Notes 5,6) 28,145,247 26,653,029 Amortization of deferred financing costs 707,080 622,021 Interest accretion on lease liabilities (Note 14) 1,594,272 1,142,597 Interest accretion on convertible debentures (Note 8) 1,167,984 1,129,896 Realized and unrealized loss on derivative financial instruments (Note 7, 9) 1,564,576 969,752 Stock based compensation (Note 9) 240,300 83,959 Interest expensed on debentures (Note 8) 3,700,348 3,700,348 Realized (gain) loss on disposal of real estate and equipment (Note 5) (9,489) 39,827 Cash flows from operations before non-cash working capital balances 22,292,046 20,822,083 Net change in non-cash working capital balances Accounts receivable (144,427) (2,016,534) Prepaid expenses and other current assets (6,393,010) (7,312,377) Accounts payable and accrued liabilities 8,788,159 1,510,466 Unearned revenue 1,955,934 434,409 Cash flows from operating activities 26,498,702 13,438,047 Financing activities Dividends paid (Note 9) (617,313) (597,594) Payments of lease liabilities (Note 14) (3,088,694) (2,514,557) Debt issuance costs (408,451) (1,578,600) Cash advances from debt (Note 7) 168,623,992 58,972,574 Cash repayments of debt (Note 7) (29,449,582) (26,904,527) Stock options, RSUs/DSUs redeemed (Note 9) (689,450) 702,455 Interest paid on debentures (Note 8) (5,571,3 --- 95) (5,571,395) Cash repayment of debenture (Note 8) (75,000,000) - Cash settlement of total return swaps 2,743,123 - Cash settlement of interest rate swaps - (835,000) Common shares repurchased (Note 9) - (13,549,700) Cash flows from financing activities 56,542,230 8,123,656 Investing activities Purchases of real estate and equipment (Note 5) (24,004,158) (20,036,169) Proceeds on disposal of real estate and equipment (Note 5) 102,563 5,171 Cash paid in business combinations (Note 4) (60,481,435) - Cash flows used for investing activities (84,383,030) (20,030,998) (Decrease) increase in cash and short term deposits (1,342,098) 1,530,705 Cash and short term deposits balance, beginning of the period 15,169,762 16,342,562 Cash and short term deposits balance, end of the period 13,827,664 $ 17,873,267 $ __________________________________________________________________________________________ The accompanying notes are an integral part of these unaudited interim consolidated financial statements. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 1 1. Description of Business StorageVault Canada Inc. (the “Corporation”) is incorporated under the Business Corporations Act of Alberta and is domiciled in Canada. Its shares are publicly traded on the Toronto Stock Exchange (“Exchange”). The address of its registered office is Suite 1000, 250 2nd Street SW, Calgary, AB, T2P 0C1. The Corporation’s primary business is owning, managing and renting self storage and portable storage space to individual and commercial customers. The Corporation also stores, shreds, and manages documents and records for customers. 2. Basis of Presentation These interim consolidated financial statements and the notes thereto present the Corporation’s financial results of operations and financial position in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee. They have been prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting” and accordingly these interim consolidated financial statements do not include all the necessary annual disclosures in accordance with IFRS. These interim consolidated financial statements as at and for the three months ended March 31, 2026, were authorized for issuance by the Board of Directors of the Corporation on April 22, 2026. These interim consolidated financial statements should be read in conjunction with the Corporation’s annual audited consolidated financial statements for the year ended December 31, 2025. The interim consolidated financial statements have been prepared under the historical cost method, except for the revaluation of certain financial assets and financial liabilities to fair value. The interim consolidated financial statements were prepared on a going concern basis, and are presented in Canadian dollars, which is the Corporation’s and its wholly owned subsidiary’s functional currency. 3. Material Accounting Policies Basis of Consolidation The interim consolidated financial statements include the accounts of StorageVault Canada Inc. and its wholly owned subsidiary 507399 N.W.T. Ltd., both of which are headquartered in Toronto, Ontario. The financial statements for the consolidated entity are prepared for the same reporting period as StorageVault Canada Inc. using --- consistent accounting policies. All intercompany transactions and balances have been eliminated in the preparation of these interim consolidated financial statements. The accounting policies and methods of computation followed in the preparation of these interim consolidated financial statements are consistent with those used in the preparation of the Corporation’s annual audited consolidated financial statements for the year ended December 31, 2025. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 2 4. Acquisitions During the three months ended March 31, 2026, the Corporation completed the below transactions that met the definition of a business under IFRS 3 - Business Combinations. These acquisitions have been accounted for using the acquisition method with the results of the operation being included in the consolidated financial statements of the Corporation since the date of acquisition. Details of the acquisitions are: First Quarter Acquisitions: During the first quarter, the Corporation completed the acquisitions of one commercial property and four self storage locations for $62,481,435 (subject to customary adjustments). These acquisitions were arm’s length and non-arm’s length* transactions. The purchases were paid for by advances from debt, the issuance of common shares and cash on hand. A summary of the acquisitions is as follows: One Commercial Property One Self Storage Location One Self Storage Location Two Self Storage Locations* Total Acquisition date: January 15, 2026 February 27, 2026 March 19, 2026 March 25, 2026 Land, Yards, Buildings & Improvements 8,131,435 $ 3,672,894 $ 5,694,269 $ 40,298,554 $ 57,797,152 $ Tenant Relationships - 1,027,106 1,555,731 2,101,446 4,684,283 $ Net assets acquired 8,131,435 4,700,000 7,250,000 42,400,000 62,481,435 Consideration paid for the net assets acquired was obtained from the following: Cash 2,032,859 4,700,000 2,537,500 2,589,779 11,860,138 Debt 6,098,576 - 4,712,500 37,810,221 48,621,297 Shares - - - 2,000,000 2,000,000 8,131,435 4,700,000 7,250,000 42,400,000 62,481,435 Selected information for the acquisitions, since their acquisition date: Revenue 119,939 72,474 34,649 20,841 247,903 Operating costs 85,837 9,307 4,720 4,496 104,360 34,102 63,167 29,929 16,345 143,543 Amortization 42,953 54,118 26,786 44,524 168,381 Interest 36,967 - - 33,301 70,268 Net income (loss) (45,818) $ 9,049 $ 3,143 $ (61,480) $ (95,106) $ StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 3 5. Real Estate and Equipment Land, Yards, Intangible Office & Buildings & Storage Tenant Computer Improvements Containers Relationships Vehicles Equipment Total COST December 31, 2024 2,470,562,227 $ 25,357,443 $ 210,425,098 $ 13,022,587 $ 26,113,401 $ 2,745,480,756 $ Additions 121,890,087 2,686,836 1,384,726 1,611,717 16,354,276 143,927,642 Disposals (293,677) (486,205) - (377,472) (52,387) (1,209,741) Business acquisitions 115,669,170 - 12,455,830 - - 128,125,000 December 31, 2025 2,707,827,807 27,558,074 224,265,654 14,256,832 42,415,290 3,016,323,657 Additions 18,803,407 - - 266,926 4,800,999 23,871,332 Disposals (94,507) - - (3,993) (4,063) (102,563) Business acquisitions 57,797,152 - 4,684,283 - - 62,481,435 March 31, 2026 2,784,333,859 $ 27,558,074 $ 228,949,937 $ 14,519,765 $ 47,212,226 $ 3,102,573,861 $ ACCUMUL --- ATED DEPRECIATION December 31, 2024 460,762,896 $ 12,189,772 $ 183,092,220 $ 8,397,717 $ 10,736,313 $ 675,178,918 $ Depreciation 86,003,344 1,394,671 16,019,097 1,948,478 9,583,019 114,948,609 Disposals (771,644) (311,373) - (357,723) (11,018) (1,451,758) December 31, 2025 545,994,596 13,273,070 199,111,317 9,988,472 20,308,314 788,675,769 Depreciation 21,048,427 350,788 3,061,035 394,403 3,246,037 28,100,690 Disposals (5,301) - - (941) (3,573) (9,815) March 31, 2026 567,037,722 $ 13,623,858 $ 202,172,352 $ 10,381,934 $ 23,550,778 $ 816,766,644 $ NET BOOK VALUE December 31, 2025 2,161,833,211 14,285,004 25,154,337 4,268,360 22,106,976 2,227,647,888 March 31, 2026 2,217,296,137 13,934,216 26,777,585 4,137,831 23,661,448 2,285,807,217 Included in Land, Yards, Buildings & Improvements is Land at a carrying value of $775,696,647 (December 31, 2025 - $761,702,750). Included in Land, Yards, Buildings & Improvements is $45,806,050 (December 31, 2025 - $37,861,344) of construction in process that is not being depreciated. Included in Land, Yards, Buildings & Improvements are right-of-use assets at a carrying value of $127,659,583 (December 31, 2025 - $130,071,476), net of accumulated depreciation of $33,013,179 (December 31, 2025 - $30,706,857). The continuity of the right-of-use assets is as follows: Balance, December 31, 2024 83,555,346 $ Additions and reassessments 55,165,139 Depreciation charge for the period (8,649,009) Balance, December 31, 2025 130,071,476 Additions and reassessments (105,571) Depreciation charge for the period (2,306,322) Balance, March 31, 2026 127,659,583 $ Self Storage Properties In 2025, the Corporation recognized an additional gain related to a previously disclosed expropriation of one of its properties. The initial gain arising from this expropriation was recognized in the second quarter of 2023. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 4 6. Goodwill and Intangible Assets Management Goodwill Contracts Trademarks Website Total COST December 31, 2024 111,437,362 $ 16,300,000 $ 397,676 $ 385,502 $ 128,520,540 $ Additions - - 13,148 98,315 111,463 Business acquisitions 6,423,017 - - - 6,423,017 December 31, 2025 117,860,379 16,300,000 410,824 483,817 135,055,020 Additions - - 28,102 - 28,102 March 31, 2026 117,860,379 $ 16,300,000 $ 438,926 $ 483,817 $ 135,083,122 $ ACCUMULATED AMORTIZATION December 31, 2024 - $ - $ 89,371 $ 147,235 $ 236,606 $ Amortization - - 39,682 109,392 149,074 December 31, 2025 - - 129,053 256,627 385,680 Amortization - - 10,259 34,298 44,557 March 31, 2026 - $ - $ 139,312 $ 290,925 $ 430,237 $ NET BOOK VALUE December 31, 2025 117,860,379 16,300,000 281,771 227,190 134,669,340 March 31, 2026 117,860,379 16,300,000 299,614 192,892 134,652,885 StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 5 7. Debt Rate Weighted Rate Weighted Range Average Balance Range Average Balance Mortgages At amortized cost - Fixed 2.84% to 6.00 % 5.00% 563,537,490 2.84% to 6.00 % 4.99% 533,958,412 Maturity: May 2026 to Sep 2031 Maturity: Jan 2026 to Sep 2031 At amortized cost - Variable 5.45% 17,922,125 5.02% 44,975,246 Maturity: Jun 2027 to Jul 2027 Maturity: Jun 2027 to Dec 2028 At FVTPL - Variable 801,310,249 775,729,971 - Fixed via interest rate swap 1,079,696 4,399,071 4.87% 802,389,945 4.87% 780,129,042 Matu --- rity: Jan 2027 to Nov 2029 Maturity: Jan 2027 to Nov 2029 4.93% 1,383,849,560 4.92% 1,359,062,700 Lines of Credit and Promissory Notes At amortized cost - Fixed 4.06% 20,675,050 3.00% 6,000,000 Maturity: Dec 2026 to Jul 2028 Maturity: Jul 2028 At amortized cost - Variable 5.04% 208,712,500 4.92% 109,000,000 Maturity: May 2026 to Sep 2028 Maturity: May 2026 to Feb 2028 At FVTPL - Variable 299,528,605 298,838,230 - Fixed via interest rate swap 471,395 1,161,770 4.32% 300,000,000 4.32% 300,000,000 Maturity: Feb 2028 Maturity: Feb 2028 4.60% 529,387,550 4.46% 415,000,000 Deferred financing costs, net of accretion (4,530,438) (4,829,067) 4.84% 1,908,706,672 4.81% 1,769,233,633 March 31, 2026 December 31, 2025 Reconciliation of Debt March 31, 2026 December 31, 2025 Debt, beginning of period 1,769,233,633 $ 1,672,513,158 $ Advances from debt 168,623,992 336,285,423 Repayment of debt (29,449,582) (238,873,176) Change in fair value of debt measured at FVTPL (4,009,750) 5,120,337 Change in fair value of interest rate swaps 4,009,750 (5,120,337) Total cash flow from debt financing activities 139,174,410 97,412,247 Change in deferred financing costs 298,629 (691,772) Debt, end of period 1,908,706,672 $ 1,769,233,633 $ The following table reconciles the changes in cash flows from financing activities for the Corporation's debt: StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 6 Note 7 – Continued The bank prime rate at March 31, 2026 was 4.45% (December 31, 2025 – 4.45%). Mortgages are secured by a first mortgage charge on the real estate and equipment of the Corporation, general security agreements covering all assets of the Corporation, general assignment of rents and leases, and assignments of insurance coverage over all assets of the Corporation. The Corporation must maintain certain financial ratios to comply with the facilities. These covenants include debt service coverage ratios, a fixed charge coverage ratio, a tangible net worth ratio, and a loan to value ratio. As of March 31, 2026, the Corporation is in compliance with all covenants. The deferred financing costs consist of fees and costs incurred to obtain the related mortgage financing, less accumulated amortization. The contractual principal repayments on mortgages and lines of credit in each of the next five years are estimated as follows: Year of Debt Maturity Mortgages Payable Weighted Average Interest Rate Lines of Credit Weighted Average Interest Rate Total Debt Weighted Average Interest Rate 2026/27 91,590,208 $ 4.19% 32,675,050 $ 5.16% 124,265,258 $ 4.44% 2027/28 286,517,917 5.15% 486,000,000 4.57% 772,517,917 4.78% 2028/29 591,874,107 4.96% 10,712,500 4.08% 602,586,607 4.95% 2029/30 373,224,880 4.91% - - 373,224,880 4.91% 2030/31 - - - - - 0.00% Thereafter 40,642,448 4.87% - - 40,642,448 4.87% 1,383,849,560 $ 4.93% 529,387,550 $ 4.60% 1,913,237,110 $ 4.84% Deferred financing costs net of accretion (4,530,438) Balance 1,908,706,672 $ The Corporation entered into interest rate swap contracts to fix the interest rate on $1.1 billion of debt at a weighted average rate of 4.72%. On $57.2 million of this debt, the banks entered into interest rate swap cancellation agreements, allowing them to cancel the original swap agreements between April 12, 2027 and April 22, 2027. During the three months ended March 31, 2026, the Corporation recognized an unrealized gain on interest rate swaps o --- f $0.2 million (March 31, 2025 – loss of $1.0 million). These derivative financial instruments mature between February 2027 and January 2030. 8. Debentures 2020 Hybrid Debentures On July 20, 2020, $75 million of unsecured senior hybrid debentures were issued at a price of $1,000 per debenture with a term of sixty-six months, due January 31, 2026. These debentures bore a fixed interest rate of 5.75% per annum, payable semi-annually in arrears on January 31 and July 31 of each year, commencing January 31, 2021. The intended use of the net proceeds of the debentures was to pay down the credit facility and fund anticipated capital expenditures. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 7 Note 8 – Continued The debentures were recorded as a financial instrument. The debentures were recorded at a fair value of $75 million net of deferred financing costs of $3.5 million. Each embedded feature was evaluated separately and it was determined that the economic and risk characteristics were closely related to the host contract and therefore were not accounted for as separate financial instruments. On February 2, 2026, being the first business day following the maturity date of January 31, 2026, the debentures were repaid in full in cash. 2021 Hybrid Debentures On July 19, 2021, $57.5 million of unsecured senior hybrid debentures were issued at a price of $1,000 per debenture with a term of sixty-six months, due September 30, 2026. These debentures bear a fixed interest rate of 5.5% per annum, payable semi-annually in arrears on March 31 and September 30 of each year, commencing September 30, 2021. The intended use of the net proceeds of the debentures is to fund potential future opportunities and for general corporate purposes. On and after September 30, 2024 and prior to September 30, 2025, the debentures will be redeemable in whole or in part from time to time at the Corporation’s option at a redemption price equal to 102.75% 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 September 30, 2025 and prior to the maturity date, the debentures will be redeemable, in whole or in part, from time to time at the Corporation’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On redemption or at maturity on September 30, 2026, the Corporation may elect to, in whole or part, convert the debentures into freely tradable common shares. In such event, payment will be satisfied by delivering for each $1,000 due, that number of freely tradable shares obtained by dividing $1,000 by 95% of the current market price on the date fixed for redemption or maturity, as the case may be. Any accrued and unpaid interest will be paid in cash. The debentures were recorded as a financial instrument. The debentures were recorded at a fair value of $57.5 million net of deferred financing costs of $2.5 million. Each embedded feature was evaluated separately and it was determined that the economic and risk characteristics are closely related to the host contract and therefore were not accounted for as separate financial instruments. 2023 Convertible Debentures On January 9, 2023, $150 million of convertible senior unsecured debentures were issued at a price of $1,000 per debenture with a term of sixty-six months, due --- March 31, 2028. These debentures bear a fixed interest rate of 5% per annum, payable semi-annually in arrears on March 31 and September 30 of each year, commencing March 31, 2023. The intended use of the net proceeds of the debentures is to fund potential future opportunities and for general corporate purposes. On and after March 31, 2026 and prior to March 31, 2027, the debentures will be redeemable in whole or in part from time to time by the Corporation at a redemption price equal to 125% 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 March 31, 2027 and prior to the maturity date, the debentures will be redeemable, in whole or in part, from time to time at the Corporation’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On redemption or at maturity on March 31, 2028, the debentures will be convertible into freely tradeable common shares of the Corporation at the option of the holder at a conversion price of $8.65 per share. The debentures were recorded as a financial instrument at a fair value of $150 million, net of deferred financing costs of $6.0 million, an equity component of $18.2 million, and a deferred tax liability of $4.7 million. The equity component of StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 8 Note 8 – Continued the convertible debentures relates to the portion of the debentures' value that is attributed to the conversion option, which allows the holder to convert the debentures into common shares of the Corporation. 2025 Hybrid Debentures On November 12, 2025, $57.5 million of unsecured senior hybrid debentures were issued at a price of $1,000 per debenture with a term of sixty-one months, due December 31, 2030. These debentures bear a fixed interest rate of 5.6% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, commencing June 30, 2026. The intended use of the net proceeds of the debentures is to pay down bank debt, which may be subsequently re-drawn to fund the redemption of the 5.75% listed debentures due January 31, 2026, fund future acquisitions and for general corporate purposes. On and after December 31, 2028 and prior to December 31, 2029, the debentures will be redeemable in whole or in part from time to time at the Corporation’s option at a redemption price equal to 102.8% 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 December 31, 2029 and prior to the maturity date, the debentures will be redeemable, in whole or in part, from time to time at the Corporation’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On redemption or at maturity on December 31, 2030, the Corporation may elect to, in whole or part, convert the debentures into freely tradable common shares. In such event, payment will be satisfied by delivering for each $1,000 due, that number of freely tradable shares obtained by dividing $1,000 by 95% of the current market price on the date fixed for redemption or maturity, as the case may be. Any accrued and unpaid interest will be paid in cash. The debentures were recorded as a financial instrument. The debentures were recorded at a f --- air value of $57.5 million net of deferred financing costs of $2.7 million. Each embedded feature was evaluated separately and it was determined that the economic and risk characteristics are closely related to the host contract and therefore were not accounted for as separate financial instruments. The debentures are subsequently measured at amortized cost using the effective interest method over the life of the debentures. The balance of the debentures is: March 31, 2026 December 31, 2025 Opening balance 327,609,632 $ 267,038,477 $ Repayments during period (75,000,000) - Additions during period - 57,500,000 Less: Accretion on hybrid debentures 248,257 1,175,479 Accretion on convertible debentures 1,167,984 4,608,960 Interest payable 3,700,348 14,931,903 Interest paid (5,571,395) (14,931,903) Issuance costs - (2,713,284) Ending balance 252,154,826 $ 327,609,632 $ StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 9 9. Share Capital Authorized: Unlimited number of common, voting shares of no par value. Authorized: Unlimited number of preferred non-voting shares issuable in series at an issuance price of $1 per share. Common shares issued: Number of Shares Amount Balance, December 31, 2024 366,954,790 372,711,658 $ Dividend reinvestment plan 482,612 1,920,055 Stock options redeemed 1,930,500 (1,166,755) Common shares repurchased (4,151,975) (16,349,864) Share buyback tax - (327,263) Balance, December 31, 2025 365,215,927 356,787,831 Issued on acquisitions 340,716 2,000,000 Dividend reinvestment plan 93,768 475,048 Balance, March 31, 2026 365,650,411 359,262,879 $ The Corporation will, from time to time, issue common shares to the public or to vendors to fund the purchase of storage assets. Future issuances will be dependent upon financing needs, acquisition opportunities, expansion plans, equity market conditions and transaction pricing. The Corporation may from time to time purchase its common shares in accordance with the rules prescribed by the Exchange or regulatory policies. Dividend Reinvestment Plan Represents common shares issued under the Corporation’s dividend reinvestment plan (“DRIP") for holders of common shares. Under the terms of the DRIP, eligible registered holders of a minimum of 10,000 Common Shares may elect to automatically reinvest their cash dividends, payable in respect to the common shares, to acquire additional common shares, which will be issued from treasury or purchased on the open market. The Corporation may initially issue up to 5,000,000 common shares under the DRIP, which may be increased upon Board of Directors approval, acceptance of the increase by the Exchange, and upon public disclosure of the increase. Contributed surplus: Stock Options The Board of Directors of the Corporation may from time to time, at its discretion, and in accordance with the Exchange requirements, grant to directors, officers, employees and technical consultants of the Corporation, non-transferable options to purchase common shares provided that: i) the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares; ii) the options are exercisable for a period of up to 10 years from the date of grant; iii) the number of common shares reserved for issuance to any individual director or officer will not exceed StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statement --- s For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 10 Note 9 – Continued 5% of the issued and outstanding common shares; and iv) the number of common shares reserved for issuance to all technical consultants, if any, will not exceed 2% of the issued and outstanding shares. The exercise price for purchasing these shares cannot be less than the minimum exercise price as provided by Exchange rules. The following table summarizes information about stock options outstanding and exercisable as at: Options Options Opening 36,353,500 4.25 $ 35,834,500 3.99 $ Redeemed (400,500) 3.14 (2,681,000) 0.87 Granted - - 3,200,000 4.36 Closing and Exercisable 35,953,000 4.26 $ 36,353,500 4.25 $ Weighted Average Price March 31, 2026 December 31, 2025 Weighted Average Price The fair value of options granted was estimated on the date of the grant, as determined by using the Black-Scholes option pricing model with the following assumptions: 2025 Dividend Yield 0.01% Risk-Free Interest Rate 2.87% Expected Life of Options 4 Years Expected Volatility of the Corporation's Common Shares 29.58% Stock options exercisable and outstanding are as follows: Exercise Price Vesting Date Expiry Date March 31, 2026 December 31, 2025 1.36 $ Dec. 21, 2016 Dec. 21, 2026 2,380,000 2,395,000 1.78 $ Mar. 16, 2017 Mar. 16, 2027 2,632,500 2,645,000 2.52 $ May 4, 2018 May 4, 2028 2,540,000 2,655,000 2.90 $ May 28, 2019 May 28, 2029 5,119,000 5,256,500 3.98 $ Dec. 15, 2020 Dec. 15, 2030 5,358,000 5,420,500 6.31 $ Dec. 20, 2021 Dec. 20, 2031 6,510,000 6,520,000 5.94 $ Dec. 19, 2022 Dec. 19, 2032 6,711,000 6,721,000 5.23 $ Dec. 28, 2023 Dec. 28, 2033 1,547,000 1,548,500 4.00 $ Jan. 2, 2025 Jan. 2, 2035 1,555,500 1,592,000 4.71 $ Dec. 28, 2025 Dec. 28, 2035 1,600,000 1,600,000 Options exercisable and outstanding 35,953,000 36,353,500 Equity Incentive Plan Under the Corporation’s Equity Incentive Plan passed on May 30, 2018 (the “Plan”), directors, employees and consultants are eligible to receive awards, in the form of Restricted Share Units (“RSUs”), Deferred Share Units (“DSUs”) and Named Executive Officer Restricted Share Units (“Neo RSUs”), as and when granted by the Board, at its sole discretion. The maximum number of awards that may be issued under the Plan is 17,545,677. The maximum number of shares that may be reserved for issuance under the Plan, together with any of the Corporation’s other stock based compensation arrangements, may not exceed 10% of the issued shares of the Corporation. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 11 Note 9 – Continued The RSUs and DSUs granted vest in equal annual amounts over three years. The Neo RSUs vest three years after the date of grant. RSUs, DSUs and Neo RSUs are entitled to be credited with dividend equivalents in the form of additional RSUs, DSUs and Neo RSUs, respectively. With certain exceptions, the Plan provides that (i) the maximum number of awards that may be granted to any one participant together with any other stock based compensation arrangements, in any 12 month period, may not exceed 5% of the issued shares, and, in the case of any consultant, may not exceed 2% of the issued shares; and (ii) the total value of all securities that may be issued to any non-employee director under all of the Corporation’s security based compensation arrangements may not exceed $150,000 per annum. During the three mont --- hs ended March 31, 2026, the Corporation issued nil common shares at a value of $nil under the Plan (December 31, 2025 – 60,816 common shares at a value of $248,493). A total of 406,248 common shares at a value of $2,105,068 were outstanding at March 31, 2026 (December 31, 2025 – 406,248 common shares at a value of $2,105,068). At March 31, 2026, 100% of the combined DSU and RSU exposures were economically hedged. Hedge accounting is not applied for the DSU/RSU hedging program. The Corporation entered into Total Return Swaps (“TRS”) as economic hedges of the Corporation’s DSUs and RSUs. Under the terms of the TRS, a bank has the right to purchase the Corporation’s shares in the marketplace as a hedge against the returns in the TRS. At March 31, 2026, 9,585,472 TRS were outstanding at a value of ($2,388,099) (December 31, 2025 – 11,119,028 TRS were outstanding at a value of $2,102,870). During the three months ended March 31, 2026, the Corporation recognized a realized and unrealized loss on TRS of $1,747,845 (December 31, 2025 – gain of $4,861,940). These derivative financial instruments mature between August 2026 and September 2028. Dividends A cash dividend of $0.003006 per common share was declared on March 13, 2026, and paid to shareholders of record on March 31, 2026. 10. Financial Risk Management and Fair Value The Corporation is required to disclose certain information concerning its financial instruments. The fair values of the Corporation’s cash and short term deposits, accounts receivable, and accounts payable and accrued liabilities approximate their carrying amount due to the relatively short periods to maturity of these financial instruments. The fair value of the Corporation’s debt obligations is estimated based on discounted future cash flows using discount rates that reflect current market conditions for instruments with similar terms and risks. Such fair value estimates are not necessarily indicative of the amounts the Corporation might pay or receive in actual market transactions. IFRS establishes a three tier fair value hierarchy to reflect the significance of the inputs used in measuring the fair value of the Corporation’s financial instruments. The three levels are: StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 12 Note 10 – Continued Level 1 – This level includes assets and liabilities measured at fair market value based on unadjusted quoted prices for identical assets and liabilities in active markets that the Corporation can access on the measurement date. Level 2 – This level includes measurements based on directly or indirectly observable inputs other than quoted prices included in Level 1. Financial instruments in this category are measured using valuation models or other standard valuation techniques that rely on observable market inputs. Level 3 – The measurements used in this level rest on inputs that are unobservable, unavailable, or whose observable inputs do not justify the largest part of the fair value instrument. The fair value of financial instruments was as follows: Fair Value Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial instruments: Debt - at amortized cost Level 2 (806,316,727) (806,877,822) (689,104,591) (696,874,312) Debt - at FVTPL Level 2 (1,100,838,854) (1,100,838,854) (1,074,568,201) (1,074,568,201) Interest rate swaps Level 2 (1,551,091) (1,551,091) (5,560,841) --- (5,560,841) Derivative assets (liabilities) Level 2 (2,891,600) (2,891,600) 1,416,099 1,416,099 March 31, 2026 December 31, 2025 Financial instruments may expose the Corporation to a number of financial risks including interest rate risk, credit risk and liquidity risk. a) Interest rate risk – Interest rate risk arises from changes in market interest rates that may affect the fair value of future cash flows from the Corporation’s financial assets or liabilities. Interest rate risk may be partially mitigated by holding both fixed and floating rate debt, or by staggering the maturities of fixed rate debt. The Corporation is exposed to interest rate risk primarily relating to its long term debt. The Corporation will manage interest rate risk by utilizing fixed interest rates on its mortgages where possible, entering into interest rate swap contracts, staggering maturities over a number of years to mitigate exposure to any single year, and by attempting to ensure access to diverse sources of funding. There is interest rate risk associated with variable rate mortgages and lines of credit as interest expense is impacted by changes in the prime rate. The impact on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) if interest rates on variable rate debt had been 1% higher or lower for the three months ended March 31, 2026 would have been approximately $566,587 (March 31, 2025 - $316,912). b) Credit risk – Credit risk arises from the possibility that customers may experience financial difficulty and be unable to fulfill their financial obligations to the Corporation. The risk of incurring bad debts often arises if storage customers relocate and cannot be found to enforce payment, or if storage customers abandon their possessions. The extent of bad debts can be mitigated by quickly following up on any unpaid amounts shortly after the due date, enforcing late fees, denying access to any customers with delinquent accounts, and ultimately seizing the possessions of the customer. Additionally, the Corporation typically rents to numerous customers, each of which constitutes significantly less than 1% of the Corporation’s monthly revenue. This diversification in the customer base reduces credit risk from any given tenant. The Corporation has $916,455 of receivables from related parties at March 31, 2026 (December 31, 2025 - $774,372). Management believes there is low credit risk associated with related party balances due to the nature of the relationships and the historical loss rates. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 13 Note 10 – Continued Change in the Corporation’s allowance for expected credit losses is as follows: Balance December 31, 2024 221,131 $ Charges or adjustments during the period 208,828 Balance December 31, 2025 429,959 Charges or adjustments during the period 18,151 Balance March 31, 2026 448,110 $ The creation and release of the allowance for expected credit losses has been included in operating costs in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. c) Liquidity risk – Liquidity risk is the risk that the Corporation will be unable to meet its financial obligations as they fall due. The Corporation manages liquidity risk through cash flo --- w forecasting and regular monitoring of cash requirements, including anticipated investing and financing activities. Typically, the Corporation ensures that it has sufficient cash or liquid investments available to meet expected operating expenses for a period of 30 days, excluding the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. For the foreseeable future, the Corporation anticipates that cash flows from operations, working capital, and other sources of financing will be sufficient to meet its operating requirements, debt repayment obligations and will provide sufficient funding for anticipated capital expenditures. It is the Corporation’s intention to renew any debt coming due in the next fiscal year. The maturities of long term financial liabilities are summarized in Note 7. Unless otherwise noted, it is management’s opinion that the Corporation is not exposed to significant currency risk. 11. Related Party Transactions The Corporation holds a Master Franchise Agreement from Canadian PUPS Franchises Inc. (“CPFI”) which provides the Corporation with the exclusive Canadian franchise rights for the development and operation of portable storage throughout Canada. CPFI is a corporation related to Iqbal Khan and Steven Scott who are directors of the Corporation. The Corporation pays a monthly royalty of 3.5% on the gross sales. During the three months ended March 31, 2026, the Corporation paid $65,010 (March 31, 2025 - $68,285) for royalties and $1,349,310 (March 31, 2025 - $1,499,551) for storage containers and other equipment under the Master Franchise Agreement. Included in accounts payable and accrued liabilities, relating to the previously noted transactions, at March 31, 2026 was $741,759 (December 31, 2025 - $55,534) payable to CPFI. The Corporation has management agreements with Access Self Storage Inc. and related companies (“Access Group”). These companies are related to Iqbal Khan and Steven Scott who are directors of the Corporation. The Corporation invoices the Access Group for management fees as well as additional services it provides as part of the management agreements. The Access Group will also invoice the Corporation for construction, maintenance and other services related to its day-to-day operations. During the three months ended March 31, 2026, the Corporation received $1,333,760 (March 31, 2025 - $1,215,780) in payments and reimbursements related to the management agreements. During the three months ended March 31, 2026, the Corporation also incurred $22,029,788 (March 31, 2025 - $14,485,080) in expenditures related to construction, maintenance and other services related to its day-to-day operations. Included in accounts payable and accrued liabilities as at March 31, 2026 was $2,397,618 (December 31, 2025 - $710,244) payable to the Access Group. Included in accounts receivable as at March 31, 2026 was $916,455 (December 31, 2025 - $774,372) receivable from the Access Group. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 14 Note 11 – Continued Key management personnel are those persons having authority and responsibility for planning, directly and indirectly directing, and controlling the activities of the Corporation. Key management personnel are defined as officers and Directors of the Corporation. The remuneration of key management personnel for employm --- ent services rendered are as follows: March 31, 2026 March 31, 2025 Wages, management fees, bonuses and directors fees 842,292 $ 700,017 $ 12. Capital Risk Management The Corporation’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits to other stakeholders. The Corporation defines capital as shareholders’ equity excluding contributed surplus and long term debt. The Corporation manages its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Corporation may attempt to issue new shares, issue new debt, acquire or dispose of assets, and adjust the amount of cash and short term deposits. The Board of Directors does not establish a quantitative return on capital criteria, but rather promote sustainable year over year growth. The Corporation reviews and assesses its capital structure on an ongoing basis. The Corporation determines the appropriate mortgage debt to be placed on properties at the time a particular property is acquired or when an existing mortgage financing matures. Consideration is given to various factors including, but not limited to: interest rates, financing costs, the term of the mortgage and the strength of cash flow arising from the underlying asset. Mortgage debt is usually only secured by the underlying asset. The Corporation monitors its capital using a debt to fair value ratio. Except for the debt covenants described in Note 7, the Corporation is not subject to any externally imposed capital requirements. There have been no changes to how the Corporation manages its capital in the current period. 13. Segmented Information The Corporation operates three reportable business segments. Each segment is a component of the Corporation for which separate discrete financial information is available for evaluation by the chief operating decision makers of the Corporation. - Self Storage – involves customers leasing space at the Corporation’s properties for short or long term storage. Self storage also includes customers utilizing space for inventory storage for last mile delivery, small commercial operations, and vehicles. - Portable Storage – involves delivering a portable storage unit to the customer. The customer can opt to keep the portable storage unit at their location or have it moved to another location for further storage. - Management Division – involves revenues generated from the management of stores owned by third parties. The Corporation evaluates performance and allocates resources based on earnings before interest, taxes, depreciation and amortization, and stock based compensation. Corporate costs are not allocated to the segments and are shown separately. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 15 Note 13 – Continued For the Three Months Ended March 31, 2026 Self Portable Management Storage Storage Division Corporate Total Revenue 82,864,406 $ 1,820,962 $ 532,070 $ - $ 85,217,438 $ Operating costs 31,467,045 1,263,241 - - 32,730,286 Net operating income 51,397,361 557,721 532,070 - 52,487,152 Depreciation and amortization 24,731,589 777,691 - 2,635,967 28,145,247 Interest 27,350,185 - - - 27,350,185 Selling, general and admin. - - - 6,867,995 6,867,995 Acquisition and inte --- gration - - - 1,978,626 1,978,626 Interest accretion on convertible debentures - - - 1,167,984 1,167,984 Stock based compensation - - - 240,300 240,300 Realized and unrealized loss on derivative financial instruments - - - 1,564,576 1,564,576 Gain on disposal of assets - - - (9,489) (9,489) Deferred tax recovery - - - (1,272,435) (1,272,435) Net income (loss) (684,413) $ (219,970) $ 532,070 $ (13,173,524) $ (13,545,837) $ Additions: Real estate and equipment 85,951,470 $ 259,893 $ - $ 141,404 $ 86,352,767 $ StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 16 Note 13 – Continued For the Three Months Ended March 31, 2025 Self Portable Management Storage Storage Division Corporate Total Revenue 73,923,414 $ 1,899,418 $ 448,471 $ - $ 76,271,303 $ Operating costs 27,292,179 1,323,631 - - 28,615,810 Net operating income 46,631,235 575,787 448,471 - 47,655,493 Depreciation and amortization 25,074,325 845,293 - 733,411 26,653,029 Interest 24,597,948 - - - 24,597,948 Selling, general and admin. - - - 6,087,577 6,087,577 Acquisition and integration - - - 1,612,851 1,612,851 Interest accretion on convertible debentures - - - 1,129,896 1,129,896 Stock based compensation - - - 83,959 83,959 Realized and unrealized loss on derivative financial instruments - - - 969,752 969,752 Loss on disposal of assets - - - 39,827 39,827 Deferred tax recovery - - - (2,150,336) (2,150,336) Net income (loss) (3,041,038) $ (269,506) $ 448,471 $ (8,506,937) $ (11,369,010) $ Additions: Real estate and equipment 40,562,069 $ 103,150 $ - $ 69,133 $ 40,734,352 $ Total Assets Self Portable Management Storage Storage Division Corporate Total As at December 31, 2025 2,230,011,889 $ 22,727,287 $ 18,752,277 $ 135,341,978 $ 2,406,833,431 $ As at March 31, 2026 2,294,239,895 $ 22,230,055 $ 18,680,951 $ 132,917,873 $ 2,468,068,774 $ 14. Lease Liabilities The Corporation leases buildings and land in British Columbia, Alberta, Manitoba, Ontario, Quebec, and the North West Territories. The leases expire between 2026 and 2075, with the leases expiring in 2026 and 2027 having up to 5 years and 20 years of renewals, respectively, which are expected to be exercised by the Corporation. The lease liabilities are measured at the present value of the lease payments that are outstanding at the balance sheet date. Lease payments are apportioned between interest expense and a reduction of the lease liability using the Corporation’s incremental borrowing rate to achieve a constant rate of interest on the remaining balances of the liability. For the three months ended March 31, 2026, the Corporation recognized $1,594,272 (March 31, 2025 - $1,142,597) in interest expense related to its lease liabilities. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 17 Note 14 – Continued A reconciliation of the lease liabilities associated with self storage properties is as follows: March 31, 2026 December 31, 2025 Balance, beginning of period 141,712,423 $ 92,142,366 $ Additions and reassessments (105,571) 55,165,139 Cash payments (3,088,694) (11,361,950) Interest 1,594,272 5,766,868 Balance, end of period 140,112,430 $ 141,712,423 $ Lease payments in each of the next five years are estimated as follows: Year 1 12,361,307 $ Year 2 11,510,716 $ Year 3 11,417,870 $ Year 4 10,229,577 $ Year 5 10,168,542 $ Thereaft --- er 190,923,785 $ 15. Subsequent Events On April 22, 2026, the Corporation approved an increase to the quarterly dividend for Q2 2026 by 0.5% to $0.003021 per common share. StorageVault Canada Inc. Notes to the Interim Consolidated Financial Statements For the Three Months Ended March 31, 2026 and 2025 (Unaudited) Notes: 18 StorageVault Canada Inc. DIRECTORS OFFICERS Ben Harris Steven Scott Bedford, NY Chief Executive Officer Iqbal Khan Iqbal Khan Toronto, ON Chief Financial Officer Deborah Robinson Toronto, ON Steven Scott Toronto, ON Alan Simpson Regina, SK Mary Vitug Toronto, ON LEGAL COUNSEL AUDITORS DLA Piper (Canada LLP) MNP LLP Livingston Place 2000, 112 4th Ave S.W. 1000, 250 2nd St. S.W. Calgary, AB T2P 0H3 Calgary, AB T2P 0C1 Telephone 403-263-3385 Telephone 403-296-4470 Facsimile 403-269-8450 Facsimile 403-296-4474 HEAD OFFICE REGISTRAR & TRANSFER AGENT StorageVault Canada Inc. TSX Trust 100 Canadian Rd. 300 – 5th Ave. S.W., 10th Floor Toronto, ON M1R 4Z5 Calgary, AB T2P 3C4 Telephone 1-877-622-0205 Telephone 403-218-2800 Email: [email protected] Facsimile 403-265-0232 TSX LISTING: SVI