Exhibit 10.28

 

11 June 2003

 

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SECURITIES PURCHASE AGREEMENT

 

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SSC BENELUX INC.

 

as Buyer

 

AIG Self Storage GP, LLC

 

and

 

AIG Self Storage LP, LLC

 

and

 

AIRE Investments, Sàrl

 

as Sellers

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CONTENTS

 

CLAUSE

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   PAGE

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1.

  

Interpretation

   3

2.

  

Sale And Purchase

   5

3.

  

Purchase Price And Payment

   6

4.

  

Conditions Precedent

   7

5.

  

Closing

   8

6.

  

Representations And Warranties Of The Buyer - Indemnification - Limitations

   9

7.

  

Representations And Warranties Of The Sellers - Indemnification - Limitations

   10

8.

  

Claims

   11

9.

  

Assumption Of Liabilities

   12

10.

  

Covenants

   12

11.

  

Miscellaneous Provisions

   13

12.

  

Governing Law And Jurisdiction

   14

Schedule 1 - WAIVER LETTERS

    

 

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SECURITIES PURCHASE AGREEMENT

 

BETWEEN:

 

1. AIG Self Storage GP, LLC, a Delaware limited liability company, having its
principal office at 1 Chase Manhattan Plaza, 57th Floor, New York, NY 10005,
U.S.A., hereinafter referred to as (“AIG GP”);

 

2. AIG Self Storage LP, LLC, a Delaware limited liability company, having its
principal office at 1 Chase Manhattan Plaza, 57th Floor, New York, NY 10005,
U.S.A., hereinafter referred to as (“AIG LLP”);

 

3. AIRE Investments, Sàrl, a Luxembourg Société à Responsabilité Limitée, having
its principle office at 33 Boulevard de Prince Henri, L-1724, Luxembourg
(“AIRE”)

 

(AIG GP, AIG LLP and AIRE are hereinafter together referred to as the “Seller”
or the “Sellers”);

 

AND

 

4. SSC BENELUX INC., a company organized and existing under the laws of the
State of Washington, USA, having its registered office at 1155 Valley Street,
Suite 400, Seattle, WA 98109-4426, U.S.A. (the “Buyer”).

 

WHEREAS:

 

A. Shurgard Self Storage SCA (previously named SSC Benelux & Co. S.C.A.) is a
Belgian company (société en commandite par actions) having its registered office
at Quai du Commerce 48, 1000 Brussels, Belgium, registered with the commercial
registry of Brussels under n° 587.679 (the “Company”).

 

B. Each of the Sellers and the Buyer hold equity participations in the Company.
The Sellers and the Buyer are parties to a Joint Venture Agreement dated 8
October 1999, as amended by an addendum dated 31 July, 2000 and an addendum
dated 24 April, 2003, with respect to the Company (the “Joint Venture
Agreement”).

 

C. The Sellers have agreed to sell their respective participations in the
Company to the Buyer and the Buyer has agreed to purchase such participations
from each of the Sellers, on the terms of and subject to the conditions set out
in this Agreement.

 

NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

 

1. INTERPRETATION

 

1.1 Unless otherwise defined herein, capitalised terms used in this Agreement
shall have the meaning given thereto in the Joint Venture Agreement.

 

1.2 In addition, the following terms shall have the following meaning:

 

“Agreement”:

  

the present agreement and the schedules thereto;

 

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“Breach of Representations”:

   means, in respect of any representations and warranties contained in the
Clauses 6.1 and 7.1, that all or part of the facts stated therein are not true
and accurate;

“Company Code”:

   the Belgian company code, enacted by the law of 7 May 1999, as amended from
time to time;

“Closing”:

   the consummation of the sale and purchase of the Securities in accordance
with this Agreement;

“Closing Date”:

   the date set for Closing pursuant to Clause 5.1;

“Conditions”:

   the conditions precedent set out in Clause 4.2;

“New Profit Certificates”:

   has the meaning set out in the Undertaking to Subscribe;

“Purchase Price”:

   the purchase price for the Securities, as set out in Clause 3.1, adjusted, as
the case may be, in accordance with Clause 3.2;

“Right of First Offer”:

   the right of first offer provided for or referred to in the clauses 4.4.2 and
4.6.5 of the Joint Venture Agreement, clause 4.5 of the Undertaking to Subscribe
and clause 11.1 of the articles of association of the Company;

“GP Securities”:

   4 General Partner Interests (referred to in the Company’s Articles of
Association as “actions commanditées”) which are being sold by AIG GP to the
Buyer under this Agreement;

“LLP Securities”:

   29,230 Profit Certificates (“PC”) (referred to in the Company’s Articles of
Association as “Parts Bénéficiaires”) and 2,903 New Profit Certificates
(“NPC”)(referred to in the Company’s Articles of Association as “Nouvelles Parts
Bénéficiaires”) in the Company which are being sold 21,922 PC and 2,177 NPC by
AIG LLP and 7,308 PC and 726 NPC by AIRE respectively to the Buyer under this
Agreement;

“Securities”:

   GP Securities and LLP Securities;

“Shurgard Stock”:

   common or preferred stock of Shurgard Storage Centers, Inc. to be listed on
the New York Stock Exchange;

“Third-Party Right”:

   any mortgage, charge, pledge, lien, right of usufruct, option, restriction,
right of first refusal, right of pre-emption, easement, third-party right or
interest, other encumbrance or security interest of any kind; and

 

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“Undertaking to Subscribe”:

   the agreement with respect to the undertaking to subscribe to New Profit
Certificates entered into between the parties, among others, on 27 February
2001.

 

1.3 Interpretation

 

  l.3.l The titles and headings included in this Agreement are for convenience
only and do not express in any way the intended understanding of the parties.
They shall not be taken into account in the interpretation of the provisions of
this Agreement.

 

  1.3.2 The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”,
“herewith” and words of similar import shall refer to this Agreement as a whole
and not to any particular clause, paragraph or other subdivision.

 

  1.3.3 The words “include”, “includes”, “including” and all forms and
derivations thereof shall mean including but not limited to.

 

  1.3.4 All periods of time set out in this Agreement shall be calculated from
midnight to midnight. They shall start on the day following the day on which the
event triggering the relevant period of time has occurred. The expiration date
shall be included in the period of time. If the expiration date is a Saturday, a
Sunday or a bank holiday in Belgium, London or the USA, the expiration date
shall be postponed until the next business day. Unless otherwise provided
herein, all periods of time shall be calculated in calendar days. All periods of
time consisting of a number of months (or years) shall be calculated from the
day in the month (or year) when the triggering event has occurred until the eve
of the same day in the following month(s) (or year(s)) (“de quantième à veille
de quantième” / “van de zoveelste tot de dag vóór de zoveelste”).

 

  1.3.5 Unless otherwise provided herein, all references to a fixed time of a
day shall mean Brussels time.

 

2. SALE AND PURCHASE

 

2.1 Sale and purchase

 

  2.1.1 Subject to the terms and conditions of this Agreement (including in
particular the Conditions), AIG GP hereby sells to the Buyer the GP Securities,
and the Buyer hereby purchases all of the GP Securities from AIG GP.

 

  2.1.2 Subject to the terms and conditions of this Agreement (including in
particular the Conditions), AIG LLP and AIRE hereby sell to the Buyer the LLP
Securities, and the Buyer hereby purchases all of the LLP Securities from AIG
LLP and AIRE.

 

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2.2 Waiver of the Right of First Offer

 

The Parties acknowledge that the other Partners (as defined in the Joint Venture
Agreement) have duly waived their respective Right of First Offer and the waiver
letters are attached to this Agreement in Schedule 1.

 

2.3 Transfer of title

 

Title to the Securities shall pass, and the Purchase Price shall be paid, on
Closing.

 

2.4 Sale free and clear

 

The Securities are sold with all rights, together with the obligations
identified in Clause 9.1, attaching or accruing to the Securities now or after
the date of this Agreement, including the right to any dividend declared on or
after the date of this Agreement, and free from any and all Third-Party Rights.

 

2.5 All Securities

 

The sale contemplated hereunder is indivisible and shall be valid only if it
applies to all of the Securities. No partial enforcement of this Agreement shall
be allowed.

 

3. PURCHASE PRICE AND PAYMENT

 

3.1 Payment

 

Buyer shall pay Sellers the Purchase Price for the Securities of EUR 31,804,559
(Thirty One Million Eight Hundred Four Thousand Five Hundred Fifty Nine Euro)
cash, payable as follows:

 

  (a) €2,737 (Two Thousand Seven Hundred Thirty Seven Euro) to AIG GP for 4
General Partner Interests;

 

  (b) €23,851,366 (Twenty Three Million Eight Hundred Fifty One Thousand Three
Hundred Sixty Six Euro) to AIG LLP for 21,922 Profit Certificates and 2,177 New
Profit Certificates; and

 

  (c) €7,950,456 (Seven Million Nine Hundred Fifty Thousand Four Hundred Fifty
Six Euro) to AIRE for 7,308 Profit Certificates and 726 New Profit Certificates.

 

The Purchase Price shall be paid by the Buyer on Closing by wire transfer to the
bank accounts of each of the Sellers, the details of which shall be communicated
to the Buyer by each of the Sellers prior to Closing.

 

3.2 In the event that the Company makes an equity call on the New Profit
Certificates (i.e. the request to pay-in, partially or fully, the New Profit
Certificates) prior to the Closing Date, the part of the Purchase Price payable
to AIG LLP and AIRE will be increased by the amount paid by AIG LLP and AIRE to
the Company for the New Profit Certificates.

 

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3.3 The Buyer shall only be liable for the payment of the Purchase Price in
accordance with this Agreement, and shall have no liability for the actual
allocation of the Purchase Price among the Sellers.

 

4. CONDITIONS PRECEDENT

 

4.1 Sale conditional

 

The Closing of the sale of the Securities is subject to the satisfaction, on or
before the date set out in Clause 4.6, of the Conditions set out in Clause 4.2.

 

4.2 Conditions

 

  4.2.1 No prohibition. No order of any court or any governmental agency having
jurisdiction over any party hereto shall have the effect of prohibiting or
restraining the consummation of the sale and purchase of the Securities pursuant
to this Agreement and no legal action or governmental investigation shall be
pending which may reasonably be expected to result in such order or which
otherwise challenges the sale of the Securities.

 

  4.2.2 Waiver of Right of First Offer. The other Partners shall have duly
waived their Right of First Offer.

 

  4.2.3 Access to Equity Markets. Shurgard Storage Centers, Inc. shall have been
able to access the U.S. public equity markets to finance the Purchase Price
through the issuance of Shurgard Stock and shall have received or shall be
entitled to receive without contingency, net proceeds therefrom at least equal
to the Purchase Price by no later than June 20, 2003.

 

4.3 Waiver

 

The Conditions cannot be waived otherwise than with the unanimous written
consent of all parties hereto.

 

4.4 Satisfaction

 

  4.4.1 Reasonable endeavours. The parties undertake to use all reasonable
endeavours, and to co-operate in good faith with each other, to achieve
satisfaction of the Conditions as soon as possible.

 

  4.4.2 Notice of progress. Each party undertakes to the other parties to inform
them in writing forthwith upon it becoming aware of the satisfaction of any
Condition. If at any time a party becomes aware of anything that may prevent or
delay the satisfaction of any Condition, it shall immediately inform the other
parties and the parties shall then co-operate to ensure that, to the extent
possible, the Condition is satisfied.

 

4.5 No retroactive effect

 

Notwithstanding Article 1179 of the Civil Code, the fulfilment of the Conditions
shall have no retroactive effect.

 

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4.6 Failure

 

The Conditions shall be deemed to have failed if they have not all been
fulfilled (or waived pursuant to Clause 4.3) by 6:00 PM (Brussels time) on 27
June 2003, in which case (unless this condition is extended by mutual consent of
the Parties) this agreement shall be terminated and the parties shall cease to
have any rights or obligations hereunder, provided that (a) Clause 11.2 and 11.3
shall survive for 3 years as of the signatory date hereof, and (b) any rights
accrued on or before such date hereunder including the provisions of Clause 12
shall survive termination.

 

5. CLOSING

 

5.1 Closing Date

 

Subject to the satisfaction (or, as the case may be, waiver pursuant to Clause
4.3) of all Conditions, the sale and purchase of the Securities shall be
consummated on 27 June 2003. The Closing Date may be extended by mutual consent
of the parties to 31 July 2003. The Closing shall take place at the offices of
Linklaters DeBandt, Brussels or such other place in Brussels as the Seller and
the Buyer may agree.

 

5.2 Obligations in relation to Closing

 

Each party undertakes to perform diligently and in good faith all such actions
and execute all such documents as the other parties may reasonably direct it to
in order to perfect the sale and purchase of the Securities and the execution of
this Agreement.

 

5.3 Action taken upon Closing

 

  5.3.1 On Closing, the parties or their duly authorized attorneys-in-fact shall
exchange the following documents and take the following actions:

 

  (a) the Buyer shall pay the Purchase Price in the manner set out in Clause 3;

 

  (b) each of the Sellers shall deliver to the Buyer an acknowledgement of
receipt of the part of the Purchase Price due to it;

 

  (c) upon receipt of acknowledgment of payment by the Buyer, each of the
Sellers and the Buyer shall record the transfer of the Securities and sign a
declaration of transfer in respectively the share register and the profit
certificates register of the Company; and

 

  (d) AIG GP shall deliver a resignation letter from its representative on the
Board of Managers of the Company.

 

  5.3.2 Promptly after Closing, the Buyer shall (i) convene and thereafter hold
a Partners Meeting to acknowledge the resignation of the former Manager and
grant a provisional discharge to AIG GP, (ii) arrange for the publication in the
Moniteur belge of the transfer of the GP Securities and resignation of the
former Manager pursuant to this Agreement and (iii) amend Clause 9 of the
Articles of Association of the Company to delete the reference to AIG GP being
an “actionnaire commandite”.

 

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6. REPRESENTATIONS AND WARRANTIES OF THE BUYER - INDEMNIFICATION - LIMITATIONS

 

6.1 Representations and warranties

 

The Buyer represents and warrants to the Sellers that the representations and
warranties set out hereafter are true and accurate as at the date of this
Agreement:

 

  6.1.1 Incorporation and existence. The Buyer is a company duly incorporated
and existing under the Laws of the State of Washington (USA).

 

  6.1.2 Power and authority. Subject to satisfaction of the Conditions, the
Buyer has the right, power and authority, and has taken all action required, to
sign and perform its obligations under this Agreement and all the documents
which are to be signed at Closing.

 

  6.1.3 Validity of the Agreement. The entry by the Buyer into, and performance
of obligations under, this Agreement does not, and its ownership of the
Securities will not, conflict with any law or regulation, judgement or court
order, or contract or agreement by which the Buyer is bound.

 

  6.l.4 Financial condition. The Buyer has the financial means (subject to
satisfaction of the condition set forth in Clause 4.3) to pay the Purchase Price
in the manner provided for in this Agreement.

 

  6.1.5 Legal proceedings. There are, to the best knowledge of the Buyer, no
actions, proceedings or claims pending, the adverse determination of which may
impair the validity or enforceability of this Agreement or any of its principal
terms, materially adversely affect the financial condition of the Buyer or
otherwise negatively affect the Buyer’s ability to perform its obligations under
this Agreement.

 

6.2 Updating of Representations to Closing

 

The Buyer warrants to the Sellers that the representations and warranties set
out in Clause 6.1 shall be true and accurate on the Closing Date, as if they had
been repeated on that day.

 

6.3 Indemnification

 

Subject to the limitations set out in Clause 6.4, the Buyer agrees and
undertakes to indemnify and hold harmless each of the Sellers for any damages
suffered by such Seller as a result of any Breach of Representations.

 

6.4 Limitation of Buyer’s liability

 

  6.4.1 Time limitations. The Buyer shall have no obligation to indemnify the
Sellers in respect of any claim unless it is given by the Sellers to the Buyer
in accordance with Clause 8.1 within two years following the Closing Date.

 

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  6.4.2 Fraud and intentional misconduct. None of the limitations contained in
this Clause 6 shall apply in case of fraud or intentional misrepresentations or
misconduct (“dol” / “bedrog”) by the Buyer.

 

7. REPRESENTATIONS AND WARRANTIES OF THE SELLERS - INDEMNIFICATION - LIMITATIONS

 

7.1 Representations and warranties

 

Each of the Sellers severally, and not jointly and severally, represents and
warrants to the Buyer that the representations and warranties set out hereafter
are true and accurate as at the date of this Agreement:

 

  7.1.1 Incorporation and existence. AIG GP and AIG LLP are companies duly
incorporated and existing under the Laws of the state of Delaware (USA) and AIRE
is a company duly incorporated and existing under the laws of Luxembourg.

 

  7.1.2 Power and authority. Subject to satisfaction of the Conditions, AIG GP,
AIG LLP and AIRE have the right, power and authority, and have taken all action
required, to sign and perform their obligations under this Agreement and all the
documents which are to be signed at Closing.

 

  7.1.3 Validity of the Agreement. The entry by each of the Sellers into, and
performance of obligations under, this Agreement does not conflict with any law
or regulation, judgement or court order, or contract or agreement by which that
Seller is bound.

 

  7.1.4 Legal proceedings. There are, to the best knowledge of the each of the
Sellers, no actions, proceedings or claims pending, the adverse determination of
which may impair the validity or enforceability of this Agreement or any of its
principal terms or which otherwise negatively affects that Seller’s ability to
perform its obligations under this Agreement.

 

  7.1.5 Securities. Each Seller is on the date hereof the lawful holder and
registered owner of the Securities mentioned in Clause 2.1. The Securities are
in registered form and all are duly registered in the name of that Seller in
respectively the share register and the profit certificates register.

 

  7.1.6 Securities paid-up. All of the Securities are fully paid-up, except for
the New Profit Certificates, for which no payment has been made as of the date
of this Agreement.

 

  7.1.7 Agreements. There are no agreements, arrangements or obligations other
than the Articles of Association of the Company, the Joint Venture Agreement and
the Undertaking to Subscribe which affect the voting or distribution rights
attached to the Securities, or which could prevent or affect the transfer of
title to the Buyer of the Securities.

 

  7.1.8 Third-party right. There is no Third-Party Right and there is no
agreement, arrangement or obligation to create a Third-Party Right in relation
to any of the Securities, other than those set out in the Articles of
Association of the Company and the Joint Venture Agreement.

 

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7.2 Updating of Representations to Closing

 

Each of the Sellers warrants to the Buyer that the representations and
warranties set out in Clause 7.1 shall be true and accurate on the Closing Date,
as if they had been repeated on that day.

 

7.3 Indemnification

 

Subject to the limitations set out in Clause 7.4, each of the Sellers agrees and
undertakes to indemnify and hold harmless the Buyer for any damages suffered by
the Buyer as a result of any Breach of Representations of that Seller, it being
understood that this indemnification undertaking is not joint and several.

 

7.4 Limitation of Seller’s liability

 

  7.4.1 Time limitations. No Seller shall have any obligation to indemnify the
Buyer in respect of any claim unless notice of such claim is given by the Buyer
to the relevant Seller in accordance with Clause 8.1:

 

  (a) in the case of any claim for Breach of Representations in respect of
ownership of the Securities as set out in the Clauses 7.1.5 and 7.1.8, within
five years following the Closing Date; and

 

  (b) in the case of any claim for any other Breach of Representations, within
two years following the Closing Date.

 

  7.4.2 Fraud and intentional misconduct. None of the limitations contained in
this Clause 7 shall apply in case of fraud or intentional misrepresentations or
misconduct (“dol” / “bedrog”) by the Sellers.

 

8. CLAIMS

 

8.1 Notification of claims

 

In order to make a claim against the other party, the party making the claim
shall give a notice of such claim to the other party within the time limits
provided in Clauses 6.4.1 or 7.4.1, setting out the legal and factual basis of
the claim, together with, if practicable, a first estimate of the amount of the
damages suffered.

 

8.2 Disagreement on a claim

 

If the relevant Seller and the Buyer are unable to reach agreement on the amount
payable within sixty (60) days following notification of a claim pursuant to
Clause 8.1, the matter shall be decided in accordance with Clause 12
(Arbitration).

 

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9. ASSUMPTION OF LIABILITIES

 

9.1 General

 

  9.1.1 The Buyer, as successor of the Securities, shall as from Closing, assume
all rights and obligations of the Sellers under the Joint Venture Agreement, the
Undertaking to Subscribe and the Articles of Association of the Company, to the
extent that the Securities are acquired by the Buyer, it being understood that
the Buyer shall only assume liability in respect of facts, actions, omissions or
events taking place or arising after Closing.

 

  9.1.2 The Buyer’s assumption of liability with respect to the GP Securities
acquired from AIG GP pursuant to this Agreement shall be limited to claims or
legal liability arising from facts, actions, omissions or events taking place or
arising after Closing. AIG GP shall remain liable and shall hold the Buyer
harmless after the Closing Date from any claims or liabilities arising from
facts, actions, omissions or events occurring prior to the Closing Date.

 

10. COVENANTS

 

10.1 Voting

 

Conditional upon and from such time that the Conditions are satisfied until
Closing, AIG GP undertakes in favour of the Buyer that its representative on the
Board of Managers of the Company shall vote in favour of the approval of the
transfer of Partner Interests and/or Profit Certificates to the Buyer; shall
also vote with the Buyer on all other matters submitted to the Board of Managers
of the Company from such time that the Conditions are satisfied until Closing,
provided that, in the reasonable opinion of AIG GP, such vote is not contrary to
the interests of the Company.

 

10.2 Covenants in Joint Venture Agreement

 

The Sellers undertake to be bound by the terms of Article 7.3 of the Joint
Venture Agreement.

 

10.3 Co-operation

 

The parties shall do and execute, or arrange for the doing and execution of, all
acts, documents and things necessary to give effect to this Agreement.

 

10.4 Notice to the Company

 

The Buyer shall, on Closing, notify the Company of its acquisition of the
Securities, in accordance with Article 632 § 2 of the Company Code.

 

10.5 Joint and several liability between the Sellers

 

Except as otherwise provided herein, all undertakings and other obligations of
AIG GP, AIG LLP and AIRE under this Agreement shall be joint and several
(“solidaire et indivisible” / “hoofdelijk en ondeelbaar”) between AIG GP, AIG
LLP and AIRE. The joint and several liability of AIG GP, AIG LLP and AIRE shall
not extend to any other person or entity affiliated to any of the Sellers.

 

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11. MISCELLANEOUS PROVISIONS

 

11.1 Announcements

 

  11.1.1 No public announcement, communication or circular concerning the
transaction referred to in this Agreement may be made at any time (before or
after Closing) by any party without having first obtained the written consent of
the other parties who must not unreasonably refuse, withhold or delay the giving
of consent.

 

  11.1.2 Where the announcement, communication or circular is required or
requested by law or a regulation of a securities exchange, the party required to
make it must if practicable first consult, and take into account the reasonable
requirements of, the other parties.

 

11.2 Confidentiality of the Agreement

 

The terms of this Agreement shall be kept confidential for a period of 3 years
from the date of this Agreement and during such time shall not be disclosed to
any third party except (a) as required or requested by law or securities
exchange regulations, (b) as necessary to respond to a request from any
administration or authority, (c) as necessary to support a claim or defence in
litigation between the parties hereto, (d) as necessary in accordance with the
Sellers’ requirements to provide periodic financial information to their
partners or shareholders or (e) as otherwise agreed in writing between the
parties.

 

11.3 Costs

 

Save as otherwise provided herein, each party shall bear its own costs relating
to the negotiation, preparation and execution and implementation by it of this
Agreement and of all other documents ancillary hereto.

 

11.4 Notices

 

All notices to be made in writing under this Agreement shall be given in the
English language by registered mail, express courier service or telefax
(confirmed by registered mail or express courier service) to the following
addresses or such other addresses as the parties may have designated to each
other by notice given in accordance with this Clause:

 

If to AIG GP:

   Name:   

AIG Self Storage GP, LLC

     Address:   

1 Chase Manhattan Plaza,

57th Floor,

New York,

NY 10005, U.S.A

     Attention:   

Richard D’Alessandri

     Fax:   

+1 212 514 5235

 

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If to AIG LLP:

   Name:   

AIG Self Storage LP, LLC

     Address:   

1 Chase Manhattan Plaza,

57th Floor,

New York,

NY 10005, U.S.A

     Attention:   

Richard D’Alessandri

     Fax:   

+1 212 514 5235

If to AIRE

   Name:   

AIRE Investments, Sàrl

     Address:   

33 Boulevard de Prince Henri,

L-1724,

Luxembourg (“AIRE”)

     Attention:   

Hugo Neuman

     Fax:   

+352 241 43 33 00

If to the Buyer:

   Name:   

SSC Benelux Inc

     Address:   

1155 Valley Street,

Suite 400, Seattle,

WA 98109-4426, USA,

     Attention:   

General Counsel

     Fax:   

+1 206 652 3760

 

11.5 Other agreements - amendments

 

This Agreement supersedes and replaces any and all prior negotiations,
arrangements and understandings, whether or not in writing, between the parties
with respect to the subject matter of the Agreement. No variation of this
Agreement is valid unless it is in writing and signed by or on behalf of each
party.

 

11.6 Assignment

 

This Agreement shall be binding upon and inure for the benefit of the successors
of the parties but may not be assigned.

 

11.7 Severability

 

If any provision in this Agreement shall be held to be illegal, invalid or
unenforceable, in whole or in part, under any applicable law, that provision
shall be deemed not to form part of this Agreement, and the legality, validity
or enforceability of the remainder of this Agreement shall not be affected. In
such case, each party shall use its best efforts to immediately negotiate in
good faith a valid replacement provision having a similar economic effect.

 

12. GOVERNING LAW AND JURISDICTION

 

12.1 This Agreement is governed by and shall be construed and interpreted in
accordance with the Laws of Belgium.

 

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12.2 Any dispute arising from this Agreement shall be submitted for final and
binding arbitration to an arbitration tribunal comprised of three arbitrators
appointed and deciding in accordance with the rules of the International Chamber
of Commerce. The arbitration procedure shall take place in Brussels, Belgium,
and shall be conducted in the English language.

 

12.3 This agreement may be executed in any number of counterparts. This has the
same effect as if the signatures on the counterparts were on a single copy of
this agreement.

 

Done on 11 June 2003, in three originals, each party acknowledging receipt of
one such original.

 

AIG SELF STORAGE GP, LLC

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Name:

Title:

AIG SELF STORAGE LP, LLC

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Name:

Title:

AIRE INVESTMENTS, SÀRL

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Name: [Illegible]

Title: Director

SSC BENELUX INC.

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Name: [Illegible]

Title: SR. V.P., Secretary

 

- 15 -

--------------------------------------------------------------------------------

SCHEDULE 1 - WAIVER LETTERS

 

- 16 -

--------------------------------------------------------------------------------

   

            REIB Europe Operator Limited

   

            Winchester House

   

            1 Great Winchester Street

   

            London

   

            EC2N 2DB

To:

   

AIG Self Storage GP, LLC

 

            Telephone: 0207 545 8000

1 Chase Manhattan Plaza

 

            Fax: 0207 547 5444

57th Floor, New York

   

NY 10005, U.S.A.

   

AIRE Investments, Sàrl

 

AIG Self Storage LP, LLC

33 Boulevard de Prince Henri

 

1 Chase Manhattan Plaza

L-1724, Luxembourg

 

57th Floor, New York

   

NY 10005, U.S.A.

London, 6th June, 2003

   

Dear Sirs,

   

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us, inter alia, of the intention
of:

 

(a) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(b) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proof dated 3rd
June, 2003 of the agreement attached to the Sale Notice and hereby waive our
Right of First Offer (as defined in Article 4.4.2.2 the Joint Venture Agreement)
with respect to the sales of the Offered Securities to Shurgard Storage Centers
Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

/s/ Emma Simmons

--------------------------------------------------------------------------------

Emma Simmons

Director

REIB Europe Operator Limited

Copy: Board of directors of the Company

 

Registered in England and Wales 3847120. Registered office Winchester House, 1
Great Winchester Street London EC2N 2DB

 

--------------------------------------------------------------------------------

   

REIB International Holdings Limited

   

Winchester House

   

1 Great Winchester Street

   

London

   

EC2N 2DB

To:

   

AIG Self Storage GP, LLC

 

Telephone: 0207 545 8000

1 Chase Manhattan Plaza

 

Fax: 0207 547 5444

57th Floor, New York

   

NY 10005, U.S.A.

   

AIRE Investments, Srl

 

AIG Self Storage LP, LLC

33 Boulevard de Prince Henri

 

1 Chase Manhattan Plaza

L-1724, Luxembourg

 

57th Floor, New York

   

NY 10005, U.S.A.

London, 6th June, 2003

   

Dear Sirs,

   

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us, inter alia, of the intention
of:

 

(a) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(b) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIRE Investments, Srl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proof dated 3rd
June, 2003 of the agreement attached to the Sale Notice and hereby waive our
Right of First Offer (as defined in Article 4.4.2.2 the Joint Venture Agreement)
with respect to the sales of the Offered Securities to Shurgard Storage Centers
Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

/s/ Emma Simmons

--------------------------------------------------------------------------------

Emma Simmons

Director

REIB International Holdings Limited

Copy: Board of directors of the Company

 

Registered in England and Wales 3834064. Registered office Winchester House, 1
Great Winchester Street London EC2N 2DB

--------------------------------------------------------------------------------

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

London, 6 June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5 June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

1

--------------------------------------------------------------------------------

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated June,
2003 of the agreements attached to the Sale Notice and hereby waive our Right of
First Offer (as defined in Article 4.4.2.2 the Joint Venture Agreement) with
respect to the sales of the Offered Securities to Shurgard Storage Centers Inc.

 

Kind regards,

 

/s/ Elizabeth McLoughlin

--------------------------------------------------------------------------------

Elizabeth McLoughlin, Vice President

AIG Self Storage GP LLC

/s/ Elizabeth McLoughlin

--------------------------------------------------------------------------------

Elizabeth McLoughlin, Vice President

AIG Self Storage GP LLC

/s/ Jeremy Hussey

--------------------------------------------------------------------------------

Jeremy Hussey, as Attorney for

AIRE Investments Sàrl

Copy:    Board of directors of the Company

 

2

--------------------------------------------------------------------------------

POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS:

 

THAT the undersigned AIRE Investments Sarl, a company organized under the laws
of Luxembourg (the “Company”), hereby makes, constitutes and appoints Jeremy
Hussey its true and lawful attorney to sign the attached letter regarding the
Transfer of Partnership interest in Shurgard Self Storage SCA (the “Transfer
Notice”) and the attached letter regarding the Waiver of the Right of First
Offer with respect to the transfer notices of REIB Europe Operator Limited, REIB
International Holdings Limited, AIG Self Storage GP, LLC, and AIG Self Storage
LP, LLC (the “Waiver Letter”) on behalf of the Company. Said attorney is hereby
authorized to execute both the Transfer Notice and the Waiver Letter with such
changes as may reasonably be agreed among the signatories thereto. Said attorney
shall have full power and authority, including the power of substitution, to do
any and all things necessary, incidental or convenient in the premise, and
ratifying and confirming whatever action he or any substitute may do by virtue
of the authority hereby conferred.

 

IN WITNESS WHEREOF the undersigned has caused this instrument to be executed
this fifth day of June, 2003.

 

For and on behalf of:

AIRE Investments Sarl

By:

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

By:

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    THE Corporate Services S.A. Manager B

--------------------------------------------------------------------------------

 

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

   

33 Boulevard de Prince Henri

   

L-1724, Luxembourg

   

 

London, 6 June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5 June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

1

--------------------------------------------------------------------------------

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated June,
2003 of the agreements attached to the Sale Notice and hereby waive our Right of
First Offer (as defined in Article 4.4.2.2 the Joint Venture Agreement) with
respect to the sales of the Offered Securities to Shurgard Storage Centers Inc.

 

Kind regards,

 

/s/ Jeremy Hussey

--------------------------------------------------------------------------------

Jeremy Hussey, as Attorney for

AIG Self Storage LP LLC

Copy: Board of directors of the Company

 

2

--------------------------------------------------------------------------------

POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS THAT:—

 

  1. Reference is made to -

 

  (a) that certain Joint-Venture Agreement dated 8 October, 1999 (as amended)
(“Joint Venture Agreement”) by and among Shurgard Storage Centers Inc.
(“Shurgard Storage”), SSC Benelux Inc. (“SSC Benelux”), Shurope Storage S.A.
(“Shurope Storage”), Recom & Co. S.N.C. (“Recom”), E-Parco S.A.R.L. (“E-Parco”),
European Self Storage S.A. (“European Self Storage”), Restructuring Competence
S.A. (“Restructuring Competence”), Grana International S.A. (“Grana
International”), REIB Europe Operator Limited (“Deutsche Bank GP”), REIB
International Holdings Limited (“Deutsche Bank LLP”), Fremont SE (G.P.)
Ventures, L.L.C. (“Fremont G.P.”), Fremont SE (L.L.P.) Ventures, L.L.C.
(“Fremont L.L.P.”), AIG Self Storage GP, LLC (“AIG GP”), AIG Self Storage LP,
LLC (“AIG LLP”), SSC General Partner (Guernsey) Limited (“CSFB G.P.”), SSC
Partner (Guernsey) Limited (“CSFB L.L.P.”), Deutsche Bank Aktiengesellschaft,
London (“Deutsche Bank”), Fremont Investors, Inc. (“Fremont Investors”), Credit
Suisse First Boston (International) Holding AG (“Credit Suisse”), AIG Global
Real Estate Investment Corp. (“AIGGRE”), Credit Suisse First Boston (Europe)
Limited (“CSFB Europe”) and SSC Benelux & Co. S.C.A. (“Shurgard”),

 

  (b) that certain Undertaking to Subscribe dated 27 February 2001 (the
“Undertaking to Subscribe”) by and among Shurgard Storage, SSC Benelux, Shurope
Storage, Recom, E-Parco, European Self Storage, Restructuring Competence, Grana
International, Deutsche Bank GP, Deutsche Bank LLP, Fremont G.P., Fremont
L.L.P., AIG GP, AIG LLP, CSFB G.P., CSFB L.L.P., Deutsche Bank, Fremont
Investors, Credit Suisse, AIGGRE, CSFB Europe and Shurgard, and

 

  (c) that certain Membership Interest Purchase Agreement dated as of November
22, 2002 by and between AIG LLP and AIRE Investment S.a.r.l., pursuant to which
AIRE purchased certain Shurgard Partner Interests (as defined below) from AIG
LLP;

 

  2. Capitalised terms used in this letter shall have the meanings given thereto
in the Joint Venture Agreement and the Undertaking to Subscribe, unless
expressly stated otherwise;

 

  3. In connection with the sale of Profit Certificates and New Profit
Certificates held by AIG LLP, AIG LLP intends to provide to the existing holders
of Shurgard Partner Interests, as a group, the Sale Notice referred to in Clause
4.4.2.1 of the Joint Venture Agreement (in the form attached hereto as Exhibit
A, the “Sale Notice”);

--------------------------------------------------------------------------------

  4. In connection with the delivery by AIG LLP of the Sale Notice to the
existing holders of Shurgard Partner Interests, as a group, AIG LLP hereby
irrevocably appoints Jeremy Hussey its attorney-in-fact for the purpose of
executing the Sale Notice, together with any and all documents contemplated by
the Sale Notice which he may deem necessary to implement the sale of Profit
Certificates and New Profit Certificates held by AIG LLP in accordance with the
terms and conditions of the Joint Venture Agreement;

 

  5. In connection with (a) the sale of Profit Certificates and New Profit
Certificates by AIRE, (b) the sale of General Partner Interests held by AIG GP,
and (c) the provision by each of AIRE and AIG GP, respectively, of a Sale Notice
to the existing holders of Shurgard Partner Interests (including AIG LLP), as a
group, relating to such sale of Profit Certificates, New Profit Certificates and
General Partner Interests, AIG LLP hereby irrevocably appoints Jeremy Hussey its
attorney-in-fact for the purpose of executing a Waiver of the Right of First
Offer (in the form attached hereto as Exhibit B, the “Waivers”) relating to each
such Sale Notice, together with any and all documents contemplated by such
Waivers which he may deem necessary to implement the waiver by AIG LLP of its
Right of First Offer in accordance with the terms and conditions of the Joint
Venture Agreement; and

 

  6. Such powers of attorney granted herein shall be deemed to be coupled with
an interest, and such power of attorney shall, to the extent permitted by law,
survive the dissolution or bankruptcy of AIG LLP.

 

AIG SELF STORAGE LP, LLC By:  

/s/ Richard J. D’Alessandri

--------------------------------------------------------------------------------

   

Richard J. D’Alessandri

   

Vice President

--------------------------------------------------------------------------------

STATE OF NEW YORK

 

)

    ) SS:

COUNTY OF NEW YORK

 

)

 

On this 4th day of June 2003, before me came Richard D’Alessandri, to me known
as the individual who executed the foregoing instrument.

 

        

/s/ Laura M.Barresi

--------------------------------------------------------------------------------

         Notary Public          LAURA M. BARRESI          Notary Public, State
of New York          No. 01-BA6009809          Qualified in Richmond County    
     Commission Expires [ILLEGIBLE]

--------------------------------------------------------------------------------

EXHIBIT A

 

To: Distribution List

 

[·] June, 2003

 

Dear Sirs,

 

Transfer of Partnership Interest in Shurgard Self Storage SCA

 

We refer to the Joint-Venture Agreement dated 8 October, 1999 (as amended)
between, among others, yourselves, REIB Europe Operator Limited (“REIB GP”),
REIB International Holdings Limited (“REIB LLP”), AIG Self Storage GP, LLC (“AIG
GP”) AIG Self Storage LP, LLC (“AIG LLP”) and AIRE Investments, Sàrl (“AIRE”)
(the “Joint Venture Agreement”) and the Undertaking to Subscribe dated 27
February 2001 between, among others, yourselves, REIB GP, REIB LLP, AIG GP, AIG
LLP and AIRE (the “Undertaking to Subscribe”).

 

Capitalised terms used in this letter shall have the meaning given thereto in
the Joint Venture Agreement, unless expressly stated otherwise.

 

We hereby provide the Sale Notice referred to in Clause 4.4.2.1 of the Joint
Venture Agreement on behalf of:

 

(a) REIB GP and REIB LLP of REIB GP’s intention to sell 7 General Partner
Interests and of REIB LLP’s intention to sell 52,615 Profit Certificates and
5,225 New Profit Certificates (as defined in the Undertaking to subscribe)
(together the “REIB Shareholding”); and

 

(b) AIG GP, AIG LLP and AIRE of AIG GP’s intention to sell 4 General Partner
Interests, of AIG LLP’s intention to sell 21,922 Profit Certificates and 2,177
New Profit Certificates and of AIRE’s intention to sell 7,308 Profit
Certificates and 726 New Profit Certificates (together the “AIG Shareholding”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) to Shurgard Storage
Centers Inc. (“Shurgard US”).

 

The bona fide offer price for the entire REIB Shareholding is EUR 57,250,000 and
the bona fide offer price for the entire AIG Shareholding is EUR 31,804,559.

 

Pursuant to Clause 4.4.2 of the Joint Venture Agreement, REIB GP and REIB LLP
are required to offer existing holders of Shurgard Partner Interests, as a
group, an opportunity to purchase all of the REIB Shareholding and AIG GP, AIG
LLC and AIRE are required to offer existing holders of Shurgard Partner
Interests, as a group, an opportunity to purchase all of the AIG Shareholding at
the same terms and conditions as those offered to Shurgard US by exercising
their Offer Right in accordance with the terms of the Joint Venture Agreement.

 

We would request, however, that each of the existing holders of Shurgard Partner
Interests waive such rights and for this purpose we attach forms of the waiver
letters which we should be grateful if you would complete, sign and return by
fax and by courier to James Roe of Allen & Overy of One New Change, London, EC4M
9QQ, England (fax number: +44 207 330 9999) as soon as possible.

--------------------------------------------------------------------------------

You will find attached, for your information, copies of the draft securities
purchase agreements which contain all other terms and conditions governing the
offer of the REIB Shareholding and the AIG Shareholding. Apart from the identity
of the parties, the equity participations being sold and the consideration
payable, the terms of the two agreements are substantially the same.

 

This Sales Notice and the information contained herein is subject to the
confidentiality undertaking contained in Clause 7.3.1 of the Joint Venture
Agreement.

 

Yours sincerely,

 

   

 

--------------------------------------------------------------------------------

  

 

--------------------------------------------------------------------------------

   

[                    ]

  

[                    ]

   

REIB Europe Operator Limited

  

AIG Self Storage GP, LLC

   

REIB International Holdings Limited

  

AIG Self Storage LP, LLC

        

AIRE Investments, Sarl

--------------------------------------------------------------------------------

Distribution List

Shurgard Storage Centers Inc.

1155 Valley Street, Suite 400

Seattle, WA 98190-4426

USA

Attn: Mr. Charles K. Barbo

 

Grana International S.A.

Quai due Commerce 48

1000 Brussels

Belgium

Attn: Mr. Patrick Metdepenninghen
     Mr. Ake Fogelberg

SSC Benelux Inc.

1155 Valley Street, Suite 400

Seattle, WA 98190-4426

USA

Attn: Mr. Charles K. Barbo

 

Deutsche Bank AG, London

Winchester House

1 Great Winchester Street

London EC2N 2DB

Attn: David Netser
     Emma Simmons

Shurope Storage S.A.

Quai du Commerce 48

1000 Brussels

Belgium

Attn: Mr. Charles K. Barbo
     Mr. Harrell L. Beck

 

Fremont SE (G.P.) Ventures, L.L.C.

C/o Fremont Realty Capital, L.P.

375 Park Avenue, Suite 3101

New York, NY 10152

Attn: Frederick P. Zarrilli

Recom & Co. S.N.C.

Quai du Commerce 48

1000 Brussels

Belgium

Attn: Mr. Patrick Metdepenninghen

 

Fremont SE (L.P.) Ventures, L.L.C.

C/o Fremont Realty Capital, L.P.

375 Park Avenue, Suite 3101

New York, NY 10l52

Attn: Frederick P. Zarrilli

E-Parco S.A.R.L.

Boulevard Royal 4

2449 Luxembourg

Luxembourg

Attn: Halsey S.A.R.L.

 

Fremont Group, L.L.C.

50 Fremont Street, Suite 3700

San Francisco, CA 94105

Attn: General Counsel

European Self Storage S.A.

Quai due Commerce 48

1000 Brussels

Belgium

Attn: Mr. Patrick Metdepenninghen

 

AIG Self Storage LP, LLC

C/o AIG Global Real Estate Investment

1 Chase Manhattan Plaza, 57th Floor

New York, NY 10005

Attn: President

Restructuring Competence S.A.

Quai du Commerce 48

1000 Brussels

Belgium

Attn: Mr. Patrick Metdepenninghen

 

AIG Global Real Estate Investment

1 Chase Manhattan Plaza, 57th Floor

New York, NY 10005

Attn: Kevin Fitzpatrick

Fremont Investors, Inc.

50 Fremont Street, Suite 3700

San Francisco, CA 94105

Attn: General Counsel

 

Fremont Realty Capital, L.P.

375 Park Avenue, Suite 3101

New York, NY 10152

Attn: Frederick P. Zarrilli

--------------------------------------------------------------------------------

SSC Benelux & Co. S.C.A.

  

SSC Benelux & Co. S.C.A.

    

Quai du Commerce 48

  

Quai du Commerce 48

    

1000 Brussels

  

1000 Brussels

    

Belgium

  

Belgium

    

Attn: Mr. Patrick Metdepenninghen

  

Attn: The Chairman of the Board

    

--------------------------------------------------------------------------------

EXHIBIT B

 

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

[PLACE], [    ] June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated · June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales as set out in the
proofs dated · June, 2003 of the agreements attached to the Sale Notice and
hereby waive our Right of First Offer (as

--------------------------------------------------------------------------------

defined in Article 4.4.2.2 the Joint Venture Agreement) with respect to the
sales of the Offered Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised
by the board meeting dated [DATE].

 

Kind regards,

 

--------------------------------------------------------------------------------

     

[NAME], [TITLE]

   

[COMPANY NAME]

   

Copy: Board of directors of the Company

   

--------------------------------------------------------------------------------

Graner International SA

 

To:

   

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sárl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

10th June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) ARE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4.2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    

[NAME], [TITLE] [ILLEGIBLE]

    

[COMPANY NAME] Grana International S.A.

    

Copy: Board of directors of the Company

    

 

2

--------------------------------------------------------------------------------

European Self Storage SA

 

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sárl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

10th June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sárl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4.2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    

[NAME], [TITLE] [ILLEGIBLE]

    

[COMPANY NAME] European Self Storage SA

    

Copy: Board of directors of the Company

    

 

2

--------------------------------------------------------------------------------

[ILLEGIBLE]

 

To:

 

   

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sárl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

10th June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4,2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    

[NAME], [TITLE] [ILLEGIBLE]

    

(COMPANY NAME] [ILLEGIBLE]

    

Copy:    Board of directors of the Company

    

 

 

 

 

2

--------------------------------------------------------------------------------

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

San Francisco, California. June 10, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4.2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

Fremont SE (L.P.) Ventures, L.L.C.     

By:

 

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    

Its: Authorized Signatory

    

Copy: Board of directors of the Company

    

 

2

--------------------------------------------------------------------------------

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

  

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

  

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

33 Boulevard de Prince Henri

L-1724, Luxembourg

    

 

San Francisco, California. June 10, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4.2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

Fremont SE (L.P.) II Ventures, L.L.C.     

By:

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    

Its:

 

Authorized Signatory

    

Copy:

 

Board of directors of the Company

    

 

2

--------------------------------------------------------------------------------

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

  

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

A1G Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

  

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

33 Boulevard de Prince Henri

L-1724, Luxembourg

    

 

San Francisco, California. June 10, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4.2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

Fremont SE (G.P.) Ventures, L.L.C.     

By:

  

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

    

Its:

  

President

    

Copy:

  

Board of directors of the Company

    

 

2

--------------------------------------------------------------------------------

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

33 Boulevard de Prince Henri

L-1724, Luxembourg

   

 

San Francisco, California. June 10, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

1

--------------------------------------------------------------------------------

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the Sale Notice and hereby waive our
Right of First Offer (as defined in Article 4.4.2.2 the Joint Venture Agreement)
with respect to the sales of the Offered Securities to Shurgard Storage Centers
Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

Fremont SE (G.P.) II Ventures, L.L.C.

By:

 

/s/ [ILLEGIBLE]

--------------------------------------------------------------------------------

Its:

 

President

Copy:

 

Board of directors of the Company

 

 

 

 

2

--------------------------------------------------------------------------------

To:

 

REIB Europe Operator Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

 

REIB International Holdings Limited

Winchester House,

1 Great Winchester Street

London EC2N2DB

United Kingdom

AIG Self Storage GP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

 

AIG Self Storage LP, LLC

1 Chase Manhattan Plaza

57th Floor, New York

NY 10005

U.S.A.

AIRE Investments, Sàrl

   

33 Boulevard de Prince Henri

   

L-1724, Luxembourg

   

 

Seattle, Washington US

11 June, 2003

 

Dear Sirs,

 

Re: Waiver of the Right of First Offer

 

We refer to the Sale Notice dated 5th June, 2003 sent to us pursuant to Article
4.4.2.1 of the Joint Venture Agreement dated 8 October, 1998, as amended, (the
“Joint Venture Agreement”), in which you inform us of the intention of:

 

(a) REIB Europe Operator Limited to sell 7 General Partner Interests; and

 

(b) REIB International Holdings Limited to sell 52,615 Profit Certificates
(“parts bénéficiaires”) and 5,225 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(c) AIG Self Storage GP, LLC to sell 4 General Partner Interests; and

 

(d) AIG Self Storage LP, LLC to sell 21,922 Profit Certificates (“parts
bénéficiaires”) and 2,177 New Profit Certificates (“nouvelles parts
bénéficiaires”); and

 

(e) AIRE Investments, Sàrl to sell 7,308 Profit Certificates (“parts
bénéficiaires”) and 726 New Profit Certificates (“nouvelles parts
bénéficiaires”),

 

in Shurgard Self Storage SCA (“Shurgard” or the “Company”) (together, the
“Offered Securities”) to Shurgard Storage Centers Inc.

 

We acknowledge the terms and conditions of the intended sales which, we
understand, will be substantially on the terms set out in the proofs dated 3rd
June, 2003 of the agreements attached to the

 

1

--------------------------------------------------------------------------------

Sale Notice and hereby waive our Right of First Offer (as defined in Article
4.4.2.2 the Joint Venture Agreement) with respect to the sales of the Offered
Securities to Shurgard Storage Centers Inc.

 

Our decision not to exercise our Right of First Offer has been duly authorised.

 

Kind regards,

 

/s/ Christine M. McKay

--------------------------------------------------------------------------------

Christine M. McKay, Director

Shurope Storage S.A.,

Copy: Board of directors of the Company

 

2