Mr. Ben Shenwick reports

TELMAX SECURES $215 MILLION IN GROWTH FINANCING THROUGH STRUCTURED INVESTMENT FROM HAMILTON LANE AND UPSIZED PSIC CREDIT FACILITY

Funds managed by global private market investment firm Hamilton Lane have completed a $105-million structured investment in telMAX, Ontario's leading independent provider of 100 per cent pure fibre Internet, TV and home phone. In a parallel transaction, Power Corp. of Canada subsidiary Power Sustainable Infrastructure Credit, telMAX's existing financing partner, Palistar Capital and MidStar Capital are together significantly increasing a credit facility with the company by $110-million.

Combined, the two transactions inject more than $200-million in new growth capital into telMAX, one of the largest growth financings secured by an independent Canadian digital infrastructure firm.

telMAX's rapid scaling of its world-class, independent fibre network continues to attract institutional capital, including new investment from funds managed by Hamilton Lane, and existing partner Power Sustainable alongside its new financing partners Palistar Capital and MidStar Capital. Since 2025's financing round, telMAX has continued to execute at speed, extending its 100 per cent pure fibre optic network to Markham, Barrie and Oakville, while continuing to build and operate its infrastructure footprint across the Greater Toronto Area, including Brooklin, Stouffville, Newmarket, Aurora and Richmond Hill.

With this new capital, telMAX will push further into the western GTA, extending its footprint into Burlington, Brampton and Mississauga -- bringing Canada's fastest fibre network within reach of hundreds of thousands of additional homes and businesses, and fulfilling growing demand for superior, fibre-based connectivity in these previously underserved markets.

"telMAX was built on a simple belief: Communities should not have to settle for outdated legacy Internet options. This investment gives us the capital needed to move even faster on the next stage of our growth plan, which expands our delivery of the reliable, high performance fibre service that Canadians increasingly expect and deserve," said Michael Strople, chief executive officer of telMAX. "We are excited to welcome Hamilton Lane as a new partner in the next chapter of the telMAX story, and we are appreciative of Power Sustainable's continued support as they double down on our vision."

The scale of two parallel financing transactions is a statement of confidence in telMAX's growth strategy and overall business. Hamilton Lane is stepping in as a new institutional partner, drawn by telMAX's record of disciplined execution and the scale of the opportunity ahead. At the same time, Power Sustainable, which provided telMAX a senior secured credit facility in 2025, is increasing its commitment to finance the company's next stage of growth in partnership with both Palistar Capital and MidStar Capital. Together, these two investments give telMAX one of the strongest capital positions of any independent, infrastructure-based fibre provider in the country.

Beyond the balance sheet, this is a foundational investment to better serve one of Canada's fastest-growing regions by bringing genuine choice, speed and reliability to more households and businesses across the GTA through a state-of-the-art, independent network built and staffed in the communities it serves. It is the kind of infrastructure Ontario needs to support its growth, designed and built from the ground up to meet the demands of the next decade rather than the last one.

"We believe telMAX represents a compelling opportunity to invest in a business with in-place infrastructure, significant growth prospects, an experienced management team and a path to create long-term value by connecting more communities to critical digital infrastructure," said Taylor McManus, principal at Hamilton Lane. "This transaction is a great example of Hamilton Lane's infrastructure capabilities and our strategy of providing capital solutions to GP partners and their portfolio companies."

"Reliable digital connectivity is essential infrastructure for growing communities and businesses. telMAX has demonstrated a differentiated approach to building and operating high-quality fibre infrastructure -- combining disciplined execution with a clear focus on the communities and customers it serves. The company has built meaningful momentum in markets where demand for reliable, high performance connectivity is growing. We are pleased to increase our commitment and support telMAX's next phase of growth," said Ben Shenwick, principal, Power Sustainable Infrastructure Credit.

"telMAX has built a distinguished fibre platform with attractive underlying markets and a clear opportunity to continue scaling its network," said Carras Holmstead, investment partner, Palistar Capital. "We are pleased to partner with Power Sustainable to provide additional capital for the company's next phase of growth. Our commitment reflects our conviction in the long-term value of high-quality digital infrastructure and our focus to supporting agile, high-impact platforms that bridge connectivity gaps."

"This is about much more than adding new addresses to our network," said Brad Fisher, chief operating officer, telMAX. "It's about levelling the playing field and giving Canadians a real choice, enabling not just today's critical applications, but future-proofing communities for what's next. Our job now is to put this capital to work accelerating construction, scaling our teams and proving that an independent Canadian provider can move with the speed and execution the incumbents simply can't match."

telMAX was advised by the Bank Street Group investment banking firm throughout this process, and, now with the backing of Hamilton Lane, Power Sustainable, Palistar Capital and MidStar Capital, enters its next phase of growth from a position of strength with the ambition to become Canada's leading independent fibre Internet provider.