Self Storage Group

Investor Presentation • Nov 2, 2021

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Self Storage Group ASA

Third quarter 2021

2 November 2021

FINANCIALS Q3 2021

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GROUP HIGHLIGHT

The third quarter 2021 was a record quarter with organic revenue and EBITDA performance coupled with continued growth in our operating footprint and financial flexibility. There is a strong demand for SSG's services across all markets in which we operate, and the Group has a solid foundation for further profitable growth and expansion.

• All time high revenues of NOK 92.8 million, up 24% from NOK 75.0 million in Q3 2020
• All time high EBITDA of NOK 58.2 million, up 21% from NOK 48.0 million in Q3 2020
• Profit before tax of NOK 38.8 million, up 58% from NOK 24.6 million in Q3 2020
• All time high average occupancy for sites with more than 12 months of operation of 91.6% (85.2%) in Q3 2021 with an average rent per m² of NOK 2 321 per year (NOK 2 320)
• Private placement with NOK 300 million in gross proceeds successfully completed in August 2021
• Acquisition of 3 properties in Norway
• Total value of freehold investment property of NOK 2 089 million as of September 2021, up from NOK 1 457 million end of December 2020

¹⁾ Adjusted for non-recurring items of NOK 0 million in Q3 2021, NOK 0 million in Q3 2020, NOK 3.4 million YTD 2021, NOK 1.5 million YTD 2020

KEY PERFORMANCE INDICATORS – THIRD QUARTER 2021

	CLA 30.09	Facilities 30.09	Occupancy Q3	Average rent Q3
2021	165 300 m2	126	91.6%*	2 321 NOK pr m2 *
2020	146 200 m2	115	85.2%*	2 320 NOK pr m2 *
	+19 100 m2	+11	+6.4*	+1 NOK pr m2*

Performance Like-for-Like (L-f-L) facilities with comparable m² in Q3 21 and Q3 20**

* Average occupancy and rent price pr m² for the quarter for all sites with more than 12 months of operation, expansions are included

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

Expansions of lettable area during the year on facilities already opened, and longer filling-up phase than 12 months for some large facilities impact average occupancy. Occupancy Like-for-Like2 ) was 92.1% in Q3-21 compared to 83.3% in Q3-20. Average rent pr m²per year Like-for-Like2) was NOK 2 456 in Q3-21 compared to NOK 2 418 in Q3-20.

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1) Average occupancy and rent per m2 for sites with more than 12 months of operation in NOK, expansions are included 2) Facilities with same CLA in Q3 21 as in Q3 20 +/- 50 m2

KEY FIGURES – THIRD QUARTER 2021

(NOK million)

KEY FIGURES

	Q3 21	Q3 20	Q3 21 change Q3 20	FY 2020
Revenue	92.8	75.0	+17.9	293.3
Lease expenses	-4.2	-1.6	-2.6	-9.4
Property-related expenses	-10.2	-9.7	-0.4	-36.1
Salary and other employee benefits	-10.2	-9.0	-1.2	-40.2
Other operating expenses	-10.1	-6.6	-3.5	-32.1
EBITDA	58.2	48.0	+10.2	175.4
Adjustments1)	0.0	0.0	0.0	1.7
Adjusted EBITDA	58.2	48.0	+10.2	177.1
Adjusted EBITDA-margin	62.7%	64.1%	57.0%	60.4%

1) Adjusted for non-recurring costs related to acquisitions, restructuring and severance packages

KEY FIGURES1) – Q3 2021

(NOK million)

P&L	Q3 21	Operational change	Q3 20	FY 20
Revenue	92.8	+17.9	75.0	293.3
Total operating costs	-34.7	-7.7	-26.9	-117.9
Adjustments2)	0.0	0.0	0.0	1.7
Adjusted EBITDA	58.2	+10.2	48.0	177.1
Adjusted EBIT	53.8	+9.6	44.2	162.7
Change in fair value of inv. property	1.7	-2.0	3.6	92.9
Change in fair value of lease property	-12.2	+4.0	-16.3	-63.0
Net finance	-4.4	+2.6	-7.0	-45.1
Adjusted Pre-tax profit	38.8	+14.2	24.6	147.5
Adjusted Net profit	29.7	+9.7	20.0	114.3
area (thousands m2 Current lettable )	165.3	+19.1	146.2	148.2
Lettable area under development (thousands m2 )	39.8	+11.6	28.2	30.4
Cash flows
Net cash flows from operating activities	43.3	-14.5	57.8	176.6
Net cash flows from investing activities	-99.1	-49.4	-49.7	-263.8
Net cash flows from financing activities	264.6	+245.4	19.3	244.5
Cash and cash equivalents at beginning of the period	143.2	-61.7	204.9	88.1
Cash and cash equivalents at end of the period	352.0	+119.4	232.5	246.8

Balance sheet	30 Sept 21	31 Dec 20
ASSETS
Freehold investment property	2 089.2	1 456.5
Leasehold investment property	442.3	515.2
Property, plant and equipment	154.6	122.5
Goodwill	187.3	184.6
Other non-current assets	12.0	1.6
Total non-current assets	2 885.4	2 280.5
Financial instruments	0.0	24.8
Other current assets	49.2	30.4
Cash and bank deposits	352.0	246.8
Total current assets	401.2	264.1
TOTAL ASSETS	3 286.7	2 582.4
EQUITY AND LIABILITIES
Total equity	1 548.6	1 177.9
Long-term interest-bearing debt	915.6	519.4
Long-term obligations under finance leases	421.0	487.9
Deferred tax liabilities	126.1	114.6
Other non-current liabilities	0.2	2.0
Total current liabilities	275.1	280.6
Total liabilities	1 738.0	1 404.6
TOTAL EQUITY AND LIABILITIES	3 286.7	2 582.4

1) Unaudited figures for 2021

2) Adjusted for non-recurring items of NOK 0 million in Q3 2021, NOK 0 million in Q3 2020 and NOK 1.7 million FY 2020

STEADY GROWTH IN SHARE OF FREEHOLD PORTFOLIO

DEVELOPMENT IN SHARE OF FREEHOLD FACILITIES SHARE OF FREEHOLD FACILITIES PER CONCEPT

• SSG's strategy is to expand its freehold facility base
• 51% of current lettable area in operation at the end of September 2021 was freehold
• Freehold m² has increased with 34% since December 2020
• SSG plans to accelerate growth and open 12 000-14 000 m² during 2021, mainly freehold

30.09.2021 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	84 400	39 700	124 100
Leased facilities	80 900	100	81 000
SUM	165 300	39 800	205 100

FREEHOLD INVESTMENT PROPERTY AS OF 30.09.2021 -PROPERTY VALUE INCREASED BY 43% FROM DECEMBER 2020

• 161 300 m²gross area freehold property
• 16 000 m²gross area greenfield development properties
• 19 500 m²gross area land for containers
• Approximately 65-70% of gross area is utilized as lettable area
• Intra group lease agreements at commercial terms
• External valuations conducted upon acquisition of new property, and once a year with quarterly assessment of indications of change

Gross area pr region and yield1) as of 31.12.20

Freehold portfolio Total freehold property of 2 089 MNOK

Development change in fair value over P&L

CURRENT LETTABLE AREA OF 165 300 M²AS OF 30.09.2021 – 39 800 M² IN PIPELINE1)

39 800 M² IN POTENTIAL LETTABLE AREA

• The potential m²is mainly in freehold facilities in Norway
• Rent income from expiring lease contracts from 10 400 m²of the 39 800 m²not yet built into self-storage units
• Plan to open 12 000-14 000 m²during 2021 (organic)

Area with other rentals	10 300	100	10 400
Sum	34 100	5 700	39 800
Expansions	18 100	1 100	19 200
New facilities	16 000	4 600	20 600
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q3 2021

1) Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

STRONG LINK BETWEEN REVENUE GROWTH AND ABSOLUTE GROWTH IN PRE TAX FREE CASH FLOW

High cash conversion business

BUSINESS DEVELOPMENT Q3 2021

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UNTAPPED POTENTIAL FOR SELF STORAGE IN SCANDINAVIA

Scandinavia lagging in terms of self storage space per capita (sq.m.)

• Significant untapped potential in the Scandinavian countries
• Awareness of self storage is still low in Scandinavia
• The self storage market is growing across all of Europe
• Urbanization is driving growth
• New building standards in Norway require less storage space

THE SCANDINAVIAN SELF STORAGE MARKET AT A GLANCE

Source: Company information and FEDESSA European Self Storage Survey 2021 as of June 2021

SUCCESS FACTORS IN SELF STORAGE

SSG CONSISTS OF TWO DISTINCT BUSINESS CONCEPTS

City Self-Storage OK Minilager

High-end brand providing self-storage rental and ancillary products and services in Scandinavia's larger cities

• 481) temperate storage facilities across Scandinavia
• One of the leading self-storage providers in the Scandinavian market
• Located in Greater-Oslo, Stavanger, Trondheim, Stockholm, Copenhagen and the Jutland area in Denmark
• 102 300 m² CLA (42 900 m² is freehold)

• 1) As of 30 September 2021
• 2) According to revenue

Countrywide, discount-priced offering of selfserviced storage facilities in Norway

• 781) facilities located across Norway
• 49 temperate storage facilities and 29 drive-in storage facilities
• 2 nd largest player in Norway, behind CSS²
• Self service, open 24 hr/day and 7 days a week
• 63 000 m² CLA (41 500 m² is freehold)

A LARGE, DIVERSIFIED AND INCREASINGLY LOYAL CUSTOMER BASE SECURING STABLE INCOME STREAMS

• Refurbishment
• Archived records
• Last mile storage
• Other

▪ Refurbishment ▪ Downsizing

• Need for additional storage
• Student storage
• Other

• 1) The numbers are approximate
• 2) Average rental time is longer than 12 months as customers who have not yet terminated the lease is not included in the average
• 3) The data is based on customer surveys on selected facilities 4) The Trustscore is an average for City Self Storage and OK Minilager

A DIGITAL CUSTOMER JOURNEY

• SSG´s digital business model is highly scalable
• In the third quarter 2021, SSG strengthened the management team with the recruitment of a CTO
• A new and fully automated online booking platform with e-signing (BankID) and integrated credit check
• App-based access system
• Self-Service portal and Omni-channel service
• Webshop for moving- and storage products
• SSG will continue to innovate on the World´s #1 CRM platform

A BRAND REFRESH FOR BOTH BRANDS

- Developed in Q3 2021 - Will be implemented in Q4 2021

• An upgrade of the logo and identity for City Self Storage and OK Minilager has been developed in the third quarter 2021.
• With a modern design and identity, our brands are well positioned to leverage the growing awareness for self-storage
• The upgraded brands will have a distinct communication and tone of voice
• The brand refresh will be implemented on digital channels in Q4 2021, and we will continue the roll-out on physical locations in 2022.
• A new website with the new identity will be launched for City Self Storage in Q4 2021. The new website includes an upgraded booking engine.
• With a strategic focus on branding, SSG is also strengthening the marketing team with a CMO (New Position)

ACQUISISTIONS IN THE THIRD QUARTER

Acquisition of 3 new properties with a CLA potential of 5 100 m²

Facility	Location	Total CLA Potential	Estimated opening	Concept
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker. The location has a significant catchment area and the existing property is highly visible from E-18	3 150 m2	Q3 2022
Stavanger Petroleumsveien 8	Neighbouring property to our existing facility at Forus in Stavanger. The location has a significant catchment area and easy access from main roads	1 700 m2	Q2 2022
Narvik Håkvik 44	Located just outside of Narvik with visibility from E-6. This is SSG´s 1st facility in Narvik, and our 4th Facility in the County of Nordland	250 m2	Q1 2022

DEVELOPMENT PIPELINE

Greenfield development projects

Facility	Location	Status	Potential total CLA (approx.)	Expected1 opening	Concept
Oslo Breivollveien 25	Landmark location with unique visibility	Construction of the building is complete. Fit-out is currently being installed	5 000 m2	Q4 2021
Oslo Bjørnerudveien 10	Property south of Oslo with significant catchment area	Fit-out is complete. We are currently waiting for the final certificate of completion	2 400 m2	Q4 2021
Trondheim John Aaes vei 40	Highly visible property with easy access from main roads	Construction of the building is complete. Fit-out is currently being installed	3 500 m2	Q4 2021

Breivollveien 25 John Aaes vei 40

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential1	Concept
Oslo Hovfaret 11	Located at Skøyen, an attractive commercial hub with a significant catchment area	Self storage fit-out is constructed on 4 floors of this 6-floor building. Last phase is planned to open during 2022	3 300 m2	1 300 m2	2 000 m2
Oslo Ulvenveien 28	Highly-visible property in a larger development area	Planning in progress. Estimated to open first phase during 2022	2 500 m2	N/A	2 500 m2
Oslo General Birchs gate 16	Close to the city centre of Oslo with a significant catchment area	Planning to convert parking space into self storage will start in 2021. Conversion will be done in phases.	8 100 m2	4 300 m2	3 800 m2
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker	Planning and zoning has started. Estimated to open first phase in Q3 2022.	3 150 m2	N/A	3 150 m2

SSG is on track to open 12 000 – 14 000 m² CLA in 2021

¹The potential lettable area will be opened in phases

A SUSTAINABLE BUSINESS MODEL

SSG has a low carbon footprint – but there is still room for improvement

• SSG is converting vacant buildings into self-storage, extending the building lifetime.
• Our greenfield projects are built according to strict Nordic building regulations
• SSG has limited energy-consumption with a focus on reducing the use of electricity per square meter even further
• We have a focus on working conditions for our employees, customers and other stakeholders
• We aim to be part of the circular economy We give our customers the opportunity to take care of their belongings instead of throwing and later buy new, thus reducing consumption
• We offer rental products for the moving process, reducing the need for each customer to acquire equipment when they are moving and storing.

SSG HAS A STRONG PLATFORM FOR FUTURE GROWTH

STRATEGIC SUMMARY

• Grow our freehold portfolio in selected urban markets
• Focus on the larger urban areas in Norway
• Occupancy target of 90%
• Investments in CRM, automation and digital platforms
• Continue to include sustainability as an integrated part of the business
• Creating great customer experience
• Lean operation and self-service
• Opportunistic approach to expansion in Sweden and Denmark
• Looking to selectively acquire existing self storage providers in the Nordics Illustration of a greenfield project developed under the CSS brand

Disclaimer

The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Self Storage Group ASA ("the company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which Self Storage Group is or will be operating, counterpart risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to the Annual Report for 2020 for Self Storage Group and updated risk evaluation in the interim report for Q3 2021. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Self Storage Group disclaims any and all liability in this respect.

Self Storage Group ASA Karenslyst Allé 2

0278 Oslo Norway

Contact info:

Cecilie Brænd Hekneby (CFO) +47 992 93 826 cehe@selfstoragegroup.no

Appendix

	Holding	%	Name	Country
1	24 557 078	% 25,9	1) Switzerland UBS AG	Switzerland
2	9 565 000	% 10,1	FABIAN HOLDING AS	Norway
3	6 565 000	6,9 %	SKILT AS CENTRUM	Norway
4	6 348 113	6,7 %	VERDIPAPIRFONDET ODIN EIENDOM	Norway
5	507 303 4	4,8 %	MORGAN LUXEMBOURG S.A. J.P. BANK	Sweden
6	123 214 4	% 4,4	Securities LLC J.P. Morgan	United States
7	3 655 790	3,9 %	SKAGEN M2 VERDIPAPIRFOND	Norway
8	2 600 000	2,7 %	FIRST RISK CAPITAL AS	Norway
9	2 488 255	2,6 %	HSBC Bank Plc	United Kingdom
10	2 402 048	2,5 %	SOLE ACTIVE AS	Norway
11	2 116 737	2,2 %	Citibank, N.A.	Ireland
12	2 109 486	2,2 %	Paribas Securities Services BNP	Luxembourg
13	1 843 253	1,9 %	Danske Invest Norge Vekst	Norway
14	1 700 000	1,8 %	VERDIPAPIRFONDET HOLBERG NORGE	Norway
15	1 600 000	1,7 %	MUSTAD INDUSTRIER AS	Norway
16	1 289 400	1,4 %	BNP Paribas Securities Services	France
17	1 016 072	1,1 %	Brown Brothers Harriman & Co.	United States
18	975 000	1,0 %	Citibank, N.A.	Ireland
19	959 566	1,0 %	J.P. MORGAN BANK LUXEMBOURG S.A.	Sweden
20	946 470	1,0 %	Bank State Street and Trust Comp	United States
	81 367 785	85,9 %

Total number of shares: 94 678 584

As of 1 November 2021

1) Alta Lux Holdco S.a.r.l/Centerbridge Partners

Largest shareholders Share development last 12 months

Shareholder structure

DEVELOPMENT OCCUPANCY & AVERAGE RENT PER MONTH

Development in occupancy*

Development in average rent per year*

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EBITDA-DEVELOPMENT

(NOK million)

BRIDGE Q3 2020-Q3 2021

PROFIT BEFORE TAX DEVELOPMENT

(NOK million)

BRIDGE Q3 2020-Q3 2021

HISTORICAL REVENUE AND ADJUSTED EBITDA-DEVELOPMENT

(NOK million)

Q1 2019-Q3 2021

Revenue Adjusted EBITDA

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THIRD QUARTER 2021 COMPREHENSIVE INCOME

(Amounts in NOK 1 000)		Unaudited months ended 30 September	Unaudited For the three For the three months ended 30 September	Unaudited For the nine months ended 30 September	Audited For the nine months ended 30	Audited For the twelve months ended September 31 December
	Note	2021	2020	2021	2020	2020
Revenue	3	92 848	74 950	255 437	217 424	293 348
Lease expenses	3,9	-4 189	-1 600	-9 364	-7 372	-9 432
Property-related expenses	3	-10 153	-9 705	-29 744	-25 493	-36 135
Salary and other employee benefits	3	-10 235	-9 000	-31 563	-29 944	-40 209
Depreciation		-4 416	-3819	-12 154	-10 748	-14476
Other operating expenses	3	-10 080	-6626	-30 394	-23 647	-32 138
Operating profit before fair value adjustments		53 775	44 200	142 218	120 220	160 958
Change in fair value of freehold investment property	6	1 650	3 620	17 537	9 565	92 929
Change in fair value of leasehold investment property	6,9	-12 225	-16 261	-34 251	-47 513	-63 010
Operating profit after fair value adjustments		43 200	31 559	125 504	82 272	190 877
Finance income	10	7 661	124	25 900	510	2 603
Finance expense	8,9,10	-12 067	-7 114	-40 859	-30 881	-47 659
Profit before tax		38 794	24 569	110 545	51901	145 821
Income tax expense		-9 109	-4 585	-23 275	-9 522	-32 853
Profit for the period		29 685	19 984	87 270	42 379	112 968
Total adjustments				-3 416	-1 461	-1 715

Profit and loss statement Comments

• Revenue for Q3 2021 was NOK 92.8 million, up from NOK 75.0 million in Q3 2020. The increase is related to the growth in lettable area and rentals and new revenue from Dit Pulterkammer
• Operating profit before fair value adjustments in Q3 2021 of NOK 53.8 million, an increase of NOK 9.6 million compared to Q3 2020. The growth in lettable area and rentals simultaneous with stable costs impact the figures. In addition, operating profit from Dit Pulterkammer impact the figures
• In total non-recurring items amounted to NOK 0 million in Q3 2021 and Q3 2020
• The fair value of investment property is based on external valuations for freehold investment property and value adjustment due to passage of time for leasehold investment property

30 SEPTEMBER 2021 – FINANCIAL POSITION

Financial position Comments

(Amounts in NOK 1 000)		Unaudited	Audited	(Amounts in NOK 1 000)		Unaudited	Audited
ASSETS		30 September 2020	31 December	EQUITY AND LIABILITIES		30 September 2020	31 December
Non-current assets	Note		1 456 522	Equity	7		8 432
Freehold investment property	്ല	2 089 245		Issued share capital		9 467
Leasehold investment property	ਦੇ ਰੋ	442 284	515 227	Share premium		1 082 657	791 594
Property, plant and equipment	ਰੇ	154 615	122 477	Currency translation reserve		4 252	12 839
Goodwill		187 295	184 628	Retained earnings		452 270	365 000
Financial instruments		10 512		Total equity		1 548 646	1 177 865
Other intangible assets		1 400	1 626	LIABILITIES
Total non-current assets		2 885 444	2 280 480	Non-current liabilities
Current assets				Non-current interest-bearing debt	00	915 558	519 429
Inventories		1 648	1 611	Non-current lease liabilities	8.9	420 992	487 887
Trade and other receivables		17 360	15 629	Other financial liabilities		229	2 018
Financial instruments	6		24 750	Deferred tax liabilities		126 091	114 624
Other current assets		30 228	13 162	Total non-current liabilities		1462 870	1123 958
Cash and bank deposits		351 970	246 804	Current liabilities
Total current assets		401 206	301 956	Current interest-bearing debt	8	141 722	153 699
TOTAL ASSETS		3 286 650	2 582 436	Current lease liabilities	8,9	44 780	49 216
				Trade and other payables		23 070	15 777
				Income tax payable		12 241	11 994
				Other taxes and withholdings		7 305	5 862
				Other current liabilities		46 016	44 065
				Total current liabilities		275 134	280 613
						4 "1750 00 4	Fra 1017

• Total assets of NOK 3 287million
• Freehold investment property increased with NOK 632.7 million and leasehold investment property decreased with NOK 72.9 million since 31 December 2020
• Cash and bank deposits increased with NOK 105.2 million since 31 December 2020, mainly due to private placement and net borrowings drawn up during the year exceeding acquisition of subsidiaries and investment property
• Increased equity through net proceeds from private placement of gross NOK 300 million and result for the period
• Negative interest-bearing debt was NOK 1 057 million in the balance as of 30 September 2021. Decreased obligations under financial lease with NOK 71.3 million due to acquisition of an existing leasehold agreement on the premises, lease payments in the first nine months of 2021, and currency differences. The decrease is partly offset by two options assessed reasonably certain to exercise
• Equity ratio was 47% 30 September 2021

THIRD QUARTER 2021 – CASH FLOW

Condensed consolidated statement of cash flows

Comments
Operating activities
▪ Strong cash flow
▪ Invoicing of customers in advance – predictable and stable costs
Investing activities ▪ Acquisition of three properties with cash in Q3 2021 ▪ Development of properties, additions to existing properties
and fit out new facilities and expansions
▪ Maintenance is posted as property cost
Financing activities
▪ Net proceeds from private placement of NOK 292.0 million
▪ Repayments of borrowings amounting to NOK -7.4 million
▪ Payment of lease liabilities and payments of lease classified as interests amounting to NOK -15.1 million
SSG's cash position at the end of September 2021 was
NOK 352.0 million

OUR HISTORY

1993 •First CSS site established in	1998 •Selvaag Group entered into		2009 •OK Minilager was established	2016 •External investors invested in	2017 •SSG established
Norway, investment in "Safe Mini Lager" in Sweden	the business and CSS expanded to Denmark		by Gustav and Fabian Søbak	OK Minilager •OK Minilager acquired CSS	•Listed on OSE
	2017	2018	2019	2020	20212)
Private placements1)	100 MNOK 200 MNOK		250 MNOK		300 MNOK
Acqusition of companies	(9 facilities)	(4 facilities)	(4 facilities)		(5 facilities)
Acqusition of properties	10	11	8	9	7

1) Gross proceeds

2) As of September 2021