Self Storage Group ASA Second quarter 2019

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15 August 2019

FINANCIALS 1H 2019 AND Q2 2019

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As of 30 June 2019

GROUP HIGHLIGHTS – SECOND QUARTER 2019

Revenues in Q2 2019 of NOK 61.0 million, up from NOK 58.7 million in Q2 2018
Adjusted EBITDA1) in Q2 2019 of NOK 35.6 million
Adjusted EBITDA1) ex IFRS 16 in Q2 2019 of NOK 20.9 million, up from NOK 17.9 million in Q2 2018
Adjusted profit before tax1) in Q2 2019 of NOK 18.6 million
Adjusted profit before tax1) ex IFRS 16 in Q2 2019 of NOK 21.9 million, up from NOK 16.4 million in Q2 2018
Average occupancy in Q2 2019 for sites with more than 12 months of operation was 85% (86%) with an average rent per m² of NOK 2 338 per year (2 281 NOK)
Acquisition of three properties in Kristiansand, Oslo and Halden
Announcement of acquisition of Eurobox and two additional large properties in Oslo
Private placement with gross proceeds of NOK 250 million at market

EBITDA development Q2 2018 vs Q2 2019, including impact of IFRS 16

GROUP HIGHLIGHTS – FIRST HALF YEAR 2019

Revenues in first half year 2019 of NOK 122.7 million, up from NOK 117.0 million in 1H 2018
Adjusted EBITDA1) in first half year 2019 of NOK 70.0 million
Adjusted EBITDA1) ex IFRS 16 in first half year 2019 of NOK 40.2 million, up from NOK 33.6 million in 1H 2018
Adjusted profit before tax1) in first half year 2019 of NOK 31.9 million
Adjusted profit before tax1) ex IFRS 16 in first half year 2019 of NOK 37.8 million, up from NOK 29.3 million in 1H 2018
Current lettable area end of June 2019 was 122 000 m² , up from 112 900 m² end of June 2018
Total value of freehold investment property end June 2019 of NOK 606.5 million
Cash position end June 2019 of NOK 423.4 million

EBITDA development first half year 2018 vs first half year 2019, including impact of IFRS 16

KEY PERFORMANCE INDICATORS – SECOND QUARTER 2019

KEY FIGURES – SECOUND QUARTER AND FIRST HALF YEAR 2019 (NOK million)

KEY FIGURES

	2019	2018	2019	2018	2018
	Q2	Q2	1H	1H	FY
Revenue	61.0	58.7	122.7	117.0	238.4
Total operating costs1) ex IFRS 16	-40.1	-40.8	-82.5	-83.4	-162.6
Adjusted EBITDA ex IFRS 16	20.9	17.9	40.2	33.6	75.7
Effect IFRS 16	+14.7	0.0	+29.8	0.0	0.0
Adjusted EBITDA	35.6	17.9	70.0	33.6	75.7
Non-recurring costs	2.5	1.0	3.0	1.9	1.9
Reported EBITDA	33.1	16.9	67.0	31.7	73.8

ADJUSTED EBITDA Q2 2017-Q2 2019

KEY FIGURES1) – Q2 2019

(NOK million)

P&L	Q2 18	Operational	Impact	Q2 19	FY 18	Investment property	524.5	606.5	0.0
		change	IFRS16			Right-of-use assets (lease)	0.0	433.2	433.2
Revenue	58.7	+2.3	0.0	61.0	238.4	Property, plant and equipment	71.8	82.8	0.4
costs2) Total operating	-40.8	+0.7	+14.7	-25.4	-162.6
Adjusted EBITDA	17.9	+3.0	+14.7	35.6	75.7	Goodwill	94.6	94.7	0.0
Adjusted EBIT	15.6	+2.8	+14.6	33.0	65.2	Total non-current assets	690.9	1 217.3	433.6
Change in fair value of inv. property	+2.0	+2.7	0.0	+4.7	38.2	Other current assets	37.3	30.8	-2.6
Change in fair value of lease property	0.0	0.0	-13.4	-13.4	0.0	Cash and bank deposits	122.2	423.4	0.0
Adjusted Pre-tax profit	16.4	+5.5	-3.3	18.6	100.3	Total current assets	159.5	454.2	-2.6
Adjusted Net profit	12.6	+4.7	-3.3	14.0	81.1	TOTAL ASSETS	850.4	1 671.5	431.0
Current lettable area (thousands m2)	112.9	+9.1	0.0	122.0	117.0
Lettable area under development (thousands m2)	13.5	+0.2	0.0	13.7	13.4	EQUITY AND LIABILITIES
Cash flows						Total equity	625.1	891.0	-6.0
Net cash flows from operating	18.7	+0.8	+14.6	34.1	66.0	Long-term interest-bearing debt	118.0	214.7	0.0
activities						Long-term obligations under	0.1	395.4	395.3
Net cash flows from investing	-25.5	-48.1	0.0	-73.6	-157.5	finance leases
activities						Deferred tax liabilities	34.9	40.8	0.0
Net cash flows from financing activities	-15.0	+363.1	-14.6	333.5	18.6	Other non-current liabilities	1.0	0.6	0.0
Cash and cash equivalents at	130.4	-0.9	0.0	129.5	195.2	Total current liabilities	71.4	129.0	41.7
beginning of the period						Total liabilities	225.4	780.5	437.0
Cash and cash equivalents at end of the period	108.3	+315.1	0.0	423.4	122.2	TOTAL EQUITY AND LIABILITIES	850.4	1 671.5	431.0

31 Dec 18

ASSETS

Balance sheet

30 June 19

Impact IFRS 16

STEADY GROWTH IN SHARE OF FREEHOLD PORTFOLIO

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

59 600 23 000 6 800 32 600 8 400 5 300 0 20 000 40 000 60 000 80 000 CSS OKM m2 Leasehold Freehold Freehold under development

SSG's strategy is to expand within freehold facilities
32% of current lettable area in operation at the end of June 2019 was freehold
Freehold m² increased with 110% during 2017 and additional 62% during 2018
SSG plans to open 10 000 m²in 2019, mainly freehold
48 of a total of 106 facilities in operation (45%) were freehold as of June 2019

30.6.2019 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	39 400	13 700	53 100
Leased facilities	82 600	0	82 600
SUM	122 000	13 700	135 700

FREEHOLD PROPERTY AS OF JUNE 2019 -PROPERTY VALUE INCREASED BY 16% FROM Q4 2018

	SSG owns 54	properties with a total gross area of 91 600 m2
---	-------------	-------------------------------------------------	--

31.3.2019 m2	Gross area	Total lettable area	Current lettable area	under 1) Area development
Facilities in operation	78 100	52 300	39 400	12 900
Facilities not yet opened	1 100	800	0	800
Sum ex Tiller & Alna	79 200	53 100	39 400	13 700
Tiller 2)	5 400	3 600	0	3 600
2) Alna	7 000	4 900	0	4 900
Sum	91 600	61 600	39 400	22 200

Internal lease agreements at commercial terms are signed between OK Property and the operating companies in the Group
External valuations by real estate appraiser Newsec once a year, quarterly assesment of indications of change

Freehold portfolio Total investment property of 606.5 MNOK

Gross area pr region and yield as of 31.12.18

¹⁾ 2 200 m2 leased to office-tenants on expiring contracts

²⁾ The potential lettable area for the properties Alna and Tiller is subject to building permits

CURRENT LETTABLE AREA OF 122 000 M²AS OF JUNE 2019 – 13 700 M² IN PIPELINE1)

1) Potential lettable area of 3 600 m² from the greenfield project in Trondheim and 4 900 m² from the greenfield project in Alnabru, Oslo, is not included in the KPIs of Q2 2019, pending building permits

13 700 M² IN POTENTIAL LETTABLE AREA1)

The potential m²is in freehold facilities in Norway
Rent income from expiring lease contracts from 2 200 m²of the 13 700 m²not yet built into self-storage units
10 000+ m² are planned to open during 2019

Lettable area under development²

1) In addition there is a potential lettable area of 3 900 m²from the greenfield project in Trondheim and 4 900 m² from the greenfield project at Alnabru in Oslo that is not included in the KPIs of Q2 2019

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

Occupancy in CSS Norway and OKM has decreased due to expansions of lettable area during the year, and due to longer filling-up phase than 12 months for some large facilities opened last year. Increased average rent pr m²for both brands
Increasing occupancy in CSS Sweden and CSS Denmark. Stable rent per m² in CSS Sweden, slightly reduced rent per m² in Denmark

AVERAGE OCCUPANCY1) AND RENT1) CURRENT LETTABLE AREA

REVENUE DYNAMICS Q2 2019

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

Strong link between further growth in revenue and EBITDA

THE COMPANY

As of 30 June 2019

THE SCANDINAVIAN SELF STORAGE MARKET AT A GLANCE

Source:Company information, proff.no, allabolag.se, proff.se

1) Showing revenue in local currencies. Ranking in Denmark based on number of sites as revenue is not available 2) 2017 revenue

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

341) temperate storage facilities across Scandinavia
One of the leading self-storage providers in the Scandinavian market
Located in Oslo, Stavanger, Stockholm and Copenhagen, due to open in Trondheim
66 400 m² CLA (6 800 m²is freehold)

Countrywide, discount-priced offering of self-serviced storage facilities in Norway

721) facilities located across Norway
43 temperate storage facilities and 29 drive-in storage facilities
2 nd largest player in Norway, behind CSS
Self service, open 24 hr/day and 7 days a week
55 500m² CLA ( 32 600 m² is freehold)

OUR HISTORY

1993 •First CSS site established in Norway, investment in "Safe Mini Lager" in Sweden	•Selvaag	1998 Group entered into the business and CSS expanded to Denmark		•OK Minilager was Fabian Søbak	2009 established by Gustav and		•Ferncliff invested in OK Minilager •OK Minilager acquired CSS	2016		•SSG established •Listed on OSE	2017
	Q1-17	Q2-17	Q3-17	Q4-17	Q1-18	Q2-18	Q3-18	Q4-18	Q1-19	Q2-19	Subsequent
Private placements1	100 MNOK			200 MNOK						250 MNOK
Acqusition of companies	(9 facilities)				(4 facilities)						(4 facilities)
Acqusition of properties	2 2	2 0	6 4	10 4	15 5	17 2	17 0	21 4	22 1	25 3
	Q1-17	Q2-17	Q3-17	Q4-17 Facilities acquired in the quarter	Q1-18	Q2-18	Q3-18 Total number of facilities acquired since 2017	Q4-18	Q1-19	Q2-19

ACQUISITIONS IN THE QUARTER KRISTIANSAND - VÅGSBYGD

Date¹: 01.04.2019

Type: Property

Potential lettable area: 750 m²

Location:

Located in Vågsbygd, just outside of Kristiansand. With this acquisition we strengthen our position as the market leader in the region. Kristiansand is the 6th largest city in Norway, and this facility is SSG´s 4th freehold facility in the city.

Brand:

The property is operated under the OK Minilager brand

Opening:

The facility opened in June 2019

ACQUISITIONS IN THE QUARTER

HALDEN

Date¹: 01.04.2019

Type: Company asset acquisiton

Potential lettable area: 970 m²

Location: Located in the city of Halden in the Østfold county.

Brand: The property is operated under the City Self Storage brand

Opening:

The facility opened in August 2017. The option to acquire this leasehold property was executed in Q2 2019

ACQUISITIONS IN THE QUARTER

OSLO - ALNABRU

Date¹: 10.04.2019

Type: Development property

Potential lettable area: 4 900 m²

Location:

Landmark development property centrally located at Alnabru in Oslo. This greenfield property is highly visible from E6, one of the busiest highways in Norway.

Brand:

The property will be operated under the City Self Storage brand

Expected opening: The facility is expected to open in 2021

DEVELOPMENT PIPELINE – GREENFIELD PROJECTS

SITE	LOCATION	STATUS	POTENTIAL CLA (Approx.)	EXPECTED OPENING
Oslo – Breivollveien	Landmark location with unique visibility	Site acquired in April 2019 Planning application to be submitted in Q3 2019	4 900 m2	2021
Trondheim – Tiller	Prime location with great visibility	Site acquired in June 2018 Planning application submitted in Q2 2019	3 600 m2	2020
Moss - Nøkkeveien	Prime location with great visibility	Construction in progress (extension of existing facility)	1 200 m2	Q4 2019

ACQUSITION OF EUROBOX – NORWAY'S #2 SELF-STORAGE PLAYER

Eurobox acquisition

Enterprise Value of NOK 320m
- Tranche one of two tranches was closed on 1 July 2019
- NOK 75m settled in SSG consideration shares on 1 July 2019
Eurobox represents a significant addition to SSG's freehold portfolio
61% of portfolio is freehold with substantial expansion potential
Option to acquire neighboring building at Billingstad for NOK 31.5 million, with a CLA potential of 3 150 m²
In line with SSG's M&A strategy of strengthening market position and gaining attractive assets with further development potential

Strengthening the #1 position in Norway

Eurobox in numbers

Four locations in the Oslo-area

SIGNIFICANT REVENUE POTENTIAL FROM EUROBOX -rebranding to CSS and taking advantage of expansion potential in freehold facilities

Note: *Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

** Comprising revenue from renting out storage units (solid grey) and other income (shaded grey)

AGREEMENTS TO ACQUIRE TWO ATTRACTIVE PROPERTIES CENTRALLY LOCATED IN OSLO

Kalbakken (Østre Aker vei 101) Skøyen (Hovfaret 11)

Property value	NOK 55m
Expected rent levels	Average CSS levels
Current income	NOK 3.4m
Gross property	4,700 m2
CLA	3,000 m2

Facility located alongside Østre Aker vei, with ~23,000 vehicles passing every day
Feasibility study conducted for expanding the property with an extra floor
Great visibility and easy access from main roads
Transaction status: closure on 2 September 2019

	Property value	NOK 145m
	Expected rent levels	Above CSS levels
[PIC #2]	Current income	NOK 0m
	Gross property	5,600 m2
	CLA	3,500 m2

Facility located in Skøyen, an attractive commercial hub with a significant catchment area
An attractive market opportunity in Oslo West with a higher income demographic
Low penetration of self storage and high entry barriers in Oslo West
Transaction status: closure on 30 August 2019

SIGNIFICANT CLA POTENTIAL FROM ACQUSITIONS

Rapidly expanding current lettable area Comments

Significant potential for expansion at Eurobox facilities as well as within the current SSG portfolio
Capital structure allows for further expansion and to exercise option at Billingstad
13,700 m² under development within current SSG portfolio
8,100 m² of expansion potential at acquired Eurobox facilities
8,500 m² of additional lettable area unlocked by developing existing greenfield projects at Alnabru and in Trondheim
6,500 m²CLA from ongoing acquisitions of properties at Kalbakken and Skøyen
Current expected annual organic growth of 10 000+m²

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
Creating Great customer experiences
Lean operation and self-service
Opportunistic approach to expansion in Sweden and Denmark
Looking to selectively acquire existing self storage providers in Scandinavia

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 2018 for Self Storage Group. 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 forwardlooking 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.