NATIONAL STORAGE REIT — Capital/Financing Update 2020

Jun 3, 2020

P | 1800 683 290 A | Level 16, 1 Eagle Street, Brisbane QLD 4000 P | GPO Box 3239 QLD 4001 E | invest@nationalstorage.com.au nationalstorage.com.au

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NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES

4 June 2020

The Manager Company Announcements ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

NATIONAL STORAGE REIT - SECURITY PURCHASE PLAN AND ACQUISITION UPDATE

National Storage REIT ( NSR ) is pleased to announce that its Security Purchase Plan ( SPP ) which closed on Tuesday, 2 June 2020 will result in the issue of approximately 30,789,784 new ordinary stapled securities at $1.57 per stapled security raising approximately $48 million.

Given the strong support shown by participating securityholders for the SPP, the directors exercised their discretion under the terms of the SPP to increase the size of the SPP offer to approximately $48 million (an $18 million increase from the original cap of $30 million). NSR confirms that all valid applications under the SPP were accepted in full and no scale back was applied.

Together with the institutional placement (the Placement ) which raised $300 million (and was announced on Tuesday, 5 May 2020), NSR has now successfully raised approximately $348 million (pre costs).

As previously announced, the purpose of the SPP and the Placement is to strengthen NSR's balance sheet, replenish investment capacity and provide additional funding flexibility.

Stapled securities to be issued under the SPP will rank equally with existing stapled securities and are expected to be allotted on Tuesday, 9 June 2020, with trading expected to commence on Wednesday, 10 June 2020.

The directors of National Storage Holdings Limited and National Storage Financial Services Limited, in its capacity as responsible entity for the National Storage Property Trust, wish to thank all securityholders who supported the SPP.

Following the Placement and SPP, NSR has recommenced its acquisition program and currently has under offer, contracted or completed approximately $140 million of new acquisition and development opportunities. NSR’s forward pipeline of acquisitions remains strong with approximately $100 million additional acquisition and development opportunities under active consideration.

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NATIONAL STORAGE REIT (NSR) National Storage Holdings Limited (ACN 166 572 845)

National Storage Financial Services Limited (ACN 600 787 246 AFSL 475228) as responsible entity for National Storage Property Trust (ARSN 101 227 712)

P | 1800 683 290 A | Level 16, 1 Eagle Street, Brisbane QLD 4000 P | GPO Box 3239 QLD 4001 E | invest@nationalstorage.com.au nationalstorage.com.au

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NSR’s Managing Director Andrew Catsoulis stated “our storage business continues to demonstrate its resilience to economic and market challenges associated with COVID-19. Our strong historical acquisition track record continues to manifest in multiple acquisition and development opportunities and is testament to the long-term relationships we have nurtured over many years with many individual stakeholders in the storage industry throughout Australia and New Zealand”.

Claire Fidler

Executive Director and Company Secretary

ENDS

National Storage is the largest self-storage provider in Australia and New Zealand, with 187 centres providing tailored storage solutions to over 70,000 residential and commercial customers. NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).

For further information: Andrew Catsoulis Managing Director 07 3218 8100

Stuart Owen Chief Financial Officer 07 3218 8100

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

All dollar amounts are in Australian dollars unless otherwise indicated.

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NATIONAL STORAGE REIT (NSR) National Storage Holdings Limited (ACN 166 572 845)

National Storage Financial Services Limited (ACN 600 787 246 AFSL 475228) as responsible entity for National Storage Property Trust (ARSN 101 227 712)