NATIONAL STORAGE REIT — Director's Dealing 2016

Jul 25, 2016

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity National Storage REIT comprising National Storage Holdings Limited and National Storage Property Trust ACN 166 572 845 ARSN 101 227 712

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Andrew Catsoulis
Date of last notice	5 July 2016

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest	Through A & K Catsoulis Pty Ltd <A & K
(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Catsoulis Superannuation Fund>Mr Catsoulis is a director and shareholder
	of the Trustee and a beneficiary of the A &
	K Catsoulis Superannuation Fund.
	Through Storcat Pty Ltd as trustee for the
	Andrew Catsoulis Family Trust. Mr
	Catsoulis is a director and shareholder of
	the Trustee and a beneficiary of the
	Andrew Catsoulis Family Trust
Date of change	22 July 2016

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	A & K Catsoulis Pty Ltd <A & K CatsoulisSuperannuation Fund> 777,182Andrew Catsoulis and Mrs Karen EllenCatsoulis 463,900Stow Away Self Storage Pty Ltd (ACN 076331 961) as trustee for the Catsoulis FamilyTrust – 1,811,224 fully paid ordinaryStapled SecuritiesStow Away Self Storage Pty Ltd (ACN 076331 961) as trustee for the CatsoulisDevelopment Trust – 3,469,388 fully paidordinary Stapled SecuritiesStorcat Pty Ltd (ACN 131 843 000) astrustee for the Andrew Catsoulis FamilyTrust – 6,173,469 fully paid ordinaryStapled Securities
Class	Fully paid ordinary Stapled Securities
Number acquired	626,582
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$989,999
No. of securities held after change	A & K Catsoulis Pty Ltd <A & K CatsoulisSuperannuation Fund> 903,764Andrew Catsoulis and Mrs Karen EllenCatsoulis 463,900Stow Away Self Storage Pty Ltd (ACN 076331 961) as trustee for the Catsoulis FamilyTrust – 1,811,224 fully paid ordinaryStapled SecuritiesStow Away Self Storage Pty Ltd (ACN 076331 961) as trustee for the CatsoulisDevelopment Trust – 3,469,388 fully paidordinary Stapled SecuritiesStorcat Pty Ltd (ACN 131 843 000) astrustee for the Andrew Catsoulis FamilyTrust – 6,673,469 fully paid ordinaryStapled Securities
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	ParticipationintheNSRpro-rataacceleratednon-renounceableentitlement offer announced on 28 Jun2016.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3