NATIONAL STORAGE REIT — M&A Activity 2020

Feb 12, 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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NATIONAL STORAGE REIT ASX ANNOUNCEMENT

13 February 2020

RESPONSE TO MEDIA SPECULATION

National Storage REIT ( NSR ) refers to its announcement made on 23 January 2020 and the article in the Australian Financial Review entitled "National Storage REIT receives bid proposal" of 13 February 2020.

The Board of NSR advises that discussions are ongoing with GAW Capital Partners ( GAW ) in relation to its indicative proposal to acquire 100% of the issued stapled securities of NSR.

There is no certainty that the discussions with GAW will lead to a binding proposal or a proposal that the Board of NSR will recommend to NSR securityholders.

NSR will update the market as necessary in accordance with its continuous disclosure requirements.

For further information please contact:

Simon Ranson Vice Chairman, Investment Banking Australia J.P. Morgan +61 2 9003 8486

Yours sincerely

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Claire Fidler Company Secretary National Storage REIT Ph: 07 3218 8100

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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 475 228) as responsible entity for National Storage Property Trust (ARSN 101 227 712)