NATIONAL STORAGE REIT — Major Shareholding Notification 2026

Apr 6, 2026

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme NATIONAL STORAGE REIT

ACN/ARSN

National Storage Holdings Limited ACN 166 572 845 National Storage Financial Services Limited ACN 600 787 246 as responsible entity for National Storage Property Trust ARSN 101 227 712

1. Details of substantial holder (1)

Name Morgan Stanley and its subsidiaries listed in Annexure A ACN/ARSN (if applicable) Not Applicable

There was a change in the interests of the substantial holder on April 01, 2026 The previous notice was given to the company on March 30, 2026 The previous notice was dated March 25, 2026 The holder became aware on April 03, 2026

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Present notice	Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Fully Paid Units Stapled Securities	105,054,528	7.48%	122,010,720	8.69%
		Based on 1,404,059,843 Fully Paid Units Stapled Securities Outstanding		Based on 1,404,059,843 Fully Paid Units Stapled Securities Outstanding

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of Securities affected	Person’s votes affected
03/26/2026	Morgan Stanley Australia Securities Limited	Buy	2,770,000.00	1,000,000 Fully Paid Units Stapled Securities	1,000,000
03/26/2026	Morgan Stanley Australia Securities Limited	Buy	64,028.96	23,032 Fully Paid Units Stapled Securities	23,032
03/26/2026	Morgan Stanley Australia Securities Limited	Buy	80,185.96	28,948 Fully Paid Units Stapled Securities	28,948
03/26/2026	Morgan Stanley Australia Securities Limited	Buy	12,548.55	4,522 Fully Paid Units Stapled Securities	4,522
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	182.82	66 Fully Paid Units Stapled Securities	66
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	5,404.27	1,951 Fully Paid Units Stapled Securities	1,951
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	43,521.10	15,740 Fully Paid Units Stapled Securities	15,740
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	868,016.08	312,236 Fully Paid Units Stapled Securities	312,236
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	16,678.48	6,032 Fully Paid Units Stapled Securities	6,032
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	4,581.44	1,648 Fully Paid Units Stapled Securities	1,648
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	64,209.66	23,097 Fully Paid Units Stapled Securities	23,097
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	2,240.68	806 Fully Paid Units Stapled Securities	806
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	5,542.77	2,001 Fully Paid Units Stapled Securities	2,001
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	1,211.07	438 Fully Paid Units Stapled Securities	438
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	69,000.00	25,000 Fully Paid Units Stapled Securities	25,000
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	7,595.34	2,742 Fully Paid Units Stapled Securities	2,742

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03/26/2026	Morgan Stanley Australia Securities Limited	Sell	9,254.57	3,341 Fully Paid Units Stapled Securities	3,341
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	521,983.92	187,764 Fully Paid Units Stapled Securities	187,764
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	200.16	72 Fully Paid Units Stapled Securities	72
03/26/2026	Morgan Stanley Australia Securities Limited	Sell	5,642.49	2,037 Fully Paid Units Stapled Securities	2,037
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	21,689.40	7,816 Fully Paid Units Stapled Securities	7,816
03/27/2026	Morgan Stanley & Co. LLC	Sell	1,695.80	610 Fully Paid Units Stapled Securities	610
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	4,794.87	1,731 Fully Paid Units Stapled Securities	1,731
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	194.60	70 Fully Paid Units Stapled Securities	70
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	93,702.68	33,706 Fully Paid Units Stapled Securities	33,706
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	52.82	19 Fully Paid Units Stapled Securities	19
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	3,016.53	1,089 Fully Paid Units Stapled Securities	1,089
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	160.95	58 Fully Paid Units Stapled Securities	58
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	3,404.93	1,227 Fully Paid Units Stapled Securities	1,227
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	788.10	284 Fully Paid Units Stapled Securities	284
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	43,543.14	15,663 Fully Paid Units Stapled Securities	15,663
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	1,532,735.18	553,334 Fully Paid Units Stapled Securities	553,334
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	19.46	7 Fully Paid Units Stapled Securities	7
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	5,084.62	1,829 Fully Paid Units Stapled Securities	1,829
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	24.93	9 Fully Paid Units Stapled Securities	9
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	429.35	155 Fully Paid Units Stapled Securities	155
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	1,145,911.28	412,941 Fully Paid Units Stapled Securities	412,941
03/27/2026	Morgan Stanley Australia Securities Limited	Sell	2,955.38	1,065 Fully Paid Units Stapled Securities	1,065
03/27/2026	Morgan Stanley Australia Securities Limited	Buy	44,774.28	16,164 Fully Paid Units Stapled Securities	16,164
3/27/2026	Parametric Portfolio Associates LLC	Sell	266,227.73	96,164 Fully Paid Units Stapled Securities	96,164
03/30/2026	Morgan Stanley & Co. LLC	Buy	3,634.24	1,312 Fully Paid Units Stapled Securities	1,312
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	95,969.42	34,646 Fully Paid Units Stapled Securities	34,646
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	15,041.10	5,430 Fully Paid Units Stapled Securities	5,430
03/30/2026	Morgan Stanley Australia Securities Limited	Buy	11.08	4 Fully Paid Units Stapled Securities	4
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	2,770,000.00	1,000,000 Fully Paid Units Stapled Securities	1,000,000
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	4,293,500.00	1,550,000 Fully Paid Units Stapled Securities	1,550,000
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	202.94	73 Fully Paid Units Stapled Securities	73
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	12,149.22	4,386 Fully Paid Units Stapled Securities	4,386
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	900.25	325 Fully Paid Units Stapled Securities	325
03/30/2026	Morgan Stanley Australia Securities Limited	Sell	4,095.90	1,476 Fully Paid Units Stapled Securities	1,476
03/30/2026	Morgan Stanley & Co. LLC	Collateral Returned	N/A	2 Fully Paid Units Stapled Securities	2
03/31/2026	Morgan Stanley Australia Securities Limited	Sell	77.56	28 Fully Paid Units Stapled Securities	28
03/31/2026	Morgan Stanley Australia Securities Limited	Buy	5.54	2 Fully Paid Units Stapled Securities	2
03/31/2026	Morgan Stanley Australia Securities Limited	Sell	52.82	19 Fully Paid Units Stapled Securities	19
03/31/2026	Morgan Stanley Australia Securities Limited	Buy	1,872,214.80	674,672 Fully Paid Units Stapled Securities	674,672
03/31/2026	Morgan Stanley Australia Securities Limited	Buy	85,758.60	30,904 Fully Paid Units Stapled Securities	30,904
03/31/2026	Morgan Stanley Australia Securities Limited	Sell	2.77	1 Fully Paid Units Stapled Securities	1
03/31/2026	Morgan Stanley Australia Securities Limited	Buy	7,462.38	2,694 Fully Paid Units Stapled Securities	2,694
03/31/2026	Morgan Stanley Australia Securities Limited	Buy	901,158.56	325,328 Fully Paid Units Stapled Securities	325,328
03/31/2026	Morgan Stanley Australia Securities Limited	Sell	548.46	198 Fully Paid Units Stapled Securities	198
04/01/2026	Morgan Stanley Australia Securities Limited	Buy	47,608,544.00	17,187,200 Fully Paid Units Stapled Securities	17,187,200
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	28,699.97	10,361 Fully Paid Units Stapled Securities	10,361
04/01/2026	Morgan Stanley Australia Securities Limited	Buy	8.31	3 Fully Paid Units Stapled Securities	3
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	30.47	11 Fully Paid Units Stapled Securities	11
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	11.08	4 Fully Paid Units Stapled Securities	4
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	9,890.41	3,577 Fully Paid Units Stapled Securities	3,577
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	215.67	78 Fully Paid Units Stapled Securities	78
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	27.70	10 Fully Paid Units Stapled Securities	10
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	6,052.68	2,193 Fully Paid Units Stapled Securities	2,193
04/01/2026	Morgan Stanley & Co. International plc	Sell	3,634.24	1,312 Fully Paid Units Stapled Securities	1,312
04/01/2026	Morgan Stanley & Co. International plc	Buy	1,944.54	702 Fully Paid Units Stapled Securities	702
04/01/2026	Morgan Stanley Australia Securities Limited	Sell	79,972.67	28,871 Fully Paid Units Stapled Securities	28,871
04/01/2026	Morgan Stanley Australia Securities Limited	Borrow	N/A	688 Fully Paid Units Stapled Securities	688

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4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:	4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:	4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:	4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:	4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:	4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Morgan Stanley & Co. International plc	HSBC Custody Nominees (Australia) Limited	Not Applicable	Units held or in respect of which the holder may exercise control over disposal in the ordinary course of sales and trading businesses.	2,609,473 Fully Paid Units Stapled Securities	2,609,473
Morgan Stanley & Co. LLC	HSBC Custody Nominees (Australia) Limited	Not Applicable	Units held or in respect of which the holder may exercise control over disposal in the ordinary course of sales and trading businesses.	3,502,738 Fully Paid Units Stapled Securities	3,502,738
Morgan Stanley Australia Securities Limited	Morgan Stanley Australia Securities (Nominee) Pty Limited	Not Applicable	Holder of units subject to an obligation to return under a securities lending agreement.	1,912,688 Fully Paid Units Stapled Securities	1,912,688
Morgan Stanley Australia Securities Limited	Morgan Stanley Australia Securities (Nominee) Pty Limited	Not Applicable	Units held or in respect of which the holder may exercise control over disposal in the ordinary course of sales and trading businesses.	113,399,287 Fully Paid Units Stapled Securities	113,399,287
Morgan Stanley Wealth Management Australia Pty Ltd	Morgan Stanley Wealth Management Australia Pty discretionary client account	Not Applicable	Units held or in respect of which the holder may exercise control over disposal in the ordinary course of discretionary managed business.	10,510 Fully Paid Units Stapled Securities	10,510
Parametric Portfolio Associates LLC	Unknown	Not Applicable	Units held or in respect of which the holder may exercise control over disposal in the ordinary course of investment management business.	576,024 Fully Paid Units Stapled Securities	576,024
Each of the entities (as listed in Annexure A) in the Morgan Stanley group upstream of the above entities			Each of the above entities is a body corporate that each upstream entity controls and therefore has the relevant interests that the above entities collectively have.	122,010,720 Fully Paid Units Stapled Securities	122,010,720

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Not Applicable	Not Applicable

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Morgan Stanley	1585 Broadway, New York, New York, 10036, USA.
Morgan Stanley & Co. LLC	1585 Broadway, New York, 10036, USA.
Morgan Stanley & Co. International plc	Legal & Compliance Department, 25 Cabot Square, Canary Wharf, London, E14 4QA, UNITED KINGDOM.
Morgan Stanley Australia Securities Limited	Level 39, Chifley Tower, 2 Chifley Square, Sydney, 2000, AUSTRALIA.
Morgan Stanley Wealth Management Australia Pty Ltd	Level 39, Chifley Tower, 2 Chifley Square, Sydney, 2000, AUSTRALIA.

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Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800, Seattle, 98104, USA.

Signature

print name sign here	Sheetal Sawant capacity Vice President
	date April 06, 2026

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Annexure A

List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a relevant interest in the shares or units stated in Section 4.

Name └─┬─ Morgan Stanley ├─┬─ Morgan Stanley International Holdings Inc. │ ├─┬─ Morgan Stanley International Limited │ │ └─┬─ Morgan Stanley Investments (UK) │ │ └─── Morgan Stanley & Co. International plc │ └─┬─ Morgan Stanley (Australia) Securities Holdings Pty Limited │ └─── Morgan Stanley Australia Securities Limited └─┬─ Morgan Stanley Capital Management, LLC ├─── Morgan Stanley & Co. LLC ├─── Parametric Portfolio Associates LLC └─┬─ Morgan Stanley Domestic Holdings, LLC └─── Morgan Stanley Wealth Management Australia Pty Ltd

Signature

print name sign here	Sheetal Sawant capacity Vice President
	date April 06, 2026

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DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown.’”

• (9) Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

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GUIDE

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Signature
Lodging period
Lodging Fee
Other forms to be
completed
Additional information
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This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 604.

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This form must be signed by either a director or a secretary of the substantial holder.
Nil
Nil
Nil
(a) If additional space is required to complete a question, the information may be included on a separate piece of
paper annexed to the form.
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(b) This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme.
A copy of this notice must also be given to each relevant securities exchange.
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(c) The person must give a copy of this notice:

• (i) within 2 business days after they become aware of the information; or (ii) by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:

• (A) a takeover bid is made for voting shares in the company or voting interests in the scheme; and

(B) the person becomes aware of the information during the bid period.

Annexures

To make any annexure conform to the regulations, you must

• 1 use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides

• 2 show the corporation name and A.C.N or ARBN

• 3 number the pages consecutively

• 4 print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied

• 5 identify the annexure with a mark such as A, B, C, etc

• 6 endorse the annexure with the words:

• This is annexure (mark) of (number) pages referred to in form (form number and title)

• 7 sign and date the annexure.

The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

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Annexure B:

This is Annexure B referred to in the Form 604: Notice of change of interests of substantial holder issued by Morgan Stanley and its subsidiaries. The following is description of the securities lending agreements referenced in the accompanying Form 604.

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Schedule
Type of Agreement Australian Master Securities Lending Agreement
Parties to agreement Morgan Stanley Australia Securities Limited and JPMORGAN
CHASE BANK, N.A.
Transfer Date 20260317; 20260318; 20260320; 20260401;
Holder of Voting Rights Borrower
Are there any restrictions on voting rights? Yes/N o
If yes, detail Not applicable
Scheduled Return Date (if any) Open
Does the borrower have the right to return early? Yes /No
If yes, detail The Borrower shall be entitled at any time to terminate a particular loan of Securities and to redeliver all and any
Equivalent Securities due and outstanding to the Lender in accordance with the Lender's instructions.
Does the lender have the right to recall early? Yes /No
If yes, detail The Lender may call for the redelivery of all or any Equivalent Securities at any time by giving notice on any Business
Day of not less than the Standard Settlement Time for such Equivalent Securities or the equivalent time on the exchange or in the
clearing organisation through which the relevant borrowed Securities were originally delivered.
Will the securities be returned on settlement? Yes /No
If yes, detail any exceptions If an Event of Default occurs in relation to either Party, the Parties' delivery and payment obligations
shall be accelerated so as to require performance thereof at the time such Event of Default occurs. In such event the Relevant Value
of the Securities to be delivered by each Party shall be established and on the basis of the Relevant Values so established, an account
shall be taken of what is due from each Party to the other and the sums due from one Party shall be set-off against the sums due from
the other and only the balance of the account shall be payable.
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The above schedules are based on the relevant standard agreements. The entity filing the report will, if requested by the company or responsible entity to whom the prescribed form must be given or ASIC, give a copy of the agreement to the company, responsible entity or ASIC.

Signature print name sign here	Sheetal Sawant capacity Vice President
	date April 06, 2026

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