Self Storage Group ASA

Fourth quarter 2020

16 February 2021

FINANCIALS Q4 2020

GROUP HIGHLIGHTS – FOURTH QUARTER 2020

The fourth quarter ended a positive and busy year with solid organic revenue- and EBITDA-growth, development of new facilities and acquisition of new properties. SSG experienced limited business impact from the COVID-19 situation in 2020 and has a solid platform for further profitable growth and expansion.

All time high revenues of NOK 75.9 million, up from NOK 71.9 million in Q4 2019
Adjusted EBITDA¹ of NOK 44.7 million, up from NOK 41.9 million in Q4 2019
Change in fair value of freehold investment property of NOK 83.4 million, compared to NOK 12.5 million in Q4 2019
All time high adjusted profit before tax of NOK 94.2 million, up from NOK 28.1 million in Q4 2019
Average occupancy for sites with more than 12 months of operation was 85.6% (82.8%) with an average rent per m² of NOK 2 319 per year (NOK 2 375)
Like-for-like occupancy in Q4 2020 was 86.9% (82.1%) with an average rent per m² of NOK 2 404 per year (NOK 2 398 NOK)

EBITDA development Q4 2019 vs Q4 2020

GROUP HIGHLIGHTS – FULL YEAR 2020

All time high revenues of NOK 293.3 million, up from NOK 266.5 million in full year 2019
All time high adjusted EBITDA¹ of NOK 177.1 million, up from NOK 156.0 million in full year 2019
All time high adjusted profit before tax of NOK 147.5 million (NOK 80.3 million)
Total value of freehold investment property of NOK 1 457 million (NOK 1 074)
Loan to value²of freehold investment property of 46% as of end December 2020 (32%)
Cash position of NOK 246.8 million, up from NOK 88.1 million end of December 2019
Total number of facilities end of December 2020 was 116, up from 111 facilities in December 2019
Current lettable area end of December 2020 was 148 200 m² , up from 137 500 m² in December 2019

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¹⁾ Adjusted for non-recurring costs of NOK 1.7 million in FY 2020 and NOK 4.7 million in FY 2019

²⁾ Loan to value = interest bearing debt/freehold investment property

GROUP HIGHLIGHTS – SUBSEQUENT EVENTS

On 4 January 2021, SSG completed the acquisition of one property in Sandnes with a total potential lettable area of 1 300 m²
On 21 January 2021, SSG entered into an agreement to acquire Adamstuen Garasjer AS in Oslo, an investment property with a total estimated lettable area of 8 100 m² . SSG, through City Self-Storage, has an existing leasehold agreement on the premises and has currently a lettable area of 4 300 m² (CLA) in operation
On 21 January 2021, SSG signed a term-sheet for a bank facility loan with Handelsbanken and Danske Bank. The bank facility refinances the existing bank loans and gives the Company flexibility for future growth

KEY PERFORMANCE INDICATORS – FOURTH QUARTER 2020

	CLA	Facilities	Occupancy	Average rent
Q4 2020	148 200 m2	116	85.6%*	2 319 NOK pr m2 *
Q4 2019	137 500 m2	111	82.8%*	2 375 NOK pr m2 *
	+10 700 m2	+5	+2.8%*	-56 NOK pr m2*

Performance of facilities with comparable m2 in Q4 20 and Q4 19** +6 +4.8%
Like-for-like	117 000 m2	96	86.9%	2 404 NOK pr m2

* Average occupancy and rent price pr m² for all sites with more than 12 months of operation, expansions are included

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

Occupancy for facilities Like-for-Like2) was 86.9% in Q4-20 compared to 82.1% in Q4-19 Average rent pr m²per year for facilities Like-for-Like2) was NOK 2 404 in Q4-20 compared to NOK 2 398 in Q4-19

AVERAGE OCCUPANCY1) AND RENT1) CURRENT LETTABLE AREA

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The move-in rates in the CSS segment were slightly lower for a period of time after mid-March partial lock-down. More extensive entry-offer campaigns were launched to attract customers. Expansions of lettable area during the year on facilities already opened, and longer filling-up phase than 12 months for some large facilities impact average occupancy

1) Average occupancy and rent per m² for sites with more than 12 months of operation in NOK, expansions are included

2) Facilities with same CLA in Q4 20 as in Q4 19 +/- 50 m²

KEY FIGURES – FOURTH QUARTER 2020

(NOK million)

KEY FIGURES

			Q4 20 change			FY 2020 change
	Q4 20	Q4 19	Q4 19	FY 2020	FY 2019	FY 2019
Revenue	75.9	71.9	+4.0	293.3	266.5	26.9
Lease expenses	-2.1	-1.5	-0.5	-9.4	-11.8	+2.4
Property-related expenses Salary and other employee	-10.6	-8.7	-1.9	-36.1	-29.0	-7.2
benefits	-10.3	-11.2	+0.9	-40.2	-39.6	-0.6
Other operating expenses	-8.5	-9.2	+0.7	-32.1	-34.7	+2.6
EBITDA	44.5	41.2	+3.2	175.4	151.4	+24.1
Adjustments1)	0.3	0.7	-0.4	1.7	4.7	-2.9
Adjusted EBITDA	44.7	41.9	+2.8	177.1	156.0	+21.1
Adjusted EBITDA-margin	58.9%	58.3%	69,6%	60.4%	58.6%	78.6%

1) Adjusted for non-recurring costs related to acquisitions, restructuring and severance packages

KEY FIGURES1) – Q4 2020

(NOK million)

P&L	Q4 20	Operational change	Q4 19	FY 19
Revenue	75.9	+4.0	71.9	266.5
costs2) Total operating	-31.2	-1.3	-29.9	-110.4
Adjusted EBITDA	44.7	+2.8	41.9	156.0
Adjusted EBIT	40.9	+2.8	38.1	143.9
Change in fair value of inv. property	83.4	+70.9	12.5	17.5
Change in fair value of lease property	-15.5	-0.8	-14.7	-55.2
Net finance	-14.7	-7.0	-7.7	-26.0
Adjusted Pre-tax profit	94.2	+66.1	28.1	80.3
Adjusted Net profit	70.8	+46.7	24.1	65.5
m2 Current lettable area (thousands )	148.2	+10.7	137.5	137.5
Lettable area under development m2 (thousands ) Cash flows	30.4	+9.1	21.3	21.3
Net cash flows from operating activities	42.6	+6.7	35.9	145.5
Net cash flows from investing activities	-128.7	-104.8	-23.9	-561.2
Net cash flows from financing activities	100.8	+127.7	-26.9	381.9
Cash and cash equivalents at beginning of the period	232.5	+129.6	102.9	122.2
Cash and cash equivalents at end of the period	246.8	+158.7	88.1	88.1

Balance sheet	31 Dec 20	31 Dec 19
ASSETS
Freehold investment property	1 456.5	1 074.4
Leasehold investment property	515.2	489.1
Property, plant and equipment	122.5	114.4
Goodwill	184.6	184.8
Financial instruments	0.0	24.8
Total non-current assets	2 280.5	1 887.5
Financial instruments	24.8	0.0
Other current assets	30.4	28.9
Cash and bank deposits	246.8	88.1
Total current assets	264.1	117.1
TOTAL ASSETS	2 582.4	2 004.6
EQUITY AND LIABILITIES
Total equity	1 177.9	1 005.1
Long-term interest-bearing debt	519.4	239.1
Long-term obligations under finance leases	487.9	450.6
Deferred tax liabilities	114.6	91.1
Other non-current liabilities	2.0	0.5
Total current liabilities	280.6	218.3
Total liabilities	1 404.6	999.6
TOTAL EQUITY AND LIABILITIES	2 582.4	2 004.6

1) Unaudited figures for 2020

2) Adjusted for non-recurring costs of NOK 0.3 million in Q4 2020, NOK 0.7 million in Q4 2019 and NOK 4.7 million FY 2019

STEADY GROWTH IN SHARE OF FREEHOLD PORTFOLIO

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

• SSG's strategy is to expand its freehold facility base

43% of current lettable area in operation at the end of December 2020 was freehold
Freehold m² has increased with 29% since December 2019
60 of a total of 116 facilities in operation (52%) were freehold as of December 2020
SSG plans to accelerate growth and open 12 000-14 000 m² during 2021, mainly freehold

31.12.2020 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	63 200	30 000	93 200
Leased facilities	85 000	400	85 400
SUM	148 200	30 400	178 600

FREEHOLD INVESTMENT PROPERTY AS OF Q4 2020 -PROPERTY VALUE INCREASED BY 36% FROM DECEMBER 2019

115 400 m²gross area freehold property
16 000 m²gross area greenfield development properties
19 500 m²gross area land for containers
Internal lease agreements at commercial terms are signed between OK Property and the operating companies in the Group
Approximately 65-70% of gross area is utilized as lettable area
External valuations conducted upon acquisition of new property, and once a year with quarterly assessment of indications of change

Gross area pr region and yield1) as of 31.12.20

Freehold portfolio Total freehold property of 1 457 MNOK

Development change in fair value over P&L

1) Net market rent divided on property value in full operation

CURRENT LETTABLE AREA OF 148 200 M²AS OF Q4 2020 – 30 400 M² IN PIPELINE1)

1) Potential lettable area of the option to acquire a neighbouring building at Billingstad is not included in the CPIs of Q4 2020

30 400 M² IN POTENTIAL LETTABLE AREA

The potential m²is mainly in freehold facilities in Norway
Rent income from expiring lease contracts from 4 900 m²of the 30 400 m²not yet built into self-storage units
Plan to open 12 000-14 000 m²during 2021 (organic)

Area with other rentals	4 600	300	4 900
Sum	22 600	7 800	30 400
Expansions	11 400	2 100	13 500
New facilities	11 200	5 700	16 900
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q4 2020

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

High cash conversion business

BUSINESS DEVELOPMENT Q4 2020

UNTAPPED POTENTIAL FOR SELF STORAGE IN SCANDINAVIA

Scandinavia lagging in terms of self storage space per capita (sq.m.)

Significant untapped potential in the Scandinavian countries
Awareness of self storage is still low in Scandinavia
The self storage market is growing across all of Europe
Urbanization is driving growth
New building standards in Norway require less storage space

THE SCANDINAVIAN SELF STORAGE MARKET AT A GLANCE

Source: Company information, FEDESSA European Self Storage Survey 2020

SUCCESS FACTORS IN SELF STORAGE

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

411) temperate storage facilities across Scandinavia
One of the leading self-storage providers in the Scandinavian market
Located in Greater-Oslo, Stavanger, Trondheim, Stockholm and Copenhagen
88 700 m² CLA (25 700 m² is freehold)
- Countrywide, discount-priced offering of self-serviced storage facilities in Norway
751) facilities located across Norway
46 temperate storage facilities and 29 drive-in storage facilities
2 nd largest player in Norway, behind CSS²
Self service, open 24 hr/day and 7 days a week
59 500m² CLA (37 500 m² is freehold)

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1) As of 31 december 2020

A LARGE, DIVERSIFIED AND INCREASINGLY LOYAL CUSTOMER BASE SECURING STABLE INCOME STREAMS

	Households	Businesses
for Reasons demand	▪ Moving ▪ Refurbishment ▪ Downsizing ▪ Need for additional storage ▪ Student storage ▪ Other	▪ ▪ ▪ ▪ ▪ ▪	Inventories Relocation Refurbishment Archived records Last mile storage Other

1) The numbers are approximate

2) Average rental time is longer than 12 months as customers who have not yet terminated the lease is not included in the average

3) The data is based on customer surveys on selected facilities

DEVELOPMENT PIPELINE

Greenfield development projects

Facility	Location	Status	Potential total CLA (approx.)	Expected1 opening
Oslo Breivollveien 25	Landmark location with unique visibility	Building permission received on 1st July 2020. Construction in progress.	5 000 m2	Q4 2021
Oslo Bjørnerudveien 10	Property south of Oslo with significant catchment area	Building permission received on May 7th 2020. Construction in progress.	2 400 m2	Q3 2021
Trondheim John Aaes vei	Highly visible property with easy access from main roads	Building permission received on June 6th 2020. Construction in progress	3 500 m2	H2 2021

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential
Oslo Hovfaret 11	Located at Skøyen, an attractive commercial hub with a significant catchment area	Self storage fit-out is constructed on three floors of this 6-floor building. Next phase is planned to open in 2021	3 300 m2	1 300 m2	2 000 m2
Oslo Østre Aker vei 101	Facility located alongside Østre Aker vei with great visibility and access	Self storage fit-out is constructed on one floor of this 4-floor building. Fit out will be constructed on two new floors in Q1 2021	3 000 m2	1 000 m2	2 000 m2
Oslo Ulvenveien 28	Highly-visible property in a larger development area	Planning under progress. Estimated to open first phase during 2021	2 500 m2	N/A	2 500 m2

ACQUISTION OF PROPERTIES IN Q4 2020

Haugesund: Årabrotsvegen 19 Sandefjord: Pindsleveien 8C

Estimated lettable area of 950 m²
Estimated to open in Q2 2021
The facility will be operated under the OK Minilager brand
The transaction has a property value of NOK 9 million
SSG's 3rd freehold facility in the Haugaland region
With this new investment we will strengthen our position as market leader in Haugesund
Estimated lettable area of 1800 m²
Estimated to open in Q2 2021
The facility will be operated under the OK Minilager brand
The transaction has a property value of NOK 14.1 million
SSG's second 2nd facility in Sandefjord
SSG's 9th facility in Vestfold & Telemark

ACQUISTION OF PROPERTIES IN Q4 2020

Estimated lettable area of 550 m²
Estimated to open in Q2 2021
The facility will be operated under the OK Minilager brand
The transaction has a property value of NOK 5.3 million
SSG's first facility in Kongsberg

Kongsberg: Skrubbmoen Lillestrøm: Svelleveien 23

Acquisition of an existing facility – Conversion of a leasehold into freehold
Current lettable area of 900 m²
The facility is operated under the OK Minilager brand
The transaction has a property value of NOK 7.7 million
The property is centrally located in Lillestrøm, with easy access from main roads

ACQUISITION OF PROPERTY IN COPENHAGEN, DENMARK Hjørnagervej 10 - Hvidovre

Acquisition of an existing facility Conversion of a leasehold into freehold
Current lettable area of 2 600 m²
The facility opened in 2005 and is operated under the City Self Storage brand. The facility has a stabilized occupancy close to 90%
The transaction has a property value of DKK 25.9 million
This investment is in line with the Group´s strategy to grow with freehold properties in selected urban markets
Hjørnagervej 10 is SSG´s first freehold acquisition outside of Norway

SSG HAS A STRONG PLATFORM FOR FUTURE GROWTH

SUBSEQUENT EVENTS

SUBSEQUENT

THE ADAMSTUEN ACQUISITION – NORWAY'S LARGEST SELF-STORAGE FACILITY

Property with a potential lettable area of 8 100 m² , located close to the city centre of Oslo in a higher demographic area
Significant catchment area and high entry barriers
SSG has leased approximately half the property since 1993 and has 4 300 CLA in operation
The largest self-storage facility in Norway
Significant upside potential by converting parking space into self-storage
The transaction has a property value of NOK 250 million, and is expected to close on 1 March 2021

REVENUE DYNAMICS CSS ADAMSTUEN

1) Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

SUBSEQUENT

Rationale for acquiring Adamstuen

1	▪ Significantly increasing SSG´s freehold portfolio in the Greater Oslo Region and increase scale with the acquisition of the largest self-storage facility in Norway
2	▪ The property has a significant catchment area and high entry barriers
3	▪ Significant revenue potential by converting the parking floors into self-storage
4	▪ Immediately accretive (interest expense less than rent) while enabling 88% growth in lettable self-storage area on the property

SUBSEQUENT

WITH ADAMSTUEN WE FURTHER STRENGHTEN OUR FREEHOLD PIPELINE IN OSLO

TOTAL PIPELINE IN OSLO: 17 700 CLA

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 experience
Lean operation and self-service
Opportunistic approach to expansion in Sweden and Denmark
Looking to selectively acquire existing self storage providers in the Nordics

Illustration of a greenfield project developed under the CSS brand

COVID-19

▪ Norway went into a partial lockdown on 12 March 2020

Self Storage Group adapted to the pandemic by:
Implementing measures to safeguard customers and employees
Keeping self-storage facilities open as usual for both existing and new customers
Using our self-serviced and digitalised offering that by nature is a safe and flexible solution for our customers
Updating the risk evaluation in the interim report for Q4 2020
The Group experienced limited business impact due to Covid-19 as of 2020. The move-in rates in the CSS segment were slightly lower for a period of time after mid-March impacting occupancy growth, and more extensive entry-offer campaigns were implemented to attract customers. We have seen a strong development in move-ins since June, and development in occupancy has been satisfactory in the quarter.

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 2019 for Self Storage Group and updated risk evaluation in the interim report for Q4 2020. 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 forward-looking 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.