National Storage REIT : Becoming a substantial holder

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

For personal use only

ToCompany Name/Scheme	National Storage Holdings Limited
ACN/ARSN		166 572 845
1. Details of substantial holder (1)
Name	Pinnacle Investment Management Group Limited (and its subsidiaries
		listed in Annexure A
ACN/ARSN (if applicable)		100 325 184

The holder became a substantial holder on 02/12/2021

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
ORDINARY FULLY PAID	60,197,253	60,197,253	5.06%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest

Nature of relevant interest (7)

Class and number of securities

REFER TO ANNEXURE A PART 1

AND PART 2

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number of securities
interest	securities	registered as holder (8)

REFER TO ANNEXURE B

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant	Date of acquisition	Consideration (9)	Class and number of securities
interest
		Cash	Non-cash

REFER TO ANNEXURE C

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
REFER TO ANNEXURE D

only
7. Addresses
	The addresses of persons named in this form are as follows:
			Name		Address
			REFER TO ANNEXURE E
use
		Signature
			print name	CALVIN KWOK	capacity	COMPANY SECRETARY
			sign here			date	07/12/2021
personal
		(a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of
						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:
For			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".

1. Details of the consideration must include any and all benefits, money 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.

National Storage REIT

Annexure A - Part 1

	Holder of relevant interest	Nature of relevant interest	Number of	Class of securities
			securities
	Pinnacle Investment Management Group Limited	Relevant interest by virtue of section 608(3)	60,197,253	Ordinary fully paid
	Pinnacle Investment Management Limited	of the Corporations Act as it or its associates holds directly or
only	Ariano Pty Limited (ACN 605 250 799)	indirectly above 20% voting power in one or more affiliated
Next Financial Limited (ACN 081 722 894)	investment managers (see Annexure A - Part 2) and Pinnacle
Next Financial Nominees Pty Ltd (ACN 093 252 576)	Fund Services Limited, who each in turn hold relevant interests
	Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115)	in the securities the subject of this notice.
	Investment Solutions Client Services Pty Ltd (ACN 117 898 334)
	Priority Funds Management Pty Ltd (ACN 120 826 575)
	Priority Investment Management Pty Ltd (ACN 116 943 456
	PNI Option Plan Managers Pty Ltd (ACN 125 030 766)
	Pinnacle RE Services Limited (ACN 130 508 379)
	Pinnacle Services Administration Pty Ltd (ACN 126 175 148)
	Pinnacle Investment Management (UK) Limited (Company Number 11026111)
	POSH Nominees Pty Limited (ACN 620 094 251)
use
Pinnacle Fund Services Limited (ACN 082 494 362)	Relevant interest held through the power to control voting	60,197,253	Ordinary fully paid
	and/or disposal of securities in its capacity as responsible entity
		or trustee of registered or unregistered schemes and/or relevant
		interest by virtue of section 608(3)
		of the Corporations Act as it or its associates holds directly or
		indirectly above 20% voting power in one or more affiliated
		investment managers (see Annexure A - Part 2) who each in
		turn hold relevant interests in the securities the subject of this
		notice.
personal	This is Annexure "A - Part 1" as mentioned in form 603 Notice of initial substantial holder
	Calvin Kwok

Company Secretary

Date: 07/12/2021

National Storage REIT

Annexure A - Part 2

Affiliated Investment Managers in which Pinnacle has over 20% voting power Antipodes Partners Limited (ACN 602 042 035)

Hyperion Asset Management Limited (ACN 080 135 897)

Metrics Credit Partners Pty Limited (ACN 150 646 996) onlyPalisade Investment Partners Limited (ACN 124 326 361)

Plato Investment Management Limited (ACN 120 730 136) Resolution Capital Limited (ACN 108 584 167)

Solaris Investment Management Limited (ACN 128 512 621)

Two Trees Investment Management Pty Limited (ACN 616 424 170) Riparian Capital Partners Pty Ltd (ACN 630 179 752)

useThis is Annexure "A - Part 2" as mentioned in form 603 Notice of initial substantial holder

Calvin Kwok

Company Secretary

Date: 07/12/2021

personalFor

National Storage REIT

Annexure B

	Holder of relevant interest	Registered holder of securities	Person entitled to be	Number of	Class of
			registered as holder	securities	securities
only	Pinnacle Investment Management	BNP Paribas	BNP Paribas	259,635	Ordinary fully paid
Group Limited (and its subsidiaries
listed in Annexure A)
Pinnacle Investment Management	BNP Paribas Securities Services	BNP Paribas Securities	875,890	Ordinary fully paid
Group Limited (and its subsidiaries		Services
listed in Annexure A)
Pinnacle Investment Management	BNY Mellon	BNY Mellon	4,391,568	Ordinary fully paid
Group Limited (and its subsidiaries
listed in Annexure A)
Pinnacle Investment Management	Brown Brothers Harriman	Brown Brothers Harriman	4,441,411	Ordinary fully paid
use	Group Limited (and its subsidiaries
listed in Annexure A)
Pinnacle Investment Management	Citibank	Citibank	11,743,890	Ordinary fully paid
	Group Limited (and its subsidiaries
	listed in Annexure A)
	Pinnacle Investment Management	Interactive Brokers	Interactive Brokers	35,000	Ordinary fully paid
	Group Limited (and its subsidiaries
	listed in Annexure A)
personal	Pinnacle Investment Management	JP Morgan Chase Bank	JP Morgan Chase Bank	8,520,175	Ordinary fully paid
Group Limited (and its subsidiaries
isted in Annexure A)
	Pinnacle Investment Management	NAB Custodial Services	NAB Custodial Services	14,170,577	Ordinary fully paid
	Group Limited (and its subsidiaries
	listed in Annexure A)
	Pinnacle Investment Management	Northern Trust	Northern Trust		Ordinary fully paid
	Group Limited (and its subsidiaries			2146273
	listed in Annexure A)
	Pinnacle Investment Management	RBC Investor Services Trust	RBC Investor Services Trust	1,040,666	Ordinary fully paid
	Group Limited (and its subsidiaries
	listed in Annexure A)
	Pinnacle Investment Management	State Street	State Street	7,550,049	Ordinary fully paid
	Group Limited (and its subsidiaries
	listed in Annexure A)