Self Storage Group intends to apply for a listing on Oslo Børs

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1 NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE. Self Storage Group intends to apply for a listing on Oslo Børs Oslo, 25 September 2017: Self Storage Group ASA 1 (the Company and together with its subsidiaries the Group or SSG ) today announces its intention to launch an Initial Public Offering (the "IPO") of its ordinary shares, and to apply for a listing on Oslo Børs. SSG engages in the business of renting out self storage units to both private individuals and businesses. The Group is one of the leading self storage providers in Scandinavia with a particularly strong position in the Norwegian market. SSG currently operates 83 sites across Scandinavia with a total lettable area of 101,013 square meters. The Group is a result of the business combination of OK Minilager and City Self-Storage. OK Minilager was established by Gustav Søbak and Fabian Søbak in 2009 with the goal of creating a leading Norwegian self storage provider with focus on cost effective operations, competitive rent levels and industry leading customer solutions. City Self Storage dates back to 1993 and provides traditional self storage solutions with manned big box facilities and on-site sales of storage related products including rental services. OK Minilager is a nationwide, price competitive provider of self-serviced storage facilities in Norway, while City Self-Storage is the high-end brand providing self-storage rental and ancillary products and services in Scandinavia s capital cities. Having two separate concepts allows the Group to target different market segments which strengthens the robustness of the business model. OK Minilager operates 56 facilities (including 9 sites acquired through the acquisition of Minilageret AS in June 2017) with a lettable area of 42,643 square meters, while City Self-Storage operates 27 facilities with a lettable area of 58,370 square meters are operated under the City Self-Storage brand. The Group has a lean and operationally focused organisation with 84 employees (61.6 full time equivalents). The Group is headquartered at Skøyen in Oslo, where all administrative and customer service related functions are located. Site managers and other operationally focused employees are located throughout Scandinavia close to the respective sites. The majority of the shares in SSG is owned by the founders of OK Minilager, Gustav Søbak and Fabian Søbak, and Ferncliff, which invested in OK Minilager in 2016 prior to the acquisition of City Self-Storage from Selvaag Gruppen. 1 The Company is currently named OK Self-Storage Group AS and is a Norwegian private limited liability company. The Company will be renamed Self Storage Group ASA and converted into a Norwegian public limited liability company prior to the IPO.

2 Group highlights Among the leading self storage providers in Scandinavia and the clear market leader in Norway. Operating 82 sites across Scandinavia with a total lettable area of 100,968 square meters. Two different business concepts/brands, targeting two different market segments. o OK Minilager; a nationwide, price competitive offering of self-serviced storage facilities in Norway (56 facilities with 42,643 square meters). o City Self-Storage; high-end brand providing self-storage rental and ancillary products and services in Scandinavia s capital cities (26 facilities with 58,325 square meters). A strong platform for future growth with prime locations in all Scandinavian capitals and nationwide presence in Norway. Lean and operationally focused organisation with a proven ability to operate and develop an attractive portfolio of self storage facilities. Proven ability to increase margins while growing rapidly. Targeting continued growth, mainly through owned properties. We have over the past two decades proven our ability to develop and operate an attractive portfolio of self storage facilities. This has delivered profitable growth and placed Self Storage Group in a unique market position. We believe this foundation, combined with our strategy to grow our freehold portfolio in selected markets, gives us a strong platform for future growth, says Fabian Søbak, co-founder and CEO of Self Storage Group. Chairman of Self Storage Group, Martin Nes, adds: There is a large untapped potential for self storage in Scandinavia as urbanization and smaller living spaces cause increasing need for external storage solutions. On the back of the company s track record, strategic position and the attractive industry trends, we believe a listing of SSG will contribute to accelerating the company s growth and value creation potential. Financial highlights 2 SSG has a track record of rapid and profitable growth and has shown a remarkable ability to post continuous top line growth and increasing margins. Through the first half of 2017 the group has built up and acquired significant new storage capacity which will have full effect in H Going forward, the Group has identified significant potential for growth through already acquired development projects and «low cost» expansion within existing facilities. The Group is experiencing strong demand and is quickly filling up new storage facilities while at the same time achieving high rent levels. 2 Historical financials are based on stand-alone NGAAP figures for OK Minilager, City Self-Storage and Minilageret AS. Including compensations of NOK ~9.7 million for Sundby site in 2015 and NOK ~3.1 million for Colosseum site in Minilageret AS not included in number of facilities and lettable area due to a lack of historical figures

3 Revenue (NOKm) Number of facilities 2) Lettable area (sq.m) 2) ,972 EBITDA margin (Group incl. Minilageret AS) Minilageret AS , , ,375 OK Minilager City Self-Storage , ,249 EBITDA margin % ,794 24% 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Offering highlights The IPO will comprise a public offering to institutional and retail investors in Norway and Sweden, and a private placement to certain institutional investors internationally. In connection with the IPO, the Group will raise primary proceeds in order to expand the total lettable area by investing in new and preferably owned facilities. Further, Fabian and Gustav Søbak, may reduce their current ownership somewhat, through a sale of secondary shares. Fabian and Gustav Søbak will remain significant shareholders following the IPO. Subject to approval of the listing application and successful completion of the offering, the Group expects to be admitted to listing and commence trading on Oslo Børs during Q4 2017, depending inter alia on prevailing market conditions. Arctic Securities AS is acting as sole global coordinator and bookrunner in the IPO. Further announcements relating to the process will be made in due course. Enquiries Martin Nes, Chairman, Cecilie Hekneby, CFO, About Self Storage Group Self Storage Group ASA engages in the business of renting out self storage units to both private individuals and businesses through the two concepts; OK Minilager and City Self-Storage. The Group is one of the leading self storage providers in Scandinavia with a particularly strong position in the Norwegian market. SSG operates more than 80 sites across Scandinavia with a total lettable area of more than 100,000 square meters.

4 Important Notice This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Group in the United States, Norway or any other jurisdiction. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Hong Kong, Canada, Japan, South Africa or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Group does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to qualified institutional buyers as defined in Rule 144A under the Securities Act. Any offering of securities will be made by means of a prospectus that will contain detailed information about the Group and its management, as well as financial statements. These materials are an advertisement and not a prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the Prospectus Directive ). Investors should not subscribe for any securities referred to in these materials except on the basis of information contained in the prospectus. In any EEA Member State other than Norway that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive ( Qualified Investors ), i.e., only to investors to whom an offer of securities may be made without the requirement for the Group to publish a prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State. This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", strategy, "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Group believes that these assumptions

5 were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the Norwegian market, the Group s ability to attract, retain and motivate qualified personnel, changes in the Group s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Group does not guarantee that the assumptions underlying the forward looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update or revise the statements in this presentation to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Group does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.