KSS Information Memorandum 2021

Proposed Term Sheet Borrower:

Kennards Self Storage Pty Ltd (“KSS”)

Guarantor:

Kenmil Pty Limited

Facility Type:

Common Terms Agreement

Facility Rollover:

Facility rollover of circa $110 million.

The Facility should provide for: •

The ability to enter into derivative products with other financial institutions secured pari passu with all other hedge providers The value of the securities to be on a going concern basis for Operating Assets and As Is basis for Development assets

•

Available Limit:

The term facility will allow the Borrower to draw to the Available Limit. The Available Limit will be determined according to a Lending Value Ratio (“LVR”) of 60% against the Total Portfolio Value of assets of the Borrower and its subsidiaries in the Self Storage Business.

Purpose of Rollover: The purpose of the facility will be to: 1. Re-finance the existing loan facilities; and 2.

Provide for funding to assist with proposed acquisition growth, working capital, Conversion of Development Assets, financing lease facility and Capex.

Interest Rate:

AUD - BBSY Bid Rate plus a Margin payable in arrears

Margin: % over BBSY Bid Rate / BKBM Establishment Fee: % p.a. payable on initial drawdown Period of Roll: Monthly or quarterly

Undrawn Commitment fee: % of Margin to be applied against the Facility Limit Term: The Facility to be split between 3 years, 5 years or longer maturities

Drawdown Date:

30 September 2021

Repayment:

The term facility is to be interest only with a bullet repayment of any outstanding balance on maturity. The Borrower may repay all or any part of the outstanding balance. The Facility is to be provided on a non-recourse basis with the following security on offer:

Security:

1.

First registered mortgage over the direct freehold and Leasehold in each of the Real properties

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