KSS Information Memorandum 2021

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Share mortgage over Kenmil Pty Limited and Storage Kennards Pty Ltd Side Deed - Management Agreement between KSS and Kennards Storage Management Pty Limited (“KSM”)

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ISDA Master Agreement

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Security Trustee Agreement & Inter creditor

The security structure will need to take into consideration:

1. certain Acquisition property assets may be offered for security to other financers. For clarification, where there is Available Limit within the existing facility, then Acquisitions are automatically included as per the Acquisitions regime. 2. allow for payment of management fees and expense reimbursement to KSM 3. allow for cash in the business to be used for Capex 4. avoidance of doubt any joint venture arrangements are excluded unless, added to the security pool. Financial Undertakings • Covenants are to be tested twice each financial year, at half year and full year accounts and in reference to the Accounts • LVR less than 60% ( Definition: At any time the ratio of drawn debt consideration to Total Portfolio Value as at that day). NZD debt and Assets are converted at the spot rate or where a hedging instrument is in place, at the agreed rate • ICR 1.75x ( Definition: EBITDA - (Storage Income, plus Rental Income, plus Storage Centre related Income less Centre related operating costs less Corporate Costs) /Interest Expense including interest income, net swap payments/receipts but excluding hedge break costs, one off fees and charges, for previous 12 months.) NZD EBITDA and Interest Expense to be converted at average rate Acquisitions and Development Capex >7.5% of Total Portfolio Value of portfolio in a Financial Year notify bank(s) Capital Expenditure relating to Existing Assets >$30m in a Financial Year, notify bank(s) • •

Events of Default •

Failure to pay (2 business days for administrative or technical errors)

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Failure to reach agreement to rectify a Review Event

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