National Storage REIT ($NSR)

[Audio Gap] Computershare are present both in the room and on the platform to assist you. Representatives of our legal adviser, Clayton Utz are also present. Today marks an important day in the National Storage Group's history. I'm grateful to everyone who has taken the time to be here today, whether in person or online. Your participation is genuinely important, and I thank you for it. Today's meetings are being held as hybrid meetings, meaning NSR securityholders can participate either in person here in Brisbane, or online through Computershare's virtual meeting platform. The Computershare meeting platform will allow those security holders and proxies who elected to participate virtually to attend the meetings online. All attendees can watch a live webcast of the meetings. In addition, NSR security holders and proxies can ask questions and submit their votes. For those attending online, a link to the virtual meeting online guide is included in the explanatory notes to the Notices of Meetings, which are included in Annexure E of the Scheme Booklet. That guide explains how to participate in the meeting virtually. If you are eligible to vote once voting opens, press the vote icon and all resolutions that are open for voting will be activated with voting options. To cast your vote, simply select 1 of the options. There is no need to hit a submit or enter button as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can change your vote up until the time I declare voting closed. The 4 meetings have been called under the Notice of Meeting dated 10th of March 2026. Each notice of meeting is included as Annexure E of the Scheme Booklet dated the 10th of March 2026 which was dispatched to NSR securityholders in accordance with the orders of the Supreme Court of New South Wales dated 10th of March 2026. If there is no objection, I propose to take each notice as read. It is now past 10 a.m. Brisbane time, and I've been informed by our Company Secretary that a quorum is present for each of the 4 meetings. So I formally declare each of the Share Scheme Meeting of National Storage Holdings Limited. The Trust Scheme Meeting of National Storage Property Trust and the general meetings of National Storage Shareholders and National Storage unitholders open and therefore, formally open the poll for voting on each resolution put to each of the 4 meetings. Before we turn to the item items business, I would like to take a few minutes to remind everyone of what you're being asked to vote on today, and why the Board unanimously recommends that you vote in favor of each of the Transaction Resolutions. As you'll be aware, on 8th of December 2025, NSR announced that a scheme implementation agreement had been entered into with entities jointly established and indirectly owned by a consortium comprised of Brookfield and GIC. Under the proposed transaction, the Consortium through its Bidder entities proposes to acquire 100% of the stapled securities of National Storage REIT. Subject to receiving the requisite voting majorities at the meetings today and court approval together with the satisfaction or waiver of certain other conditions. The transaction is proposed to be implemented in 2 steps, each of which will take place on the implementation date, which is currently expected to be Friday, the 8th of May 2026. First, the National Storage Units and National Storage Shares will be unstapled from each other. Second, following the unstapling, all National Storage Shares will be transferred to the Bidder Company under the share scheme. And all National Storage Units will be transferred to the Bidder Trustee under the Trust Scheme. If the transaction is implemented, eligible NSR securityholders will receive $2.80 cash per security held at the scheme record date, currently expected to be Wednesday, the 29th of April 2026. Securityholders who held their NSR securities at the Permitted Distribution Record Date of 31st of December 2025, will have already received the permitted distribution of $0.06 per security paid on the 20th of February 2026, bringing the Total Cash Value to $2.86 per security for those holders. Your Directors continue to believe that the reasons set out in the Scheme Booklet to vote in favor of the transaction outweigh the potential reasons to vote against the Transaction. Accordingly, we maintain our previously stated recommendation that NSR securityholders should vote in favor of the 5 Transaction Resolutions in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the transaction is in the best interest of NSR securityholders. The consideration is all cash. It provides certainty. You know exactly what you will receive and when, if the transaction is approved and implemented. There is no market risk attached to the consideration. The consideration falls within the independent experts to assess fair value range for NSR security of $2.72 to $2.86 per security. I'll say more about the Independent Expert's conclusion shortly. NSR has traded at a discount to net tangible assets since June 2023. The transaction offers NSR securityholders a price within the Independent Expert's valuation range, a range which itself reflects NTA plus the value of NSR's management platform, development pipeline and other adjustments. The Board considers that this is an attractive outcome. No superior proposal has been received as of the date of the Scheme Booklet and no Superior Proposal has emerged since. Each of your NSR Directors intends to vote or procure the voting of the NSR securities in which they have a relevant interest in favor of each of the transaction resolutions. Reasons to vote in favor of the transaction and reasons to vote against the transaction are set out in more detail in Sections 1.1 and 1.2 of the Scheme Booklet. The NSR Directors appointed Kroll as the independent Expert to provide a report on whether the transaction is in the best interest of NSR Securityholders. I'll draw your attention to their conclusion. Kroll has produced an Independent Expert Report dated the 6th of March 2026, which can be found in Annexure A of the Scheme Booklet, which was dispatched to shareholders -- securityholders. Kroll concluded that the transaction is fair and reasonable and, therefore, in the best interest of NSR security holders, in the absence of a Superior Proposal. In reaching that conclusion, Kroll assessed the full underlying value of NSR security on a controlling interest basis to be in the range of $2.72 to $2.86 per security. As of today, the Independent Expert maintains their conclusion that the transaction is in the best interest of NSR Securityholders. The transaction is subject to a number of Conditions Precedent, which are described in Sections 4.6 and 10.1.2 of the Scheme Booklet. As announced to the ASX on the 7th of April 2026, approval of both the Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office has been received. The conditions which remained outstanding at this time are NSR Securityholders approving all the transaction resolutions by the requisite majority at the meetings today. The Court approving at the Second Court Hearing the Share Scheme and providing the Second Judicial Advice in respect of the Trust Scheme and an office copy of the Court order being lodged with ASIC. The Second Court hearing is expected to be hold on Tuesday, the 21st of April 2026. No court or government agency imposing restraints that prevent implementation of the transaction. No Material Adverse Change or Prescribed Occurrence occurring before 8:00 a.m. on the Second Court Date. The independent expert does not change its conclusion or withdraw its report before the second court date. Warranties given by NSR and the bidders are true and correct. And the Restructure documents are entered into by NSR. So far as the Board is aware, no circumstances have occurred to date that would cause any condition precedent, not to be satisfied. I now turn to the proposed timetable for implementation of the Schemes. If each of the transaction resolutions are approved by the requisite majorities of NSR Securityholders during today's meeting, and all conditions other than the condition relating to court approval, the granting of the second judicial advice and lodgement of the court orders with ASIC have been or can be satisfied or waived as applicable. NSR will apply to the Supreme Court of New South Wales on the 21st of April 2026 for orders approving the Share Scheme and the Second Judicial Advice in order to implement the Trust Scheme. If at the Second Court Hearing, the court makes an order approving the Share Scheme in accordance with the Corporations Act and grants the Second Judicial Advice, NSR will lodge with ASIC, one, a copy of the court orders and, two, the duly executed Supplemental Deed. Once these documents have been lodged with ASIC, the schemes will become legally Effective and trading in NSR securities on ASX will be suspended from the close of trading on the effective date, also expected to be the 21st of April 2026. NSR security holders who hold NSR securities on the Scheme Record Date, which is expected to be Wednesday, the 29th of 2026 will be entitled to receive the Scheme Consideration in respect of the NSR securities they hold on that date. The Scheme Consideration will be paid to Scheme Securityholders on the implementation date, currently, Friday, 8th of May 2026. These dates are indicative only, and, among other things, are subject to satisfaction or waiver of applicable conditions. Any changes will be announced on the ASX. In respect to voting at today's meeting, on a poll, each NSR securityholder voting through the online portal in person or their proxy, attorney or corporate representative has 1 vote for each security held. Only 1 vote is allowed per joint holding. If more than 1 joint holder tenders a vote in respect of jointly held NSR securities, only the vote of the NSR security holder whose name appears first on the NSR security register will be counted. If a proxy has been directed to vote in a particular manner, if the proxy is entitled to vote, he or she must vote in accordance with the direction. And no votes will be cast on any of the transaction resolutions by the bidders and their associates, noting they have confirmed that they do not have any -- have a relevant interest in any NSR securities. As chair of each of the meetings, I advise that I intend to vote all undirected proxies in favor of each of the transaction resolutions, and I declare voting open. I'll now move to the 5 items of business today to be considered across the 4 concurrent meetings. They are Item 1, Share Scheme Resolution to be put to the Share Scheme Meeting. Item 2, Amendment of National Storage Trust Constitution and Item 3, the Acquisition of National Storage Units to be put to the trust Scheme Meeting. Item 4, Company Unstapling Resolution to be put to the general meeting of National Storage Shareholders. Item 5, Trust Unstapling Resolution to be put to the General Meeting of National Storage Unitholders. All 5 resolutions are interconditional. That means the transaction will only proceed if all 5 resolutions are passed by the requisite majorities and all remaining conditions are satisfied or waived. I will explain the required voting thresholds as I move through each item. The notices of meeting invited all NSR Securityholders to submit any written questions electronically, either prior to today's meetings or through the portal during the meetings. As mentioned earlier, we will respond to written and verbal questions following the conclusion of the final item of business. The first item of business is the Share Scheme Resolution, which is put to the Share Scheme Meeting being for holders of ordinary shares in National Storage Holdings Limited. The Share Scheme Meeting has been convened pursuant to an order of the New South Wales Supreme Court made on 10th of March 2026. The purpose of the Share Scheme Meeting is to consider any thought fit to pass the Share Scheme Resolution, which is shown on the screen and is as follows: that's subject to and conditional on each of the trust scheme resolutions and each of the unstated resolutions as defined in the scheme booklet, of which the notice convening this meeting forms part, being passed pursuant to and in accordance with Section 411 of the Corporations Act, the scheme of arrangement proposed to be entered into between National Storage Company and holders of its fully paid ordinary shares the details of which are described in the Scheme Booklet, of which the notice convening this meeting forms part, is approved, with or without any modifications approved by the court. In accordance with the requirements of the Corporations Act for the Share Scheme Resolution to be passed, votes in favor must be received from a majority in number that is more than 50% of NSR security holders present in voting in person or by proxy, attorney or corporate representative and at least 75% of the total number of votes cast on the Share Scheme resolution. Details of valid proxies received by National Storage Company in respect to the Share Scheme Resolution are shown on the screen. I will now turn to the formal business of the Trust Scheme Meeting. The Trust scheme meeting has been convened by the trustee and responsible entity of National Storage Property Trust with the benefit of the First Judicial Advice obtained at the First Court Hearing. There are 2 resolutions to be considered at this meeting, and I will take each resolution in turn. First, the National Storage Trust constitution amendment resolution. The purpose of the National Storage Trust constitution amendment resolution is for national -- for NSR Securityholders as holders of units in the National Storage Property Trust to approve by special resolution, amendments to the National Storage Trust Constitution, to enable National Storage trustee to implement the trust scheme. The amendments are set out in the supplemental deed, which is included as Annexure C of the Scheme Booklet. The National Storage Trust constitution amendment resolution being the first resolution before the Trust Scheme Meeting is shown on the screen and is as follows: that subject to and conditional on, a, each of the resolution -- each of Resolution 2 in this notice convening the Trust Scheme Meeting, the Share Scheme Resolution and each of the Unstapling Resolutions as defined in the Scheme Booklet of which this notice forms part being passed; and b, the Share Scheme being approved by the court under Section 411 (4)(b) of the Corporations Act with or without modifications as approved by the court and an office copy of the order of the court approving the Share Scheme being lodged with ASIC. The National Storage Trust constitution be amended with effect on and from the effective date as that term is defined in the supplemental deed as set out in the Scheme Booklet, of which the notice convening this Trust Scheme Meeting forms part, for the purpose of giving effect to the Trust Scheme and National Storage trustee be authorized to execute and lodge with ASIC, a copy of the supplemental deed. This resolution is a special resolution under Section 601 GC (1) of the Corporations Act. To pass, it requires at least 75% of the votes cast by NSR Securityholders present, and voting as holders of the National Storage units to be in favor. We will now move to the National Storage units acquisition resolution which is the second resolution put to the Trust Scheme Meeting. This resolution seeks approval from NSR Securityholders as Unitholders for the acquisition by the bidder trustee of all National Storage units as a scheme record date for the purposes of item 7 of section 611 of the Corporations Act. The National Storage units acquisition resolution being the second Trust Scheme Resolution before the Trust Scheme Meeting is shown on the screen and is -- that's subject to and conditional on each of, a, resolution 1 set out in the notice convening the Trust Scheme meeting, the Share Scheme Resolution and each of the Unstapling Resolutions as defined in the Scheme Book of which this notice forms being passed; and b, the Share Scheme being approved by the court under Section 411 (4)(b) of the Corporations Act with or without modifications as approved by the court, and an office copy of the order of the court approving the share scheme being lodged with ASIC. For the purposes of item 7 of section 611 of the Corporations Act, the acquisition by a bidder of trustee of national -- of all National Storage Units existing as at the scheme record date, as described in the Scheme Booklet of which this Notice forms part, be approved and National Storage Trustee be authorized to do all things which it considers necessary, desirable or reasonably incidental to give effect to the acquisition. This resolution is an ordinary resolution. To pass it requires a simple majority. That is more than 50% of votes cast by NSR Securityholders as holders of National Storage Units to be in favor. Details of valid proxies received in respect of each of the trust scheme resolutions are shown on screen. Moving to the next item. The Company Unstapling Resolution, which is put to the general meeting of National Storage shareholders being for the shareholders of the National Storage shares. The unstapling is a necessary step to implement the post-implementation restructure proposed by the consortium. The National Storage Units and National Storage Shares are currently stapled together and trade as a single security on the ASX. As part of the trade transaction, they need to be unstapled so that the shares can be transferred to the bidder company and the units to the bidder trustee. The company unstapling resolution before the general meeting of National Storage shareholders is shown on the screen, and is that subject to and conditional on each of each of the Trust Scheme Resolutions, the Share Scheme resolution and the other unstapling resolution being passed; and b, the Share Scheme being approved by the court and an office copy of the order being lodged with ASIC. For the purposes of Article 2 and Schedule 1 of the National Storage Company Constitution. See, the National Storage Shares cease to be stable to the units in National Storage Trust, the unstapling; d, the data the unstapling is to be the implementation date and; e, National Storage company be authorized to determine the particular time on the unstapling date when the unstapling is to occur. This resolution is a special resolution. To pass, it requires at least 75% of votes cast by NSR Securityholders as holders of National Storage shares to be in favor. Details of valid proxies received in respect to the company unstapling resolution are shown on the screen. The final item is the Trust Unstapling Resolution, which is put to the general meeting of National Storage unit holders being for the holders of National Storage units. This is the counterpart resolution to the company unstapling resolution and is a resolution from the unitholders perspective. As previously mentioned, the unstapling is a necessary prerequisite to implementing the post-implementation restructure proposed by the consortium and the overall transaction. The trust unstapling resolution before the general meeting of National Storage unitholders is shown on the screen, and is that's subject to and conditional on each of, a, each of the trust scheme resolutions, the share scheme resolution and the other unstapling resolution being passed. And b, the share scheme being approved by the court and an office copy of the order being lodged with ASIC. For the purpose of clause 13 and schedule 1 of the National Storage Trust Constitution. See the National Storage units cease to be stapled to the ordinary shares in National Storage Company, the unstapling; b, the date of the unstapling is to be the implementation date and, e, National Storage Trustee be authorized to determine the particular time on the unstapling date when the unstapling is to occur. This resolution is a special resolution. To pass it requires at least 75% votes cast by NSR security holders as holders of National Storage Units to be in favor. Details of valid proxies received in respect of this Trust Unstapling Resolution are shown on screen. That concludes the presentation on all 5 resolutions. I'll now invite questions and comments from NSR Securityholders in relation to the transaction and the 5 resolutions before us today.

We will begin with questions from the floor here in Brisbane, then move to written questions submitted online and any verbal questions through the audio facility. For those in the room that wish to ask a question, please raise your hand now and a microphone will come to you. Please state your name prior to asking your question. Are there any questions? Moving to online questions. I'll read the question and then provide the answer or invite the appropriate person to speak to the answer. If we receive any verbal questions, I'll introduce you to speak at the relevant time. Please state your name prior to asking your question. First question is from Mr. Stephen Mayne in respect to item 1, the Share Scheme Resolution. The question is what sort of proxy solicitation campaign did we run to encourage our 6,800 shareholders to vote and how many of them voted by proxy. Also, thank you for offering best practice hybrid meetings today to maximize participations. Four hybrids in a row must be some sort of record. Why did it need 4 separate meetings legally. The response to that is NSR followed market standard processes to notify Securityholders of the meetings, including issuing the Scheme Booklet, ASX announcements and engaging an independent third-party service provider to operate the NSR Securityholder information line. That provider also conducted a targeted outbound campaign to advise Securityholders of the meeting details and the available voting options. The Board considers that appropriate and customary steps were taken to inform Securityholders and facilitate participation, and respects the decision of security holders as to whether or not they chose to vote. The 4 meetings were required to be held due to the stapled structure of National Storage, the target of the Share & Trust acquisition as well as the unstapling of securities to facilitate the transaction. Second question is from Mr. Stephen Mayne in respect to #1 Share Scheme Resolution. In takeover situation, you sometimes see nonexecutive directors paid associates called exertion payments, given all the additional work required -- I didn't think of that -- what was it sorry, he didn't say that. That wasn't part of the question. What was our approach to this issue and exactly how much extra work did this deal generate for the directors? The nonexecutive directors are not receiving any exertion payments as a result of the proposed transaction. The additional work generated was usual for a transaction of this nature. Ongoing involvement is as stated in the Scheme Booklet. A question from Mr. Stephen Mayne regard to Item 1 Share Scheme Resolution. It is very unusual to have a chair CEO team in place for 12 years and well done indeed for those outstanding shareholder returns laid out in the formal addresses. Is our founder at all sad to be exiting the industry, just like the Miller family did all those years ago. And did he ever try to buy Kennards? The last founder-led family left in the Australian self-storage industry. Did Kennard run the numbers on launching a rival bid or was the combined might of the Canandian Singapore coalition, just too big and strong to take on. Our response to that is -- we note that the Chair and CEO in recommending the transaction are supportive of the offer. Further, we trust that the addresses of both will respond to the remainder of this statement, in a moment. The purpose of the meetings today are to address the business of the meeting in relation to the transaction. Accordingly, it would not be appropriate to discuss competitors or speculate on the consideration of competitors during this process. As previously mentioned that no superior offer has been received. I have a question from Mr. Stephen Mayne, #1, Share Scheme Resolution. The question is, fourth and final question. Australia is currently in the midst of an unprecedented deluge of takeovers that has contributed to listed entities on the ASX dropping by more than 10% since January 2023 to a nearly 20-year low of 2024 on March 30, 2026. There were a record 27 major takeovers above $100 million completed in '24,'25, and we're heading -- we're headed for a higher number in 2025, '26. Why do the Chair and CEO believe this is happening? There is a clear mispricing between public markets and private markets. But is there also a problem with the scrutiny and extra regulation of smaller ASX-listed companies, which don't benefit from index investing. Does the chair agree this is a problem for the nation particularly with so few new floats replenishing the ASX ranks? This question raises broader policy and market questions that extend beyond the transaction being considered today. The role of the meeting is to consider the proposed transaction resolutions in the context of NSR and the information set out in the scheme booklet. It would not be appropriate for me to express views on broader market trends or regulatory policy in this forum. Are there any more? Okay. So that concludes our discussion. I'll now give NSR Securityholders a moment to finalize their votes. [Voting]

For those voting in person, if you've not yet completed your yellow voting card for all 5 resolutions, please do so now and hand it to a Computershare representative. Please make sure you have recorded your vote for each of the 5 resolutions. If you are uncertain about any of the voting procedures or require any assistance, please see Computershare staff at the registration desk, who will be happy to help you. Jessie Yerma from Computershare will act as returning officer for the purpose of conducting and determining the results of the poll. If you are voting via the online portal, please submit your votes now. In a couple of minutes, I'll close the voting system and formally ask Jessie Yerma as returning officer to count the votes. Please ensure that you've cast your votes on all resolutions. Just give you a couple of moments for those. [Voting]

Has everybody had the opportunity to cast the votes? Okay. I hereby declare each poll closed and formally ask Jessie Yerma as returning officer to count the votes. The results of each poll will be released to the ASX and made available on our website today. And finally, a few words. While the transaction remains subject to NSR Securityholders voting in favor of the transaction resolutions and the other outstanding conditions precedent, Andrew and I wanted to take this opportunity to provide an address to NSR Securityholders. This transaction marks the culmination of NSR's growth as a listed entity. From its IPO in December 2013, and with an initial market capitalization of $198 million and total value assets valued at approximately $250 million. NSR has achieved extraordinary outcomes for its security holders. Based on the current transaction at market capitalization now exceeds $4 billion, and the total enterprise value of NSR sits at approximately $6.7 billion. The outcome manifested by this transaction, which has been overwhelmingly endorsed by the vote of NSR Securityholders today, means that NSR security holders at IPO are set to receive total returns of 438% if the transaction is implemented. Our combined annual growth rate for both our underlying earnings, 20% and total revenue, 19% over the last 12 years means NSR has been one of the most consistently performing A-REITs over this period. We have achieved some very significant milestones during FY '26 today. Our first half FY '26 growth in underlying earnings has been better than 8% with REVPAM up 5.3%. NSR has achieved as results despite the significant additional demands of negotiating and executing the current transaction over the same period. As at the date of these meetings, NSR's center count has reached 300 on creating the largest high-quality and most geographically diverse portfolio of self-storage assets throughout Australia and New Zealand. Our team of over 700 people has worked tirelessly to achieve our objective to become Australia and New Zealand's leading provider of tailored storage units and a global leader in innovation and excellence in customer service, whilst building an unrivaled pipeline of acquisitions and state-of-the-art development projects. Thank you to each and every one of our team for your commitment and dedication. Throughout our time as a listed entity and for many years prior, our company has been very capably led by its founder, Andrew Catsoulis, who, together with his wife Karen, who's with us today, had the foresight to envisage and then build their first self storage center some 30 years ago. Andrew's vision, determination, energy and resilience has been the cornerstone on which this business has grown to become the very significant and successful organization that it is today. He's been greatly assisted in this endeavor by a highly credentialed and committed senior management and executive team, and I offer my thanks for their efforts today. In addition, I'd like to acknowledge the contribution of my fellow board members who have worked tirelessly to successfully guide our team through many years of challenges and opportunities. In doing so, they have maintained the highest level of professionalism, goodwill and importantly, a sense of humor, for which I sincerely thank them. Being a Board member, or at times, the Chairman of a listed public company with such a strong growth trajectory as NSR is enormous privilege, but equally comes with a large degree of obligation. Over the last 12 years, the NSR Board has endeavored to balance a desire to maximize the return on securityholders' funds invested with a strong commitment to ethical practices, including sustainability and the environment, while ensuring that our customers receive good service and a safe place to store their valued possessions. During this time, we have reduced NSR's businesses carbon footprint substantially, while maintaining a strong focus on both asset and earnings growth and running a successful business with a strong brand and reputation. I would also like to take this opportunity to thank all those who have embarked on this journey with us, including our many and varied service providers, including our lawyers, accountants, bankers, valuers, insurers and investment advisers, as well as our valued joint venture partners. All of them have greatly assisted us over the years. To our NSR security holders, I trust that we have fulfilled the sacred trust, which you have invested in us. and that the outcome from this transaction is a validation of the many years of support you have provided to the NSR business, in underpinning its growth aspirations, which has seen NSR go from an ASX minnow to one of the most successful companies in its sector today. And finally, to the consortium, representatives here today. Pending the culmination of this transaction, I firmly believe that you will be the custodians of the business, which is in great shape and has the capacity to continue to grow and flourish. Our best wishes to you. I would like now to hand over to our Managing Director, Andrew to say a few words.

Good morning, everyone. Thank you all for attending. I'll be brief, substantially more brief than I was at my eldest daughters wedding where the speech went for some 20 minutes. So I can assure you, I'll be brief. I'd like to acknowledge and thank our Chairman, Anthony Keane for his kind words. We could have never achieved these outcomes without you TK. Your guidance and support has been instrumental over the last 12 years. You've been steadfast, calm, considered and have always provided very thoughtful insights from your over 40 years of corporate experience. Likewise, I would acknowledge our Board. Your calmness under pressure, belief in management, willingness to work hard and professionalism has been critical in bringing us to this point today. Thank you all sincerely for your efforts. Our Executive team Stuart Owen, our CFO; Emily Ackland, our General Counsel; Nicholas Crang, our Head of Acquisition and Developments. To them, you are quite simply the best in the business. Your assistance and advice over the years has been invaluable. And much of this outcome has been built on your relentless drive, hard work ethic and ability to derive the best not only from your own teams, but from the NSR business as a whole. Likewise, our senior management team, many of whom are here today and our team members do an incredible job, often in difficult circumstances. And on behalf of Board and management, we can't thank you enough. When I reflect on the last 30 years in this wonderful industry of self storage, it's hard not to become a little emotional. My wife and I built our first self storage center at Oxley on the -- on what was then the outskirts of Brisbane. We generally had no idea of what the self storage industry look like or what we were getting ourselves into, to be honest. We've really been humbled to be surrounded by the highest quality people who have assisted us when this assistance was most essential. To have built a business of the scale, geographical diversity and quality of NSR was inconceivable to us at the time. Yet here we are today. I can only thank most sincerely all of those who believed in us and who supported us on this journey, including our team, some of whom I've had the privilege to work with for over 30 years. I'm humbled to call you my friends, and thank you for your willingness to have committed to NSR over this period. It's been incredible. Our Securityholders, over 6,800 of them have believed in NSR and our vision to become the #1 provider of excellence in tailored storage solutions across Australia and New Zealand. You have been steadfast in your support over the years with 9 capital raises oversubscribed having raised approximately $1.8 billion in equity. Thank you. I would also like to extend my sincere thanks to the countless number of self storage customers who have entrusted us with their valued possessions over the last 30 years. Without you, we actually wouldn't have a business. So thank you. I believe that GIC and Brookfield are buying a wonderful business with -- as TK has pointed out, amazing potential for future growth, and I hope to be able to continue to play my part in the next phase of this incredible journey. Finally, I'd like to sincerely thank my wife and daughters and their families. You've been steadfast in you love and support, without which the creation of NSR would have been impossible. Thank you.

Thanks, Andrew, that clearly come from the heart. I now declare these proceedings and each of the meetings closed. Thank you all again for today's -- attending today's meetings and invite you those who can stay for light refreshments. The directors and management will be in the room for a time afterwards and welcome the opportunity to speak informally with Securityholders. Thank you again. Have a good day.