Ann: NSR - Response to Media Article, page-10

I don't hold directly, am trustee for a fund that does.

I like this business, a land-rich storage enterprise rather that a rent-collecting REIT.

There is genuine demand and willingness to pay for secure places to store stuff. NSR has grown and grown through both acquisition and own development. It is now in the luxurious position of optimising its network of sites rather than just building it. Risk is lower, management skilled and now enjoys a substantial customer base - all qualities which can be capitalised.

So Gaw Capital, recognising the value gap, lobs a low bid seeking a free ride.

I think it is worth more and would want at least $2.50 to give up the holding I administer.

Ash