This Partnership Unit Designation (this "Partnership Unit Designation") is made as of January 5, 2018 by National Storage Affiliates Trust, a Maryland real estate investment trust and the general partner (the "General Partner") of NSA OP, LP, a Delaware limited partnership (the "Partnership") pursuant to the Third Amended and Restated Agreement of Limited Partnership of the Partnership dated as of April 28, 2015 (as amended through the date hereof, the "Partnership Agreement").

WHEREAS, the General Partner has determined that it is necessary to establish a series of Preferred Units in the Partnership designated as 6.000% Series A-1 Cumulative Redeemable Preferred Units (the "Series A-1 Preferred Units") in accordance with Section 4.3(a) of the Partnership Agreement.

Section 1.     Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Partnership Unit Designation.

"Adjustment Factor" means 1.0; provided, however, that in the event that the General Partner (a) splits or subdivides its outstanding REIT Series A Preferred Shares or (b) effects a reverse share split or otherwise combines its outstanding REIT Series A Preferred Shares into a smaller number of REIT Series A Preferred Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (i) the numerator of which shall be the number of REIT Series A Preferred Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (ii) the denominator of which shall be the actual number of REIT Series A Preferred Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination.    

"Business Day" shall mean any day other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

"Cash Amount" means, with respect to a Tendering Partner, an amount of cash equal to the product of (A) the Value of a REIT Series A Preferred Share and (B) such Tendering Partner's REIT

A "Change of Control" is when, after the original issuance of the REIT Series A Preferred Shares, each of the following have occurred and are continuing:

(ii) following the closing of any transaction referred to in (i) above, neither the General Partner nor the acquiring or surviving entity (or, if in connection with such transaction holders of REIT Common Shares receive Alternative Form Consideration (as defined in the Series A Articles Supplementary) consisting of common equity securities of another entity, such other entity) has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange, Inc. (the "NYSE"), the NYSE American, LLC (the "NYSE AMER"), or the NASDAQ Stock Market ("NASDAQ"), or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE AMER or NASDAQ.

"Distribution Period" means, as applicable, the Series A-1 Distribution Period or the distribution period set forth in the terms of any other Preferred Unit of the Partnership.

"Holder Redemption" has the meaning set forth in Section 10(a) hereof.

"Notice of Redemption" means the Notice of Redemption substantially in the form of Exhibit I attached to this Partnership Unit Designation.

"Optional Redemption Right" has the meaning set forth in Section 5(b) hereof.

"Publicly Traded" means listed or admitted to trading on NYSE or any other national securities exchange.

"REIT Series A Preferred Share" means a share of the 6.000% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share, of the General Partner.

"REIT Series A Preferred Share Amount" means a number of REIT Series A Preferred Shares equal to the product of (a) the number of Tendered Units and (b) the Adjustment Factor in effect on the Specified Redemption Date with respect to such Tendered Units; provided, however, that, in the event that the General Partner issues to all holders of REIT Series A Preferred Shares

as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the General Partner's shareholders to subscribe for or purchase REIT Series A Preferred Shares, or any other securities or property (collectively, the "Rights"), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the REIT Series A Preferred Share Amount shall also include such Rights that a holder of that number of REIT Series A Preferred Shares would be entitled to receive, expressed, where relevant hereunder, in a number of REIT Series A Preferred Shares determined by the General Partner in good faith.

"Senior Units" has the meaning set forth in Section 6 herein.

"Series A Articles Supplementary" means the articles supplementary of the General Partner setting forth the terms of the REIT Series A Preferred Shares, accepted for record by the the State Department of Assessments and Taxation of Maryland on October 10, 2017.

"Series A-1 Distribution Payment Date" shall mean (i) the last calendar day of each March, June, September and December of each year, commencing on March 31, 2018, and (ii), in the event of a redemption of Series A-1 Preferred Units, the redemption date.

"Series A-1 Distribution Period" shall mean the respective periods commencing on and including the first day of January, April, July and October of each year and ending on and including the day preceding the first day of the next succeeding Series A-1 Distribution Period (other than the initial Series A-1 Distribution Period, which shall commence on the date that any Series A-1 Preferred Units are issued and end on and include the day preceding the first day of the next successing Series A-1 Distribution Period, and other than the Series A-1 Distribution Period during which any Series A-1 Preferred Units shall be redeemed pursuant to Section 5 hereof, which shall end on and include the day preceding the redemption date with respect to the Series A-1 Preferred Units being redeemed).

"Series A-1 Distribution Record Date" shall mean the date designated by the General Partner for the payment of distribution that is same date designated by the General Partner's board of trustees as the record date for the payment of dividends on the Series A Preferred Shares.

"Series A-1 Priority Return" shall mean an amount equal to 6.000% per annum on the Stated Value per Series A-1 Preferred Unit, commencing on the date of original issuance of each Series A-1 Preferred Unit. For any Series A-1 Distribution Period greater than or less than a full Series A-1 Distribution Period, the amount of the Series A-1 Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months.

"Special Optional Redemption Right" has the meaning set forth in Section 5(b) hereof.

"Specified Redemption Date" means the 10th Business Day following receipt by the General Partner of a Notice of Redemption; provided, that, if the REIT Series A Preferred Shares are not Publicly Traded, the Specified Redemption Date means the 30th Business Day following receipt by the General Partner of a Notice of Redemption.

"Stated Value" means, with respect to each Series A-1 Preferred Unit, $25.00.

"Tendered Units" has the meaning set forth in Section 10 hereof.

"Tendering Partner" has the meaning set forth in Section 10 hereof.

"Third Party Parity Preferred Units" means Parity Preferred Units held by persons other than our General Partner and upon which voting rights similar to those set forth in Section 7 herein have been conferred and are exercisable.

"Value" means, on any date of determination with respect to a REIT Series A Preferred Share, the average of the daily Market Prices (as defined below) for ten consecutive trading days immediately preceding the date of determination; provided, however, that for purposes of Section 10, the "date of determination" shall be the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the immediately preceding Business Day. The term "Market Price" on any date shall mean, with respect to any class or series of outstanding REIT Series A Preferred Shares, the Closing Price (as defined below) for such REIT Series A Preferred Shares on such date. The "Closing Price" on any date shall mean the last sale price for such REIT Series A Preferred Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Series A Preferred Shares, in either case as reported on the principal national securities exchange on which such REIT Series A Preferred Shares are listed or admitted to trading or, if such REIT Series A Preferred Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the principal other automated quotation system that may then be in use or, if such REIT Series A Preferred Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such REIT Series A Preferred Shares selected by the board of trustees of the General Partner or, in the event that no trading price is available for such REIT Series A Preferred Shares, the fair market value of the REIT Series A Preferred Shares, as determined in good faith by the board of trustees of the General Partner. In the event that the REIT Series A Preferred Shares Amount includes Rights (as defined in the definition of "REIT Series A Preferred Shares Amount") that a holder of REIT Series A Preferred Shares would be entitled to receive, then the Value of such Rights shall be determined by the board of trustees of the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

Section 2.     Designation and Number. A series of Partnership Units in the Partnership designated as the "6.000% Series A-1 Cumulative Redeemable Preferred Units" is hereby established. The number of Series A-1 Preferred Units shall be [ ].

Section 3.     Distributions.

(a) Payment of Distributions. Subject to the preferential rights of holders of any class or series of Partnership Interests of the Partnership now or hereafter issued and outstanding, ranking senior to the Series A-1 Preferred Units with respect to the payment of distributions, holders of the Series A-1 Preferred Units shall be entitled to receive, when, as and if authorized by the General

Partner out of funds legally available for payment of distributions, cumulative cash distributions in an amount equal to the Series A-1 Priority Return. Such distributions shall accrue and be cumulative from and including the first date on which any Series A-1 Preferred Units are issued or, if later, the most recent Series A-1 Distribution Payment Date to which distributions have been paid in full, and shall be payable quarterly in arrears, on each Series A-1 Preferred Unit Distribution Payment Date; provided, however, if any Series A-1 Preferred Unit Distribution Payment Date is not a Business Day, then the distribution which would otherwise have been payable on such Series A-1 Preferred Unit Distribution Payment Date may be paid, at the General Partner’s option, on either the immediately preceding Business Day or the next succeeding Business Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if paid on such Series A-1 Preferred Unit Distribution Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Series A-1 Preferred Unit Distribution Payment Date to such next succeeding Business Day. The amount of any distribution payable on the Series A-1 Preferred Units for any period greater or less than a full Series A-1 Distribution Period shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions will be payable to holders of record as they appear in the records of the General Partner at the close of business on the applicable Series A-1 Distribution Record Date. Notwithstanding any provision to the contrary contained herein, each holder of an outstanding Series A-1 Preferred Unit shall be entitled to receive a distribution with respect to any Series A-1 Distribution Record Date equal to the distribution paid with respect to each other Series A-1 Preferred Unit that is outstanding on such date, and to the extent a holder of outstanding Series A-1 Preferred Units redeems such units before a Series A-1 Distribution Date, such holder will not be entitled to any future distributions on his, her, or its Series A-1 Preferred Units.

(b) Distributions Cumulative. Notwithstanding anything contained herein to the contrary, distributions on the Series A-1 Preferred Units shall accrue whether or not the terms and provisions set forth in Section 3(c) at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized or declared.

(c)     Priority as to Distributions.

(i)     Except as provided in Sections 3(c)(ii) and 3(e) below, no distributions shall be declared and paid or declared and set apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to any Parity Preferred Unit or Junior Unit as to distributions for any period, nor shall any Junior Units or Parity Preferred Units as to distributions and the distribution of assets upon the Partnership’s liquidation, dissolution or winding up be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of such units, and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership, unless full cumulative distributions on the Series A-1 Preferred Units for all past Series A-1 Distribution Periods shall have been or contemporaneously are (i) declared and paid or (ii) declared and a sum sufficient for the payment thereof is set apart for such payment.

(ii)     Except as provided in Section 3(e) below, when distributions are not paid in full (or declared and a sum sufficient for such full payment is not so set apart) upon the Series A-1 Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series A-1 Preferred Units and such other classes or series of Parity Preferred Units as to the payment of distributions shall be declared pro rata so that the amount of distributions declared per Series A-1 Preferred Unit and each Parity Preferred Unit of such other class or series shall in all cases bear to each other the same ratio that accrued distributions per Series A-1 Preferred Unit and per Parity Preferred Unit of such other class or series (which shall not include any accrual in respect of unpaid distributions on such other class or series of Parity Preferred Units for prior Series A-1 Distribution Periods if such other class or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series A-1 Preferred Units which may be in arrears.

(e)     Notwithstanding the provisions of Section 3(c) and regardless of whether distributions are paid in full (or declared and a sum sufficient for such full payment is not so set apart) on the Series A-1 Preferred Units or Parity Preferred Units, as to distributions, for any or all Distribution Periods, the Partnership shall not be prohibited or limited from (i) paying distributions on any Partnership Units in Junior Units as to payment of distributions and the distribution of assets upon the Partnership’s liquidation, dissolution and winding up, (ii) converting or exchanging any Partnership Units for Junior Units as to payment of distributions and the distribution of assets upon the Partnership’s liquidation, dissolution and winding up, (iii) taking necessary action to ensure that the General Partner remains qualified as a REIT, or (iv) redeeming Series A-1 Preferred Units pursuant to Section 5 or Section 10 below.

Section 4.     Liquidation Proceeds.

(a)     Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, subject to the preferential rights of holders of any class or series of Partnership Interests of the Partnership now or hereafter issued and outstanding, ranking senior to the Series A-1 Preferred Units with respect to liquidating distributions, and taking into account the rights of holders of any Parity Preferred Units then outstanding, a holder of the Series A-1 Preferred Units shall first be entitled to receive the Stated Value per Series A-1 Preferred Unit, plus any accrued and unpaid Series A-1 Priority Return, and then distributions shall be made in accordance with Article 13 of the Partnership Agreement.

(b)     Notice. Written notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place

(c)     No Further Rights. After payment of the full amount of the liquidating distributions to which it is entitled, a holder of the Series A-1 Preferred Units will have no right or claim to any of the remaining assets of the Partnership.

(d)     Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease, exchange or transfer (for cash, shares, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into or conversion into, any other corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership.

Section 5.     General Partner Redemption.

if any, to, but not including, the redemption date ("Special Optional Redemption Right"). No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Series A-1 Preferred Units except as to the holder to whom notice was defective or not given.

If fewer than all of the outstanding Series A-1 Preferred Units are to be redeemed pursuant to the Special Optional Redemption Right, the Series A-1 Preferred Units to be redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional units) or by lot as determined by the General Partner.

Section 6.     Rank. The Series A-1 Preferred Units will, with respect to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, rank (a) senior to the OP Units, LTIP Units, and all other Partnership Units, the terms of which provide that such Partnership Units shall rank junior to the Series A-1 Preferred Units as to distributions and rights upon voluntary or involuntary liquidation, dissolution or winding-up of the Partnership; (b) on parity with all Parity Preferred Units, including Third Party Parity Preferred Units; and (c) junior to all Partnership Units, the terms of which provide that such Partnership Units shall rank senior to the Series A-1 Preferred Units as to distributions and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership ("Senior Units"). The Series A-1 Preferred Units will also rank junior in right of payment to the Partnership's existing and future debt obligations.

Section 7.     Voting Rights. Holders of Series A-1 Preferred Units shall not have any voting or consent rights in respect of their partnership interests represented by the Series A-1 Preferred Units, except that (i) the affirmative vote of a majority in interest of the holders of Series A-1 Preferred Units, voting together as a single class with the holders of Third Party Parity Preferred Units (if any

Section 8.    Transfer Restrictions. The Series A-1 Preferred Units shall not be transferable except in accordance with Article XI of the Partnership Agreement.

Section 9.     No Sinking Fund. No sinking fund shall be established for the retirement or redemption of Series A-1 Preferred Units.

Section 10.    Holder Redemption.

(a)    On or after the first anniversary of the date of issuance of each Series A-1 Preferred Unit, each holder of Series A-1 Preferred Units shall have the right (subject to the terms and conditions set forth herein and in any other such agreement between such holder and the Partnership, as applicable) to require the Partnership to redeem (a “Holder Redemption”) all or a portion of the Series A-1 Preferred Units held by such Partner (such Series A-1 Preferred Units being hereafter referred to as “Tendered Units”) in exchange for a cash amount per Series A-1 Preferred Unit equal to the Cash Amount unless the terms of such Series A-1 Preferred Units or a separate agreement entered into between the Partnership and the holder of such Series A-1 Preferred Units provides that such Series A-1 Preferred Units are not entitled to a right of Holder Redemption. The Tendering Partner (as defined below) shall have no right, with respect to any Series A-1 Preferred Units so redeemed, to receive any distributions paid on or after the date of delivery of the Cash Amount or the REIT Series A Preferred Shares, as the case may be. Any Holder Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the holder of Series A-1 Preferred Units who is exercising the redemption right (the “Tendering Partner”). The Cash Amount shall be payable to the Tendering Partner on the Specified Redemption Date.

THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL OWNERSHIP AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSE, AMONG OTHERS, OF THE MAINTENANCE BY NATIONAL STORAGE AFFILIATE TRUST (THE “TRUST”) OF ITS QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST'S DECLARATION OF TRUST, (I) NO PERSON MAY BENEFICIALLY OWN OR CONSTRUCTIVELY OWN COMMON SHARES IN EXCESS OF 9.8 PERCENT (IN VALUE OR NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING COMMON SHARES UNLESS SUCH PERSON IS EXEMPT FROM SUCH LIMITATION OR IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (II) NO PERSON MAY BENEFICIALLY OWN OR CONSTRUCTIVELY OWN PREFERRED SHARES OF ANY CLASS OR SERIES IN EXCESS OF 9.8 PERCENT (IN VALUE OR NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING PREFERRED SHARES OF SUCH CLASS OR SERIES, UNLESS SUCH PERSON IS EXEMPT FROM SUCH LIMITATION OR IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (III) NO PERSON MAY BENEFICIALLY OWN OR CONSTRUCTIVELY OWN EQUITY SHARES IN EXCESS OF 9.8 PERCENT (IN VALUE OR NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE TOTAL OUTSTANDING EQUITY SHARES, UNLESS SUCH PERSON IS EXEMPT FROM SUCH LIMITATION OR IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (IV) NO PERSON MAY BENEFICIALLY OWN OR CONSTRUCTIVELY OWN EQUITY SHARES THAT WOULD RESULT IN THE TRUST BEING “CLOSELY HELD” UNDER SECTION 856(H) OF THE CODE (WITHOUT REGARD

The undersigned Limited Partner hereby tenders for Redemption __________________ Series A-1 Preferred Units in NSA OP, LP in accordance with the terms of the Partnership Unit Designation of Series A-1 Preferred Units of NSA OP, LP, as amended from time to time (the "Partnership Unit Designation"), and the Holder Redemption rights referred to therein. The undersigned Limited Partner:

(a)    undertakes (i) to surrender such Preferred Units and any certificate therefor at the closing of the Holder Redemption and (ii) to furnish to the General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 10(a) of the Partnership Unit Designation;

General Partner pursuant to Section 10(b) of the Partnership Unit Designation or (2) such redemption transaction closes.

Name of Limited Partner
(Exact Name as Registered with the Partnership):

Issue Check Payable/REIT Series A Preferred Shares to:                     

Name:                     

Social security or identifying number: