National Storage Affiliates Trust (the “Company”) has issued to the undersigned 4,063,571 common shares of beneficial interest, par value $0.01 per shares (“Shares”) of the Company in connection with the closing of the merger of SecurCare Self Storage, Inc. ("SecurCare"), with and into NSA Holding Company I, LLC ("Merger Sub"), with Merger Sub surviving as a wholly owned subsidiary of the Company (the "SecurCare Merger"). Of these, 3,555,739 Shares reflect the undersigned's pro rata percentage of 99% of the total Shares attributable to the 6,769,083 OP Units in NSA OP, LP that SecurCare would have been entitled to receive upon conversion of all of its outstanding Series SC Class B OP Units and Class B DownREIT Units (the "Conversion Shares").

Annex A sets forth definitions for capitalized terms used in this letter agreement that are not defined in the body of this agreement. Those definitions are a part of this agreement.

ii. enter into any Swap relating to any Lock-up Shares.

The foregoing restrictions shall not apply to the transfer of Lock-Up Shares (A) by bona fide gift or gifts, (B) by will or intestate succession to a Family Member, or (C) to a trust or family partnership whose beneficiaries or partners consist exclusively of one or more of the undersigned and/or a Family Member.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of Lock-Up Shares held by the undersigned except in compliance with the foregoing restrictions.

(Indicate capacity of person signing if

of an entity)

•“Call Equivalent Position” shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.

•“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

•“Family Member” shall mean the spouse of the undersigned, an immediate family member of the undersigned or an immediate family member of the undersigned’s spouse, in each case living in the undersigned’s household or whose principal residence is the undersigned’s household (regardless of whether such spouse or family member may at the time be living elsewhere due to educational activities, health care treatment, military service, temporary internship or employment or otherwise). “Immediate family member” as used above shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, and shall include adoptive relationships, regardless of their principal residence.

•“Lock-up Period” shall mean the period beginning on the date hereof and continuing through the close of trading on January 1, 2025.

•“Lock-up Shares” shall mean the applicable percentage of the Conversion Shares during the 12-month period commencing on January 1 of the years set forth below:

•“Put Equivalent Position” shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.

•“Securities Act” shall mean the Securities Act of 1933, as amended.

•“Sell or Offer to Sell” shall mean to:

•“Swap” shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of Lock-Up Shares, regardless of whether any such transaction is to be settled in securities, in cash or otherwise.