Big Yellow Group PLC Third Quarter Trading Update January 2006

IFRS First time adoption 27 September announcement Investment properties UK GAAP reconciliations Adjusted PBT, NAV per share

3 rd Quarter Highlights Trading for the quarter ending 31 December 2005 Turnover for the quarter was £10.8 million −Up 23% from £8.8 million for the same quarter last year −Up 1% from £10.7 million for the quarter to 30 September 2005 Annualised revenue at 31 December 2005 was £42.5 million −Up 21% from £35.0 million at the same time last year −Down £0.2 million (-0.5%) from £42.7 million at 30 September ,642,000 sq ft occupied at the quarter end −Up 16% from 1,418,000 sq ft at the same time last year −Down 7,000 sq ft from 1,649,000 sq ft occupied at 30 September 2005 We opened a 53,000 sq ft store in North Kensington on 12 December 2005 and initial trading has been encouraging. We expect to open our new store in central Bristol in March 2006, which will be our fifth opening this financial year In December, we acquired five freehold sites (one subject to planning), four in London at Kennington, Ealing/Hanwell, Sutton and South Bow, and one in Liverpool. These new stores will provide a further 310,000 sq ft of self storage capacity when fully developed These newly acquired freehold sites take the total number of stores open or in planning and development to 52, which when fully developed will provide self-storage capacity of 3.2 million sq ft 36 stores are now open (total capacity of 2.16 million sq ft) and of the remaining 16 (total capacity 1.04 million sq ft) six have planning permission

Highlights 2 nd quarter ended 30 September st quarter ended 30 June months ended 30 September months ended 30 September 2004 Annualised Revenue£42.7m£39.8m+7%£42.7m£35.0m+22% Turnover£10.7m£9.6m+11%£20.3m£15.6m+30% Adjusted profit before tax £6.0m£3.4m+76% Adjusted earnings per share 4.90p2.14p+129% Adjusted NAV per share 227.7p179.6p+27% Interim Dividend Number of Customers27,50026,400+4% 2.0p 27, p 23,300+18% Occupied Space (sq ft) 1, 649,0001,545,000+7% 1,649,0001,403,000+18%

Highlights - Continued Adjusted profit before tax of £6.0 million up 76% (2004: £3.4 million) Adjusted net assets per share of pence as at 30 September 2005 (2004: pence) (March 05: pence) Interim dividend increased to 2.0 pence per ordinary share (2004: 0.5 pence) 36 stores currently open with a further 16 committed, providing 3.2 million sq ft of self storage space when completed Acquired four freehold sites in London (Kennington, Ealing/Hanwell, Sutton and South Bow) and one freehold site in Liverpool

Trading Summary Years since opening as at 1 April 2005 September 2005 >2 years September 2005 <2 years September 2005 Total September 2004 >2 years September 2004 <2 years September 2004 Total Number of stores As at 30 September 2005: Total capacity (sq ft)1,663,000448,0002,111,0001,650,000223,0001,873,000 Occupied space (sq ft)1,432,000217,0001,649,0001,320,00083,0001,403,000 Percentage occupied86%48%78%80%37%75% £’000 Annualised revenue37,1235,60542,72832,8132,16134,974 For the 6 month period: Average occupancy83%40%74%78%27%72% Average annual rent psf£22.58£21.22£22.49£19.77£19.76£19.77 Self storage sales15,5811,90117,48212, ,314 Other storage related income2, ,5891, ,072 Development/tenant income Total Revenue17,9462,33020,27614, ,576 Direct store operating costs(5830)(1,209)(7039)(5,395)(542)(5,937) Leasehold rent(1,093)- (1,044)- Store EBITDA11,0231,12112,1448, ,595 EBITDA Margin61%48%60%56%37%55% Central overhead(1,093)(248)(1,341)(946)(86)(1,032) Store Net Operating Income ,8037, ,563 NOI Margin55%37%53%50%27%49%

Capex Summary September 2005 > 2 years September 2005 < 2 years September 2005 Total No of Stores27835 £’m To 30 September To complete-1.5 Total Cost Freehold (18) Leasehold (9)

Store Trading Performance 6 Months to 30 September 2005: 35 stores open with total capacity 2.1 million sq ft 1.65 million sq ft occupied, 78% 179,000 sq ft occupancy growth in the last 6 months (2004: 135,000 sq ft) New stores performing well 27 stores open more than 2 years: − 86% occupied (2004: 80%) − Same store revenue up 22%; 15% is yield improvement − Freehold stores EBITDA of 67% (Mar 2005: 66%) − Leasehold stores EBITDA of 51% (Mar 2005: 51%) Net annual storage revenue psf of £22.49 on portfolio (2004: £19.77)

Property Valuation As at 30 September 2005 Cost £m Dep n £m Net Book Value £m Valuation £m Revaluation Uplift £m Freehold Trading Stores 145.5(5.1) Leasehold Trading Stores 20.8(2.6) (7.7) Development Sites Total200.5(7.7)

Property Valuation Freehold –10 year DCF assuming notional sale at year ten –Cap yield of year one 7. 09% (Mar 2005: 7.26%), rising to 8.37% (March 2005: 8.83%) in year after final stabilisation –Weighted average occupancy 85.74% (Mar 2005: 85.64%) at maturity Leasehold –No sale of assets at year 10; DCF to lease expiry –Average unexpired term 20.3 years

Adjusted Net Assets Per Share

North Kensington

Property Review Acquired four freehold sites in London (Kennington, Ealing/Hanwell, Sutton and South Bow) and one freehold site in Liverpool 42 of 52 stores are freehold, 1 long leasehold and 9 leasehold Planning permissions on 42 stores –Remaining 10 are subject to Planning Applications 16 stores in pipeline (12 in London) - will provide additional 1.04 million sq ft 32 located in Greater London (within M25), 2.04 million sq ft (64%)

Property Strategy Current portfolio –52 stores and sites, providing 3.2 million sq ft of net storage –Average store size is approximately 62,000 sq ft –85% freehold currently by number of stores and this will continue to increase Future –Acquire between 6 and 8 sites per annum –Freehold bias –Maintaining current average store size –UK only – Greater London, Midlands and North (Leeds and Liverpool) –Timing of store openings will depend on planning permissions Sites –Target for current year is 6-8 site acquisitions, 3 to date –Planning and site acquisition remain difficult –Surplus land –Mixed use schemes (Kingston, Blackheath and Kennington)

Big Yellow Stores

Funding Bank Facilities –Current Facilities RBS / Bank of Ireland / Barclays£150m Morgan Stanley£16m –Gearing 31% gross property assets at 30 September % adjusted net assets ar 30 September 2005 Balance sheet capacity –Interest Cover Currently Covenant LTV on drawdown only Future Funding

Conclusion Current Trading Outlook

Appendix

History Early market research commenced October Formed Cubic Self Storage January Acquisition of Big Yellow Self Storage Company September Pramerica investment May AIM listing May Placing and Open Offer June Full listing February 2005 – Placing of Pramerica stake

Self-Storage Market The Market –US market 39,000 self-storage centres 1.5 billion sq ft – 4-5 sq ft per person Occupancy range of 82-89% since 1990 Population 300 million (approximately) –UK market Circa 450 self-storage centres million sq ft – sq ft per person Latest member survey indicates current occupancy on whole market at 70%, with a mature store typically > 80% Population 60 million (approximately)

Self-Storage Market Key influencers –Public awareness – low, new growing market –Population mobility and density –Physical planning and constraints, smaller homes –Focus on high density development on brownfield sites –Rising disposable incomes with GDP growth –Growth in housing demand, divorce, single parent families, single living –Small business formation requiring flexible, economic space

UK Market Potential Awareness of self-storage –Currently 15-20% in London –Much lower <5% in other major cities Significant advertising and promotion raising awareness Strong brands, roadside visibility also raising awareness New customers being created as market grows, e.g. lifestyle, de- cluttering 25% US penetration would imply the potential for centres and approximately 1 sq ft per person At growth of 10%, centres per year, this will take many years!

Big Yellow Model Develop Premium Brand –attractive modern premises –prominent main road frontages –high quality fit out –broad client base - B2B and B2C –ancillary packing materials and insurance sales Customer Focus –customer service/loyalty –safe/secure –easy access 24 hours per day Financial Model –economies of scale –roll-out programme –asset backed

Operations A Maturing Store Profile –Yield Management –Changing Room Sizes –Managing P&Ls at Store Level Price Increases Store Standards and Consistency –Operations Structure –Recruitment and Training –Measurement and Reward Centralised Operating System

Sales and Marketing Store Promotions –Winter –Summer Marketing –4% of turnover –Summer TV and Radio Campaign Customers –Business v Domestic –Profile – age, gender –How did they hear about us? –Average Length of Stay

Customer Average Length of Stay As at 30 September 2005 Stores ( N o of Months) < 1 Year1-2 Years2-5 Years>5 YearsPortfolio DomesticExisting Vacated Total BusinessExisting Vacated Total AllExisting Vacated Total