1. 1 Big Yellow Group PLC Big Yellow IFRS 2005 Restatement September 2005

2. 2 Big Yellow and IFRS Overview Key changes IFRS & UK GAAP Year ended 31 March 2005 restatement impact Performance measures

3. 3 Overview First time adoption is for the year ended 31 March 2006 Interims 2005 under IFRS No changes to cash-flow, banking covenants unaffected Income statement –Profit re-defined –2005 profit before tax increased by £38.7m Balance Sheet –Big Yellow centres are investment properties and revalued at fair value −Full provision for deferred tax −Net assets up by £100.5m

4. 4 Key Changes Property classification Leaseholds Deferred tax Fair valuation of debt Share based payments Final dividend accounted for on cash basis Goodwill – annual impairment review

5. 5 Investment Properties IAS 40 Summary Definition –Property held by owner to earn rentals or for capital appreciation or both rather than for the supply of goods or services or for administration purpose; or for sale in ordinary course of business –Ancillary services to occupants of property must be minor in relation to arrangements as a whole Self Storage Centres –All customers sign rental agreements for their specific unit and can stay for a minimum period or for as long as they like –The customer rental agreements qualify as operating leases –Customers have a lock on their unit and can come and go as they please –Packing material sales and services such as forklift etc. are 5-6% of turnover –Centres are held for capital appreciation –Defined real estate class with accepted valuation methodology Conclusion –Big Yellow self storage centres are investment properties under IAS 40

6. 6 Property Accounting Before –Open storage centres held at cost and depreciated –Properties in course of development held at cost –Surplus land for sale held in properties in course of development –No capitalisation of interest IFRS –Open storage centres held at fair value and valuation changes through income statement –Property assets integral to the self storage centres no longer depreciated and restated for year ended 31 March 2005 but not previous years –Properties in course of development held at cost until open –Surplus land held for sale classified as non-current assets held for sale –No capitalisation of interest 2005 Impact –Profit before tax increased by £38.7m for the year ended 31 March 2005, reflecting the revaluation uplift in the year and adjustment to depreciation

7. 7 Finance & Operating Leases Properties held leasehold –9 centres – average unexpired terms 21 years at 31 March 2005 –No intention for property to be sold to tenant (Big Yellow) by landlord –Valuation risk remains with landlords –Market value of properties greater than finance lease receivable –Repair and insurance obligation with Big Yellow Accounting Treatment –Under IAS 17 these leases would be operating leases –However, properties to be treated as investment properties under IAS 40 and therefore accounted for as finance leases and fair valued Customer rental agreements –Reviewed under IAS 17 and confirmed as operating leases

8. 8 Deferred Tax Liability UK GAAP –Deferred tax on investment properties held at valuation disclosed but not on balance sheet IFRS –Full provision for deferred tax on balance sheet changes in deferred tax go through income statement comprising of three elements. –Deferred tax liability on revaluation of investment properties £40.2m –Deferred tax liability on capital allowances arising from depreciation adjustment £0.6m –Deferred tax asset on IFRS deduction for share options £2.1m Financial impact –Net assets at 31 March 2005 reduced by £38.7m

9. 9 Financial Instruments UK GAAP –Debt in balance sheet at amortised cost –Interest rate swaps in balance sheet at book value –Fair value adjustment disclosed IFRS –Debt in balance sheet at amortised cost –Interest rate swaps held at fair value in balance sheet –Changes in values go through income statement –Hedge accounting for interest swaps not adopted –No embedded derivatives requiring valuation 2005 Impact –Profit before tax increased by £0.1m

10. 10 Share Based Payments Post November 2002 share options Valued using Black-Scholes model Volatility 2005 impact – profit before tax down by £0.1m

11. 11 Profit Before Tax - 2005 £m 2005 As reported UK GAAP4.1 Share based payments(0.1) Goodwill adjustment0.1 Fair value movement on interest rate swaps0.1 Depreciation adjustment on investment properties3.6 Leasehold property rents2.2 Finance charge – leasehold investment properties(1.6) Depreciation on finance lease asset(0.6) 7.8 Gain on revaluation of investment properties35.0 IFRS Restated42.8

12. 12 Profit After Tax - 2005 £m UK GAAPIFRS Profit before tax4.142.8 Current tax(0.1) Deferred tax(1.5)(12.6) Profit after tax 2.530.1 Effective tax rate 38%30%

13. 13 Total Assets – 31 March 2005 £m UK GAAPIFRS Intangible Assets 1.31.4 Investment Property300.9 Development Property 38.936.0 Plant, equipment and other property 139.01.4 Non current assets held for sale 179.2 - 339.7 2.9 Non current assets179.2342.6 Current assets Inventories0.2 Trade and other receivables8.9 Cash6.4 Total Assets194.7358.1

14. 14 Total Liabilities – 31 March 2005 £m UK GAAPIFRS Current liabilities Trade and other payables3.6 Current tax liabilities0.1 Band overdrafts and loans-- Short term provisions11.59.9 Non current liabilities15.213.6 Bank loans108.4108.5 Finance lease creditor-25.7 Deferred tax liabilities0.339.0 Long term provision12.1 Total Liabilities136.0198.9

15. 15 Equity – 31 March 2005 £m UK GAAPIFRS Total assets194.7358.1 Total liabilities(136.0)(198.9) Net assets58.7159.2 Adjustments: IAS40 Revaluation gain and depreciation adjustment 137.7 Deferred tax (net)(38.7) Share based payments- Goodwill0.1 Fair value of interest rate swaps(0.1) 2005 final dividend1.5 IFRS Restated159.2

16. 16 Adjusted Earnings Per Share – 31 March 2005 UK GAAPIFRS £’000 Earnings per share2,52230,141 Less gain on revaluation of investment properties(34,976) Add back deferred tax in respect of investment properties10,493 Add back fair value movement on interest rate swaps (47) Earnings used for calculation of adjusted earnings per share2,5225,611 No of shares Adjusted earnings per share2.52p5.61p

17. 17 Adjusted Earnings Per Share – 31 March 2005 Pence UK GAAP2.52 Reversal of depreciation3.68 Leases – rent free periods0.04 Income taxes(0.65) Share based payments(0.08) Goodwill0.10 IFRS5.61p

18. 18 Adjusted Net Assets per Share – 31 March 2005 UK GAAPIFRS £’000 Net assets at 31 March 200558,679159,168 Fair value movement of interest rate swaps(154) Exercise of share options7,331 Revaluation uplift on properties134,983 Add back deferred tax on revaluation surplus40,194 Add back deferred tax on fair value of interest rate swaps(46) Adjusted net assets at 31 March 2005200,839206,647 No of shares108,120,866 Adjusted net assets per share185.8p191.1p

19. 19 Adjusted Net Assets per Share – 31 March 2005 Pence As previously reported185.8 Final dividend1.4 Deferred tax asset re share options1.9 Deferred tax liability re depreciation adjustment(0.5) Goodwill / Plant held separately2.5 IFRS191.1p

20. 20 Key Performance Measures UK GAAPIFRS Earnings per share2.52p30.15p Adjusted earnings per share2.52p5.61p Net assets per share58.6p159.0p Adjusted net assets per share185.8p191.1p

21. 21 Summary Year ended 31 March 2006 under IFRS Self storage centres revalued on balance sheet Enhanced reported earnings, no change in cash-flow But more volatile Business as usual

22. 22 Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information. These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ materially from those expressed in or implied by these statements. Many of these risks and uncertainties relate to factors that are beyond Big Yellow's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company Operates or in economic technological trends or conditions, including inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Big Yellow does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. Information contained in this presentation relating to the Company or its share price, or the yield on its shares, should not be relied upon as a guide to future performance.