Big Yellow Group PLC

1. Big Yellow Group PLC Third Quarter Trading Update January 2006

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

3. 3rd 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 2005 • 1,642,000 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

4. Highlights

5. Highlights - Continued • Adjusted profit before tax of £6.0 million up 76% (2004: £3.4 million) • Adjusted net assets per share of 227.7 pence as at 30 September 2005 (2004: 179.6 pence) (March 05: 191.1 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

6. Trading Summary

7. Capex Summary

8. 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)

9. Property Valuation

10. Property Valuation Freehold • 10 year DCF assuming notional sale at year ten • Cap yield of year one NOI @ 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

11. Adjusted Net Assets Per Share

12. North Kensington

13. 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%)

14. 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)

15. Big Yellow Stores

16. Funding • Bank Facilities • Current Facilities • RBS / Bank of Ireland / Barclays £150m • Morgan Stanley £16m • Gearing • 31% gross property assets at 30 September 2005 • 45% adjusted net assets ar 30 September 2005 • Balance sheet capacity • Interest Cover • Currently • Covenant • LTV on drawdown only • Future Funding

17. Conclusion • Current Trading • Outlook

18. Appendix

19. History • Early 1998 - market research commenced • October 1998 - Formed Cubic Self Storage • January 1999 - Acquisition of Big Yellow Self Storage Company • September 1999 - Pramerica investment • May 2000 - AIM listing • May 2001 - Placing and Open Offer • June 2002 - Full listing • February 2005 – Placing of Pramerica stake

20. 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 • 15-18 million sq ft – 0.2-0.3 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)

21. 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

22. 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 1500-1800 centres and approximately 1 sq ft per person • At growth of 10%, 45-50 centres per year, this will take many years!

23. 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

24. 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

25. 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

26. Customer Average Length of Stay