Big Yellow Group PLC Results for the Year End and Fourth Quarter ended 31 March 2003

7 May 2003

Highlights Earnings from continuing operations for the year before exceptional item, depreciation, amortisation and tax of 1.3 million (2002: Loss 0.2 million) Maiden dividend of 1.0 pence per ordinary share 27 stores currently open with a further 5 stores committed providing 1.9 million sq.ft. of storage space when completed Like for like annualised sales for 19 stores open throughout the year up 41% Merchandise, insurance and other sales increased to 13.5% of storage income (March 2002: 12.9%)

4th quarterEnded31 March 033rd quarter ended 31 Dec 02Year ended 31 March 03 Year ended 31 March 02

Annualised revenue19.1m17.3m+10%19.1m11.7m+63%Turnover4.42m4.07m+9%15.6m8.4m+86%Loss from continuingoperations *Loss before tax1.3m2.3m1.9m2.3mLoss per share2.2p1.7pNumber of Customers13,80012,400+11%13,8008,100+70%Occupied Space* pre-exceptional items875k sq ft808k sq ft+8% 875k sq ft550k sq ft+59%

Changing MarketStore Profiles

Competitors

Supply and Demand

Big Yellow Trading Performance

Property Acquisitions and Property Market

Financial StrategyBalance Sheet

Cashflow and Capex

Funding Strategy

Management Changes

Store Performance

Consolidated profit & loss account

2003

2003

2003

2002

Continuing Operations

Discontinued

Operations

Total

Total

m

m

m

m

Turnover

15.6

-

15.6

8.4

Store operating costs

(9.9)

-

(9.9)

(6.7)

Central overhead

(2.9)

(0.5)

(3.4)

(2.9)

Other operating income

-

-

-

0.1

Net operating income

2.8

(0.5)

2.3

(1.1)

Interest (net)

(1.5)

-

(1.5)

0.5

Earnings before depreciation and tax*

1.3

(0.5)

0.8

(0.6)

Depreciation/goodwill

(2.6)

-

(2.6)

(1.7)

Loss before tax*

(1.3)

(0.5)

(1.8)

(2.3)

Exceptional items

(0.2)

(0.3)

(0.5)

-

Loss before tax

(1.5)

(0.8)

(2.3)

(2.3)

* Pre-exceptional items

Balance sheet

As at

As at

31 March

2003

31 March

2002

(Audited)

(Audited)

m

m

Fixed assets

102.5

76.4

Current assets

6.4

4.9

Cash

2.3

18.5

Current liabilities

(9.7)

(5.9)

Borrowings

(42.4)

(19.9)

Net assets

59.1

74.0

Share capital/Share premium

13.5

78.5

Other distributable reserves

52.3

-

Profit & loss account

(6.7)

(4.5)

Shareholders funds

59.1

74.0

Consolidated cash flow

Year ended

Year ended

31 March 2003

31 March 2002

(Audited)

(Audited)

m

m

Cash inflow / (outflow) from operating activities

3.5

(0.6)

Returns on investment and servicing of finance

(1.4)

0.4

Costs of terminating France

(0.3)

-

Capital expenditure

(29.1)

(34.9)

Cash outflow before financing

(27.2)

(35.1)

Issue of ordinary shares

-

22.8

Increase in debt

22.6

19.9

Purchase of own shares

(11.7)

-

Decrease in cash in the year

(16.3)

7.6

Conclusion

Appendix

History Early 1998 - market research commenced

Formed Cubic Self Storage in October 1998

Acquisition of Big Yellow Self Storage Company in January 1999

PRICOA investment in September 1999

AIM listing in May 2000

Placing and Open Offer in May 2001

Self-storage marketThe marketUS market 34,000 storesUK market2-300 storesPotential UK market size 1,450 storesKey influencerspublic awarenesspopulation mobility physical planning and constraintsfocus on high density development on brownfield sitessmall business formationrising disposable incomeshigh rate household formation

Big Yellow modelDevelop premium brandattractive modern premises prominent main road frontageshigh quality fit outbroad client base - B2B and B2Cancillary retail and productsCustomer focuscustomer service/loyaltysafe/secureeasy access 24 hours per dayFinancial modeleconomies of scaleroll-out programmeasset backed

Economies of scale

Chart2

245

152

152

245

Sheet1

Costs420

EBITDA1150

Costs245

EBITDA152

Sheet1

0

0

Costs and EBITDA as a percentage of storage income - 100,000 sq ft

Sheet2

0

0

Costa and EBITDA as a percentage of storage income - 25,000 sq ft

Sheet3