#039;m £'m £'m % Margin Rate Rate Rate UK Term Loan Jun 18

Slide 12: Guidance – non trading and one-off items

12 Guidance – non trading and one-off items Item Guidance Foreign exchange impact €12m of French profits hedged at 1.235 Tax French tax losses to be fully utilised in 2015. Effective underlying cash tax rate in France to increase from 12% (of French PBT) in 2014 to 14-16% in 2015 and c.28% in 2016.

Slide 13: Strategic Overview

13 Strategic Overview Frederic Vecchioli

Slide 14: Investment Case: three priorities

14 Investment Case Capital Priority 1 structure Completed Operational Results Priority 2 delivery already evident Portfolio Priority 3 management Ongoing

Slide 15: Operational Delivery

ad 7 Operational Delivery

Slide 16: Operational delivery in the UK stores

16 Operational delivery in the UK stores  New operational leadership  3 additional regions to ensure closer store management  Restructuring of operational teams  New store bonus scheme with focus on sales performance on main KPI's  Investment in individual training  Focus on individual sales c

Slide 17: Operational delivery UK: pricing

17 Operational delivery UK: pricing  Safestore team in the UK has Move–in Rate simultaneously increased selling price Discount to price list and sales volumes Price list level __  Pricing is influenced by: – Immediate catchment area Move-in rate __ population density and average household income –

Slide 18: Operational strategy delivering in the UK

18 Operational strategy delivering in the UK FY +19.8% FY +0.1% • UK enquiries and conversion improvements driving new let growth over prior year from +5% in Q1 to +35% in Q4 • Pricing policy changes driving positive UK rate growth over prior year with trend improving from -5% in Q1 to +4% in Q4

Slide 19: Enquiry generation benefits from scale

19 Enquiry generation benefits from scale  79% of enquiries generated on-line (55% UK industry as a whole)  Year-on-year UK storage search terms growth of 4% according to Google  Safestore year-on-year UK enquiry growth 12% in 2014 and 5.4% in 2013  Higher budget and dedicated skilled teams to m

Slide 20: Leading UK enquiry generation platform

20 Leading UK enquiry generation platform • Benefits of scale even stronger in mobile (enquiries increased 52% yoy) • Mobile now represents 36% of web enquiries • Permanent site fine tuning to increase enquiry capture • Enquiry capture rate improved by 4.4% over last year • Social media strategy acr

Slide 21: Portfolio Management

21 Portfolio Management

Slide 22: Very strong position in the two best European markets for storage

22 Very strong position in the two best European markets for storage GDP (£'bil) Population GDP (£'bil) Population GDP (£'bil) Population (mil) (mil) (mil) London 372 7.7 Vienna 66 1.7 Lyon 45 2.1 Paris 371 9.9 Berlin 63 3.3 Turin 45 0.9 Madrid 151 5.2 Birmingham 59 2.3 Warsaw 45 1.7 Barcelona 116 4

Slide 23: Une Pièce en Plus – High potential demand and limited supply

23 Une Pièce en Plus – High potential demand and limited supply Density of population Density of storage per square mile supply per inhab . 60000 1.2 50000 1 40000 0.8 30000 0.6 20000 0.4 10000 0.2 0 0 Paris London Paris London

Slide 24: Densest network of stores in London and Paris

24 Densest network of stores in London and Paris Paris and London combined represent 67 stores – 67% of Revenue, 71% of EBITDA and 43% of currently unoccupied square feet

Slide 25: Leading market positions in key UK regional conurbations

25 Leading market positions in key UK regional conurbations Data supplied by the UK Self Storage association Safestore also has strong market positions in Newcastle (Pop. Den. 6,343) and Stockport (Pop. Den. 11,937)

Slide 26: High barriers to entry in major markets

26 High barriers to entry in major markets Paris • Paris planning now prohibits mixed- use with warehousing • Potential available sites reserved for social housing • First belt town reluctance to accept self-storage • Only 2 storage centre opening inside Paris since 2005 – no known projects London •

Slide 27: UK Asset management – Leasehold / Freehold

27 UK Asset management – Leasehold / Freehold  Unexpired lease terms maintained through lease re-gears several years in advance  Safestore signature is desirable for portfolio asset managers – renewal typically triggers rent concessions  14 re-gears completed since FY2012 (45% of all leaseholds)

Slide 28: Whitechapel asset management

28 Asset management • Sold for • Sold for Whitechapel • Freehold • New store in Southend London Chiswick Saint Denis £40.5m £1.1m acquired for prime €3.6m location • Sale • Sale along the A4 proceeds proceeds • Value in west £14m above £0.5m above increased London 2012 book book value by €3.5m value

Slide 29: Outlook

29 Outlook

Slide 30: Demand Drivers

30 Demand Drivers  Main macro-economic driver GDP:  UK: 69% London & SE, 31% North – Scotland  France: 100% Paris urban region  UK moving transactions (including rentals) likely to impact around 26% of business:  Home ownership rate UK: 67%  Home ownership rate London: 50%  Home ownership rat

Slide 31: Outlook – well positioned for further growth

31 Outlook – well positioned for further growth • Strong market positions in both UK and Paris • 1.6m square feet of space to fill • Unique cross country platform that can be used to leverage scale • Continued strong revenue performance • We remain focused on: • Further improving our operational per

Slide 32: Appendices

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Slide 33: Index

33 Index: 34 Drivers of success 53 Portfolio summary: Geographic CER Financial Maturity CER 36 Detailed P&L Maturity Non CER 37 Non-underlying items Freehold / LeaseholdCER 38 Balance sheet 39 Underlying to Statutory Adjustments Resilient business model: 41 Movement in cost base 58 Robust Business m

Slide 34: The drivers of success of Safestore

34 The drivers of success of Safestore Store portfolio  Presence in densely populated and good income catchment areas  Greater numbers of stores provide more convenience and proximity to where customers live  Barriers to entry for competition in Safestore’s main markets  Sizeable capacities avai

Slide 35: Financial

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Slide 36: Detailed P&L

36 Detailed P&L Group 2014 2013 £’m £’m Revenue 97.9 96.1 Cost of sales (32.3) (31.8) Gross profit 65.6 64.3 Administrative expenses (14.1) (16.6) EBITDA (operating profit before exceptional items, change in fair value of derivatives, gain/loss 53.0 50.8 on investment properties, contingent rent and

Slide 37: Non-underlying Items

37 Non-underlying Items FY 2014 2013 (£'m) (£'m) Underlying EBITDA 53.0 50.8 Gain on investment properties 24.1 21.5 Depreciation (0.5) (0.4) Contingent rent (1.2) (0.7) Change in fair value of derivatives 1.2 (1.3) Exceptional Items - insurance proceeds - 1.6 - VAT and REIT related costs - (0.3) -

Slide 38: Detailed Balance Sheet

38 Detailed Balance Sheet Group 2014 2013 £’m £’m Assets Non-current assets Investment properties 704.0 724.6 Investment properties under construction 5.3 5.6 Other non-current assets 59.3 67.2 Non-current assets 768.6 797.4 Current assets 36.2 33.0 Liabilities Current liabilities (49.7) (49.6) Non-

Slide 39: FY12/13 Underlying to Statutory Adjustments

39 FY12/13 Underlying to Statutory Adjustments FY 12/13 Underlying to Statutory Adjustments Underlying Derivative Contingent Valuation Finance Dep'n LH Tax / Statutory Underlying Headings Exceptionals Statutory Headings P&L Movements Rent/ Dep'n Movement Lease Int properties CGS P&L Sales 96.1 96.1

Slide 40: FY13/14 Underlying to Statutory Adjustments

40 FY13/14 Underlying to Statutory Adjustments FY 13/14 Underlying to Statutory Adjustments Tax / Underlying Derivative Contingent Valuation Finance Dep'n LH Statutory Underlying Headings Exceptionals CGS / Statutory Headings P&L Movements Rent/ Dep'n Movement Lease Int properties P&L FX Sales 97.9

Slide 41: Movement in Cost Base

41 Movement in Cost Base Cost of Sales Financial Year Administrative Expenses Financial Year 2014 2013 2014 2013 (£'m) (£'m) (£'m) (£'m) Reported cost of sales (32.3) (31.8) Reported administrative expenses (14.1) (16.6) Adjusted for: Adjusted for: Depreciation 0.5 0.4 Exceptional expense 1.0 0.7 Co

Slide 42: Group Exceptional Items – October 2014 Reported

42 Group Exceptional Items – October 2014 Reported FY 2014 FY 2013 Exceptional Costs (£m) (£m) Restructuring costs (0.8) (1.7) Insurance proceeds - 1.6 VAT and REIT related costs - (0.3) Other Exceptional items (0.2) (0.3) Total exceptional costs (1.0) (0.7)

Slide 43: Group Banking Covenants – October 2014 Reported

43 Group Banking Covenants – October 2014 Reported New Facility Covenants Interest Cover Ratio Loan to Value Consolidated level Sterling Loan to Value Quarterly to Apr 2013 Not less than 1.80:1 Quarterly to Apr 2015 Not more than 0.625:1 Quarterly to Apr 2014 Not less than 2.00:1 Thereafter Not more

Slide 44: Group currency hedging of French profit exposure

44 The Group has hedged approximately two-thirds of its French profit exposure and partially mitigated the negative currency impact Actual € cover Swapped Rate Actual Rate Gain/(loss) €'000 € € £'000 H1 FY13 6,000 1.1392 1.1921 233 H2 FY13 4,500 1.2393 1.1700 (216) H1 FY14 5,250 1.2364 1.2086 (98) H

Slide 45: Operational Delivery

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Slide 46: National Accounts

46 National Accounts  National Accounts leverage UK platform further and now accounts for 10% of all occupancy in the UK  64% of occupancy outside London  Average SqFt let up 17% over prior year  Storage revenue up 12% up on prior year.

Slide 47: Head office functions supporting revenue growth

47 Head office functions supporting revenue growth:  Customer support centre: Customer  CSC handled 16% of all IT & support enquiries Systems centre  Supports the sales teams in store  Industry leading IT solutions: HR & Pricing & Training Finance  Automated contracts for seamless customer expe

Slide 48: Portfolio Management

48 Portfolio Management

Slide 49: Portfolio strength with further potential

49 Portfolio strength with further potential • 121 Store portfolio • 5.0m maximum lettable area • 1.6m SqFt available Paris – 0.9m London, SE and Paris • 43 stores within the M25 UK • 24 stores in Paris • 15 stores in the South-east • 39 stores in the UK regions London • New store in London (Chiswic

Slide 50: Property valuation movement

50 Property valuation movement Key assumptions Oct 2014 Oct 2013 Average Self Storage Rate per Sq Ft £24.24 £24.39 Exit Cap Rate 7.73% 7.73% Weighted average stabilised occupancy 77.81% 78.26% Stabilised Occupancy in Sq Ft 3.99m 3.90m Average number of months to stabilised occupancy 30 37

Slide 51: Pipeline stores

51 No new stores opened in 2014. Pipeline unchanged MLA Opened / estimated Pipeline store / site Full planning sq ft opening Stores opened in 2014 No openings Total sq ft added in FY 0 Development stores acquired / under contract Chiswick  43,500 tbc Wandsworth *  23,000 tbc Birmingham * × 15,200

Slide 52: French commercial lease statute provides security of tenure

52 French commercial lease statute provides security of tenure • French commercial lease laws highly protective: • Right of renewal • Rent increase normally based on state construction cost index • Compensation for any loss arising in case of Landlord's refusal to renew – equivalent to full business

Slide 53: Portfolio summary split geographically (CER)

53 Portfolio summary split geographically (CER) London & Rest of UK UK Paris Group South East Number of Stores 58 39 97 24 121 Let Square Feet (m SqFt) 1.514 1.083 2.597 0.780 3.377* Maximum Lettable Area (m SqFt) 2.184 1.840 4.024 1.010 5.034 Let Square Feet per store (k SqFt) 26 28 27 33 28 Averag

Slide 54: Portfolio summary split by store maturity (CER)

54 Portfolio summary split by store maturity (CER) 2014 2013 Total Total Developing Established Mature Large Developing Established Mature Large (Sq ft (Sq ft (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) ‘000) ‘000) Number of Stores 8 18 87

Slide 55: Portfolio summary split by store maturity – Non CER

55 Portfolio summary split by store maturity – Non CER 2014 2013 Total Total Developing Established Mature Large Developing Established Mature Large (Sq ft (Sq ft (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) (Sq ft ‘000) ‘000) ‘000) Number of Stores 8 18

Slide 56: Portfolio summary split between freehold & leasehold (CER)

56 Portfolio summary split between freehold & leasehold (CER) 2014 2013 UK Paris Group UK Paris Group Freehold Leasehold Freehold Leasehold Freehold Leasehold Freehold Leasehold Freehold Leasehold Freehold Leasehold Number of Stores 64 33 13 11 77 44 64 33 13 12 77 45 Self storage income £m 35.8 20.

Slide 57: Resilient business model

57 Resilient business model

Slide 58: Robust business

58 Robust business • Group Revenue has been growing steadily • Even at store level, the impact of the 2008 recession and the imposition of VAT was minimal • The self storage model is attractive as a result of: • Longevity of customers (Average stay of existing customer is 107 weeks) • Value of indiv

Slide 59: Une Pièce en Plus: 16 years of constant revenue growth

59 Une Pièce en Plus: 16 years of constant revenue growth

Slide 60: Une Pièce en Plus: 16 years of constant revenue growth

60 Une Pièce en Plus: 16 years of constant revenue growth

Slide 61: Safestore historical performance

61 Safestore historical performance

Slide 62: Safestore historical performance

62 Safestore historical performance

Slide 63: Customers

63 Customers

Slide 64: Customer average length of stay - Group

64 Customer average length of stay - Group Portfolio at Portfolio at Age of Store 1-2 Years 2-5 Years > 5 Years Oct 2014 Oct 2013 No of Stores 4 12 104 120 121 (wks) (mths) (wks) (mths) (wks) (mths) (wks) (mths) (wks) (mths) Business Existing 56 13.0 85 19.6 143 33.1 136 31.4 131 30.2 Vacated 23 5.3

Slide 65: Customer average length of stay in the UK

65 Customer average length of stay in the UK Portfolio at Portfolio at Age of Store 1-2 Years 2-5 Years > 5 Years Oct 2014 Oct 2013 No of Stores 2 8 85 95 95 (wks) (mths) (wks) (mths) (wks) (mths) (wks) (mths) (wks) (mths) Business Existing 56 13.0 88 20.4 139 32.0 134 30.9 128 29.5 Vacated 20 4.7 2

Slide 66: Customer average length of stay in Paris

66 Customer average length of stay in Paris Portfolio at Portfolio at Age of Store 1-2 Years 2-5 Years > 5 Years Oct 2014 Oct 2013 No of Stores 2 4 19 25 25 (wks) (mths) (wks) (mths) (wks) (mths) (wks) (mths) (wks) (mths) Business Existing 56 13.0 78 17.9 152 35.1 136 31.5 133 30.7 Vacated 25 5.9 29

Slide 67: Group Customer split as at 31 Oct 2014

67 Group Customer split as at 31 Oct 2014

Slide 68: Business and domestic numbers

68 Business and domestic numbers Business and Personal Customers UK Paris Personal Customers Numbers (% of total) 71% 79% Square feet occupied (% of total) 51% 61% Average Length of Stay (months) 20.8 26.1 Business Customers Numbers (% of total) 29% 21% Square feet occupied (% of total) 49% 39% Aver

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