Change of Sector

Big Yellow Group PLC
13 September 2004


                                                               13 September 2004

                              Big Yellow Group PLC

               Change of Sector and Re-Structuring of Operations

Big Yellow Group PLC ("Big Yellow" or the "Group"), the self storage company,
has been reclassified by the FTSE Global Classification Committee (the
"Committee") from the Support Services sector to the Real Estate sector. The
stock will start trading in the Real Estate sector on Monday 20 September 2004.

The Board of Big Yellow has been concerned for some time that the Support
Services sector is so broad that coverage of smaller specialist companies such
as Big Yellow is limited. This has been exacerbated by the two quoted comparator
self storage businesses within the sector having been taken private.

The Board welcomes the Committee's decision to reclassify Big Yellow in the Real
Estate sector. However, the Group's primary focus will remain on maximising
cashflow and profitability from its operational assets. Nevertheless, it is
recognised that Net Asset Value is an alternative valuation measure which still
has prominence in the analysis of real estate companies and, accordingly, the
Directors of Big Yellow intend to commission an external valuation of its
property assets as at 30 September 2004. It is intended to publish this
valuation with the interim results in November 2004 as part of the directors'
commentary on the financial statements. It will not be incorporated in the
balance sheet as the Group intends to maintain its existing accounting policies,
in which properties are held at cost and are subject to depreciation.

Big Yellow also announces that it will be re-structuring its business by
transferring its trading operations into a new operating company separate from
its property owning companies, to have effect from 1 October 2004.

The Board has been advised that as part of this re-structuring, the VAT election
on all but one of its trading stores will be dis-applied. For those stores
affected, storage charges from 1 October 2004 will be exempt from VAT. However,
the Group will be unable to recover VAT on the majority of its future capital
and operating expenditure. In addition, a proportion of VAT incurred and
previously recovered on its historical capital expenditure will be repaid under
the Capital Goods Scheme over a period of 10 years.

The Board believes that this action will improve Group sales and profitability.

Big Yellow will be announcing Interim Results for the six months and second
quarter ending 30 September 2004 on 9 November 2004.

                                    - ends -

For further information, please contact:

Big Yellow Group PLC                                              01276 470190
Nicholas Vetch, Executive Chairman
James Gibson, Chief Executive Officer

Cazenove & Co                                                    020 7588 2828
Richard Cotton

Weber Shandwick Square Mile                                      020 7067 0700
Louise Robson or Josh Royston


Notes to Editors

Big Yellow is one of the leading self storage groups in the UK. It currently has
31 stores trading which provide a wide range of storage accommodation and
related services to domestic and business customers. There are currently 9
stores under development or subject to planning, which upon successful
completion will increase the number of stores operated by the Company to 40, of
which 30 will be owned freehold. In the year to 31 March 2004, turnover was
£23.8 million and the Group reported maiden pre-tax profits of £1.2 million. The
reported pre-tax profit for the first quarter to 30 June 2004 was £0.71 million
on quarterly turnover of £7.3million with reported annualised revenue at the end
of June 2004 of £30.9 million.

Big Yellow's head office is in Bagshot, Surrey and the Company's shares are
quoted on the London Stock Exchange. For further information, please visit Big
Yellow's website at www.bigyellow.co.uk



                      This information is provided by RNS
            The company news service from the London Stock Exchange