Property revaluation

Lok'n Store Group PLC
10 February 2004


                             LOK'N STORE GROUP PLC
                         ('Lok'n Store' or the 'Group')

                         REVALUATION OF PROPERTY ASSETS

Lok'n Store currently has 18 self-storage operations, eight of which are
freehold sites and are held on the balance sheet at historic cost less
accumulated depreciation.  As part of the Group's ongoing commitment to provide
more transparency to shareholders, the Board has decided to obtain professional
valuations of all of its freehold sites, including Kingston and Reading, in
order to enable the directors to provide guidance to shareholders in placing a
value on the underlying assets as operational self-storage businesses.  This
valuation will also include a consideration of the value of an additional part
of the Reading site, which is currently held as a property investment.

The Board expects to be able to provide this information at the time of the
publication of its interim results towards the end of March 2004.

As previously announced, Lok'n Store has submitted a planning application for
the redevelopment of the Group's freehold site at Kingston and has an
application pending in respect of the Reading site, both for high density
residential use. The Board anticipates that a successful outcome to these
applications would result in a further significant uplift in the value of these
two sites.

10 February 2004

Enquiries:

Lok'nStore Group PLC                                       Tel: [phone]
Andrew Jacobs, Chairman

College Hill                                               Tel: [phone]
Justine Warren
Crawford Burden



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