Corporate Update

Lok'n Store Group PLC
04 November 2003

                              LOK'NSTORE GROUP PLC
                        ('Lok'nStore' or 'the Company')

                                CORPORATE UPDATE


Share Buy-Back


On 30 July 2003 Lok'nStore announced its intention to seek authority from
shareholders to repurchase its ordinary shares. On 13 August the Company posted
a circular containing details of a tender offer for up to £6.0 million. At the
Company's EGM on 5 September 2003, shareholders approved, inter alia, the
buy-back of shares under the tender offer and the transfer of the entire amount
standing to the credit of the share premium account to distributable reserves.
This transfer has now taken place.


Approach


The Company has recently received an approach which may or may not lead to an
offer for the entire issued share capital of the Company. This approach is at a
preliminary stage.



As a result of this approach, the Company has delayed the launch of any tender
offer pending the outcome of these discussions and consideration of other
options.  A further announcement will be made in due course.



Site Planning Applications



As announced with the Company's interim results in April 2003 and final results
in September 2003, during the last few years there has been a significant uplift
in the value of Lok'nStore's freehold properties. The Directors continue to
evaluate opportunities for these sites on a case by case basis in order to
maximise shareholder value. In pursuing this strategy, the Directors are making
a planning application for the redevelopment of the Company's Kingston site for
high density residential use.  The application will be for around 150
residential units on this one acre site. This density is in keeping with
surrounding properties and in line with the local Unitary Development plan, and
the Company has recently been advised by its planning consultants that this
planning application is unlikely to be rejected.



The Directors also intend to apply for planning permission for two further sites
in Reading in the early part of 2004. These sites comprise the Lok'nStore centre
in Reading together with an investment property acquired as a part of the same
transaction - around two acres in total. These two sites are also located in
areas suitable for high density residential development and would be highly
marketable properties. There can be no certainty that these applications will be
successful.




The Directors wish to stress that the potential sale of these sites does not
constitute any move away from the Company's core strategic business.



The Directors look forward to updating shareholders on further progress in due
course.



4 November 2003



Enquiries:


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

Panmure                                            Tel:  [phone]
Dominic Morley


College Hill                                       Tel: [phone]
Justine Warren
Crawford Burden




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