AGM Statement

Mentmore Abbey Plc
04 September 2002

                       4 September 2002


                               Mentmore Abbey plc

                         Annual General Meeting Statement


At the Annual General Meeting of Mentmore Abbey plc, the leading space
management group in Europe, to be held today at 11.00 a.m., Nick Smith,
Chairman, will update shareholders:

'I am pleased to report that the group has started the year in a positive way.
We are catering for the needs of a growing customer base in a way that makes our
range of products ever more valued and valuable.

Our personal storage business has increased let space since 1 May 2002 by 6% and
annualised storage revenues by £1.7 million to £20.3 million. This is in line
with our expectations.

Iron Mountain Europe, our joint venture records management business, continues
to improve performance. We recently started to occupy our new purpose built
storage facility for the London market and acquired the data management business
of TDG plc at the end of July. Both of these events will further accelerate the
growth already achieved in this business.

We have also continued to make progress in serviced business space. Argo, our
high added value offering, has added occupancy and service revenue at target
rates. In this, as in our Imex spaces division, the resilience of our core SME
market has again been demonstrated.

Our focus on shareholder value remains and the company continues to work with
its advisers to identify options to restore underlying value to shareholders.
In my annual report I mentioned that we had identified parts of our portfolio
that no longer fitted our longer-term plans and that over time these would be
sold.  This process continues and at the same time we are investigating a number
of attractive opportunities for the Group, which continues to benefit from
strong cash flow and asset backing of 168.9p per share as referred to at the
time of the preliminary results statement in July 2002.  I expect to say more
about these initiatives when we announce our interim results in December.

Our search for a new chief executive is progressing well. Having had discussions
with some high calibre candidates, I hope to be in a position to make an
announcement in the very near future.

I know that the successful candidate will take on a business that is trading
well, where recent investments reinforce our position in our fastest growing
businesses and where major opportunities remain.'



Enquiries:


Mentmore Abbey plc                          Tel:  [phone]
Nick Smith, Chairman and Chief Executive
Clive Drysdale, Finance Director

Buchanan Communications                     Tel:  [phone]
Charles Ryland / Catherine Miles



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