Offer Price

Safestore Holdings PLC
09 March 2007



This document (and the information contained herein) is not for publication or
distribution in or into the United States, Australia, Canada and Japan.


This announcement is an advertisement and not a prospectus and investors should
not subscribe for or purchase any shares referred to in this announcement except
on the basis of information in the prospectus to be published by Safestore
Holdings plc in due course in connection with the admission of the ordinary
shares in the capital of the Company to the Official List of the Financial
Services Authority and to trading on London Stock Exchange plc's (the 'London
Stock Exchange') main market for listed securities (the 'Prospectus'). Copies of
the Prospectus will, following publication, be available from Safestore Holdings
plc's registered office.


                                                                    

                             SAFESTORE HOLDINGS PLC

                         ('Safestore' or the 'Company')


       Safestore announces an Offer Price of 240 pence per Ordinary Share


Safestore today announces that the offer price for its initial public offering
(the 'Global Offer') has been set at 240 pence per ordinary share, implying a
market capitalisation of approximately £449 million and an enterprise value of
£661 million.


Safestore is the largest self storage provider in the UK and the central Paris
region and the second largest in the EU, in terms of number of stores, providing
individual, secure self storage space and related services.


The Global Offer comprises 72,373,192 existing ordinary shares and 14,583,333
new ordinary shares (excluding any exercise of the over-allotment arrangement),
which represents in aggregate approximately 46.5% of the Company's issued
ordinary share capital and a total offer size of £208.7 million. The gross
proceeds of the Global Offer to be received by Safestore from the issue of new
ordinary shares are approximately £35 million.


Citigroup Global Markets U.K. Equity Limited and Merrill Lynch International,
who are Joint Global Co-ordinators and Joint Bookrunners to Safestore, have been
granted an over-allotment option allowing them to purchase or procure purchasers
for additional ordinary shares of up to a maxiumum of 13,043,480 existing
ordinary shares, representing 15% of the Shares in the Global Offer.


Conditional dealings are expected to commence on the London Stock Exchange at
8.00am today under the ticker symbol SAFE. Admission to the Official List of the
Financial Services Authority and commencement of unconditional dealings is
expected to take place at 08.00 UK time on 14 March 2007.


Steve Williams, Chief Executive of Safestore, said:


'We have had an excellent response to the Offer and are delighted by the number
of well known institutions who have joined our shareholder register. New
shareholders will participate in the next stage of Safestore's growth, as we add
to the existing 4 million sq ft of space across our 99 stores primarily through
new store openings and continue to benefit from the rapidly expanding self
storage market both in the UK and the EU. We look forward to developing
Safestore as a public company.'


Summary of the Offer

Offer Price                                                               240p
Number of Ordinary Shares in the Global Offer
Issued by the Company                                               14,583,333
Sold by selling shareholders                                        72,373,192
Number of existing shares subject to the over-allotment option      13,043,480
Gross proceeds receivable by the Company                          £35 million
Market Capitalisation                                             £449 million


•     The management has retained a significant shareholding in Safestore
      representing approximately 10.5 per cent of the Company following 
      Admission and have undertaken (subject to certain exceptions) not to sell 
      their remaining holdings for at least 365 days.

•     Immediately following Admission (assuming no exercise of the
      over-allotment option), Bridgepoint will own a material shareholding in
      Safestore of approximately 41.3 per cent. of Safestore's issued share 
      capital. If the over-allotment option is exercised in full, this 
      shareholding will be approximately 34.6 per cent. Bridgepoint has 
      undertaken not to sell any of its remaining shareholding for at least 180 
      days.

•     Citigroup Global Markets U.K. Equity Limited and Merrill Lynch
      International are Joint Global Co-ordinators and Joint Bookrunners for the
      Global Offer.

•     Citigroup Global Markets Limited is the sole sponsor.


                                      END


Enquiries:

Safestore Holdings plc
Steve Williams
Richard Hodsden
T: + 44 (0)20 7930 0777


Citigroup
Michael Lavelle
Jan Skarbek
Andrew Forrester
David Plowman
T: [phone]


Merrill Lynch International
Mark Gwynne
Kirk Lindstrom
T: [phone]


Cardew Group
Tim Robertson
Nadja Vetter
Sofia Rehman
T: + 44 (0)20 7930 0777


Bridgepoint
James Murray
M: [phone]
T: [phone]



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Notes to Editors:


•     Safestore is the largest self storage provider in the UK and the central 
      Paris region and the second largest in the EU, in terms of number of
      stores, providing individual, secure self storage space and related 
      services.


•     The UK is the largest and most established self storage market in Europe. 
      The UK and French markets show lower penetration rates than the US or
      Australia and, according to the UK Self Storage Association the UK market 
      is expected to grow with a CAGR of 10 to 15 per cent. This growth is 
      supported by a number of market trends including: increased workforce 
      mobility, social factors such as high divorce rates and an ageing 
      population, housing stock pressure in the UK and lifestyle trends such as 
      the growth in the home improvement market.


•     In August 2003 Safestore was the subject of a Bridgepoint-backed £39.8 
      million MBO and de-listing from AIM. Since then, the business has 
      undergone a transformation under the current management team, acquiring 
      four businesses, the largest of which was the £210 million acquisition in 
      June 2004 of Mentmore plc. Under Bridgepoint ownership, number of stores 
      increased from 24 to 99 - 80 of which operate under the 'Safestore' brand 
      in the UK and 19 of which operate under the 'Une Piece en Plus' brand in 
      France. In addition, revenues have increased significantly to £64.3m in 
      2006.


•     Safestore currently has approximately 30,000 domestic and business
      customers with an historic average length of stay of 40 weeks or 73 weeks 
      for current users. The Group's business model is supported by a 
      substantial asset base, strong cashflow and a solid record of earnings 
      which are continuing to grow.


•     For the year ended 31 October 2006, Safestore recorded a 22% increase in 
      revenues to £64.3 million (2005: £52.9 million) with EBITDA before
      exceptional items growing 24% to £33.5 million (2005: £27.0 million), all 
      under IFRS. As at 31 October 2006, the Group's property portfolio had an 
      estimated value of £475.2 million.


•     The majority of Safestore's revenue is generated through the provision of 
      self storage space. However, ancillary revenues are derived from the sale 
      of contents insurance and storage accessories.


•     In addition to the Group's 99 stores, as at 28 February 2007, Safestore 
      had exchanged or completed contracts on 12 expansion stores, nine of
      which have planning permission, and in addition has one further property 
      in the final stages of the contract process.


•     The Group has a maximum lettable area of approximately 4 million square 
      feet and a current lettable area of approximately 3.6 million square feet.
      The 12 expansion stores will add approximately 0.7 million square feet of
      which the majority will be available to let by the end of the second 
      quarter of 2008.



The contents of this announcement, which have been prepared by and are the sole
responsibility of the Company, have been approved solely for the purposes of
section 21(2)(b) of the Financial Services and Markets Act 2000 by Citigroup
Global Markets Limited of Citigroup Centre, Canada Square, London E14 5LB.
Citigroup Global Markets Limited, Citigroup Global Markets U.K. Equity Limited
and Merrill Lynch International are authorised and regulated by the Financial
Services Authority and are acting for the Company in connection with the Global
Offer and will not regard any other person as their respective clients and will
not be responsible to anyone other than the Company for providing the
protections afforded to their respective clients or for providing advice in
relation to the Global Offer, the contents of this announcement or any matters
referred to herein.


The information contained herein is not for publication or distribution in the
United States of America, Canada, Australia or Japan. This announcement does not
constitute or form part of an offer to sell or issue, or any solicitation of an
offer to buy or subscribe for any securities referred to herein. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration under that Act or an available exemption from it. The
Company and the selling security holders do not intend to register the
securities or conduct a public offering in the United States.


Securities in Safestore Holdings plc have not been and will not be registered
under the applicable Securities Laws of Australia, Canada, or Japan and may not
be offered or sold within Australia, Canada, or Japan or to, or for the account
or benefit of, citizens or residents of Australia, Canada, or Japan.


The Global Offer is being made in the United Kingdom by means of an offer to
institutional investors. The Global Offer and the distribution of this
announcement and other information in connection with the Global Offer in
certain jurisdictions may be restricted by law and persons into whose possession
any document or other information referred to herein comes should inform
themselves about and observe any such restriction. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any such
jurisdiction.


This announcement does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for,
any securities and any purchase of or application for securities of the Company
pursuant to the Global Offer should only be made on the basis of the information
contained in the prospectus to be issued in connection with the Global Offer
(the 'Prospectus'). The price and value of securities may go up as well as down.
Persons needing advice should contact a professional adviser.


This announcement includes statements that are, or may be deemed to be,
'forward-looking statements'. These forward-looking statements can be identified
by the use of forward-looking terminology, including the terms 'believes',
'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may',
'will', or 'should' or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include matters that
are not historical facts and include statements regarding the Company's
intentions, beliefs or current expectations concerning, among other things, the
Company's results of operations, financial condition, liquidity, prospects,
growth, strategies and the self storage industry.


By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. A number of factors could cause
actual results and developments to differ materially from those expressed or
implied by the forward-looking statements including, without limitation, the
factors to be described in the risk factors section of the Prospectus and the
factors to be described in the operating and financial review section of the
Prospectus.


Forward-looking statements may and often do differ materially from actual
results. Any forward-looking statements in this announcement reflect the
Company's view with respect to future events as at the date of this announcement
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Company's operations, results of
operations, growth strategy and liquidity. Save as required by law or by the
Listing Rules, Disclosure and Transparency Rules or Prospectus Rules of the
Financial Services Authority, the Company undertakes no obligation publicly to
release the results of any revisions to any forward-looking statements in this
announcement that may occur due to any change in its expectations or to reflect
events or circumstances after the date of this announcement.


In connection with the Global Offer, Citigroup Global Markets U.K. Equity
Limited, as stabilising manager, or any of its agents, may (but will be under no
obligation to), to the extent permitted by law, over allot or effect other
transactions intended to enable it to satisfy any over allotments or which
stabilise, maintain or otherwise affect the market price of shares in the
Company (the 'Shares') or any options, warrants or rights with respect to, or
interest in, the Shares or other securities of the Company, in each case at
levels which might not otherwise prevail in the open market. The stabilising
manager is not required to enter into such transactions and such transactions
may be effected on the London Stock Exchange and any other securities market,
over the counter market or otherwise. Such transactions, if commenced, may be
discontinued at any time and may only be entered into between commencement of
conditional trading of the Shares on the London Stock Exchange and 30 days
thereafter. In connection with the Global Offer; the stabilising manager may,
for stabilisation purposes, over allot Shares up to a maximum of 15% of the
total number of Shares comprised in the Global Offer. For the purposes for
allowing it to cover short positions resulting from any such over-allotments and
/or from sales of Shares effected by it during the stabilisation period, the
stabilising manager will enter into the Over-allotment Option with certain of
the selling shareholders pursuant to which the stabilisation manager may
purchase or procure purchasers for additional Shares up to a maximum of 15% of
the total number of Shares comprised in the Global Offer at the Offer price. The
Over-allotment Option will be exercisable in whole or in part, upon notice by
the stabilisation manager, at any time on or before the thirtieth day after the
commencement of conditional trading of the Shares on the London Stock Exchange.


Information in this announcement or any of the documents relating to the Global
Offer cannot be relied upon as a guide to future performance.







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