Statement re Possible Offer

Blackstone Europe LLP ("Blackstone") notes the recent media speculation in relation to Big Yellow and confirms that one or more of the investment funds advised by Blackstone or any of its affiliates (the "Blackstone Funds") is considering its position in relation to the Company, which could include a cash offer for the entire issued, and to be issued, share capital of the Company.

Blackstone Funds' evaluation of Big Yellow is at a preliminary stage and Blackstone is considering, amongst other factors, the macro-economic environment including the potential impact of the upcoming UK budget as it relates to the self-storage sector.

Accordingly, there can be no certainty that any offer for the Company will be made nor as to the terms of any such offer.

A further announcement will be made as appropriate.

Important Takeover Code Notes

In accordance with Rule 2.6(a) of the Code, Blackstone Funds are now required, by not later than 5:00 pm (London time) on 10 November 2025, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that Blackstone Funds do not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

Rule 2.4 information

Prior to this announcement it has not been practicable for Blackstone to make enquiries of all persons acting in concert with it to determine whether any dealings in Big Yellow shares by such persons give rise to a requirement under Rule 6 or Rule 11 of the Code for Blackstone, if it were to make an offer, to offer any minimum level, or particular form, of consideration. Any such details shall be announced as soon as practicable and in any event by no later than the deadline for Blackstone's respective Opening Position Disclosure.

Rule 26.1 disclosure

Additional Information

Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Big Yellow who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Big Yellow who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.