1 Workspace Group PLC Presentation to London First On Friday 30 June 2006 James Friedenthal, Commercial Manager

2 Workspace Group PLC To achieve profit and capital growth from: Providing workspace to SMEs in London Investing in properties with potential - Income growth - Capital growth - Alternative use Increasing scale of portfolio, spreading overheads and developing the brand The right financial platform

3 Workspace Group PLC

4 July 1987Founded for industrial portfolio Buy out from GLC Residuary Body 17 properties acquired Initial £16.7m raised (equity & debt) Dec 1993Listing on LSE (£13.9m placement) July 1999Major portfolio acquisition £80m – financed by debt NowPortfolio value: £964m 105 properties, FTSE 250 Workspace History

5 Flexible, affordable, workspace to let throughout London We are London’s leading space provider to SMEs We own and manage over 100 business centres in London with 4,000 customers We buy estates and extract value by refurbishing, re- using or extending A core value is to be the first point of contact We are customer focused throughout and consider sustainability of high importance Our Business

6 London, our marketplace London is a global city London is a growing city Centre of finance – commerce – culture – knowledge – creativity – power and influence London’s population likely to grow by 800,000 to 8.1m by 2016 The working population will rise by 516,000 Net internal migration continues to run at about 100,000 a year

7 London, our marketplace London is the SME incubator 1.07m employ people 30% of these are in London and SE 85% of those businesses with employees in London have less than 10 employees In 2005, London accounted for 22% (87k) of all new business starts in the England and Wales London has the highest concentration of the fastest-growing and most productive business sectors in the UK

8 Flexible Affordable Work space To let through out London Our Core Product

9 Flexible, affordable, workspace Short flexible lease

10 Flexible, affordable, workspace Large properties offering small space Provide affordable space in accessible locations

11 Flexible, affordable,workspace

12 Kennington Park, SW9 Light Industrial

13 Parma House, N22 Workshops

14 Europa Studios, NW10 Studios

15 The Leathermarket, SE1 Offices

16 Serviced Offices Southbank House, SE1

17 Often Properties of Character

18 New Development Clerkenwell Workshops, EC1

19 Customer Profile Typical Workspace tenant*: Rent under 5% of turnover Average rents at 31 March 2006: £9.58 per sq. ft Average customer in say 1,100 sq.ft. Average rent per week £203 *Source: Kingston University survey of over 200 customers. Spring 2004

20 Customer Profile

21 Customer Profile

22 Holistic customer focus Deal direct with prospect to customer 90% + customer satisfaction Customer Service

23 Workspace Group PLC summary Flexible, affordable, workspace to let throughout London Leaders in a growing marketplace Focused on long term sustainable growth