1. 1 Workspace Group PLC UBS EUROPEAN MID CAP REAL ESTATE CONFERENCE Harry Platt 29 November 2006

2. 2 Background Established 1987 Joined London Stock Exchange 1993 Geographical focus Scale

3. 3 Ten Year Results to 31 March 2006 Five Year Ten YearCompound Growth Adjusted NAV per share20.9%21.9% Property at Valuation21.3%22.6% Trading PBT9.9%13.8% Trading EPS 10.2%13.0% Dividend per share 10.2%11.2%

4. 4 IPD Performance ( Investment Property Databank) 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 199519961997199819992000200120022003200420052006 Percentage Return Workspace IPD Workspace vs Universe Workspace outperform the sector

5. 5 The Business – Hotelier of Space to SMEs 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

6. 6 “ We provide affordable, flexible space for new and small businesses in London and the South East ” c.4,300 customers over 113 estates; 6.0 million sq.ft Over 9,900 enquiries a year; market leading brand in fragmented market A simple product offer Superior service from in-house management Customer focused The Business – Hotelier of Space to SMEs

7. 7 Workspace Portfolio 2006

8. 8 Our Buildings The Leathermarket, SE1Barley Mow, W4Southbank House, SE1

9. 9 Our Buildings Chocolate Factory, N22Canalot Studios, W10The Lightbox, W4

10. 10 Our Buildings Clerkenwell Workshops,EC1Westbourne Studios, W10Great Guildford Street, SE1

11. 11 Our Customers

12. 12 Customer Profile Typical Workspace tenant*: Rent under 5% of turnover Average customer in 1,000 sq. ft paying £200 (approx) rent per week *Source: Kingston University survey of over 200 customers. Spring 2004

13. 13 Total Percentage of Customers by DTI Categories

14. 14 Strategy: Focusing on Growth: London Dynamics 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 migration continues to run at about 100,000 a year

15. 15 Strategy: Focusing on Growth: London SMEs London is the SME incubator 1.07m employ 1 - 20 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 London is our Marketplace

16. 16 Strategy: Acquisitions in London The importance of the database

17. 17 Strategy: Regeneration in London Intensification Transport Improvements Olympics

18. 18 Strategy: Exploiting change of use In Joint Venture Outside Joint Venture and reapply proceeds into core business growth

19. 19 Strategy: Sustainability….in line with the London Plan Accommodate growth in boundaries – brown land Better city to live in A more prosperous city with diverse economic growth Promoting social inclusion Improving London’s accessibility, and Tackling climate change

20. 20 Strategy: Workspace as a REIT Comfortably pass tests (ownership, property, trade mix interest cover etc). Eliminate £140m deferred tax (80 pence per share) £20m entry cost – short payback Earnings (dividend) enhancing Strategic plan maintained May create acquisition opportunities

21. 21 Business Plan: To double shareholder value in 5 years How? Focusing on London Growing market place of SMEs Rental growth from a low base Targeting acquisitions where long term value (through database) Improving estates and pursuing mixed use intensification

22. 22 APPENDIX

23. 23 Total Shareholder Return

24. 24 5 Year Share Price