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

1

Workspace Group PLC

Presentation to London FirstOn 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 1987 Founded for industrial portfolio

Buy out from GLC Residuary Body

17 properties acquired

Initial £16.7m raised (equity & debt)

Dec 1993 Listing on LSE (£13.9m placement)

July 1999 Major portfolio acquisition £80m – financed by debt

Now Portfolio 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 theSME 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

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

Median % of median

turnover Year of start 1996 —

Turnover £250,000 —

Overheads £90,000 36

Profits £40,000 16

Rent £12,000 4.8

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

DTI Classification of Tenants

12% 1%

2%

1%

6%

18%

45%

10%

5%

Manufacture

Retail

Cons truction

Utilities /Infras tructure

Organisations

Des ign & Creative

Services

Storage & Dis tribution

Unclass ified

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