1 office2office plc Results Presentation Year ended 31 December 2004 Important notice This presentation is directed at and should be distributed only to the persons of the kind specified in the exemptions contained in articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order Any person in receipt of this document who does not fall within the exemptions referred to above should return this document to Mark Cunningham at office2office plc (“o2o”) immediately and take no other action.

2 Highlights Revenue £141.8m £125.6m % Operating profit 1 £10.1m £7.7m % Profit before tax 2 £9.4m £6.8m % Profit after tax 2 £6.6m £4.8m % Earnings per share p 12.0p % Cash inflow 4 £7.6m £8.2m - 9.3% Dividend 4.2p 1. Operating profit before goodwill amortisation and exceptional costs, but after charging share option costs of £0.2m 2. Profit after tax before goodwill amortisation and exceptional costs, but after charging share option costs of £0.2m 3. Fully diluted earnings per share, after share option costs, but before goodwill amortisation and exceptional costs 4. Cash inflow before financing and dividends, but after payment of exceptional costs

3 Business Review Market Developments Strong economy – key driver of demand Public sector purchasing review – account consolidation E-auctions – opportunities and risks

4 Strategy Expanding our customer base Single-source solution – product range expansion – economic customer benefits – peace-of-mind benefits Improving service and efficiency in operations Focus on merchandising Pan-European positioning

5 Merchandising Source of competitive advantage – strong team – brand selection and management – responsible for product specification, selection and negotiations – also responsible for inventory levels Strong performance in 2004 – savings – line fill – stock levels Priorities in 2005 – further reduce purchase prices – expand range in niche areas – develop private label/ new brand range – global sourcing

6 E-commerce Customer order analysis: Cost-saving benefits Key focus for 2005 systems development

7 Sales 2004 Sales +12.9% Highlights – Retention of broadly same share of NHS Logistics – New account wins in 2004 include Dignity Funeral GroupEON UK Essex County Council consortiumFord Motor Company Grant Thornton Learning & Skills Council ManpowerMan Group NationwideOttakars ShellWest Lothian Council – £100k+ accounts - wins strongly outweigh losses – Print sales grew by £1.9m to £4.5m

8 Gross Margins Strong performance in % 32.0% % Issues impacting gross margins – Merchandising activity – Procurement savings – New-business wins – Account re-tenders – Product mix – Exchange rates

9 Results

10 Dividends As previously stated: - accounts include pre-float dividends; 2004 final dividend proposal of £1.5m - for the half year

11 Underlying Earnings

12 Balance Sheet

13 Cash Flow

14 Future Issues Adoption of International Financial Reporting Standards:- – Recognition of pension scheme deficit – Goodwill subject to annual impairment review Consultation on Long Term Incentive Plan

15 Focus 2005 To maintain growth in profits and sales through:- – growth in all market sectors – achieving the highest degree of customer satisfaction – cautious expansion of products and services – merchandising strategy – tight cost control – developing further our single-source solution – seeking suitable acquisitions

16 Outlook Stable market Public sector consolidation Management of product price inflation Continued growth in outsourcing/single sourcing Drive to retain existing market share and win new customers Large tenders Measured confidence for 2005

17 office2office plc Results Presentation Year ended 31 December 2004 END