1. Workspace Group PLC Interim Results for the six months ended 30 September 2007

2. Agenda 1.Introduction 2. Highlights – H1 2007 3. Financial Performance – H1 2007 4. Prospects

3. The Business: A Reminder We provide affordable, flexible space for new and small businesses in London c.4,500 customers over 119 estates; 6.2 million sq.ft Over 10,000 enquiries a year; market leading brand in fragmented market A simple product offer Superior service from in-house management Customer focused

4. Dynamics of London London is THE Global city London drives the UK economy Most multicultural – home to more than 300 languages 42 immigrant populations of 10,000 or more Home to 12.5% of UK population, produces 16.5% of its output Highest concentration of fastest-growing, most productive business sectors London is our Knowledge Base

5. Unique London Portfolio

6. Workspace Customer Base Classification based on DTI categories

7. Three Drivers of Growth CORE BUSINESS Strong Rental Growth High Occupancy Proven Track Record Extensive Database In-house expertise Employment led regeneration ACQUISITIONS REDEVELOPMENT + +

8. Agenda 1.Introduction 2. Highlights – H1 2007 3. Financial Performance 4. Prospects

9. Highlights September 2007March 2007 Rent Roll£49.5m£47.2m Occupancy86.4%84.8% Portfolio Valuation£1,035m£1,002m Number of Estates104101

10. Valuation Performance Valuation Surplus£12.2m£47.8m ERV growth +6.1%+14.5% Reversionary Yield movement-18 bps- 19 bps Relative IPD Ranking1015 To September 2007 6 months12 months

11. Valuation – London Portfolio Business Centres Industrial Number of properties7133 Valuation£800m£235m Valuation Surplus+£12m0 Capital Value/sq ft£245£138 Average Rent/sq ft£13.92£7.12 ERV/sq ft£17.03£8.01

12. Valuation – Southbank Portfolio Number of properties9 Valuation£248m Valuation Surplus+£6m Capital Value/sq ft£305 Average Rent/ sq ft£17.19 ERV/sq ft£21.21

13. Occupancy September 2007March 2007September 2006 Like-for-Like89.2%87.6%85.9% Clerkenwell, EC195.4%89.4%49.8% The Light Box, W484.5%81.4%33.4% Enterprise House, SE197.8%88.5%71.2% Lombard House, Croydon33.4%23.4% Avro & Hewlett House, SW895.9%85.6%- Exmouth House, EC1100.0% - Kennington Park, SW969.4%75.7%74.8% Total Occupancy86.4%84.8%81.7%

14. Rent Roll Growth To September 20076 Months12 Months Like-for-like+£1.6m (4.2%)+£2.9m (8.0%) Completed Developments+£0.4m+£2.1m Ongoing Developments-£0.4m-£0.3m Acquisitions/Disposals+£0.8m+£1.8m Total Rent Roll+£2.4m (5.0%)+£6.5m (15.1%)

15. Acquisitions £m Neil House, E110.8 Other Properties11.3 Total22.1 Capital Value£159 per sq. ft Initial Yield3.8% Reversionary Yield7.5%* * Excluding any additional potential in our hands Neil House

16. Agenda 1.Introduction 2. Highlights 3. Financial Performance 4. Prospects

17. Financial Performance Income StatementSeptember 2007September 2006Change Trading Operating Profit£20.7m£16.4m+26% Trading PBT£7.0m£5.1m+37% Trading EPS4.0p2.2p+82% Dividend per share1.52p1.38p+10% Balance SheetSeptember 2007March 2007Change Portfolio Valuation£1,035m£1,002m+3% Diluted adjusted NAV per share 343p336p+2%

18. Financial Resources September 2007March 2007 Net debt£422m£381m Net gearing71%65% Trading interest cover1.521.44 Average interest cost7.0%6.3% Available undrawn facilities£79m£65m Loan to value41%38%

19. Valuation - Fundamentals September 2007March 2007 ERV£69.3m£65.3m Valuation£1,035m£1,002m Reversionary Yield6.70%6.52% Equivalent Yield (90%)6.03%5.87% Current Yield4.78%4.71% Reversionary Potential (to 90%)£12.9m£11.6m

20. Core Business Valuation Over next 18 months Yields Stable Yields out 50bps Yields out 100bps ERV up 5% p.a.+£80m0-£70m ERV up 10% p.a.+£160m+£80m0 What if….. Reversionary Yield 6.7%7.2%7.7% Typical Customer +£17 / week +£34 / week

21. Agenda 1.Introduction 2. Highlights 3. Financial Performance 4. Prospects

22. London Growth Population expected to grow from 7.5 million to 8.8 million in 2029 Households expected to grow from 3.2 million to 3.6 million by 2021 (source: ONS, Population trends 128; Summer 2007) Source: Domestic & International Net Migration in London, 1981-2005 Source: GLA Working paper 24: An analysis of Londons employment by sector

23. Trading Outlook To September 20076 Months12 Months Enquiries - Number/month790750 New Lettings - Number/month8892 Renewals - Number/month2427

24. Refurbishment Update Kennington – Canterbury Court Expected completion December 2007 Total cost £12.2m 188,000 sq ft Greville Street Completed June 2007 Total cost £1.1m 11,500 sq. ft – currently 41% occupancy Lombard House Completed June 2007 Total cost £5.7m 46,000 sq ft – currently 33% occupancy Wharf Road To be completed H1 2008 32,000 sq ft

25. Redevelopment Pipeline Planning Application Timescales WorkspaceGlebe JV 200742(1 approved) 200891 200954 Also adding our name and brand to other large strategic schemes across London Will continue to feed into the redevelopment process other sites as opportunities appear/ conditions suit

26. Redevelopment Scale + Residential + Affordable + Student Housing + Residential + Affordable 45 apartments 27 apartments 230 rooms 156 apartments 53 apartments Aberdeen Wandsworth (Glebe JV) Greenheath BeforeAfter Intensification x 2.0 x 2.6 x 2.5 Commercial66,000 sq ft Commercial46,000 sq ft74,000 sq ft Commercial86,000 sq ft

27. Outlook CORE BUSINESS ACQUISITIONS REDEVELOPMENT London SMEs Available space Mixed use agenda Residential demand Pricing Market Workspace Brand Portfolio Asset Management Skills Database Financial Resources Mixed use credentials Partners Pipeline

28. Long-term track record LAST 6 MONTHS LAST YEAR LAST 3 YEARS LAST 5 YEARS LAST 10 YEARS IPD PERCENTILE RANKING Top 10 Top 20 10 15 10 1