1. Workspace Group PLC Harry Platt Chief Executive Presentation for Bridgewell Investor Conference: “Growth and Returns from Bricks & Mortar” February 6 th, 2007

2. Workspace Group PLC Workspace:Performance and History Workspace:Our Business Workspace:Relation to London Plan

3. History Established 1987 Joined London Stock Exchange 1993 Geographical focus Scale

4. 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%

5. IPD Performance 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 199519961997199819992000200120022003200420052006 Percentage Return Workspace IPD Workspace vs Universe

6. 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

7. “ 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

8. Workspace Portfolio 2006

9. Rents, Affordability: 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

10. Workspace Customer Base Classification based on DTI categories

11. About London along with New York and Tokyo, is a world city most multicultural in the world, home to more than 300 languages 12.5% of UK population, responsible for 16.5% of its output highest number of business starts and closures in the UK highest concentration of fastest-growing, most productive business sectors LONDON IS OUR MARKETPLACE

12. London Population Projections Source: DMAG Briefing 2005/40

13. Accounting for Growth Source: LDA - Estimating London’s new migrant population, Sept 2006 “International migration is now the dominant driver of population change in the UK and is set to remain so for at least the next 25 years.”

14. LDA Priority Areas for Investment 60% of Workspace stock falls within these areas Workspace is well placed to benefit from – and contribute to – the future investment within these areas.

15. WHARF ROAD, HACKNEY (N1) Replacing existing units with: - 30,000 sq ft of commercial space - 77 residential units LDA Priority Areas for Investment

16. LDA Areas For Intensification During 2005: 100% of development took place on previously developed commercial space

17. LDA Areas For Intensification THURSTON ROAD, LEWISHAM (SE13) Part of the regeneration of Lewisham Town Centre Conversion of industrial estate into mixed-use development: 91,000 sq ft non-food retail 16,500 sq ft commercial space 271 residential apartments

18. LDA Areas of Deprivation Insert map In deprived wards, regeneration opportunities are greatest, through: spatial, social, economic policies & planning stimulating business ownership

19. N17 STUDIOS, HARINGEY situated in one of the most deprived areas of London originally 50 large floor-plate units now more than 90 units, 80% of which less than 1,000 sq ft LDA Areas of Deprivation

20. PTAL Map PTAL ratings assess public transport accessibility 30% of WSG properties have a rating of 5 or higher

21. Workspace Portfolio: Current Low density; low capital value; in areas of change 25% subject to intensification/change of use over 5 years A further 20% subject to intensification/change of use over 10 years Stock continually replenished – the acquisition database

22. Workspace Portfolio: What density increases achievable? Wharf Road 2x Thurston Road6x Aberdeen2x Grand Union 5x Wandsworth2x (+) Bow6x (+) Whitechapel3.5x (+)

23. Workspace Portfolio: What mix of uses? Replacement of workspace – new for old Residential main other element Workspace to be treated as equivalent to affordable housing (?) Other uses

24. Transport Improvements in London