Workspace Group PLC — Investor Presentation 2012

Mar 31, 2012

ANALYST AND INVESTOR PRESENTATION 12 JUNE 2012

WORKSPACE RESULTS 2012 DRIVING VALUE

WORKSPACE

Jamie Hopkins Chief Executive

PERFORMANCE

Graham Clemett Finance Director

MOMENTUM Jamie Hopkins

DIRECTION

Jamie Hopkins

QUESTIONS

TAILORED BUSINESS PREMISES + NEW AND GROWING COMPANIES + LONDON

WORKSPACE HOW WE MAKE MONEY

MARKET KNOWLEDGE + CUSTOMER RELATIONSHIPS + OPERATIONAL CAPABILITY

THE RIGHT PROPERTIES + THE RIGHT SERVICES

ASSET REPOSITIONING INCOME GROWTH

CAPITAL GROWTH

	March 2012	March 2011	Change
Operational
Enquiries (per month)	1,009	960	+5%
Occupancy (lfl)	87.8%	86.1%	Up 1.7%
Rent Roll (lfl)	£44.5m	£42.5m	+5%
Rent per sq. ft (lfl)	£12.61	£12.20	+3%
Financial
Trading Profit after Interest	£16.0m	£14.2m	+13%
Dividend (per share)	8.8p	8.0p	+10%
Valuation	£760m	£719m	+5%*
EPRA NAV (per share)	£3.08	£2.86	+8%

*Underlying

PERFORMANCE HIGHLIGHTS

	March 2012	March 2011	Change
Trading Profit After Interest (adjusted)	£16.0m	£14.2m	+13%
EPRA Earnings Per Share	11.9p	12.4p	-4%
Dividend Per Share	8.8p	8.0p	+10%
EPRA Net Asset Value Per Share	£3.08	£2.86	+8%
Property Valuation Increase (underlying)	5.1%	4.7%	-
Total Property Return (ungeared)	13.4%	11.7%	-
Loan to Value	41%	50%	Reduced 9%
Available Facilities/Cash	£79m	£26m	Up £53m

PERFORMANCE TRADING PROFIT AFTER INTEREST

PERFORMANCE TRADING PROFIT AFTER INTEREST

PERFORMANCE LFL OCCUPANCY & RENT ROLL TRENDS

PERFORMANCE CASHFLOW

PERFORMANCE DEBT ANALYSIS

	March 2012	March 2011
Total Facilities	£393m	£397m
Term to Maturity (average)	3.2 Years	4.2 Years
Undrawn Facilities/Cash	£79m	£26m
Percentage hedged (on drawn facilities)	77%	74%
Average Interest Cost in Year	5.1%	5.3%
Loan to Value	41%	50%

PERFORMANCE REFURBISHMENT AND REDEVELOPMENT

	Completed/ Underway	Starting this year	Pipeline (with planning)
Refurbishment	3 Projects	6 Projects	9 Projects
New commercial space:	87,000 sq. ft.	243,000 sq. ft.	374,000 sq. ft.
Capital Expenditure Required	£11m	£35m
Mixed Use Redevelopment	2 Properties	-	2 Properties
New commercial space:	114,000 sq. ft.	-	105,000 sq. ft.
Residential space:	281 units	-	702 units
Capital Expenditure Required	None	-

PERFORMANCE REFURBISHMENT & REDEVELOPMENT

Note: Indicative Income Profile

Total Workspace Return IPD Universe Total Return

MARKET KNOWLEDGE + CUSTOMER RELATIONSHIPS + OPERATIONAL CAPABILITY

THE RIGHT PROPERTIES + THE RIGHT SERVICES

ASSET REPOSITIONING INCOME GROWTH

CAPITAL GROWTH

MOMENTUM VALUE DRIVERS

16

• Dynamic

MOMENTUM VALUE DRIVERS

CREATE SUPPLY

MATCH DEMAND AND SUPPLY

ASSET REPOSITIONING INCOME GROWTH

CAPITAL GROWTH

DIRECTION WORKSPACE CUSTOMERS

Grew at Workspace

• T.M. LEWIN
• KATHARINE HAMNETT
• DAMIEN HIRST
• GORILLAZ
• ZAHA HADID
• FAIRTRADE

Growing at Workspace

• WHITE STUFF
• BULLDOG
• JOSEPH JOSEPH
• MOONPIG
• MR & MRS SMITH
• BY CAPRICE

Growth at Workspace

• RATESETTER.COM
• PAYMENTSENSE
• IDEA IS EVERYTHING
• CINIMOD STUDIO
• TECHNOVATED
• SILVERGLADE ASSOCIATES

ALEX & ALEXA Tower Bridge December 2010 9,400 sq. ft.

ALEX & ALEXA Tower Bridge May 2012 23,850 sq. ft.

CAPTURE GROWTH

LONDON FACTOR: SUPPLY CUSTOMER CONFIDENCE: DEMAND DRIVE INCOME: TRENDS POSITIVE

DRIVE GROWTH

LEVERAGE OPERATIONS AND BRAND SELECTIVE ACQUISITIONS AND DISPOSALS BENEFIT FROM LONDON RESIDENTIAL MARKET

CONFIDENT OUTLOOK

SOLID BALANCE SHEET MAINTAIN PROGRESSIVE DIVIDEND POLICY BUSINESS IMPROVING: FOCUSED, ENERGETIC APPROACH

DRIVING RENTAL GROWTH

UNDERSTANDING OUR CUSTOMERS

REPOSITIONING CORPORATE SOCIAL RESPONSIBILITY

REDEVELOPMENT PLANNING GAIN ACQUISITION

DRIVING RENTAL GROWTH PARKHALL BUSINESS CENTRE, DULWICH, SE21

UNDERSTANDING OUR CUSTOMERS CLUBWORKSPACE, THE LEATHERMARKET, SE1

REPOSITIONING EXMOUTH HOUSE, CLERKENWELL, EC1

CORPORATE SOCIAL RESPONSIBILITY CHESTER HOUSE, KENNINGTON PARK, SW9

25

ACQUSITION CHANDELIER BUILDING, WILLESDEN, NW10

This presentation contains forward looking statements. Although the Group believes that the estimates and assumptions on which such statements are based are reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond the Group's control. The Group does not make any representation or warranty that the results anticipated by such forward looking statements will be achieved and this presentation should not be relied upon as a guide to future performance.