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PRELIMINARY RESULTS ANNOUNCEMENT 2010

PRELIMINARY RESULTS ANNOUNCEMENT 2010. Enabling entrepreneurs in LONDON. Agenda. Introduction Harry Platt Financial Performance Graham Clemett Looking Forward Harry Platt Q&A. 1. The Workspace Model. 2. Results Highlights. Like-for-like occupancy 84.7%, up from 82.9%

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PRELIMINARY RESULTS ANNOUNCEMENT 2010

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  1. PRELIMINARY RESULTS ANNOUNCEMENT 2010 Enabling entrepreneurs in LONDON

  2. Agenda Introduction Harry Platt Financial Performance Graham Clemett Looking Forward Harry Platt Q&A 1

  3. The Workspace Model 2

  4. Results Highlights • Like-for-like occupancy 84.7%, up from 82.9% • £101m property acquired; £57m disposed • Property valuation £717m • NAV per share 27p, up 23% in last six months • Trading profit after interest £10.8m, up 8% in the year • Dividend maintained, scrip alternative offered • In advanced discussions on refinancing of GE debt 3

  5. Delivering on our Priorities through the year • Underlying Trading • Disposals and Cash Management • Former Glebe JV Portfolio Re-purchased 4

  6. Portfolio Management 5

  7. Operating Highlights 6

  8. Financial Performance Graham Clemett 7

  9. Income Statement 8 8

  10. Trading Profit after Interest 3.9 1.0 1.6 (2.2) 10.8 10.0 (1.1) (2.4) Net Rental Income Staff/ Other Costs Share Costs Interest Cost 2010 Trading Profit 2009 Trading Profit Underlying Disposals Glebe JV 9 9

  11. Cashflow 10

  12. Balance Sheet 11 11

  13. Property Valuation 7 717 87 14 48 662 (55) (46) March 2009 Acquisitions Disposals H1 Reval H2 Reval Glebe Acquisition Other March 2010 12

  14. Components of Valuation 13

  15. Bank Facilities & Interest * If not refinanced GE margin increases to 3% from August 2010 with an extension fee payable of 1.7% of the amount extended. 14

  16. Glebe JV Transaction Acquired full control of former Glebe JV for £83m • £15m cash (funded by share placing) • £68m stapled debt facility (5 year term 1.25% margin over LIBOR) Attractive Portfolio • 1.1m sq. ft of lettable space, 34 acres of freehold land • £6.1m cash rent roll (occupancy 78%) Proceed Sharing Arrangement • Agreed sharing of proceeds from disposals with lender • Only applies when cash is realised from disposals Transaction Benefits • Immediately enhancing to EPS and NAV (+1.5p per share) • Significant asset management and re-development potential 15

  17. Financial Summary • Dividend maintained • Resilient cashflow • Good covenant headroom • Glebe JV situation resolved • GE Refinance well progressed 16

  18. Looking Forward Harry Platt 17

  19. Trading 18

  20. Added Value in the Year 19

  21. Added Value: Current Initiatives • Examples • Tower Bridge Business Complex, Marshgate Business Centre, Highway Business Centre • Baldwin Gardens, Bow Enterprise Park, Poplar Business Centre • Aberdeen Business Centre, Grand Union Centre • Wandsworth, Magenta House, Ewer Street, Surrey/St Ives, Alscot Road Pre-Application Phase Planning Application Phase Planning Consent Achieved Sales/Development Phase 20

  22. Prime vs Secondary All Property Yields Source: CBRE Monthly Yields 21

  23. Leveraging the Brand • Existing Portfolio Attracting customers • Retaining customers • Achieving premium rents • Achieving alternative use/intensification • Beyond This Properties • Customers • Example: anyspacedirect.co.uk Opening up wider opportunities 22

  24. Outlook and Priorities • Further announcement on GE debt • London and its SMEs • Growth in earnings and dividends • Growth in asset values of existing stock • New opportunities 23

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