Slide 1: Delivering Sustainable Value for Shareholders
Workspace Group PLC 1 July 2026 DELIVERING SUSTAINABLE VALUE FOR SHAREHOLDERS
Slide 2: Agenda
2 Workspace Group PLC AGM 2026 AGENDA 01 Why you should vote for the Workspace Board and against the Saba resolutions 02 Overview of the business today 03 Our strategy to transform the business 04 Saba's plan will not maximise sustainable value for shareholders 05 The Workspace Board is committed to
Slide 3: Why You Should Vote for the Workspace Board and Against the Saba Resolutions
3 Workspace Group PLC AGM 2026 WHY YOU SHOULD VOTE FOR THE WORKSPACE BOARD AND AGAINST THE SABA RESOLUTIONS The Board has a clear, disciplined strategy to deliver long- Saba’s plan is high-risk, short-sighted and NOT term sustainable value for ALL shareholders and the right suitable for Workspace te
Slide 4: Overview of the Business Today
4 Workspace Group PLC AGM 2026 OVERVIEW OF THE BUSINESS TODAY 02
Slide 5: A Leading Provider of Flexible Space to London's SME and Small Business Community
5 Workspace Group PLC AGM 2026 A LEADING PROVIDER OF FLEXIBLE SPACE TO LONDON’S SME AND SMALL BUSINESS COMMUNITY About us Portfolio stats1 • Workspace owns and manages a portfolio of freehold assets across Number of locations 57 London Lettable floorspace (million sq. ft.) 3.8 • Flexibility with lea
Slide 6: We Are the Only Fully Flex Office REIT with an Operational Platform
6 Workspace Group PLC AGM 2026 WE ARE THE ONLY FULLY FLEX OFFICE REIT WITH AN OPERATIONAL PLATFORM • Given the company is the only fully flex office REIT with a fully operational platform, we deem there to be two main buckets of peers that are most relevant for comparison British Land1 Landsec1 5% 8
Slide 7: Relative Performance More in Line with Correct Peer Group, and We Have a Strategy
7 Workspace Group PLC AGM 2026 RELATIVE PERFORMANCE MORE IN LINE WITH CORRECT PEER GROUP, AND WE HAVE A STRATEGY TO IMPROVE PERFORMANCE Total Shareholder Return Share Price Premium / (Discount) to NTA1 1 Year 80.0% 5% 60.0% A meaningful proportion of our share price performance (5%) 40.0% is macro-d
Slide 8: The Board Has Been Proactive in Taking Steps to Stabilise Value
8 Workspace Group PLC AGM 2026 THE BOARD HAS BEEN PROACTIVE IN TAKING STEPS TO STABILISE VALUE Enterprise Value Premium / (Discount) to GAV1 34% Operational peer 33% 32% avg: (31%) 30% 30% 29% 28% 28% London office peer avg: (29%) 1 2 2 Helical Grainger GPE Derwent Big Yellow Safestore Workspace Uni
Slide 9: Our Strategy to Transform the Business
9 Workspace Group PLC AGM 2026 OUR STRATEGY TO TRANSFORM THE BUSINESS 03
Slide 10: The Board Has Installed a Proven Management Team
10 Workspace Group PLC AGM 2026 THE BOARD HAS INSTALLED A PROVEN MANAGEMENT TEAM WITH DECADES OF EXPERIENCE IN WORKSPACE’S SECTOR Research views on Charlie Green Tom Edwards-Moss management’s strategy update: Chief Executive Officer Chief Financial Officer (joined Feb-26) (joined Feb-26) “Management
Slide 11: Operational Performance Has Stabilised; Starting from a Stronger Baseline
11 Workspace Group PLC AGM 2026 OPERATIONAL PERFORMANCE HAS STABILISED; STARTING FROM A STRONGER BASELINE Occupancy Stable, despite macro factors Stabilised Portfolio Total Portfolio 90% 86.1% 84.1% 83.0% 83.0% 84.6% 82.0% 81.6% 81.3% 82.5% 80.5% 80.0% 80% 80.7% 79.1% 79.4% 78.8% 77.8% 70% Q1 24/25
Slide 12: We Understand What Our Customers Want
12 Workspace Group PLC AGM 2026 WE UNDERSTAND WHAT OUR CUSTOMERS WANT Customer priorities • We have created a strategy driven Design by our deep understanding of the occupier market and customer requirements Service • Work behaviour has evolved rapidly over the last five years Amenities • The follow
Slide 13: Workspace's Strategy Is to Evolve Our Offer to Deliver Customer Needs
13 Workspace Group PLC AGM 2026 WORKSPACE’S STRATEGY IS TO EVOLVE OUR OFFER TO DELIVER CUSTOMER NEEDS AND OWN THE BEST VALUE CATEGORY Where we are today Where we’re heading Space Managed (Managed) (Serviced) Price and Product This strategy will maximise long-term income and capital returns for all s
Slide 14: Exceptional Portfolio Requires Informed and Tailored Strategy and Reinvestment
14 Workspace Group PLC AGM 2026 WORKSPACE’S EXCEPTIONAL PORTFOLIO REQUIRES AN INFORMED AND TAILORED STRATEGY AS WELL AS REINVESTMENT TO ENSURE IT REMAINS COMPETITIVE Near term: Revised pricing structure Near/medium term: Upgrading of buildings (Already underway) (Already underway) • We understand ou
Slide 15: Workspace Is Already Implementing Its Strategy Across a Number of Buildings
15 Workspace Group PLC AGM 2026 WORKSPACE IS ALREADY IMPLEMENTING ITS STRATEGY ACROSS A NUMBER OF BUILDINGS The design and fit out of these spaces, whilst protecting existing income, will be completed within the next 12-18 months Salisbury House, EC2 Cargo Works, SE1 Edinburgh House, SE11 Centro Bui
Slide 16: Targeting Delivery of Over 50% Improvement in Performance
16 Workspace Group PLC AGM 2026 TARGETING DELIVERY OF OVER 50% IMPROVEMENT IN PERFORMANCE OVER THE MEDIUM TERM Trading profit before interest Over £125m +33% +50% £90m c. £80m excluding non- recurring items, FY26 disposals* March 2026 Disposals Occupancy Contracted Enhanced Operational Additional Me
Slide 17: Saba's Plan Will Not Maximise Sustainable Value for Shareholders
17 Workspace Group PLC AGM 2026 SABA'S PLAN WILL NOT MAXIMISE SUSTAINABLE VALUE FOR SHAREHOLDERS 04
Slide 18: Saba Does Not Understand Workspace or the Flex Work Space Proposition
18 Workspace Group PLC AGM 2026 SABA DOES NOT UNDERSTAND WORKSPACE OR THE FLEX WORK SPACE PROPOSITION… … are the key pillars to a Saba’s stated headwinds… flex work space proposition This is our target market, where Workspace avoids competing with the prime operators in core locations and thus can o
Slide 19: Even Assuming Disposals of 20% of London Office Volumes, It Would Take Over 5 Years
19 Workspace Group PLC AGM 2026 EVEN ASSUMING DISPOSALS OF 20% OF LONDON OFFICE INVESTMENT VOLUMES, IT WOULD TAKE >5 YEARS TO EXECUTE SABA’S PRIORITY AND PHASE 2 DISPOSAL PLAN London office ex-West-End & City Saba’s plan does not consider market liquidity, transaction volumes by year which is more l
Slide 20: Gaps in Saba's Plan Highlight Lack of Right Skillset
20 Workspace Group PLC AGM 2026 GAPS IN SABA’S PLAN HIGHLIGHTS THEY AND THEIR NOMINEES DO NOT HAVE THE RIGHT SKILLSET TO OVERSEE WORKSPACE’S BUSINESS Do Saba understand What is the cost- What are the the importance of What is the basis What is the benefit analysis of additional costs customer relati
Slide 21: Current Market Requires Selective Decisions Around Asset Disposals
21 Workspace Group PLC AGM 2026 CURRENT MARKET REQUIRES SELECTIVE DECISIONS AROUND ASSET DISPOSALS Asset disposals since financial year end (Mar-26): Book Value Sale Price Discount to Property Valuation Yield Net Sale Price Net Initial Yield (Mar-26) Book Value (Mar-26) Chiswick Studios £3.4m 8.3% £
Slide 22: Earnings Accretion Is Higher When Disposals Are Recycled into Accretive Capex
22 Workspace Group PLC AGM 2026 EARNINGS ACCRETION IS HIGHER WHEN DISPOSALS ARE RECYCLED INTO ACCRETIVE CAPEX VS. SHARE BUYBACKS £m Assumptions: • Case A: Share buybacks assumed at 50% discount Illustrative property disposals 200 to pro forma NTA Less: Assumed discount to book value (22%) (45) • Cas
Slide 23: Detailed Comparison of Analysis for an Illustrative £200m Disposal
23 Workspace Group PLC AGM 2026 DETAILED COMPARISON OF ANALYSIS FOR AN ILLUSTRATIVE £200M DISPOSAL AT A 22% DISCOUNT TO BOOK £m, unless stated otherwise A Share buyback B CAPEX £200m disposals NRI lost on £200m of asset disposals (11) (11) at a blended NRI yield of c.5.3% Net interest savings on £72
Slide 24: NTA Accretion Is Also Higher When Disposals Are Recycled into Capex
24 Workspace Group PLC AGM 2026 NTA ACCRETION IS ALSO HIGHER WHEN DISPOSALS ARE RECYCLED INTO ACCRETIVE CAPEX VS. SHARE BUYBACKS £m, unless stated otherwise A Share buyback B CAPEX GAV reduction on £200m of asset disposals (200) (200) Cash proceeds (post discount and transaction fees) 145 145 £72m o
Slide 25: Key Takeaways – Our Plan Delivers Better Value for Shareholders
25 Workspace Group PLC AGM 2026 KEY TAKEAWAYS – OUR PLAN DELIVERS BETTER VALUE FOR SHAREHOLDERS Our analysis does not factor in potential negative Share buyback discount EPS accretion NTA accretion financial impact from not investing in our portfolio to pro-forma NTA / (dilution) / (dilution) 0% (6.
Slide 26: Saba's Engagement with Workspace Leadership Has Been Inconsistent and Short-Term Focused
26 Workspace Group PLC AGM 2026 SABA’S ENGAGEMENT WITH WORKSPACE LEADERSHIP HAS BEEN INCONSISTENT AND SHORT-TERM FOCUSED Illustrative timeline of interactions between Workspace and Saba since their initial outreach Strategy reset announced 3 Workspace proactively 19 February 2026 19 June 2026 13 Jan
Slide 27: The Workspace Board Is Committed to Delivering Value to Shareholders
27 Workspace Group PLC AGM 2026 THE WORKSPACE BOARD IS COMMITTED TO DELIVERING VALUE TO SHAREHOLDERS 05
Slide 28: The Workspace Board Has the Skills and Experience to Deliver for Shareholders
28 Workspace Group PLC AGM 2026 THE WORKSPACE BOARD HAS THE SKILLS AND EXPERIENCE TO DELIVER FOR SHAREHOLDERS The Board acted decisively to refresh the executive team with dedicated flexible-office specialist Charlie Green in early 2026 Relevant Duncan Owen Charlie Green Tom Edwards-Moss Rosie Shapl
Slide 29: Saba Is Seeking Control of the Board's Non-Executive Majority
29 Workspace Group PLC AGM 2026 SABA IS SEEKING CONTROL OF THE BOARD’S NON-EXECUTIVE MAJORITY WHILE HOLDING A C.27% ECONOMIC INTEREST1, WEAKENING INDEPENDENT OVERSIGHT AND THE BOARD’S SKILLS MIX Workspace’s existing Board is majority-independent, skilled, Saba’s proposed Board would weaken independe
Slide 30: Board Is Committed to Ensuring the Right Execution and Oversight Capabilities
30 Workspace Group PLC AGM 2026 WORKSPACE’S BOARD IS COMMITTED TO ENSURING THE RIGHT EXECUTION AND OVERSIGHT CAPABILITIES TO DELIVER FOR ALL SHAREHOLDERS CEO Search Process Ongoing Oversight The Nomination Committee is • The Board ran a structured process supported by an independent dedicated, among
Slide 31: New Remuneration Policy Highly Dependent on Performance
31 Workspace Group PLC AGM 2026 THE WORKSPACE REMUNERATION COMMITTEE HAS PROPOSED A NEW REMUNERATION POLICY THAT IS HIGHLY DEPENDENT ON PERFORMANCE AND IN FULL ALIGNMENT WITH OUR LONG-TERM STRATEGY The 2026 STIP and LTIP measures and targets have been Illustrative executive designed under the new le
Slide 32: New Remuneration Policy Highly Dependent on Performance (STIP and LTIP)
32 Workspace Group PLC AGM 2026 THE WORKSPACE REMUNERATION COMMITTEE HAS PROPOSED A NEW REMUNERATION POLICY THAT IS HIGHLY DEPENDENT ON PERFORMANCE AND IN FULL ALIGNMENT WITH OUR LONG-TERM STRATEGY Charlie Green STIP ( max 150% of base) Chief Executive Officer Positioning of total remuneration of th
Slide 33: Workspace NED Share Ownership Is In-Line with UK Market Norms and Peers
33 Workspace Group PLC AGM 2026 WORKSPACE NED SHARE OWNERSHIP IS IN-LINE WITH UK MARKET NORMS AND PEERS The compensation of NEDs in the UK, unlike NED NED NED average NED ownership (%) NED ownership1 (£) the US, is typically fully cash – this results in ownership (%) ownership1 (£) ownership, UK com
Slide 34: Disciplined Remuneration Framework in Place for NEDs
34 Workspace Group PLC AGM 2026 WORKSPACE HAS A DISCIPLINED REMUNERATION FRAMEWORK IN PLACE FOR NEDS, REFLECTIVE OF THEIR BOARD RESPONSIBILITIES Workspace NED base fee increased at a 2.7% • Since FY 15/16, the Board’s scope has widened CAGR between FY 15/16 and FY 24/25 which resulted in: NED fees b
Slide 35: Saba Criticisms of Investment in Central Support Functions Are Unfounded
35 Workspace Group PLC AGM 2026 SABA CRITICISMS OF WORKSPACE’S INVESTMENT IN CENTRAL SUPPORT FUNCTIONS ARE UNFOUNDED Saba’s criticisms of Workspace Setting the record straight – misinterpretation and scope expansion, not operational “CRM replacement project represents a major failure by the Audit Co
Slide 36: Committed to Ongoing Two-Way Dialogue with Active Shareholders
36 Workspace Group PLC AGM 2026 WORKSPACE IS COMMITTED TO ONGOING TWO-WAY DIALOGUE WITH OUR ACTIVE SHAREHOLDERS Extensive & frequent recent engagement (by both Board & Exec team) with investors 30 Meetings with Meetings with Charlie Green Other meetings with Duncan Owen since his arrival in early Fe
Slide 37: Summary and Board Recommendation
37 Workspace Group PLC AGM 2026 SUMMARY AND BOARD RECOMMENDATION 06
Slide 38: Workspace Is Proactively Taking the Right Steps to Strengthen the Business
38 Workspace Group PLC AGM 2026 WORKSPACE IS PROACTIVELY TAKING THE RIGHT STEPS TO STRENGTHEN THE BUSINESS AND MAXIMISE VALUE FOR ALL SHAREHOLDERS A HIGHLY CREDIBLE VALUE-CREATION STRATEGY IS ALREADY IN PLACE 1 A focused strategy has been developed with actionable priorities to improve performance a
Slide 39: Saba's Proposals Compromise Value Maximisation for All Shareholders
39 Workspace Group PLC AGM 2026 SABA’S PROPOSALS COMPROMISE VALUE MAXIMISATION FOR ALL SHAREHOLDERS Key issues with Saba’s proposals The Board’s view • Saba’s proposal raises more questions than answers, failing to address critical operational risks, tax leakage, and the costs of operating the busin
Slide 40: Why You Should Vote for the Workspace Board and Against the Saba Resolutions
40 Workspace Group PLC AGM 2026 WHY YOU SHOULD VOTE FOR THE WORKSPACE BOARD AND AGAINST THE SABA RESOLUTIONS The Board has a clear, disciplined strategy to deliver long- Saba’s plan is high-risk, short-sighted and NOT suitable term sustainable value for ALL shareholders and the right for Workspace t
Slide 41: Appendix
41 Workspace Group PLC AGM 2026 APPENDIX 07
Slide 42: Workspace Board Issues Unanimous AGM Voting Recommendation to Shareholders
42 Workspace Group PLC AGM 2026 WORKSPACE BOARD ISSUES UNANIMOUS AGM VOTING RECOMMENDATION TO SHAREHOLDERS VOTE FOR1 VOTE AGAINST1 Resolutions 1 to 20 inclusive and specifically: 21. To appoint Nick Shattock as a director of the Company with effect from the end of the annual general meeting 5. To re
Slide 43: Workspace Director Biographies
43 Workspace Group PLC AGM 2026 WORKSPACE DIRECTOR BIOGRAPHIES Duncan Owen Charlie Green Chairman Chief Executive Officer Chair of the Board and Nominations Committee and Sits on the ESG Committee sits on the Remuneration and ESG Committees • Duncan has over 35 years of global experience in the real
Slide 44: Workspace Director Biographies (cont'd)
44 Workspace Group PLC AGM 2026 WORKSPACE DIRECTOR BIOGRAPHIES (cont’d) Tom Edwards-Moss Rosie Shapland Chief Financial Officer Senior Independent Non-Executive Director Sits on the ESG Committee Chair of the Audit Committee and sits on the Remuneration, Nominations and ESG Committees • Tom has dire
Slide 45: Workspace Director Biographies (cont'd)
45 Workspace Group PLC AGM 2026 WORKSPACE DIRECTOR BIOGRAPHIES (cont’d) Lesley-Ann Nash Manju Malhotra Independent Non-Executive Director Independent Non-Executive Director Chair of the Remuneration Committee and sits on the Chair of the ESG Committee and sits on the Nominations, Audit and ESG Commi
Slide 46: Workspace Director Biographies (cont'd)
46 Workspace Group PLC AGM 2026 WORKSPACE DIRECTOR BIOGRAPHIES (cont’d) Nick Mackenzie David Stevenson Independent Non-Executive Director Independent Non-Executive Director Sits on the Nominations and ESG Committee Sits on the Nominations and ESG Committees • Nick is currently the CEO of Greene King
Slide 47: Remuneration Committee Proposed New Remuneration Policy
47 Workspace Group PLC AGM 2026 THE REMUNERATION COMMITTEE OF WORKSPACE HAS PROPOSED A NEW REMUNERATION POLICY THAT IS HIGHLY DEPENDENT ON PERFORMANCE AND ALIGNS WITH OUR LONG-TERM STRATEGIC TARGETS Policy implementation for 2026/27 (subject Delivery of remuneration to shareholder approval at the 20
Slide 48: Saba Nominee's Overall Skills and Expertise Not Aligned with Workspace's Strategy
48 Workspace Group PLC AGM 2026 SABA NOMINEE’S OVERALL SKILLS AND EXPERTISE NOT ALIGNED WITH WORKSPACE’S STRATEGY Non-Executive Director Nominees Relevant Skills and Expertise The overall slate lacks the skillset that Workspace considers appropriate to execute the new strategy Saba Nominees Summary
Slide 49: defined in and by virtue of the European Union (Withdrawal) Act 2018; and (c)
49 Workspace Group PLC AGM 2026 This presentation (the “Presentation”) has been prepared and issued by Workspace Group plc (the “Company” or “Workspace”). The Presentation has been prepared solely for information purposes in connection with Workspace’s forthcoming annual general meeting, the resolut