SEGRO presentation on results for the Half Year Ended 30 June 2017.

1. 2017 HALF YEAR
RESULTS
25 JULY 2017

2.  Strong financial results and robust balance sheet
 Driving performance through operational
excellence and disciplined capital allocation
 High quality pipeline of growth opportunities
Optimistic outlook
B+S, Frankfurt
2

3.  Strong financial results and robust balance sheet
 Driving performance through operational
excellence and disciplined capital allocation
 High quality pipeline of growth opportunities
Optimistic outlook
B+S, Frankfurt
3

4. Strong financial results and robust balance sheet
 Strong earnings growth
– Benefits of APP acquisition
– Asset management gains capturing rent reversion
– Development completions
+23% Adjusted
pre-tax profit
+3.2% Adjusted EPS,
9.7p
+3.9% Like-for-like net rental
income growth
 Robust balance sheet
– 4.9% portfolio value growth
– £1.1 billion of financing, including rights issue and
inaugural US private placement
+5.4% EPRA NAV per share
504p
29% Loan to Value ratio
(FY 2016: 33%)
 2017 interim dividend increased by 5% 5.25p Dividend per share
(2016: 5.0p)
4

5. H1 2016 net
rental income
Disposals Acquisitions Like-for-like
net rental
income
Completed
developments
Space taken
back for
development
Other (incl
surrender
premiums)
Currency
translation
H1 2017 net
rental income
JVs at
share
£32.3m
JVs at
share
£27.3m
Group
£103.4m
Group
£88.6m
£(11.2)m
£10.6m
£8.6m
£(0.8)m
£4.4m
£(5.9)m
£4.1m
£120.9m
£130.7m
3.9% growth in like-for-like net rental income
Proportionally consolidated net rental income (excluding joint venture fees1), H1 2016-17, £ million
Mainly 2016 disposals
and disposals to part-fund
APP acquisition
Group: +3.9%
UK: +5.9%
CE: 0.0%
Vacancy stable at 5.5%
APP acquisition
5

6. 1 Net property rental income less administrative expenses, net interest expenses and taxation
23% increase in Adjusted PBT
Adjusted income statement
H1 2017
£m
H1 2016
£m
Gross rental income 127.3 110.7
Property operating expenses (23.9) (22.1)
Net rental income 103.4 88.6
Share of joint ventures’ adjusted profit1 22.1 25.5
Joint venture fee income 16.5 9.1
Administration expenses (17.5) (15.5)
Adjusted operating profit 124.5 107.7
Net finance costs (33.3) (33.5)
Adjusted profit before tax 91.2 74.2
Tax on adjusted profit 0.7% 1.1%
• APP performance fee generated non-
recurring profit of £3.2m
• FY 2017 JV fee income expected to
be c£24m
• On-going JV fee income c£16m pa
• Cost ratio of 22.9%
(H1 2016: 23.2%)
• 20.4% excl share based payments
(H1 2016: 21.5%)
• H1 2017 adjusted EPS based on
average 934m shares
• FY adjusted EPS expected to be
based on c966m shares (before
impact of scrip dividend)
6

7. 31 December
2016
H1 2017
Adjusted EPS
2016
Final Dividend
Realised and
unrealised gains
Exchange rate and
other
Net impact of
financing activity
30 June 2017
5.4% increase in EPRA NAV
Components of EPRA net asset value change, 31 December 2016 to 30 June 2017
(11)p
10p
33p 2p
504p
478p
(after applying
bonus adjustment
factor of 1.046 to
reported 500p)
(8)p
7

8. £1.1bn of new financing raised to strengthen balance sheet further
Rights Issue
£557m net proceeds
166m new shares
1.046 bonus adjustment factor
Private Placement Issue
€650m of new debt
11yr average duration
1.9% average coupon
To be drawn in August 2017
£216m cash consideration for APP
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0%
20%
40%
60%
2012
2013
2014
2015
2016
H117
Averagecostofdebt
LTVratio
LTV ratio Ave cost of debt
LTV ratio and average cost of debt
(incl share of JVs, 2012-H1 2017)
£341m for future development capex
• 75% allocated to identified projects
Repay £200m 2018 bonds early
• 5.5% coupon bonds repaid in June
Repay £320m APP secured debt
• 2.5% average cost, repaid in July
8

9. 1 Based on gross debt, excluding commitment fees and amortised costs
2 Pro forma for repayment of APP secured debt and drawing of US private placement debt
3 Marginal borrowing costs after commitment fee
Including joint ventures at share 30 June 2017 31 December 2016
Weighted average cost of debt1 (%) 3.12 3.4
Average maturity of debt (years) 7.82 6.2
Fixed rate debt as proportion of net debt (%) 70 80
Net borrowings (£m) 2,086 2,091
LTV ratio (%) 29 33
 £644m of cash and available facilities
 Attractive marginal cost of Group
bank borrowings of c1.4% (UK) and
1.1% (CE)3
 H1 2017: £215m capex on
development and infrastructure
 FY 2017: £350m+ estimated
development capex (and further
c£50m of infrastructure capex)
Robust financial position
Balance sheet and gearing metrics (look-through basis), 31 December 2016 – 30 June 2017
9

10. Strong financial results and robust balance sheet
 Strong earnings growth
 Robust balance sheet
 2017 interim dividend increased by 5%
Geodis, Paris
10

11.  Strong financial results and robust balance sheet
 Driving performance through operational
excellence and disciplined capital allocation
 High quality pipeline of growth opportunities
Optimistic outlook
B+S, Frankfurt
11

12. UK logistics supply continues to fall short of demand
(UK logistics take up and average availability; source: JLL)
Favourable market conditions
3.4%
1.6%
1.0%
2.4%
0.6%
3.4%
2.0%
1.4%
1.3%
0.9%
0.0%
1.0%
2.0%
3.0%
4.0%
Poland Germany France UK Italy
Historic (2013-16) Forecast (2017-18)
Economic growth outlook is supportive
(GDP average annual growth rates 2013-18; source: OECD)
0.0% 5.0% 10.0% 15.0% 20.0%
Italy
Poland
Europe ave
France
Germany
UK
2017 2016 2015
Online sales continue to gain market share
(Online purchases as share of total retail sales; source: Centre for Retail Research)
Supply of speculative development remains low
(Speculative UK big box warehouse completions; source: JLL)
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Indvpt
Completions,msqm
0.0
0.5
1.0
1.5
2.0
2.5
0.0
1.0
2.0
3.0
2011
2012
2013
2014
2015
2016
1H17
No.ofyears’supply
Take-up/availability,
msqm
Average availability Take-up No. of years' supply
Take-up for H2
2016 and H1
2017
12

13. Driving performance: operational excellence and disciplined capital allocation
Leasing and Asset Management
Disposals Acquisitions
• £28m contracted headline rent,
+28% from H1 2016
• 15% uplift on UK rent reviews
and renewals
• Low vacancy rate of 5.5%, 92%
customer retention
• £550m of asset acquisitions
50% interest in APP portfolio
Ave topped-up NIY of 4.2% (5.2%
excl Cargo Area)
• £34m of land acquisitions
Primarily land for immediate
development in Germany, Italy and
Spain
• £207m of asset disposals
Part consideration for APP £150m
Non-strategic German light industrial
£47m
• Former Northfields industrial estate
sold to residential developer
• Average yield of 4.4% (3.1% incl
land)
Developments
• 79,000 sq m new space completed:
£5m of potential rent, 91% secured
• £18m new pre-lets signed; £3m
potential from new speculative
development starts
• 920,000 sq m under construction
Amazon, Munich
APP portfolio
Nelson Trade Park
Completed development
Acquired
Sold
13

14. £0m
£50m
£100m
£150m
£200m
£250m
£300m
£350m
£400m
Total Greater London Thames Valley &
National Logistics
Northern Europe Southern Europe Central Europe
+5.7%
+5.2%
2.3%
+3.7%
+0.1%
+4.6%
1 Percentage change relates to completed properties, including JVs at share.
2 Includes big box warehouses part of the Greater London portfolio
ERV growth 0.8%
0.9% 0.9% 0.6% 0.6% 0.0%
UK: 0.9% Continental Europe: 0.4%
UK +5.5%
Slough Trading Estate +7.1%
Park Royal +8.8%
Heathrow +3.0%
UK big box logistics2 +1.9%
Continental Europe +2.3%
SELP +1.1%
SEGRO wholly-owned +4.1%
Portfolio value change driven by improving yields and asset management1
14

15.  Strong financial results and robust balance sheet
 Driving performance through operational
excellence and disciplined capital allocation
 High quality pipeline of growth opportunities
Optimistic outlook
B+S, Frankfurt
15

16. High quality pipeline of growth opportunities
 Income growth potential through active
asset management of existing portfolio
 Significant growth from current
development pipeline
 Optionality over future development
through land bank and options
Azymut, Strykow
16

17. Growth from the existing portfolio
Reversion
capture
Index-linked
uplifts
Further
vacancy
reduction
• £2.7m potential reversion from general UK rent reviews in H2
2017 (£13m in total)
• £6.2m (55%) of Heathrow Cargo Area 2019 peppercorn rent
reversions secured or under negotiation (£11m in total)
• c40% of portfolio (c£140m of headline rent) contains indexation
provisions
• Almost all Continental Europe leases
• c10% of UK leases (most with cap and collar)
• c£5.5m (25%) of vacancy is in five UK buildings
• 2 big box warehouses in Midlands
• 3 urban warehouses in London
0%
20%
40%
60%
80%
100%
2012 2013 2014 2015 2016 H1
2017
Speculative
Pre-let
Let at 30 June 2017
Rapid leasing of speculative space
(Letting status of development completions in
2012-17, %)
17

18. Current development pipeline: £46m of rent, 40 projects, 1m sq m of space
Yoox pre-let, Milan
FedEx pre-let, Paris
SEGRO Park Rainham, East London
Martorelles, Barcelona
Amazon pre-let, Rome
Premier Inn, Slough Trading Estate
18

19. Significant development opportunities within SEGRO’s control
Current development pipeline
• 920,400 sq m of space
• Current book value £431m; £231m cost
to complete
• £46m potential gross rent; £31m (68%)
secured through pre-lets
• Projected 7.7% yield on total cost
Near term development projects
• 243,000 sq m of space
• £146m potential capex
• £14m potential gross rent
• 63% rent related to potential pre-lets
• Projected 7.6% yield on total cost
Future development pipeline1
• 2.3m sq m of space
• c£1.1bn potential capex
• £113m potential gross rent
• Projected c8% yield on total cost
Land under option
• 750,000 sq m of space
• c£50m potential gross rent
• Expected blended yield of c7% on total
cost, including land
1 Excludes near-term projects and potential developments on land held under option.
1 2
3 4
Capital deployment ahead of expectations at the time of 2016 equity placing and 2017 rights issue
19

20. 318
25
46
14
384
388.8
Annualised gross cash passing rent1, £ million
(as at 30 June 2017)
1 Including JVs at share
2 Near-term development opportunities include pre-let agreements subject to final conditions such as planning permission, and speculative developments subject to final approval, which are expected to
commence within the next 12 months
3 Total rent potential of £127m from near-term development opportunities and Future pipeline
4 Estimated. Excludes rent from development projects identified for sale on completion and from projects identified as “Near-term opportunities”
41
Passing rent at
30 Jun 17
Rent in
rent-free
Reversion and
vacant space
Current
development
pipeline
(68% let)
Near-term
development
opportunities2,3
(63% pre-lets)
Future
pipeline2
Land held under
option
Total
Potential
Substantial opportunity to grow rental income
1134
504
£126m potential from current activity
£163m from land bank and land options
607
20

21.  Supply-demand dynamics remain
supportive
 Investor demand for warehouses remains
strong
 Future earnings prospects underpinned by
asset management and development
Optimistic outlook
B+S, Frankfurt
Outlook
21

22. 2017 HALF YEAR RESULTS
Q&A

23. APPENDIX I
PORTFOLIO AND FINANCIAL DATA

24. 30 June 2017 30 June 2016 31 December 2016
£m £p per share £m £p per share2 £m £p per share2
EPRA1 Earnings 90.5 9.7 73.4 9.4 (9.8) 152.6 18.8 (19.7)
EPRA NAV 5,053.5 504 3,593.8 454 (475) 4,162.1 478 (500)
EPRA NNNAV 4,728.8 472 3,285.5 415 (435) 3,822.6 439 (459)
EPRA net initial yield 4.7% 4.9% 4.8%
EPRA topped-up net initial yield 5.0% 5.4% 5.3%
EPRA vacancy rate 5.5% 4.8% 5.7%
EPRA1 cost ratio (including vacant
property costs)
22.9% 23.2% 23.0%
EPRA1 cost ratio (excluding vacant
property costs)
20.7% 20.4% 20.8%
1 For the periods presented, EPRA EPS is the same as Adjusted EPS.
2 Per share metrics in parentheses are as reported before application of the rights issue bonus adjustment factor.
EPRA performance measures
24

25. H1 2017 H1 2016
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Gross rental income 127.3 37.3 164.6 110.7 38.3 149.0
Property operating expenses (23.9) (10.0) (33.9) (22.1) (6.0) (28.1)
Net rental income 103.4 27.3 130.7 88.6 32.3 120.9
JV management fee income 16.5 – 16.5 9.1 – 9.1
Administration expenses (17.5) (0.4) (17.9) (15.5) (0.1) (15.6)
Adjusted operating profit 102.4 26.9 129.3 82.2 32.2 114.4
Net finance costs (33.3) (3.4) (36.7) (33.5) (6.2) (39.7)
Adjusted profit before tax 69.1 23.5 92.6 48.7 26.0 74.7
Tax and non-controlling interests (0.7) (1.4) (2.1) (0.8) (0.5) (1.3)
Adjusted profit after tax 68.4 22.1 90.5 47.9 25.5 73.4
Adjusted income statement (JVs proportionally consolidated)
25

26. 30 June 2017 31 December 2016
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Investment properties 6,097.2 1,153.9 7,251.1 4,714.4 1,605.0 6,319.4
Trading properties 25.4 0.5 25.9 25.4 0.6 26.0
Total properties 6,122.6 1,154.4 7,277.0 4,739.8 1,605.6 6,345.4
Investment in joint ventures 761.3 (761.3) – 1,066.2 (1,066.2) –
Other net liabilities (88.2) (48.5) (136.7) (25.5) (46.8) (72.3)
Net debt (1,741.6) (344.6) (2,086.2) (1,598.4) (492.6) (2,091.0)
Net asset value1 5,054.1 – 5,054.1 4,182.1 – 4,182.1
EPRA adjustments (0.6) (20.0)
EPRA NAV 5,053.5 4,162.1
1 After minority interests
Balance sheet (JVs proportionally consolidated)
26

27. 1 Annualised gross rental income (on a cash flow basis) after the expiry of rent-free periods
Group
£m
JVs
£m
Total
£m
H1 2017 net rental income 103.4 27.3 130.7
Half year impact of:
Disposals since 1 January 2017 (3.9) (4.0) (7.9)
— APP fees within JV net rental income – 4.9 4.9
Acquisitions since 1 January 2017 8.7 0.4 9.1
Developments completed and let during H1 2017 1.2 0.4 1.6
One-off items (0.4) – (0.4)
Pro forma H1 2017 net rental income 109.0 29.0 138.0
Pro forma H1 2017 accounting net rental income
27

28. 1 Total costs include vacant property costs of £3.6m for H1 2017 (H1 2016: £4.2m)
2 Includes JV property management fee income of £9.0m and management fees of £1.0m (H1 2016: £8.2m and £0.6m respectively)
Incl. joint ventures at share H1 2017
£m
H1 2016
£m
Gross rental income (less reimbursed costs) 163.6 148.4
Property operating expenses 23.9 22.1
Administration expenses 17.5 15.5
JV operating expenses 6.1 5.7
JV management fees (10.0) (8.8)
Total costs1 37.5 34.5
Of which share based payments 4.2 2.6
Total costs excluding share based payments2 33.3 31.9
Total cost ratio 22.9% 23.2%
Total cost ratio excluding share based payments 20.4% 21.5%
EPRA Cost Ratio
Total cost ratio, 2016-17 (proportionally consolidated)
28

29. 31 December
2016
Long-term
lettings
Short-term
take-backs
New
developments
Acquisitions Disposals Other 30 June 2017
Speculative
development1
1.3%
Speculative
development1
1.6%
0.6%
(0.3)%
5.7%
(0.2)%
0.1%
1 Speculative developments completed in preceding two years
Existing standing
assets
4.1%
Existing standing
assets
4.2%
(0.1)%
5.5%
EPRA Vacancy Rate
(0.3)%
Vacancy rate reconciliation, 31 December 2016 to 30 June 2017
29

30. H1 2017 H1 2016
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Acquisitions 1,143.6 15.5 1,159.1 65.5 39.8 105.3
Development1
184.0 31.0 215.0 97.1 17.6 114.7
Completed properties2
7.9 2.0 9.9 9.8 2.0 11.8
Other3
5.0 1.6 6.6 10.2 2.1 12.3
TOTAL 1,340.5 50.1 1,390.6 182.6 61.5 244.1
1 Includes wholly-owned capitalised interest of £2.5 million (H1 2016: £2.4 million) and share of JV capitalised interest of
£0.3 million (H1 2016: £0.5 million).
2 Completed properties are those not deemed under development during the year. Incorporates minor refurbishment (not
deemed to be directly ERV enhancing), and infrastructure expenditure and major refurbishment and fit-out of existing
buildings (which are considered ERV enhancing)
3 Tenant incentives, letting fees and rental guarantees
• Approximately 50% of completed
properties capex is directly linked to
generating rents
• c£5m of maintenance capex within
“Completed properties”
EPRA capital expenditure analysis
30

31. 30 June 2017
£m
Weighted average
cost of gross debt,
%1
31 December 2016
£m
Weighted average
cost of gross debt,
%1
Group gross borrowings 1,805 3.5 1,630 3.9
Group cash & equivalents (63) – (32) –
Group net borrowings 1,742 – 1,598 –
Share of joint venture net borrowings 344 1.4 493 1.7
SEGRO net borrowings including joint ventures
at share
2,086 3.1 2,091 3.4
Total properties (including SEGRO share of
joint ventures)
7,277 6,345
‘Look-through’ loan to value ratio 29% 33%
1 Figures exclude commitment fees and amortised costs
Look-through loan-to-value ratio
31

32. Debt maturity profile at 30 June 2017 (pro forma), £m
0
100
200
300
400
500
600
700
800
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
JV undrawn at share
SEGRO undrawn
JV debt at share
SEGRO PP notes
SEGRO bonds
Debt maturity by type and year, £ millions
(as at 30 June 2017, pro forma for repayment of APP secured debt and drawing of US private placement debt due in August 2017)
32

33. • €1.14:£1 as at 30 June 2017
• € assets 68% hedged by € liabilities
• €741m (£650m) of residual exposure – 13% of Group NAV
• Illustrative NAV sensitivity vs €1.14:
• + 5% (€1.20) = - c.£31m (-c.3.1p per share)
• - 5% (€1.08) = + c.£34m (+c.3.4p per share)
Loan to Value (on look-through basis) at €1.14:£1 is 29%, sensitivity vs €1.14:
• +5% (€1.20) LTV -0.6%-points
• -5% (€1.08) LTV +0.6%-points
• Average rate for 6 months to 30 June 2017 €1.16:£1
• € income 37% hedged by € expenditure (including interest)
• Net € income for the period €37m (£32m) – 35% of Group
• Illustrative annualised net income sensitivity versus €1.16:
• + 5% (€1.22) = –c£1.5m (c0.2p per share)
• - 5% (€1.10) = +c1.7m (c0.2p per share)
Balance sheet, £m
30 June 20171
Assets 68% hedged
Euro currency exposure and hedging
0
500
1,000
1,500
2,000
2,500
Other euro
liabilities
Euro currency
swaps
Euro debt
Euro gross assets
0
10
20
30
40
50
60
Euro income
Euro costs
Income Statement, £m
6 months to 30 June 2017
Income 37% hedged
1 Pro forma for repayment of APP secured debt (in July 2017) and drawing of US private
placement (in August 2017).
33

34.  €3.9bn AUM at 30 June 2017
(£3.4bn)
 SELP joint venture focuses on big
box logistics assets
 Other European countries comprise:
 The Netherlands, Belgium and Austria
— supported by our platform in
Germany
 Italy and Spain — supported by our
platform in France
 Czech Republic and Hungary —
supported by our platform in Poland
0
200
400
600
800
1,000
1,200
1,400
Germany France Poland Other European
Assetsundermanagement,€m
SELP SEGRO wholly-owned
1,207
1,008
810
907
SEGRO Continental Europe assets under management
34

35. Current development pipeline
Current development pipeline
(as at 30 June 2017)
920,400
sq m
£46m
ERV
£31m
rent secured
(68%)
£231m
cost to
complete
7.7%
Yield on cost
Amazon, Rome
Current development projects, asset type by ERV
(30 June 2017)
Urban
warehouses 21%
Logistics
60%
Gross rent from development completions, £m
(as at 30 June 2017, including joint ventures at share)
21.4
8.0
2.0
7.9
4.4
2.4
0.0
10.0
20.0
30.0
40.0
50.0
H2 2017 H1 2018 H2 2018 H1 2019
Pre-let Speculative
35

36. All figures include joint ventures at share.
1 Future development pipeline including near-term projects but excluding land under option.
2 Excludes near-term projects and potential developments on land held under option.
Germany
18%
UK
41%
Italy/Spain
14%
Poland
9%
Geographic split of land bank, by potential ERV1
(30 June 2017)
Development land bank
(30 June 2017)
Future pipeline (2.3m sq m2)
• £1.1bn estimated development
costs2
• £113m of potential annual
rent2
• 8% estimated yield on TDC1
• 10% estimated yield on new
money1
Future development pipeline
And…land held under option
• 750,000 sq m
• £50m of potential annual rent
• Estimated blended yield of 7%
on total cost, incl land
Near-term projects
• 243,000 sq m
• c£14m of rent (63% related to
pre-lets)
• £146m of potential capex
36

37. 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
100
200
300
400
500
600
2011
2012
2013
2014
2015
2016
H12017
Landbankvalue,£m
Alternative use
Future development pipeline
Long-term and residual land bank
As % of portfolio (right hand scale)
 £39m of land bank subject to conditional sale for
alternative (residential) use
 Additional opportunity from land held under option
Land bank provides optionality and opportunity for growth
37

38. APPENDIX II
MARKET DATA

39. -
5,000
10,000
15,000
20,000
25,000
30,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1H17
UK Germany France CEE Rest of Europe
0
5,000
10,000
15,000
20,000
25,000
30,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1H17
Q1 Q2 Q3 Q4
European industrial investment volumes
By country, €m
European industrial investment volumes
By quarter, €m
Source: CBRE
European industrial investment volumes
39

40. 0.0
2.0
4.0
6.0
8.0
10.0
12.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17
Warsaw: 6.0%
Paris: 5.0%
Dusseldorf: 4.8%
London: 4.5%
UK 10yr bond: 1.3%
Germany 10yr bond: 0.5%
Source: CBRE, Bloomberg (data correct at 30 June 2017)
Prime logistics yields vs 10 year bond yields
40

41. 0.0
0.5
1.0
1.5
2.0
2.5
0.0
1.0
2.0
3.0
2011
2012
2013
2014
2015
2016
H12017
No.ofyears’supply
Take-up/availability,msqm
Average availability
Take-up
Available space as multiple of annual take-up
UK Big Box supply-demand dynamics1
(m sq m)
1 Source: JLL (logistics warehouses >100,000 sq ft, Grade A); take up reflects H2 2016 and H1 2017
2 Source: JLL
Speculative UK Big Box completions2
(m sq m)
0%
2%
4%
6%
8%
10%
12%
14%
0.0
1.0
2.0
3.0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Indvpt
Completions,msqm
Construction Vacancy
Favourable demand-supply conditions: UK supply shortage
Take-up for H2
2016 and H1
2017
41

42. 0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
UK
Germany
France
Belgium
Neth.
Poland
Italy
Spain
Pre-let Speculative
Logistics space under construction1
(m sq m)
1 Source: 1Q 2017, JLL
2 Source: CBRE
European industrial and logistics supply dynamics
0.0
0.5
1.0
1.5
2.0
2.5
0.0
1.0
2.0
3.0
4.0
5.0
2010
2011
2012
2013
2014
2015
2016
1H17
No.ofyears’supply
Take-up/availability,msqm
Average availability
Take-up
Available space as multiple of annual take-up
France logistics supply-demand dynamics2
(m sq m)
Take-up for H2
2016 and H1
2017
42

43. 0.0
1.0
2.0
3.0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1H17
New Second hand
Take-up of warehouse space >100,000 sq ft – UK1
(m sq m)
1 Source: JLL
2 Source: CBRE
0.0
1.0
2.0
3.0
4.0
2008
2009
2010
2011
2012
2013
2014
2015
2016
1H17
0.0
2.0
4.0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1Q17
Net demand Lease renewals
Take-up of warehouse space >5,000 sq m – France2
(m sq m)
Take-up of warehouse space – Poland1
(m sq m)
European industrial and logistics — take-up statistics
43

44. 0.0
1.0
2.0
3.0
2010
2011
2012
2013
2014
2015
2016
H12017
New / Early Marketed Second hand
Availability of Grade A warehouse space >100,000 sq ft– UK1
(m sq m)
1 Source: JLL
2 Source: CBRE
0.0
1.0
2.0
3.0
4.0
5.0
2009
2010
2011
2012
2013
2014
2015
2016
H12017
0%
5%
10%
15%
0.0
0.5
1.0
1.5
2011
2012
2013
2014
2015
2016
1Q17
Pre-let Speculative Vacancy (RHS)
Availability of warehouse space >5,000 sq m – France2
(m sq m)
Warehouse space under construction and vacancy rate – Poland1
(m sq m)
European industrial and logistics — availability statistics
44

45. 1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
10yr ave Rolling annual
Heathrow Airport cargo volumes
(million metric tonnes)
Source: Heathrow Airport
60
65
70
75
80
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
10yr ave Rolling annual
Heathrow Airport passenger volumes
(millions)
Heathrow Airport cargo and passenger volumes
45

46. This presentation may contain certain forward-looking statements with respect to SEGRO’s
expectations and plans, strategy, management’s objectives, future performance, costs, revenues
and other trend information. These statements and forecasts involve risk and uncertainty
because they relate to events and depend upon circumstances that may occur in the future.
There are a number of factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward looking statements and forecasts.
The statements have been made with reference to forecast price changes, economic conditions
and the current regulatory environment. Nothing in this presentation should be construed as a
profit forecast. Past share performance cannot be relied on as a guide to future performance.
Forward-looking statements
46