This document summarizes the 2018 full year results of SEGRO plc. It highlights that 2018 was another strong year, with attractive returns for shareholders including 15.4% total property return and 13.3% growth in total dividends. Key financial metrics like adjusted EPS and NAV also grew substantially. Operationally, the company continued to see strong leasing success, high customer retention rates, and low vacancy. The balance sheet was further strengthened in 2018 through debt refinancing. SEGRO remains well positioned for continued outperformance in 2019 and beyond due to its portfolio of prime warehouses, land bank, structural market tailwinds, and development pipeline.

1. 2018 FULL YEAR
RESULTS
15 FEBRUARY 2019

2. 2
2018: Another year of delivery
Attractive returns for shareholders
Total property return 15.4% Adjusted EPS growth 17.6%
NAV growth 16.9% Total dividend growth 13.3%
Strong operating metrics
£66m new rent contracted
Customer retention rate
Low vacancy rate
Like-for-like net rental income
ERV growth
+24%
89%
5.2%
+3.1%
+3.4%
£769 million invested
Asset acquisitions
Development capex
Land acquisitions
£81m
£548m
£140m
£442 million disposals
Asset sales
Land sales
£372m
£70m
Financial strength
LTV ratio 29% Cost of debt 1.9%

3. 3
2018: Another year of delivery
Strong financial results, balance sheet further
strengthened
Disciplined approach to capital allocation
Further operational excellence, strong property
operating metrics
Well set for further outperformance in 2019 and
beyond

4. 4
2018: Another year of delivery
Strong financial results, balance sheet further
strengthened
Disciplined approach to capital allocation
Further operational excellence, strong property
operating metrics
Well set for further outperformance in 2019 and
beyond

5. Strong financial results and balance sheet
5
 17.6% adjusted EPS growth to 23.4p
£241.5m Adjusted
pre-tax profit
+3.1% Like-for-like net rental
income growth
 16.9% NAV growth to 650p
£9.4bn Portfolio value
(10.7% growth)
29% Loan to Value ratio
(FY 2017: 30%)
 2018 final dividend increased by 16.7%
– Total 2018 dividend increased by 13.3%
13.25p Final dividend per share
(2017: 11.35p)
18.8p Total dividend per share
(2017: 16.6p)

6. 1 Net property rental income less administrative expenses, net interest expenses and taxation
2 See appendices for further information 6
24.4% increase in Adjusted PBT
Adjusted income statement
2018
£m
2017
£m
Gross rental income 297.7 272.9
Property operating expenses (50.1) (52.2)
Net rental income 247.6 220.7
Share of joint ventures’ adjusted profit after tax1 39.0 47.6
Joint venture fee income 44.9 24.3
Administration expenses (44.1) (39.7)
Adjusted operating profit 287.4 252.9
Net finance costs (45.9) (58.7)
Adjusted profit before tax 241.5 194.2
Tax on adjusted profit 1.8% 0.6%
• Total cost ratio of 22.9%
(2017: 24.6%)
• 19.9% excl share based payments
(2017: 21.7%)
• £6.7m from growth in like-for-like
net rental income (Group: +3.1%,
UK: +4.1%, CE: +1.0%)
• £20m contribution from
development
• SELP performance fee: net impact of
£12 million (1.2 pence per share)2
• Average cost of debt 1.9%

7. 31 December
2017
2018
Adjusted EPS
Dividends Realised and
unrealised gains
Pension buy-out
costs
Exchange rate and
other
31 December
2018
7
16.9% increase in EPRA NAV
Components of EPRA NAV change, 31 December 2017 to 31 December 2018
(17)p
23p
94p
(5)p
650p
556p
(1)p
Assets & Land
72p
Development
22p

8. £0m
£200m
£400m
£600m
£800m
£1,000m
Total London Thames
Valley
UK Midlands
Big Box
Germany France Poland Italy
+15.8%
+2.9%
+2.2%
+7.8%
+10.1%
+8.0%
+4.6%
+7.3%
8
Percentage change relates to investment properties held throughout 2018, including JVs at share.
£912m valuation surplus
UK: +12.0% Continental Europe: +5.1%

9. 6.7%
5.7%
5.5%
5.3%
5.2%
4.9%
4.6%
0.0% 2.0% 4.0% 6.0% 8.0%
Poland
Italy
France
Germany
UK Big Box
Slough
London
31-Dec-18
31-Dec-17
9
1 Yield on standing assets at 31 December 2018; ERV growth based on assets held throughout 2018.
2 Net true equivalent yield
3 Includes big box warehouses in the Midlands and South East
Driven by asset management, yield shift and rental growth1
+6.1%
UK:
+4.7%
+3.5%
+2.4%3
+1.1%
Cont.
Eur.
+0.7%
+0.1%
+0.6%
+0.4%
Equivalent yield2: 5.1% ERV growth: 3.4%
By owner ERV
SEGRO +0.6%
SELP +0.7%
London ERV
Heathrow +5.6%
Park Royal +6.2%
N&E London +9.5%
Continental Europe:

10. 10
 2019: £600m+ estimated
development capex (incl land and
c£30m of infrastructure capex)
 2019: c£150-250m estimated
disposals
Efficient, conservative capital structure
LTV ratio and average cost of debt (incl share of joint ventures), 2012-18
51%
42%
40%
38%
33%
30%
29%
4.6%
4.2% 4.2%
3.5% 3.4%
2.1% 1.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0%
20%
40%
60% 2012
2013
2014
2015
2016
2017
2018
Averagecostofdebt
LTVratio
LTV ratio Ave cost of debt

11. 11
Further improvements to the debt structure
0
200
400
600
800
1,000
1,200
1,400
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
JV undrawn at share
SEGRO undrawn
JV debt at share
SEGRO PP notes
SEGRO bonds
Debt maturity by type and year, £ millions
(as at 31 December 2018)
• €300m US Private Placement to
refinance remaining 2019 bonds
• 13yr average duration, 2.2% average
coupon
• Net debt1: £2.7bn (2017: £2.4bn)
• Debt maturity 10.2 years (from
10.8 years at end-2017)
• £1.2bn bank facilities (2022-23),
fully undrawn at year end
1 SEGRO net borrowings, including JV net debt at share

12. 12
Strong financial results and balance sheet
 17.6% adjusted EPS growth
 Improved debt structure
 2018 full year dividend increased by
13.3%
BidFood, Slough Trading Estate

13. 13
2018: Another year of delivery
Strong financial results, balance sheet further
strengthened
Disciplined approach to capital allocation
Further operational excellence, strong property
operating metrics
Well set for further outperformance in 2019 and
beyond

14. 14
Disciplined capital allocation: £327m net investment in 2018
Acquisitions Land and development
• Including four urban warehouses estates in
France and Poland
• Newly built big box warehouse in the
Netherlands for SELP
• 19% interest in Sofibus Patrimoine
• £501m of development capex
• £47m infrastructure spend
• £140m invested in 20 site acquisitions
• Remaining assets in Belgium
• 1.5m sq ft warehouse in Rome
• Mature assets in London
• £61m proceeds from sale of land in west
London to a residential developer
£81m
of asset acquisitions
Active recycling
£688m
of land and development
spend
£442m
of selective asset and land
disposals
To be updated

15. 15
2018: Another year of delivery
Strong financial results, balance sheet further
strengthened
Disciplined approach to capital allocation
Further operational excellence, strong property
operating metrics
Well set for further outperformance in 2019 and
beyond

16. Operational excellence: driving rental growth on existing portfolio
16
-10
0
10
20
30
40
50
60
70
2013
2014
2015
2016
2017
2018
Annualisedrentalincome,£m
New rent contracted
Net new rent on
existing space
60
65
70
75
80
85
90
0
1
2
3
4
5
6
7
8
9
2013
2014
2015
2016
2017
2018
Customerretentionrate,%
Vacancyrate,%
0
1
2
3
4
5
6
2015
2016
2017
2018
Rentchangeonreviewandrenewal,£m
+9.5%
+5.4%
+3.3%
Strong leasing success in 20181 Record levels of customer retention
and sustained high occupancy3
Capturing reversion from renewals
and reviews2
1 Net new rent on existing space reflects headline rent agreed on new leases less passing rent lost from space taken back during the year; new rent contracted is total headline
rent secured or (in the case of developments) agreed in the year.
2 Headline rent agreed on lease renewals, reviews and re-gears compared to previous headline rent.
3 Vacancy rate based on ERV at 31 December 2018; customer retention rate based on headline rent retained in the same or alternative SEGRO premises.
+8.8%

17. 17
Operational excellence: development securing further profitable growth
0
100
200
300
400
500
600
2012
2013
2014
2015
2016
2017
2018
Developmentcapex,£m
Capex on developments and infrastructure
£m (SEGRO share)
673,400
sq m
40 completed
developments
Potential
rent —
83% leased
Average yield
on cost
Uplift on
development
£40m 8.2% +22.1%
Urban warehouses
Air2, Gennevilliers, Paris
SEGRO Park Rainham, London
Big box warehouses
SEGRO Logistics Park Bischofsheim, Frankfurt
Vailog Logistics Park Castel San Giovanni, Milan

18. 18
Continued focus on sustainability within our development activity
Over 1.8 million sq m of sustainably certified1 assets in our portfolio
Continuing to install solar panels where feasible – we now have enough
to power 3,000 homes
New Responsible SEGRO targets for 2025:
• 40% reduction in carbon footprint in line with the Paris Agreement
on Climate Change
• Deliver low impact buildings based on 20% reduction in embodied
carbon
• Zero waste to landfill for all new developments
1 Buildings with a voluntary certification such as BREEAM, DGNB, HQE or similar.
Rating: A–
Rating: Three-Star

19. 19
2018: Another year of delivery
Strong financial results, balance sheet further
strengthened
Disciplined approach to capital allocation
Further operational excellence, strong property
operating metrics
Well set for further outperformance in 2019 and
beyond

20. 20
Well set for further outperformance in 2019 and beyond
Prime portfolio of warehouses in strong locations
and a substantial land bank
A diversified customer base
Future performance supported by powerful
structural tailwinds
Income, rental growth and development to drive
ongoing returns

21. London, £3.7bn
Thames Valley,
£1.6bn
Germany,
£1.4bn
France,
£1.2bn
Poland,
£0.9bn
Italy, £0.6bn
Other, £0.6bn
21
Modern, sustainable warehouses in prime locations
AUM
£11.0bn
Urban (67%) Big box (31%)
Portfolio split by geography and asset type
(at 31 December 2018)
Urban (67%) Big box (31%)
Other(2%)UK Midlands,
£1bn
Our key markets

22. 22
Customer sectors (headline rent, SEGRO share)
Retail
19%
Transport & logistics
23%
Parcel
delivery
11%
Food & general
manufacturing
18%
Wholesale & retail
distrib - 7%
A very diversified customer base
 Over 1,150
customers
 Top 20
customers =
31% of total
group headline
rent

23. 23
Future performance supported by powerful structural tailwinds
SEGRO Park Le Blanc Mesnil, Paris
Population growth
Increasing demand
for goods and services
Environmental and
regulatory pressures
Reducing land
availability
E-commerce
growth
Warehouse
automation and
robotics
Power and data
connectivity
Growth of digital
data and the cloud
Urbanisation Technological revolution
Vailog Logistics Park Milan South

24. Generic
urban
warehouses
72%
UK
11%
CE
20%
CE
11%
UK
56%
24
Urban and big box warehouses – complementary asset types
Data as at 31 December 2018
Other
2%
Portfolio by type:
(valuation, SEGRO share)
• Smaller units, generally <10,000 sq m
• Diverse range of uses (including ‘last mile’
delivery and datacentres)
• Increased demand as a result of population
expansion and growth of the digital economy
• Development highly restricted by declining land
availability
• Lower net income yields, greater asset
management potential
• Highest rental growth prospects
Urban warehouses (67%) Big boxes (31%)
• Larger units, generally over 10,000 sq m
• Mainly used for bulk storage and distribution of
goods
• Increased demand as a result of online retail
and supply chain optimisation
• Higher availability of development land but
development constrained by planning/ zoning
challenges
• Higher net income yields, lower management
intensity
• Lower rental growth prospects
Future performance mainly driven by
income yield and rental growth
Future performance mainly driven by
income yield, JV fees and development
gains

25. 25
Property
Type
Region
% of
portfolio1
Demand
conditions
Supply
conditions
SEGRO
ERV
growth
2018
SEGRO
ERV growth
expectations
Urban
warehouses
UK (London, Thames Valley) 56% STRONG LIMITED 6.0% 5%
2%
Continental Europe 11% STRONG LIMITED 0.8%
Big box
warehouses
UK (South-East, Midlands) 11% STRONG MODERATE 2.4% 2%
1%
Continental Europe 20% STRONG MODERATE 0.7%
Rental growth to remain strongest in urban warehouses
…with £31m of reversionary potential to capture
1 Percentage of portfolio based on valuations as of 31 December 2018. 2% of the portfolio in other uses of industrial land, e.g. self-storage, car showrooms, offices

26. 26
Development volume to remain strongest in big box warehouses
Zalando, Verona Aulnay-Sous-Bois, Paris
East Midlands Gateway, UK
0.8m
sq m
38
current
developments
Potential
rent —
73% leased
Average yield
on cost
£46m 7.1%
DO&CO, London
Potential annualised gross rent from
current pipeline, by asset type
(£46 million at 31 December 2018)
Urban (27%)Big box (72%)
Other (6%)
Big box
(63%)
Urban
(31%)

27. 27
£200m+ rent from development opportunities in SEGRO’s control
1 Future development pipeline in the 2018 Full Year Property Analysis Report.
2 Total capex of £450m including capex already incurred
3 Excludes optioned land
Development
pipeline
Area
(sqm)
Estimatedcostto
complete(£m)
Potential
grossrent(£m)
Estimated
yield
Proportion
pre-let
Expected
delivery
Current 827,737 2112 46 7.1% 73% 1-12 months
Near-term
pre-lets1 441,502 218 23 7.1% 100% 12-18 months
Future1 2.1m 913 92 7-8% n/a 1-5 years
Optioned land 0.9m n/a 48 7-8% n/a 1-10 years
UK (36%) Continental Europe (64%)
Potential annualised gross rent from current, near-term and
future pipeline3, by region (£161 million at 31 December 2018)
Potential annualised gross rent from current, near-term and
future pipeline3, by asset type (£161 million at 31 December 2018)
BB (XX%)UW(64%)
Urban (27%)
UK (36%)
Big box (72%) Continental Europe (64%)
Other (2%)
UK (36%)
SEGRO land bank
(30 December 2018)
Lyon

28. 350
36
46
23
28
384
388.8
Annualised gross cash passing rent1, £ million
(as at 31 December 2018)
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 £115m 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”
56
Passing rent at
31 December 18
Rent in
rent-free
Reversion
(£31m) and
vacant space
(£25m)
Current
development
pipeline
(73% let)
Near-term pre-let
development
opportunities2,3
Future
pipeline3
Land held under
option
Total
Potential
Potential to grow rental income significantly
924
484
£161m potential from current activity
£140m from land bank and land options
651
Plus: further growth potential
from rising ERVs and indexation

29. 29
Well set for further outperformance in 2019 and beyond
Prime portfolio of warehouses in strong locations
and a substantial land bank
A diversified customer base
Future performance supported by powerful
structural tailwinds
Income, rental growth and development to drive
ongoing returns

30. 2018 FULL YEAR RESULTS
Q&A

31. APPENDIX I
PORTFOLIO AND FINANCIAL DATA

32. 1 Net property rental income less administrative expenses, net interest expenses and taxation
2 After tax 32
Impact of SELP performance fee
Adjusted income statement
2018
£m
Impact of
SELP
performance
fee, £m
2018 (excl
performance
fee)
£m
Gross rental income 297.7 297.7
Property operating expenses (50.1) (50.1)
Net rental income 247.6 247.6
Share of joint ventures’ adjusted profit
after tax1
39.0 11.92 50.9
Joint venture fee income 44.9 (26.2) 18.7
Administration expenses (44.1) (44.1)
Adjusted operating profit 287.4 273.1
Net finance costs (45.9) (45.9)
Adjusted profit before tax 241.5 227.2
Tax on adjusted profit 1.8%
Adjusted EPS 23.4p (1.2)p 22.2p
• SELP performance fee: net impact of
£12 million (1.2 pence per share)

33. 2018 2017
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Gross rental income 297.7 75.5 373.2 272.9 73.7 346.6
Property operating expenses (50.1) (5.0)1 (55.1) (52.2) (3.9)1 (56.1)
Net rental income 247.6 70.5 318.1 220.7 69.8 290.5
JV management fee income 44.9 (20.1)1 24.8 24.3 (11.3)1 13.0
Administration expenses (44.1) (1.3) (45.4) (39.7) (0.9) (40.6)
Adjusted operating profit 248.4 49.1 297.5 205.3 57.6 262.9
Net finance costs (45.9) (7.6) (53.5) (58.7) (6.2) (64.9)
Adjusted profit before tax 202.5 41.5 244.0 146.6 51.4 198.0
Tax and non-controlling interests (5.0) (2.5) (7.5) (1.4) (3.8) (5.2)
Adjusted profit after tax 197.5 39.0 236.5 145.2 47.6 192.8
33
Adjusted income statement (JVs proportionally consolidated)
1 The management fees earned from joint ventures are recorded at 100% in SEGRO’s income statement (2018: £44.9 million; 2017: £24.3 million). As a 50% owner of the joint
ventures, SEGRO’s share of JV income includes approximately half the cost of these fees in JV property operating expenses (2017: £20.1 million; 2017: £11.3 million).

34. 31 December 2018 31 December 2017
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Investment properties 7,801.4 1,566.9 9,368.3 6,745.4 1,280.2 8,025.6
Trading properties 51.7 2.4 54.1 12.5 0.6 13.1
Total properties 7,853.1 1,569.3 9,422.4 6,757.9 1,280.8 8,038.7
Investment in joint ventures 999.9 (999.9) – 792.0 (792.0) –
Other net liabilities (112.0) (33.0) (145.0) (10.3) (45.3) (55.6)
Net debt (2,177.0) (536.4) (2,713.4) (1,954.2) (443.5) (2,397.7)
Net asset value1 6,564.0 6,564.0 5,585.4 – 5,585.4
EPRA adjustments 56.3 22.3
EPRA NAV 6,620.3 5,607.7
34
1 After minority interests
Balance sheet (JVs proportionally consolidated)

35. Group
£m
JVs
£m
Total
£m
2018 net rental income 247.6 70.5 318.1
Full year impact of:
Disposals since 1 January 2018 (12.2) (2.5) (14.7)
Acquisitions since 1 January 2018 2.5 5.5 8.0
Developments completed and let during 2018 13.0 1.7 14.7
One-off items (3.0) 0.0 (3.0)
Pro forma 2018 net rental income 247.9 75.2 323.1
35
Pro forma 2018 accounting net rental income
• Pro forma 2018 net rental income assuming
disposals, acquisitions and let developments
completed as at 1 January 2018
• One-off items (e.g. rates refunds) removed
• Share of JV fee costs removed from JV net
rental income (see slide 33)
 Net rental income would have been £5.0m
higher on this basis

36. 1 Total costs include vacant property costs of £6m for 2018 (2017: £8.5m)
2 Includes JV property management fee income of £18.7m and management fees of £4.3m (2017: £16.8m and £2.3m respectively)
Incl. joint ventures at share 2018
£m
2017
£m
Gross rental income (less reimbursed costs) 368.9 344.3
Property operating expenses 50.1 52.2
Administration expenses 44.1 39.7
JV operating expenses 13.3 11.8
JV management fees (23.0) (19.1)
Total costs1 84.5 84.6
Of which share based payments (11.1) (10.0)
Total costs excluding share based payments2 73.4 74.6
Total cost ratio 22.9% 24.6%
Total cost ratio excluding share based payments 19.9% 21.7%
36
Total Cost Ratio
Total cost ratio, 2017-18 (proportionally consolidated)

37. 31 December 2018 31 December 2017
£m £p per share £m £p per share
EPRA1 Earnings 184.7 18.3 192.8 19.9
EPRA NAV 6,620.3 650 5,607.7 556
EPRA NNNAV 6,557.7 644 5,416.0 537
EPRA net initial yield 3.9% 4.3%
EPRA topped-up net initial yield 4.3% 4.8%
EPRA vacancy rate 5.2% 4.0%
EPRA1 cost ratio (including vacant
property costs)
36.9% 24.6%
EPRA1 cost ratio (excluding vacant
property costs)
35.3% 22.1%
37
1 Includes £52 million of non-recurring pension costs, excluded from Total Cost Ratio, Adjusted earnings and Adjusted EPS
EPRA performance measures

38. 2018 2017
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Acquisitions 193.7 162.0 355.7 1,212.2 82.2 1,294.4
Development1
482.3 65.9 548.2 368.3 45.8 414.1
Completed properties2
23.9 6.4 30.3 19.7 4.6 24.3
Other3
16.6 6.2 22.8 16.7 4.7 21.4
TOTAL 716.5 240.5 957.0 1,616.9 137.3 1,754.2
38
1 Includes wholly-owned capitalised interest of £9.2 million (2017: £6.6 million) and share of JV capitalised interest of £0.8 million
(2017: £0.8 million).
2 Completed properties are those not deemed under development during the year
3 Tenant incentives, letting fees and rental guarantees
• Approximately 56% of completed
properties capex was for major
refurbishment, infrastructure and fit-
out costs prior to re-letting.
EPRA capital expenditure analysis

39. 31 December
2018
£m
Weighted average
cost of gross debt,
%1
31 December
2017
£m
Weighted average
cost of gross debt,
%1
Group gross borrowings 2,243 2.1 2,063 2.3
Group cash & equivalents (66) (109)
Group net borrowings 2,177 1,954
Share of joint venture net borrowings 536 1.4 444 1.4
SEGRO net borrowings including joint ventures
at share
2,713 1.9 2,398 2.1
Total properties (including SEGRO share of
joint ventures)
9,422 8,039
‘Look-through’ loan to value ratio 29% 30%
39
1 Figures exclude commitment fees and amortised costs
Look-through loan-to-value ratio

40. 40
• €1.11:£1 as at 31 December 2018
• € assets 67% hedged by € liabilities
• €1,021m (£920m) of residual exposure – 14% of Group NAV
• Illustrative NAV sensitivity vs €1.11:
• + 5% (€1.17) = - c.£43m (-c.4.2p per share)
• - 5% (€1.05) = + c.£48m (+c.4.7p per share)
• Loan to Value (on look-through basis) at €1.11:£1 is 29%,
• Sensitivity vs €1.11:
• +5% (€1.17) LTV -0.7%-points
• -5% (€1.05) LTV +0.7%-points
• Average rate for 12 months to 31 December 2018 €1.13:£1
• € income 27% hedged by € expenditure (including interest)
• Net € income for the period €111m (£98m) – 42% of Group
• Illustrative annualised net income sensitivity versus €1.13:
• + 5% (€1.19) = –c£4.7m (c.0.4p per share)
• - 5% (€1.07) = +c5.1m (c.0.4p per share)
0
500
1,000
1,500
2,000
2,500
3,000
Other euro
liabilities
Euro currency
swaps
Euro debt
Euro gross assets
0
50
100
150
200
Euro income
Euro costs
Balance sheet, £m
31 December 2018
Income Statement, £m
12 months to 31 December 2018
Assets 67% hedged
Income 27% hedged
Euro currency exposure and hedging

41. 2017net
rentalincome
Disposals
Acquisitions
Like-for-like
NRI
Completed
developments
Take-backsfor
development
Other
Currency
2018net
rentalincome
Proforma2018
(seeslide35)
£(15.5)m
£13.2m
£20.1m
£(0.9)m
£6.7m
£3.2m
£0.8m
41
£290.5m
£318.1m
3.1% growth in like-for-like net rental income
Proportionally consolidated net rental income (excluding joint venture fees), 2017-18, £ million
Includes one-off rates
refunds & fees for forward
funded developments
Group: +3.1%
UK: +4.1%
CE: +1.0%
Group vacancy at 5.2%
Group
£247.6m
JVs
£69.8m
Group
£220.7m
JVs
£70.5m
Group
£247.9m
JVs
£75.2m
£323.1m

42. 31 December
2017
Long-term
lettings
Short-term
lettings
New
developments
Acquisitions Disposals 31 December
2018
Speculative
development1
1.8%
Speculative
development1
0.6%
0.3%
0.9%
42
4.0%
(0.1)%
1 Speculative developments completed in preceding 24 months.
Existing standing
assets
3.4%
Existing standing
assets
3.4%
0.1%
5.2%
EPRA Vacancy Rate
Vacancy rate reconciliation, 31 December 2017 to 31 December 2018
0.0%

43. 43
Urban warehouses account for two-thirds of the portfolio
Data as at 31 December 2018
Portfolio by type:
(valuation, SEGRO share)
Urban warehouse portfolio split by sub-type
(valuation, SEGRO share)
Cross-docks
3%
Data centres
11%
Airport
cargo
12%
Generic urban
warehouses
72%
UK big box
warehouses
11%
CE big box
warehouses
20%
CE urban
warehouses
11%
UK urban
warehouses
56%
Other
2%

44. 44
5 years of SEGRO European Logistics Partnership (SELP)
Assets under management
(as at 31 December 2018)
0.0
0.2
0.4
0.6
0.8
1.0
1.2
Germany
Poland/
Czech
France
Italy
Neth'ds
Spain
Assetsundermanagement,€bn
AUM at 31 December 2018 AUM at inception
€776m
€946m
€134m
€194m
€392m
€3.5bn
Land and
assets
€191m
Headline
rent
97%
Occupancy
rate
5.6%
Equivalent
yield
€190m ERV
34% LTV ratio
£32.5m1 received in property management and performance fees from SELP since 2015
1 Net property management fees of £19.4m and net performance fee of £13.1m (SEGRO owns 50% of SELP so all fees net of SEGRO contribution)
€1,037m

45. Current development pipeline
45
All figures include joint ventures at share.
Current development projects, asset type by ERV
(31 December 2018)
Big box 27%
Big box
36%
Urban
8%
Higher value
2%
Urban
23%
Higher value
4%
0%
20%
40%
60%
80%
100%
2013 2014 2015 2016 2017 2018
Pre-let Speculative Let at 31 Dec 18
Pre-let focused development with rapid leasing of
speculative space
(Letting status of development completions in 2012-18, %)

46. 46
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
2017
2018
Landbankvalue,£m
Alternative use
Future development pipeline
Long-term and residual land bank
As % of portfolio (right hand scale)
 £42m of land bank for alternative use relates to a
turnkey/ forward-funded development
 Additional opportunity from land held under option
Land bank provides optionality and opportunity for growth
-300
-200
-100
0
100
200
300
2015 2016 2017 2018
Landvalue,£m
Land Acquired Land utilised for development Land disposed Net
134
18
-74
-97
-90
-100
-166
-237
Net land utilisation, 2015-18
(Based on opening book value or acquisition value)

47. APPENDIX II
MARKET DATA

48. 48
Current market conditions remain supportive
European warehouse development remains substantially pre-let
(Logistics space under construction at 31 December 2018; source: JLL)
80
130
180
230
280
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Online sales Logistics space Retail sales Retail space
The impact of online sales on European retail and logistics (2009 = 100)
Source: CBRE, Euromonitor
0
5
10
15
20
25
Spain
Italy
Poland
France
Germany
Neth'ds
UK
2017 2022F
Ecommerce penetration (% of retail sales)
Source: CBRE, Euromonitor
0.0
1.0
2.0
3.0
4.0
5.0
UK
Germany
France
Neth.
Poland
Italy
Spain
Pre-let Speculative
Low vacancy rates across Europe
(4.4% estimated pan-European vacancy, source: JLL)
9.0
4.0
4.1
5.7
3.1
2.0
5.0
7.9 5.7
3.64.5
3.0
3.8

49. 49
0
5
10
15
20
25
30
35
40
45
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
UK Germany France CEE Rest of Europe
0
5
10
15
20
25
30
35
40
45
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Q1 Q2 Q3 Q4
European industrial investment volumes
By geography, €bn
European industrial investment volumes
By quarter, €bn
Source: CBRE
European industrial investment volumes

50. 50
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 2017 2018
Warsaw: 6.0%
Paris: 4.5%
Dusseldorf: 4.0%
London: 4.5%
UK 10yr bond: 1.3%
Germany 10yr bond: 0.2%
Source: CBRE, Bloomberg (data correct at 31 December 2018)
Prime logistics yields vs 10 year bond yields

51. 51
0.0
0.5
1.0
1.5
2.0
2.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2011
2012
2013
2014
2015
2016
2017
2018
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)
2 Source: JLL
Speculative UK Big Box completions2
(m sq m)
0%
2%
4%
6%
8%
10%
12%
14%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Indvpt
Vacancyrate
Completions,msqm
Construction Outside SEGRO market Vacancy
Favourable demand-supply conditions: UK supply shortage

52. 52
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
UK
Germany
France
Neth.
Poland
Italy
Spain
Pre-let Speculative
Logistics space under construction1
(m sq m)
1 Source: 4Q 2018, 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
2017
2018
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)

53. 53
0.0
1.0
2.0
3.0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
New Second hand
Take-up of warehouse space >100,000 sq ft – UK1
(m sq m)
1 Source: JLL
2 Source: CBRE
3 Source: BNP Paribas Real Estate
0.0
1.0
2.0
3.0
4.0
5.0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
0.0
2.0
4.0
6.0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
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
0.0
2.0
4.0
6.0
8.0
2011
2012
2013
2014
2015
2016
2017
2018
Take-up of warehouse space >5,000 sq m – Germany3
(m sq m)

54. 54
0.0
1.0
2.0
3.0
2010
2011
2012
2013
2014
2015
2016
2017
2018
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
2017
2018
0%
5%
10%
15%
0.0
1.0
2.0
3.0
2011
2012
2013
2014
2015
2016
2017
2018
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

55. 55
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
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
Dec-17
Dec-18
10yr ave Rolling annual
Heathrow Airport passenger volumes
(millions)
Heathrow Airport cargo and passenger volumes

56. 56
This document has been prepared by SEGRO plc (‘SEGRO’) solely for use at the presentation of SEGRO’s results announcement in respect of the year ended 31
December 2018. For the purposes of this disclaimer, “Presentation” shall mean this document, the oral presentation of the slides by SEGRO and related question-and-
answer session and any materials distributed at, or in connection with, that presentation.
This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, SEGRO’s
securities in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be
relied on in connection with, any contract or commitment or investment decision whatsoever.
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. Any forward-looking statement is based on information available to SEGRO as at the date of the statement. SEGRO does not undertake
any obligation to revise or update any forward-looking statement to reflect any change in SEGRO’s expectations or events, conditions or circumstances on which any
such statement is based.
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 and Disclaimer