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Focusing on key conurbationsPhil Redding, Chief Investment Officer

1

Introduction

Chief Investment

Officer

PHIL REDDING

Strategy

Portfolio strategy

Capital planning

New markets

Performance

Valuations

Performance measurement

Portfolio analysis

Transactions

Acquisitions and disposals

Corporate deals

JV & partnerships

2

Right portfolio shape - Re-invest in growth areas

2. Exploit opportunities to

develop HIGHER VALUE

USES within core industrial

locations

UK – London & South East (inc Thames Valley)

France – Ile de France (Paris)

Germany – Dusseldorf and Frankfurt

1. Build on existing strengths

within core INDUSTRIAL markets and gain critical

mass in key target markets

WHERE:WHAT:

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Developing core industrial

4

Right products – Core industrial

� Large ring fenced industrial estates

� Secure and managed environments

� Located on main arterial roads

� Easy access to end markets/customers

� Attracting a diverse range of customers

� Comprising a broad range of unit sizes

� Generic buildings adaptable for multiple uses

Premier Park, Park Royal

Le Blanc Mesnil, Ile de France

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Right markets

� Attractive market fundamentals

– Size

– Economic growth prospects

– Liquidity, maturity and transparency of real estate investment market

– Occupier market fundamentals

– Supply/competitive environment

� Strong SEGRO market position

– Have critical mass - typically with >£500m assets under management

– Potential to achieve critical mass in 3-5 years

Key selection criteria

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Right markets - SEGRO in London

12.8%118.4641.3 million1.9

Vacancy

under management

(%)

Passing rent

under management

(£m pa)

EstatesSize (sq m)AUM

(£bn)

7

Attractive market fundamentals – robust demand

Source: Real Estate Forecasting Ltd

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F 2014F 2015FYo

y c

han

ge in

GV

A

London UK

London’s economy outperforms the UK

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12.2% 12.0%11.4%

6.4% 5.9%5.0% 4.7%

2.5%1.2%

-2.9%

-16.1%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Wales East

Midlands

North East East of

England

South West South East Yorkshire

and the

Humber

England West

Midlands

North West London

Ch

an

ge i

n i

nd

ustr

ial

sp

ace 1

998 -

2008

Attractive market fundamentals – constrained supply

16% decline in industrial space in London over last 10 years

London’s industrial stock is shrinking

Source: Communities and Local Government

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Attractive market fundamentals - outperformance

Source: IPD

2.9%

8.0%

11.0%

10.4%

11.2%

1.1%

6.8%

8.7%

8.0%

9.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

5 years 10 years 15 years 20 years 30 years

To

tal re

turn

(%

)

Industrial London All Property

London industrial total return has outperformed

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Strong SEGRO market position

Knowledge and expertise

Customer engagement

Product offer

Economies of scale

The importance of critical mass

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SEGRO in West London

11.788.3421.0 million1.6

Vacancy

under management

(%)

Passing rent

under management

(£m pa)

EstatesSize (sq m)AUM

(£bn)

Heathrow

£1bn AUM

Park Royal£558m AUM

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Core product in target market

• 78,500 sq m of lettable space across 29 units

• Value £147m (June 2011)

• Excellent location close to the North Circular

• 2010 TPR of 17.3% – Second best performing estate in the portfolio

• Acquired with Brixton in August 2009, since acquisition:

•Vacancy reduced from 7.4% to 1.0%

•WAULT now 10.9 years versus 11.3 years

•Capital value increased by 31.2%

PREMIER PARK, PARK ROYAL

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Core product in target market

•79,500 sq m of lettable space across 29 units

•Value £119m (June 2011)

•Located close to the A40

•Best performing estate in 2010 with TPR of 24.2%

•Acquired with Brixton in August 2009, since acquisition:

•Vacancy reduced from 47.2% to 6.5%

•WAULT increased from 9.8 years to 11.1 years

•Capital value increased by 26.0%

GREENFORD PARK, GREENFORD

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SEGRO in the Ile de France

2.62417530,200344

Vacancy

(%)

Passing rent

(£m pa)

EstatesSize (sq m)AUM

(£m)

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Developing higher value uses

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Higher value uses

Enhancing returns from industrial land

Logistics warehousingSuburban offices Data centres Trade counters

Car showrooms Self storage units R & D facilities

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A growing proportion of the UK portfolio

67%

10%

18%5%

Industrial Logistics Higher value uses Land & Development

Split of the core UK portfolio by value as at 30 June 2011

(£3.2 bn assets under management)

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Slough Trading Estate – Key facts

9.2 yearsWAULT

6.1%Vacancy

7.7%Equivalent yield:

6.4%Initial yield:

£67.7mPassing rent:

£994.9mCapital value:

614,200 sq mFloor space:

474 acresArea:

Current customers

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Slough Trading Estate – Higher value uses

44%

28%

16%

5% 3% 3% 1%

Industrial Office Datacentre

R&D Retail Trade counters

Car showrooms

Split of uses by value as at 30 June 2011

45%

31%

14%

4% 3% 2%1%

Industrial Office Datacentre

R&D Retail Trade counters

Car showrooms

Split of uses by passing rent as at 30 June 2011

Over 50% of the value and passing rent of the

Slough Trading Estate now comes from higher value uses

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Higher value uses deliver better rents and returns

0

5

10

15

20

25

30

35

Industrial Offices Datacentres

Re

nt

(£ p

er

sq

ft)

£10-13

£27-30

£16

Current rental levels and lease lengths at the Slough Trading Estate

0

5

10

15

20

Industrial Offices Datacentres

WA

UL

T (

ye

ars

)

5.1 years

9.5 years

17.1 years

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STE Office portfolio

42Occupiers

9.5WAULT (years)

0.5Vacancy (%)

20.0Passing rent (£m)

245.8Value (£m)

89,400Size (sq m)

� Developed over 20 years

� Principally located along the Bath Road frontage of the estate

� UK Headquarters for Telefonica, Fiat

� EMEA Headquarters for Polycom, LG Electronics, RIM

� Average lease length 6.3 years to break and 9.5 years to expiry

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� Signed pre-let in March 2007 to develop UK headquarters for O2

� Leases simultaneously extended on 2 existing buildings

� 10,300 sq m of office space occupied on a 20 year lease

� Rent of £27 per sq ft

� Development profit on cost 13.8%

� Development yield 7.5%

The Telefonica building

“We then worked closely with SEGRO to develop

our new and existing accommodation on Bath Road to create a stunning HQ building which creates an

inspiring campus for connecting our people, has

enabled us to implement innovative working

practices and improve our sustainability credentials.

In fact, consolidating to Bath Road saves TelefónicaO2 UK almost £4m a year and more than halves its

carbon emissions.”

ANDREW KIER

O2

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STE Datacentre portfolio

12Occupiers

17.1WAULT (years)

0.0Vacancy (%)

9.9Passing rent (£m)

157.3Value (£m)

78,400Size (sq m)

� Developed over last 10 years

� Occupiers attracted by proximity to London, dual power supply, fibre

connectivity and secure nature of the estate

� Average lease length to expiry almost twice that of STE average

� Significantly enhanced returns

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Equinix datacentre

� Pre-let signed in October 2008 to develop a second building for Equinix on STE

� 10,900 sq m data centre under a 20 year lease

� Completed in March 2010 after 11 month development phase

� Achieved a 12.5% uplift in rental income from the previous datacentre prelet

� Development profit on cost 43.4%

� Development yield 8.5%

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The STE Masterplan

� Development of three new plazas with 130,000 sq m of office space

� Enhance the amenities on the estate

� Planning permission received in September 2011

� Development programme pre-let driven and estimated to complete in 2023

� Consider introduction of third party capital

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Summary

� Plan to build on our strengths as an industrial specialist

� Expand our core industrial portfolio in and around chosen key conurbations

- UK – London & South East

- France – Ile de France

- Germany – Dusseldorf and Frankfurt

� Develop higher value uses in same markets to further enhance returns

� Recycle capital from higher value uses over time

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APPENDICES

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Core product in target market

•37,800 sq m of lettable space across 12 units

•Prime multi-let industrial asset close to Bourget Airport to the North East of Paris

•Acquired in 2003 and developed by SEGRO from 2003 to 2008

•Fully let

•Value as at 30 June 2011 of £47.7m

•14.7% IRR (assets completed)

• 9.9% Development yield

CARRE DES AVIATEUR, LE BLANC MESNIL, PARIS

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Core product in target market

• Alongside A86 motorway and within close proximity of A1 and A3 motorways

• 52,900 sq m existing units let to Alstom (Sale & lease back)

• 9,150 sq m of lettable space across 3 new units, completed by SEGRO in 2008 and currently fully let

• 8,200 sq m of speculative development across 2 new units starting in 2011 Q4

• Value as at 30 June 2011 £33.6m

• 7.8% IRR (phase one)

• 8.0% Development yield

PARC DES DAMIERS, LA COURNEUVE

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Forward-looking statements

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.