2012 Full Year Results 27 February 2013

Casino, Ile de France

Headlines

1

A year of considerable progress

Strategic portfolio reshaping ahead of plan Strong operational performance Net debt significantly reduced

Well positioned for 2013 and beyond

Good underlying earnings momentum Limited supply; attractive growth drivers Excellent land bank for future expansion

Creating the best owner-manager and developer of industrial properties and a leading income-focused REIT

Financial Results Justin Read

Group Finance Director

DB Schenker, Heathrow

3

Key financial highlights

P&L 2012 2011 Change %

EPRA PBT (£m) 144.9 138.5 4.6

EPRA EPS (pence) 19.3 18.4 4.9

Dividend per share (pence) 14.8 14.8

Balance sheet 2012 2011 Change %

EPRA NAV per share¹ (pence) 294 340 (13.5)

Net borrowings (£m) 2,090.3 2,303.4 (9.3)

LTV – including JVs at share (%) 51 / 502 49

1 EPRA NAV per share excludes fair value of interest rate derivatives and deferred tax provisions but includes trading property uplifts 2 Pro forma for £152m of disposals completed post year end

4

2012 £m

2011 £m

Gross rental income 305.4 326.1

Property operating expenses (50.6) (54.9)

Net rental income 254.8 271.2 Joint venture management fee income 7.4 5.9

Share of joint ventures’ EPRA profit1 20.2 16.6

Administration expenses (27.9) (32.1)

EPRA operating profit 254.5 261.6

EPRA net finance costs (109.6) (123.1)

EPRA profit before tax 144.9 138.5

Tax on EPRA profit (1.9) (1.9)

1 Net property rental income less administrative expenses, net interest expenses and taxation

Good underlying earnings momentum; 4.6% increase in EPRA PBT

Net rental income lower due to disposals; like for like net rental income up 1.9%

£271.2m £254.8m

£3.9m £8.1m

£5.7m £(23.2)m

£(4.6)m £(6.3)m

2011 Like for likenet rentalincome

Developments Acquisitions Disposals Surrenderpremiums &related rent

lost

Currencytranslation

2012

5

2011 2012

1 Net of rental income from properties taken back for re-development

1

Pro forma net rental income and vacancy

6

Net rental income £m

Vacancy rate %

Full Year 2012 255 8.2

Annualised incremental impact of:

Disposals since Jan-121 (25) 0.3

Developments completed and let in 2012 7 -

Acquisitions in 2012 7 -

Neckermann takeback in Jan-13 (12) 1.1

Pro forma FY 2012 232 9.6

1 Including disposals completed post year end

Further reduction in the total cost ratio

7 1 Total costs as a percentage of gross rental income. Total costs include property operating expenses (net of service charge income and management fees) and recurring

administration expenses

2012 £m

2011 £m

Change %

Property operating expenses 50.6 54.9 (7.8)

Administrative expenses 27.9 32.1 (13.1)

Total 78.5 87.0 (9.8)

Tota

l cos

t rat

io1 (

%) 30.4% 29.9%

28.1%

24.5% 22.9%

15

20

25

30

35

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012

EPRA NAV per share bridge

340p

294p

19.3p (14.8)p (47.7)p

(2.0)p (0.8)p

EPRA EPS Dividend Realised andunrealisedvaluation

movements

Early close-outof bond andbank debt

Other

8

Core (7.5)p

Non-core (40.2)p

EPRA NAV per share as at 31

December 2011

EPRA NAV per share as at 31

December 2012

Like for like valuation down 5.9%; Core Industrial -1.2% (IPD UK Industrial: -3.8%)

9

1 Valuation including joint ventures at share (including land and development) 2 In relation to the completed properties only 3 Net true equivalent yield 4 Including disposals completed post year end 5 Excluding Neckermann

Value1

£m Movement2

% Yield2,3

% Core portfolio (excluding offices) 3,553.5 (1.2) 7.7

Suburban offices 376.9 (15.9) 8.4

Large non-strategic assets4 304.8 (29.5) 8.65

Smaller non-core assets 420.1 (10.6) 8.9

Total4 4,655.3 (5.9) 7.9

10

Robust financing metrics

Group level1 2012

2011

Net borrowings (£m) 2,090.3 2,303.4

Available funds - cash & undrawn facilities (£m) 449 456

Gearing (%) 93 89

Loan to value - including JVs at share (%) 51 / 502 49

Weighted average cost of debt3 (%) 4.6 4.8

Average duration of debt (years) 8.3 8.8

Interest cover4 (x) 2.3 2.2

Net debt / EBITDA 8.1 8.7

1 All metrics, except LTV, at Group level excluding JVs 2 Pro forma for £152m of disposals completed post year end 3 Excluding commitment fees and amortised costs 4 Net property rental income / net interest before capitalisation

Reducing net borrowings and financial leverage

11

Net debt reduced by 9.3% to £2,090m LTV 50% (including post year end disposals); impacted by portfolio revaluation

Key financing metrics remain solid A- bond rating reaffirmed by Fitch in September 2012

Remain committed to reducing LTV over the longer term

Will continue to assess opportunities for further profitable capital deployment

Significant future rental growth potential

12

1 Adjusted for post year end disposals and Neckermann takeback

Core £m

Non-core £m

Total £m

Annualised gross passing rent1 250 46 296

Rent free on let properties 36 3 39

ERV of vacant/short let space 27 14 41

Reversion to ERV of occupied properties (12) (6) (18)

Current development projects 7 4 11

Potential gross passing rent 308 61 369

Additional development projects represent a further £84m of annual rent

Financial Summary

Progress against strategic priorities delivering positive results

Good underlying earnings momentum, benefiting from reduced costs and developments

Balance sheet in good shape - reducing leverage remains a strategic priority over the longer term

Dividend maintained reflecting our confidence in the core business

13

Our Progress in 2012 David Sleath,

Chief Executive

La Courneuve, Ile de France

Divesting non-core assets Improving utilisation of core assets (land & vacant assets)

Progress made against all four strategic priorities

15

1. Re-shape the existing portfolio

Generating attractive returns by building a high quality, modern portfolio with critical mass in target markets; achieved through both development and acquisitions

2. Seek profitable growth by reinvesting

Reducing net debt and leverage over time Partnering with third party capital where appropriate

3. Reduce net debt and introduce 3rd party capital

Greater customer focus and market knowledge Capitalise on favourable growth drivers Efficiency improvements and cost reductions

4. Drive operational performance across the business

16

Strong operational progress

21 developments completed; £16.4m annual rental income – 89% let

>25% average profit on total development cost

14 active developments; £10.8m annual rental income – 70% pre-let

9.6% average development yield on completed and active projects

262 new lettings generating £35.3m of new rental income

72 lease renewals, securing £18.8m of rental income

TRLs 2.9% above Dec 2011 ERVs; Lease incentives 8.2% (2011: 11.0%)

Retention rate of 65% (core 74%); take-backs broadly flat at £21.5m

Group vacancy rate 8.2% (core: 7.6%), lowest reported in last 10 years

Average lease lengths increased from 7.7 yrs to 8.4 yrs since 2009

Like for like net rental income up 1.9%

10% reduction in total costs

160bp improvement in total cost ratio to 22.9%

Improved CRM, sustainability, procurement & property systems

Leasing, Customer and

Asset Management

Development

Operational Efficiency

£700m of non-core asset disposals at 3.6% average discount to Dec-11 valuations

17

Thales, UK

IQ Farnborough, UK

MPM, Munich

24 further disposals in the UK and CE

£207m reinvested in acquisitions at 7.7% yield; expanding SEGRO’s UK and French logistics platform

18

UK logistics portfolio

£315m portfolio acquisition, completed Jan 2012 SEGRO equity contribution £65m 14 prime logistics warehouses, predominantly in the

Midlands and South Excellent customer base, including Tesco,

Sainsbury’s, Royal Mail, DHL, GKN, and Booker c.£18m of annual rent 6.3% net initial yield, rising to 7.7% Potential to add value through asset management

French logistics portfolio

£130m portfolio acquisition; completed Sept 2012 13 prime logistics warehouses in the Ile de France and

Lyon Excellent customer base, including UPS, Geodis,

Saint-Gobain c.€14m of annual rent 8.4% net initial yield; reverting to 7.7% Potential to add value through asset management

£218m reinvested or committed to profitable development programme

19

21 Completed development projects

190,000 sq m of new space

£151m total development cost

£16.4m of annual rent (89% let)

>25% average profit on total development cost

14 Current development projects

155,200 sq m of new space

£129m total development cost

£10.8m of annual rent (70% let)

DB Schenker, Heathrow

9.6% average development yield for completed and active projects

Karl Storz, Slough Trading Estate

SEGRO today

20

31% 69%

30 June 2011

Core Non-core

13%

87%

31 December 20121

Split of total portfolio by core and non-core assets

Stabilised (vacancy <10%)Opportunity (built; vacancy >10%)Opportunity (land & development)

6%

64%

Split of core portfolio by stabilised and opportunity assets

30%

8% 43%

49%

1 Pro forma for £152m of disposals completed post year end

100%

Target

75%

20% 5%

2013 And Beyond

Infinity, Slough Trading Estate

Focused on modern ‘industrial’ properties

22

Larger logistics warehouses

£1.1bn portfolio; 2.1m sq m

‘Big box’ sheds (>10,000 sq m) Generic buildings; wide range of users Located near key ports/airports/roads Relatively long leases Let to large retailers & 3PL providers

Smaller warehouses & light industrial buildings

£2.2bn portfolio; 2.7m sq m

Multi-occupier estates/urban logistics Generic buildings; wide range of users Located in/around key conurbations Lease terms more varied More management intensive

Data Centres

£0.3bn portfolio; 0.2m sq m

Typically built on industrial land Generic ‘shells’ Attract premium rents Long leases (>15 years) Industry specific locational needs

Attractive income-led returns from Industrial

0

3

6

9

5 years 10 years 30 years Retail Offices London Industrial Distribution

23

IPD UK Average Income Return (%)

Source: IPD

0

3

6

9

12

5 years 10 years 30 years

Retail Offices London Industrial Distribution

IPD UK Average Total Return (%)

Attractive growth drivers

Increasing global trade and supply chain improvements driving demand for modern warehouse space

On-going trend towards outsourcing, local distribution and growth in support services

Growth in niche manufacturing sub-sectors e.g. food production, high-tech manufacturing and engineering services

Trend towards on-line and convenience shopping Growth in TMT sector feeding data centre requirements

24

Favourable demand/supply dynamics

UK new warehouses available (2007 – 2012) (>100,000 sq ft)

UK internet sales (2007 – 2012)

25

Capitalising on favourable trends

26

Parcel delivery & 3PLs

Data centre providers

Retailers

‘Hi-tech’ engineering and production

Land bank well positioned to capitalise on the favourable demand/supply dynamics

27

Potential development

projects £176m (296 ha) Current

projects £58m (39 ha)

Residual land bank

£100m (239 ha)

Current land holdings by value (as at 31 December 2012)

Potential development projects £84m of potential future annual rent £685m estimated development costs 9.8% estimated yield on TDC1

Largest sites Hectares Value (£m)

Slough, UK 12.0 19.9

Park Royal, UK 8.5 35.1

Düsseldorf, Germany 20.9 20.6

Berlin, Germany 23.4 11.5

Amsterdam, Neth. 11.2 13.3

Warsaw, Poland 12.9 3.8

Poznan, Poland 25.4 7.6

Gdansk, Poland 29.6 7.5

Gliwice, Poland 13.3 4.9

Prague, Czech Rep. 38.7 7.9

1 Total Development Costs

Industrial capital values and rents at undemanding levels

50

60

70

80

90

100

Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12

London Industrials All Industrials

28

IPD UK Industrial Capital Value Index (June 2007 = 100)

90

95

100

105

Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12

London Industrials All Industrials

IPD UK Industrial Rental Value Index (June 2007 = 100)

Source: IPD Quarterly Index Q4 2012

Outlook

29

Macro-economic environment expected to remain challenging Investment market set to remain strong for the best industrial properties SEGRO focused on the strongest sub-markets where supply is limited, occupier

demand more robust and investment appetite healthy

Existing core assets and land bank well positioned to benefit from attractive underlying trends

30

A year of considerable progress

Strategic portfolio reshaping ahead of plan Strong operational performance Net debt significantly reduced

Well positioned for 2013 and beyond

Good underlying earnings momentum Limited supply; attractive growth drivers Excellent land bank for future expansion

Creating the best owner-manager and developer of industrial properties and a leading income-focused REIT

2012 Full Year Results 27 February 2013

Appendix I Core and non-core analysis

Split of core portfolio by geography

32

-1.7%

-0.2% -1.5%

0.0%

-1.7% -1.8% -0.5%

2.6%

(7.5)%

(5.0)%

(2.5)%

0.0%

2.5%

5.0%

7.5%

Heathrow ParkRoyal

SloughTradingEstate

LogisticsProperty

Partnership

Rest ofGreaterLondon

Germany France Poland

IPD UK Industrial Index (-3.8%)

Valuation movement (including joint ventures at share)1

(%)

1 In relation to the completed properties only

£583m of non-core assets remaining; including three large non-strategic assets

33 1 Including our share of joint venture assets and excluding assets disposed of in Jan/Feb 2013 2 Income based on headline rental income (after the expiry of rent free periods) and excluding any income from assets disposed of in Jan/Feb 2013 3 Excluding any income in respect of Neckermann

At 31 December 20121 Valuation Income2

UK £m

Europe £m

Total £m

Total £m

‘Big 3’ assets - 177 177 143

Other industrial assets 163 190 353 35

Other land holdings 6 47 53 -

Total 169 414 583 49

Targeting £300m to £500m of disposals in 2013 (including £152m already completed in Jan/Feb)

34

Month Portfolio/Asset Acquirer Sale proceeds (£m)

Net initial yield (%)

2012:

February Four regional UK estates Ignis 71.2 6.3 / 7.01

April IQ Farnborough Harbert 92.1 6.4 / 6.81

May Four regional UK estates Harbert 204.5 6.7 / 7.41

July 10 regional UK estates UK institution 111.0 8.4 / 8.91

Various Other UK non-core assets Various 43.6 10.9 / 11.51

Various Other CE non-core assets Various 25.7 7.7 / 7.7

548.1

2013:

January Thales in Crawley L&G Property 80.0 5.9 / 5.9

February MPM in Munich Private investor 56.0 7.9 / 7.9

Various Other non-core assets Various 16.3 7.7 / 7.7

Total 700.4 7.2 / 7.71

Disposals completed since 1 January 2012

1 Including the benefit of top-ups

35

At 31 December 20121 Core Industrial2

Offices (core)

Large non-strategic3

Other non-core3

Group

Portfolio value (£m) (completed properties)

3,297.3 376.8 154.3 352.6 4,181.0

Land & developments (£m) 256.3 - 22.6 53.4 332.3

Net initial yield (%) 6.2 7.3 10.84 7.5 6.8

Net true equivalent yield (%) 7.7 8.4 9.64 8.9 7.9

Valuation movement (%) (completed properties)

(1.2) (15.9) (40.8) (10.7) (5.9)

Overall performance of core portfolio supports selections of assets and markets

1 Including JVs at share 2 Warehouses, Light Industrial and Data Centres 3 Adjusted for disposals completed post year end 4 Excluding Neckermann

36

Neckermann, Frankfurt

Key information: 309,000 sq m campus including offices

and bespoke distribution facilities for the German retailer, Neckermann

Acquired in 2007 as a sale & leaseback to Neckermann

Neckermann filed for administration in July 2012, fully vacated the site in January 2013

15% of space re-let, including 45,000 sq m leased to BLG Logistics

Potential to re-lease remaining existing space to new occupiers

Potential change of use, re-development and/or outright disposal under review

37

Pegasus Park, Brussels

Key information: High quality 82,000 sq m modern

suburban office park located 8km east of Brussels within close proximity to the international airport

First building acquired in 1984

Site developed over a number of years

Last development completed in 2009

Vacancy 13.7% at 31 December 2012

WAULT to expiry 6.2 years at 31 December 2012

Customers include: Johnson Controls, Bombardier, Stanley Black & Decker, Cisco, Sunguard

38

Energy Park, Vimercate (Milan)

Key information: 70,000 sq m office and R&D campus

located approximately 20km north-east of Milan, close to the A4 highway

Acquired in 2007 as a long term

re-development opportunity

First new building of 10,900 sq m completed in 2009; 100% occupied (SAP principal tenant)

11,000 sq m multi-let office building completed in 2012 (80% let)

34,000 sq m offices (let to Alcatel) under construction for delivery in early 2014

Further development projects likely to span multiple years

Vacancy 6.4% at 31 December 2012

WAULT to expiry 5.8 years at 31 December 2012, will increase significantly with new developments

Appendix II Operational performance

40

2012 2011 Group

£m JVs £m

Total £m

Group £m

JVs £m

Total £m

Gross rental income 305.4 40.0 345.4 326.1 33.0 359.1

Property operating expenses (50.6) (1.9) (52.5) (54.9) (2.8) (57.7)

Net rental income 254.8 38.1 292.9 271.2 30.2 301.4

Joint venture management fee income 7.4 (4.6) 2.8 5.9 (3.3) 2.6

Administration expenses (27.9) - (27.9) (32.1) - (32.1)

EPRA operating profit 234.3 33.5 267.8 245.0 26.9 271.9

EPRA net finance costs (109.6) (13.3) (122.9) (123.1) (10.5) (133.6)

EPRA profit before tax 124.7 20.2 144.9 121.9 16.4 138.3

Tax on EPRA profit (1.9) - (1.9) (2.1) 0.2 (1.9)

EPRA profit after tax 122.8 20.2 143.0 119.8 16.6 136.4

EPRA pro forma profit before tax: JVs proportionally consolidated

41

Movement in Group net borrowings

2012 £m

2011 £m

Opening net debt (2,303.4) (2,203.2) Cash flow from operations 205.1 239.0

Finance costs (net) (103.9) (120.3)

Dividends received (net) 18.7 10.4

Tax paid (net) (12.8) (4.9)

Free cash flow 107.1 124.2 Dividends paid (109.7) (107.4)

Acquisitions and development of investment properties (277.9) (187.1)

Investment property sales (including joint ventures) 494.2 79.9

Net settlement of foreign exchange derivatives 56.0 (8.1)

Net investment in joint ventures (51.8) (15.9)

Other items (15.2) 7.9

Net funds flow 202.7 (106.5) Non-cash movements (5.3) (5.3)

Exchange rate movements 15.7 (11.6)

Closing net debt (2,090.3) (2,303.4)

EPRA PBT bridge

£138.5m £144.9m

£13.5m £4.2m £1.5m £3.6m £(16.4)m

2011 Net interest Adminexpenses

JV managementfees

EPRAJV PAT

Net rentalincome

2012

42

Euro currency management and hedging

2,031

470

1,112

125

Other Euro liabilities

Euro currency swaps

Euro debt

Euro gross assets

124

80

Euro income

Euro costs (inc. €66m interest)

43

Balance Sheet (as at 31 December 2012)

Income Statement (year ended 31 December 2012)

€m

€m

€1.23: £1 as at 31 December 2012

€ assets 84% hedged by € liabilities

€324m (£263m) of residual exposure – 12% of Group NAV

NAV sensitivity versus €1.23:

+ 5% (€1.29) = -c.£14m (c.1.9p per share)

- 5% (€1.17) = +c.£15m (c.2.0p per share)

LTV (on a look through basis1) at €1.23: £1 is 51%

Sensitivity versus €1.23:£1 :

+ 5% (€1.29) = LTV -0.4%

- 5% (€1.17) = LTV +0.6%

Average rate for 12 months to 31 December 2012 €1.23: £1

€ income 65% hedged by € expenditure (including interest)

Net € income for the period €44m (£36m) – 25% of Group

Annualised net income sensitivity versus €1.23:

+ 5% (€1.29) = -c.£1.7m (c.0.2p per share)

- 5% (€1.17) = +c.£1.9m (c.0.3p per share)

1 Including JVs at share

1,707

A diversified income stream

Food 5%

Engineering 15%

Finance & media

4%

Comms & technology

13%

Retail 14%

Transport & distribution

25%

Utilities 8%

Other 16%

44

SEGRO has over 1,300 customers across eight countries and multiple sectors

Headline rent by customer type

UK 61%

Germany 11%

France 13%

Poland & Czech

Republic 8%

Other 7%

Headline rent by customer geography

45

Customer Type

1 Deutsche Post (DHL) Transport & distribution

2 Telefonica (O2) Communications & technology

3 IAG (BA/BMI) Transport & distribution

4 Infinity Communications & technology

5 Royal Mail Transport & distribution

6 Mars Chocolate Food

7 Sainsbury’s Retail

8 Alcatel-Lucent Communications & technology

9 UCB SA Chemicals & Commodities

10 Tesco Retail

Customer Type

11 Jacobs Engineering Engineering & electrical

12 Equinix Communications & technology

13 DAHER International Transport & distribution

14 FedEx Transport & distribution

15 Antalis Timber, paper & printing

16 Savvis UK Limited Communications & technology

17 Ducros Express Transport & distribution

18 Lonza Biologics Chemicals & commodities

19 Barclays Bank Financial

20 Booker Belmont Wholesale Retail

1 Excluding Neckermann (lease surrender in January 2013) and post year end disposals

Top 20 Customers represent 22% of the Group’s headline rent1

Improved rental income profile

46

2009 2010 2011 2012

Portfolio vacancy rate 13.5% 12.0% 9.1% 8.2%

Weighted average lease length 7.7 years 8.3 years 8.2 years 8.4 years

2012 vacancy rate lowest reported in the last 10 years

Pro forma vacancy (inc. Neckermann and post year end disposals) would be 9.6%

Retention rate of 65% (core 74%)

Average lease length increased from 7.7 years to 8.4 years since 2009

Appendix III Financing

Group debt maturity profile

£0m

£100m

£200m

£300m

£400m

£500m

£600m

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+

Bonds and Notes Bank debt drawn Cash Undrawn Facilities

48

Average maturity of gross borrowings 8.3 years (2011: 8.8 years)

Appendix IV Development

50

Current development pipeline

Project Customer Space to be built (sq m)

UK

Pre-let projects under construction

Montrose & Perth Avenue, STE Karl Storz (63%)/spec

4,100

Contracted projects

Tudor Estate, Park Royal Warmup (28%)/spec

3,200

Southern Approach, Feltham (joint venture)

Freight Forwarder (62%)/spec

8,000

Speculative developments

Cambridge Avenue, STE Spec 3,300

Advent Way, Edmonton Spec 7,800

Total 22,400*

Project Customer Space to be built (sq m)

CONTINENTAL EUROPE

Pre-let projects under construction

Vimercate, Italy Alcatel-Lucent 34,000

Wroclaw, Poland DPD 6,900

Lodz – Strykow, Poland Valeo, Cat 10,600

Gdansk, Poland DB Schenker 5,200

Lodz – Strykow, Poland Azymut 4,800

Nardarzyn – Warsaw, Poland Zabka 23,800

Tychy, Poland Car parts manufacturer

18,400

Speculative developments

Krefeld, Germany Spec 11,900

Frankfurt, Germany Spec 17,300

Total 132,900

£10.8m of annualised rental income £71.4m of future capital expenditure 70% pre-let

* Includes Southern Approach project at Group share

London industrial land

51

Source: Deloitte/ONS

52

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.