SEGRO 2016 Full Year Results Presentation

2016 FULL YEAR RESULTS17 FEBRUARY 2017

2

Strong results and financial position

Disciplined capital allocation and operational excellence

High quality pipeline of growth opportunities

Optimistic outlook for 2017 and beyond

OVS, Piacenza

3





OVS, Piacenza


4

Healthy earnings momentum– Like-for-like net rental income growth – Record year for development completions

+7.1% Adjusted EPS, 19.7p

+4.0% Like-for-like net rental income growth

5.7% Vacancy rate(FY 2015: 4.8%)

Strong financial position– Net divestment during the period– £2 billion of financing, including equity raise and

inaugural SELP bond

+8.0% EPRA NAV per share500p

33% Loan to Value ratio(FY 2015: 38%)

2016 dividend increased by 5.1%– Strong financial results– Optimistic outlook

16.4p Dividend per share(2015: 15.6p)

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

2016£m

2015£m

Gross rental income 225.5 210.7

Property operating expenses (44.9) (37.7)

Net rental income 180.6 173.0

Share of joint ventures’ adjusted profit1 55.4 44.4

Joint venture fee income 18.6 17.0

Administration expenses (31.4) (28.5)

Adjusted operating profit 223.2 205.9

Net finance costs (68.7) (67.3)

Adjusted profit before tax 154.5 138.6

Tax on adjusted profit 1.2% 0.9%

5

11.5% increase in Adjusted PBT

Adjusted income statement, £ million

2015 netrental income

Disposals Acquisitions Completeddevelopments

Space takenback for

development

Like-for-likenet rentalincome

Surrenderpremiums& other

Currencytranslation

2016 netrental income

JVs at share

£59.7m JVs at share

£70.1m

Group£180.6m

Group£173.0m

£(24.3)m

£11.0m£16.6m

£(1.9)m

£6.4m £1.4m £8.8m

Group: +4.0%UK: +6.0%CE: –0.7%

6

£232.7m

£250.7m

4.0% growth in like-for-like net rental income

Mainly 2015 acquisitions

Mainly Bath Road offices

Proportionally-consolidated net rental income, 2015-16, £ million

31 December2015

Long-termlettings

Short-termtake-backs

Newdevelopments

Acquisitions Disposals Valuationmovement &

other

31 December2016

Speculative development1

1.6%Speculative development1

1.0%

(0.1)%

Pre-let (0.9)%

7

4.8% 0.1%0.9%

1 Speculative developments completed in 2015 and 2016 (31 December 2016) and 2014 and 2015 (31 December 2015)

Existing standing assets3.8%

Existing standing assets4.1%

0.1%

5.7%

Vacancy rate remains low despite speculative completions

Spec 1.4%

(0.6)%

Includes +0.8% from vacation at Magna Park

Vacancy rate reconciliation, 2015-2016

1 Annualised gross rental income (on a cash flow basis) after the expiry of rent-free periods

Group£m

JVs£m

Total£m

2016 net rental income 180.6 70.1 250.7

Full year impact of:

Disposals since 1 January 2016 (11.2) (0.5) (11.7)

Acquisitions since 1 January 2016 2.8 3.2 6.0

Developments completed and let during 2016 10.7 1.7 12.4

One-off items (1.1) (1.0) (2.1)

Pro-forma 2016 net rental income 181.7 73.4 255.2

8

Excludes:

£27m of potential headline rent1 to come from current development programme (of which £16m pre-let)

Potential market rental growth: £2.3m reversion from 2017 UK rent reviews

£6.0m of potential headline rent1

from speculative developments completed in 2015 and 2016 not yet let

Impact of foreign exchange (2016 average rate of £1:€1.22)

2016 activity gives £4.5m head start to 2017 net rental income growth

Pro forma 2016 accounting net rental income

1 Administrative expenses in 2015 exclude the pension settlement charge of £4.8m2 Total costs include vacant property costs of £6.7m for 2016 (2015: £4.7m)

Incl. joint ventures at share 2016

£m

2015

£m

Gross rental income (less reimbursed costs) 307.0 282.9

Property operating expenses 44.9 37.7

Administration expenses1 31.4 28.5

JV operating expenses 13.1 11.4

JV management fees (18.9) (14.8)

Total costs2 70.5 62.8

Of which share based payments (6.1) (2.3)

Total costs excluding share based payments2 64.4 60.5

Total cost ratio 23.0% 22.2%

Total cost ratio excluding share based payments 21.0% 21.4%

9

Increased cost base partly reflects

New businesses in Italy and Spain, yet to reach scale (+£1.0m)

Out-of-period credits in 2015 not repeated in 2016 (+£2.3m)

Higher corporate share-based payments (+£3.8m)

Weaker sterling exchange rate (+£1.2m)

20% cost ratio medium-term target remains achievable

Portfolio outperformance and growth markets push cost ratio higher

Total cost ratio, 2015-16 (proportionally consolidated)

31 December2015

Adjusted EPS Dividends paid Realised andunrealised gains

Equity placing Exchange rate 31 December2016

463p

10

8.0% increase in EPRA NAV

20p

Components of EPRA net asset value change, 31 December 2015-16

(16)p

35p

(5)p

3p

500p

11

• €1.17:£1 as at 31 December 2016

• € assets 69% hedged by € liabilities

• €633m (£541m) of residual exposure – 13% of Group NAV

• Illustrative NAV sensitivity vs €1.17:

• +10% (€1.29) = –c£51m (c.6.1p per share)

• -10% (€1.05) = +c£62m (c.7.5p per share)

Loan to Value (on look-through basis) at €1.17:£1 is 33%, sensitivity vs €1.17:

• +10% (€1.29) LTV -1.1%-points

• -10% (€1.05) LTV +1.3%-points

• Average rate for 12 months to 31 December 2016 €1.22:£1

• € income 47% hedged by € expenditure (including interest)

• Net € income for the period €59m (£48m) – 31% of Group

• Illustrative annualised net income sensitivity versus €1.22:

• +10% (€1.34) = –c£4.4m (c0.6p per share)

• -10% (€1.10) = +c£5.4m (c0.7p per share)

0

500

1,000

1,500

2,000

2,500

Other EuroliabilitiesEuro currencyswapsEuro debt

Euro gross assets

0

20

40

60

80

100

120

Euro income

Euro costs

Balance sheet, £m31 December 2016

Income Statement, £m2016

Assets 69% hedged

Income 47% hedged

Euro currency exposure and hedging

1 Based on gross debt, excluding commitment fees and amortised costs2 Net rental income / net finance costs (before capitalisation)3 Marginal borrowing costs after commitment fee

31 December 2016£m

31 December 2015£m

Group only

Net borrowings (£m) 1,598 1,807

Group cash and undrawn facilities (£m) 567 234

Weighted average cost of debt1 (%) 3.9 3.7

Interest cover2 (times) 2.4 2.5

Including JVs at share

Net borrowings (£m) 2,091 2,193

LTV ratio (%) 33 38

Average maturity of debt (years) 6.2 6.0

Fixed rate debt as proportion of net debt (%) 80 75

Weighted average cost of debt1 (%) 3.4 3.5

12

Net debt (incl JVs) fell £102m reflecting net divestment during the period, the proceeds of the Placing and settlement of currency swaps

Attractive marginal cost of Group bank borrowings of c1.1% (UK) and 0.7% (CE)3

No scheduled Group debt maturities until mid-2018

Estimated development capex of £300m+ in 2017

Strong financial position

Balance sheet and gearing metrics, 31 December 2015-16

13


Healthy earnings momentum from developments and rental growth

Strong financial position

Dividend increased by 5% reflects strong 2016 results and confident outlook

AirportPark, Berlin

14





OVS, Piacenza

Disciplined capital allocation and operational excellence…

15

Leasing and Asset Management

Disposals Acquisitions

• Low vacancy rate of 5.7%

• £45m contracted headline rent

• 5.4% uplift from rent reviews and renewals (+8.4% in H2)

• £90m of asset acquisitionsAdded to scale in Italy, Spain and UK big box

• £155m of land acquisitionsIncluding from Roxhill and East Plus agreements

• £565m of asset disposals Bath Road offices £325mSELP transfers €179m1

• Two conditional residential land sales agreed

• 7 smaller land sites sold into SELP

1 At 100%

Completed development

• 422,000 sq m new space completed in year (37 projects)

• £29m of potential rent, 80% secured Navigation Park, Enfield

Decathlon, Turin

Heston Industrial Estate

Developed and let

Acquired

Sold

16

0

10

20

30

40

50

(24.3) 16.6

11.0

Disp

osal

s

Like

-for-

like

net r

enta

l inc

ome

Com

plet

edde

velo

pmen

ts

Acq

uisit

ions

Oth

er

Capital value growth of £294m2016 portfolio realised and unrealised valuation movement, £ millions

Net rental income growth of £18m2016 accounting net rental income, £ millions

0

50

100

150

200

250

300

350

Ass

ets

held

thro

ugho

ut

Land

hel

dth

roug

hout

Acq

uisit

ions

Dev

elop

men

t

Tota

l por

tfolio

Ass

et d

ispos

als

3.4%(0.6)%

15.7% 4.8% 2.7%

…leading to strong financial performance in the year

6.4

NAV per share up 8.0% to 500pAdjusted EPS up 7.1% to 19.7p

8.3

11.5%

£0m

£50m

£100m

£150m

£200m

£250m

£300m

Greater London Thames Valley &National Logistics

Northern Europe Southern Europe Central Europe Total

+7.4%

+3.6%

1.9% +3.0% +0.6%

+4.5%

17

1 Percentage change relates to completed properties, including JVs at share.2 Includes big box warehouses part of the Greater London portfolio

ERV growth6.3% 3.0% 0.7% 0.0% 0.2%

3.2%UK: 4.7% Cont. Europe: 0.3%

UK +5.6%Slough Trading Estate +3.5%Park Royal +10.4%Heathrow +3.8%UK big box logistics2 +2.8%

Continental Europe +2.0%SELP +1.7%SEGRO wholly-owned +2.4%

Portfolio value change driven by asset management and ERV growth1

18





OVS, Piacenza

19


Favourable demand-supply conditions in all our key markets

Encouraging progress with current and near-term development pipeline

Development opportunities enhanced by land acquisitions and option agreements

Navigation Park, Enfield

20

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

No. of years’ supply

Take

-up

/ av

aila

bilit

y, m

sq

m

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

1.0

2.0

3.0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

In d

vpt

UK big box w

arehouse vacancy rate

Com

plet

ions

, m s

q m

Construction Outside core market Vacancy

Favourable demand-supply conditions: UK supply shortage

21

Geography or Property Type

Demand conditions

Supply conditions

SEGRO2016 ERV

growth

SEGRO vacancy

(31 Dec 2016)

SEGRORental growth expectations

Greater London STRONG LIMITED 6.3% 5.8% 4-5% pa

Slough Trading Estate / Thames Valley STRONG LIMITED 2.3% 4.7% 2-4% pa

Midlands / South East Big Box Logistics STRONG LIMITED 2.9% 9.1% 2-4% pa

Continental Europe Big Box Logistics STRONG MODERATE 0.1% 2.8% 0% pa

Continental Europe Urban warehouses STRONG LIMITED 0.5%3 4.6%3 2-3% pa

Favourable conditions persist across our markets

Encouraging progress with development: a record year for completions

22

• £302m of total development capital expenditure in 2016

• 422,000 sq m of new space completed, £29m of potential rent of which 80% secured

• Fully-let yield of 8.2%

4 Buckingham Avenue, Slough Trading Estate: let to Travis Perkins

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Pre-let Speculative Let at 31 Dec 16

Rapid leasing of speculative space(Letting status of development completions in 2012-16, %)

BEFORE AFTER

Development momentum continues into 2017

Current development pipeline(as at 31 December 2016)

540,480sq m

£27m ERV

£16mrent secured

(61%)

£171m cost to

complete

7.7%Yield on cost

Martorelles, Barcelona

23

Current development projects, asset type by ERV(31 December 2016)

Urbanwarehouses 23%

Logistics53%

Urbanwarehouses 15%

Higher value9%

0

100

200

300

400

500

600

0

100

200

300

400

2012 2013 2014 2015 2016 2017e Dev

elop

men

t com

plet

ions

, 00

0 sq

m

Dev

elop

men

t cap

ex, £

m

Development capex Development completions

Development capex and completions 2012-17e

And further potential from near-term projects…

24

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.

Germany19%

UK41%

Italy/Spain14%

Poland9%

Geographic split of land bank, by potential ERV1

(31 December 2016)

Development land bank(31 December 2016)

Future pipeline (2.2m sq m2)

• £928m estimated development costs2

• £101m of potential annual rent2

• 8.2% estimated yield on TDC1

• 10.9% estimated yield on new money1

Further growth potential from well-positioned land bank

And…land held under option

• 700,000 sq m

• £500m estimated development costs

• £46m of potential annual rent

Near-term projects

• 522,000 sq m

• c£27m of rent (69% related to pre-lets)

• £245m of potential capex

Recycling proceeds of land sales into major logistics scheme

25

Disposal proceeds: c£140m Land and infrastructure costs: c£130m

Former Nestlé factory, Hayes

Northfields, Park Royal SEGRO Logistics Park East Midlands Gateway, Kegworth

287.8

31.7 12.226.6

27

26

337.7

388.8

Annualised gross cash passing rent1, £ millions

1 Including JVs at share; excludes rental value of vacant properties of £16.3m2 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 months3 Estimated. Excludes rent from development projects identified for sale on completion and from projects identified as “Near-term opportunities”

6.0

Passing rent at 31 Dec 16

Rent in rent-free

Reversion to ERV

2015/16speculative

developmentsstill to let

Potential (completed properties)

Current development

pipeline(61% let)

Near-term development opportunities2

(69% pre-lets)

Futurepipeline

Land held under option

TotalPotential

Substantial opportunity to grow rental income

1013

463

£77m potential from current activity

£174m from land bank and land options

536.0

2017 Outlook

27

Optimistic about strength of occupier demand and ongoing supply constraints

Investor demand for warehouse assets remains strong

Future earnings growth underpinned by developments

OVS, Piacenza


2016 FULL YEAR RESULTS

Q&A

APPENDIX IPORTFOLIO AND FINANCIAL DATA

31 December 2016 31 December 2015

£m £p per share £m £p per share

EPRA1 Earnings 152.6 19.7 132.5 17.8

EPRA NAV 4,162.1 500 3,453.4 463

EPRA NNNAV 3,822.6 459 3,195.9 428

EPRA net initial yield 4.8% 5.0%

EPRA topped-up net initial yield 5.3% 5.5%

EPRA vacancy rate 5.7% 4.8%

EPRA1 cost ratio (including vacant property costs) 23.0% 23.9%

EPRA1 cost ratio (excluding vacant property costs) 20.8% 22.2%

30

1 See Supplementary notes to the condensed financial statements for reconciliation to SEGRO adjusted metrics

EPRA performance measures

2016 2015

Group£m

JVs£m

Total£m

Group£m

JVs£m

Total£m

Gross rental income 225.5 82.7 308.2 210.7 73.2 283.9

Property operating expenses (44.9) (12.6) (57.5) (37.7) (13.5) (51.2)

Net rental income 180.6 70.1 250.7 173.0 59.7 232.7

JV management fee income 18.6 – 18.6 17.0 – 17.0

Administration expenses (31.4) (0.8) (32.2) (28.5) (1.1) (29.6)

Adjusted operating profit 167.8 69.3 237.1 161.5 58.6 220.1

Net finance costs (68.7) (12.2) (80.9) (67.3) (13.3) (80.6)

Adjusted profit before tax 99.1 57.1 156.2 94.2 45.3 139.5

Tax and non-controlling interests (1.8) (1.7) (3.5) (1.3) (0.9) (2.2)

Adjusted profit after tax 97.3 55.4 152.7 92.9 44.4 137.3

31

Adjusted income statement (JVs proportionally consolidated)

31 December 2016 31 December 2015

Group£m

JVs£m

Total£m

Group£m

JVs£m

Total£m

Investment properties 4,714.4 1,605.0 6,319.4 4,424.0 1,303.5 5,727.5

Trading properties 25.4 0.6 26.0 37.6 5.8 43.4

Total properties 4,739.8 1,605.6 6,345.4 4,461.6 1,309.3 5,770.9

Investment in joint ventures 1,066.2 (1,066.2) – 867.3 (867.3) –

Other net liabilities (25.5) (46.8) (72.3) (32.5) (55.3) (87.8)

Net debt (1,598.4) (492.6) (2,091.0) (1,806.5) (386.7) (2,193.2)

Net asset value1 4,182.1 – 4,182.1 3,489.9 – 3,489.9

EPRA adjustments (20.0) (36.5)

EPRA NAV 4,162.1 3,453.4

32

1 After minority interests

Balance sheet (JVs proportionally consolidated)

2016 2015

Group£m

JVs£m

Total£m

Group£m

JVs£m

Total£m

Acquisitions 254.2 105.1 359.3 602.5 72.8 675.3

Development1 265.4 36.2 301.6 144.1 20.3 164.4

Completed properties2 17.4 4.6 22.0 18.1 6.9 25.0

Other3 19.8 6.8 26.6 13.4 3.9 17.3

TOTAL 556.8 152.7 709.5 778.1 103.9 882.0

33

1 Includes wholly-owned capitalised interest of £5.0 million (2015: £2.9 million) and share of JV capitalised interest of £0.8 million (2015: £0.1 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 60% of completed properties capex is directly linked to generating rents

• c£9m of maintenance capex within “Completed properties”

EPRA capital expenditure analysis

34

Current and near-term projects progress since September Placing

Completed

Capex Spent

Cost to complete

From Near-TermPipeline

New near-termprojects (£131m)

To Current Pipeline

Projects progressing(£114m)

New current projects(£34m)

Land & other (£28m)

Capex Spent

£115m

£456m of investment associated with Placing

£165m of potentialnew investment

Current PipelineNear-Term Pipeline

Current Pipeline

(£199m cost to com

plete at Septem

ber 2016)

Moved intoCurrent Pipeline

Note: The equity raised in September 2016 related to the funding of £456m of current (£199m) and near-term (£257m) identified projects as classified at that time.

31 December 2016

£mWeighted average cost of

gross debt, %1

Group gross borrowings 1,630 3.9

Group cash & equivalents (32) –

Group net borrowings 1,598 –

Share of joint venture net borrowings 493 1.7

SEGRO net borrowings including joint ventures at share 2,091 3.4

Total properties (including SEGRO share of joint ventures) 6,345

‘Look-through’ loan to value ratio 33%

35

1 Figures exclude commitment fees and amortised costs

Look-through loan-to-value ratio at 31 December 2016

36

0

200

400

600

800

1,000

1,200

2017 2018 2019 2020 2021 2022 2023 2024 … 2035SEGRO bonds SEGRO bank debt

JV debt at share SEGRO undrawn

Debt maturity profile at 31 December 2016, £m

37

€3.6bn AUM at 31 December 2016 (£3.1bn)

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 Poland0

200

400

600

800

1,000

1,200

1,400

Germany France Poland Other European

Ass

ets

unde

r m

anag

emen

t, €

m

SELP SEGRO wholly-owned

1,154

889796 770

SEGRO Continental Europe assets under management

38

£26.6m gross rent when fully let £16.2m gross rent from pre-let

developments £10.4m potential gross rent from

speculative developments

3.2

10.7

2.3

1.6

5.8

3.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

H1 2017 H2 2017 H1 2018

Pre-let Speculative

1 At 31 December 2016, including joint ventures at share

Current pipeline completion schedule

39

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

Land

ban

k va

lue,

£m

Alternative use

Future development pipeline

Long-term and residual land bank

As % of portfolio (right hand scale)

£101m 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

APPENDIX IIMARKET DATA

41

-

5,000

10,000

15,000

20,000

25,000

30,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

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

Q1 Q2 Q3 Q4

European industrial investment volumesBy country, €m

European industrial investment volumesBy quarter, €m

Source: CBRE

European industrial investment volumes

42

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

Warsaw: 6.0%Paris: 5. 5%Dusseldorf: 4.9%London: 4.5%

UK 10yr bond: 1.2%

Germany 10yr bond: 0.2%

Source: CBRE, Bloomberg (data correct at 31 December 2016)

Prime logistics yields vs 10 year bond yields

43

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

UK

Ger

man

y

Fran

ce

Belg

ium

Net

h.

Pola

nd Italy

Spai

n

Pre-let Speculative

Logistics space under construction1

(m sq m)

1 Source: 4Q 2016, JLL2 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

No. of years’ supply

Take

-up

/ av

aila

bilit

y, m

sq

m

Average availability

Take-up

Available space as multiple of annual take-up

France logistics supply-demand dynamics2

(m sq m)

44

0.0

1.0

2.0

3.020

07

2008

2009

2010

2011

2012

2013

2014

2015

2016

New Second hand

Take-up – UK1

(m sq m)

1 Source: JLL2 Source: CBRE3 Source: BNP Paribas Real Estate

0.01.02.03.04.0

2008

2009

2010

2011

2012

2013

2014

2015

2016

0.0

2.0

4.0

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Net demand Lease renewals

0.0

2.0

4.0

6.0

8.0

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Take-up – France2

(m sq m)

Take-up – Poland1

(m sq m)

Take-up – Germany3

(m sq m)

European industrial and logistics — take-up statistics

45

0.0

1.0

2.0

3.020

10

2011

2012

2013

2014

2015

2016

New / Early Marketed Second hand

Availability – UK1

(m sq m)

1 Source: JLL2 Source: CBRE

0.01.02.03.04.05.0

2009

2010

2011

2012

2013

2014

2015

2016

0%

5%

10%

15%

0.0

0.5

1.0

1.5

2011

2012

2013

2014

2015

2016

Pre-let Speculative Vacancy (RHS)

Availability – France2

(m sq m)

Space under construction and vacancy rate – Poland1

(m sq m)

European industrial and logistics — availability statistics

46

1.0

1.1

1.2

1.3

1.4

1.5

1.6

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

47

This presentation may contain certain forward-looking statements with respect to SEGRO’sexpectations and plans, strategy, management’s objectives, future performance, costs, revenuesand other trend information. These statements and forecasts involve risk and uncertaintybecause 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 differmaterially from those expressed or implied by these forward looking statements and forecasts.The statements have been made with reference to forecast price changes, economic conditionsand the current regulatory environment. Nothing in this presentation should be construed as aprofit forecast. Past share performance cannot be relied on as a guide to future performance.

Forward-looking statements

SEGRO 2016 Full Year Results Presentation

Business

Transcript of SEGRO 2016 Full Year Results Presentation