AGM Statement

Where Business Works

PRESS RELEASE

Embargoed until midday, 22nd May 2007

          STATEMENTS TO ANNUAL GENERAL MEETING OF SLOUGH ESTATES PLC           

 Slough Estates plc today proposes to change its registered name to SEGRO plc. 

SEGRO is Europe's leading provider of Flexible Business Space and one of the
largest REITs in the world. At its AGM today in London, statements being issued
to shareholders include the following:

Chairman, Nigel Rich

"SEGRO delivered a strong performance in 2006, with a total return of 19.2 per
cent (on an adjusted basis). This was underpinned by a 19 per cent increase in
adjusted profit before tax and strong growth in asset values largely as a
result of yield compression.

Group lettings in the year increased to 440,000 sq m, with a further 159,000 sq
m in pre-lets for the future benefit of the business. Robust customer demand,
our active management of assets and our sharpened focus on customer needs were
the main factors behind these strong results. Continental Europe alone
delivered an excellent 169,000 sq m of lettings.

Across the Group, we invested £243 million in developments and £216 million in
acquisitions, with £173 million of disposals crystallising £43 million of gains
in value from previous investments. In the UK we recycled over £170 million of
capital as we became net sellers of assets.

The Group valuation surplus was 11 per cent, with the major UK industrial
element of our portfolio up 11.5 per cent, ahead of the equivalent IPD
industrial index which increased by 11.3 per cent. Even allowing for the
non-cash effects of new shares issued for the preference share conversion and
deferred tax charges, adjusted EPS growth was 3.3 per cent.

After the major restructuring undertaken in recent years, SEGRO is sharply
focused on meeting customers' needs for Flexible Business Space in a growing
number of strategic locations across Europe.

The strategic review of our US business announced last November is well
advanced but there is little further I can say today, other than that we remain
on track to make a detailed announcement within this second quarter of 2007 -
as previously notified at the time of our 2006 results announcement.

On 1 January 2007, following a shareholder approval at the Extraordinary
General Meeting in December 2006, the company became a Real Estate Investment
Trust (REIT). In return for a conversion fee of £86 million, a potential
capital gains tax liability of some £416 million of deferred tax was eliminated
and future profits from our eligible investment property activities will be tax
exempt. SEGRO is actively embracing its REIT status and will continue to
optimise its operating model so as to grow dividends whilst seeking to maximise
total returns to shareholders. We have already announced our new dividend
policy with a high income payout ratio now in place and a renewed focus on cash
generation.

Turning now to current trading, this has been in line with the Board's
expectations since the announcement of the Group's results for 2006 and we
remain confident of the underlying performance of the business for the current
financial year. Occupier demand for SEGRO's flexible business space offerings
has remained strong in most of our markets

  * In the UK, we have seen a continuation of high levels of lettings,
    including the major deals already announced with O2 and Rackspace in Slough
    and with Harris at Winnersh. Rental growth on reviews has again been
    strong, achieving an average 3.0 per cent increase over ERV as at 31
    December 2006. West London has seen particularly good rental performance.
    However, overall rental levels, including those on new leases and renewals,
    have been in line with December 2006 levels, consistent with the figures
    for industrial reported by IPD. Our strategy is to negotiate realistic
    commercial rents to fill empty space and generate cash flow, rather than to
    allow the vacancy rate to climb in order to support capital values. Our
    headline vacancy level in the UK at the end of April at 11.0 per cent is
    down slightly on the 11.6 per cent we reported at the year end, although
    the impact of development completions and take backs is likely to see this
    rise again before year end.
   
  * In Continental Europe we recently announced in excess of 80,000 sq m of
    lettings in the first quarter of the year, along with acquisitions of
    existing properties and development land amounting to over €28 million and
    the €115 million forward sale of the Portes de France office development in
    St Denis, Paris. Activity has continued apace since our update last month,
    reinforcing the strength of our positioning for further expansion across
    Europe.
   
  * In the US from an operational activity level, it has been very much
    business as usual. Market and performance trends have all continued in line
    with our expectations. The San Francisco Bay Area has again been strong,
    especially at Shoreline and Seaport with San Diego still weaker, although
    with improving demand for small units. Recent deals with Rubicor and
    Emphasys have, again, shown the strength of our long term occupier
    relationships with both companies expanding and taking additional space
    with us.
   
The end of UK yield compression has been well documented, with IPD reporting
prime industrial initial yields virtually static for the first four months of
the year, compared with a 24 basis point reduction in the same period last
year. Equivalent yields have compressed just 9 basis points compared with 24
basis points in 2006. Whilst there remains a good flow of investment funds into
the direct real estate market, it is clear that investors are becoming more
discerning about the properties they buy and it is likely we will see prices
for secondary and tertiary assets fall in the months ahead. Your Board
identified this likely trend some 12 months ago and, for this reason, we became
net sellers of UK assets in the second half of 2006. Nonetheless, we believe
the quality and resilience of our UK industrial portfolio to be second to none
and we remain confident in the ability of the management team to generate good
returns from the portfolio over the medium term.

Whilst the more stable yield environment in the UK will make it harder to
deliver the same level of total return in 2007, SEGRO's operating performance
is sustaining its momentum in 2007. The £2 billion development pipeline is very
strong and represents one of the largest amongst our UK listed peers. Our
balance sheet is structured to support our opportunities for future investment.
Our £6 billion property portfolio is being actively managed. In Continental
Europe, attractive returns can be achieved from further investment and we are
focused on delivering further acquisitions and development opportunities. In
the UK we are maintaining our position as a net seller of mature assets, but
see further opportunities to create value through execution of our development
programme.

SEGRO seeks to deliver superior total returns for its shareholders. The
platform to achieve this is firmly in place - with scope for significant rental
and capital growth from our development pipeline, our growing track record of
corporate partnering based on major sale and leaseback agreements, the higher
yields we can generate in Continental Europe and an excellent management team
under the leadership of Chief Executive, Ian Coull."

Contacts:

SEGRO
Michael Waring Tel: [phone]

The Maitland Consultancy
Colin Browne Tel: [phone]

Notes to editors

Basic SEGRO Facts. SEGRO is the leading provider of Flexible Business Space in
Europe. Headquartered in the UK, SEGRO is listed on the London Stock Exchange
and on Euronext in Paris. The company is a UK Real Estate Investment Trust
("REIT") with operations in eleven countries, serving a diversified customer
base of over 1,760 customers operating in a wide range of sectors, representing
both small and large businesses, from start ups to global corporations. With
investment property assets of £5.0 billion (£6.0 billion including trading
properties and development assets) and 4 million sq m of business space, SEGRO
has an annual rental income in excess of £300 million.