Prologis Investor Presentation — May 2018

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Citi Global Property

Prologis Park Redlands Distribution Center, Redlands, California 2

Forward -Looking Statements

This presentation includes certain terms and non-GAAP financial measures that arenotspecifically defined herein .

These terms and financial measures aredefined and, inthecase ofthenon-GAAP financial measures, reconciled tothe

most directly comparable GAAP measure, inourfourth quarter Earnings Release and Supplemental Information that is

available onourinvestor relations website atwww .ir.prologis .com andontheSEC’s website atwww .sec.gov.

The statements inthis document that arenothistorical facts areforward -looking statements within themeaning ofSection 27Aofthe

Securities Act of1933 ,asamended, and Section 21Eofthe Securities Exchange Act of1934 ,asamended .These forward -looking

statements arebased oncurrent expectations, estimates and projections about theindustry and markets inwhich weoperate aswell as

management’s beliefs and assumptions .Such statements involve uncertainties that could significantly impact ourfinancial results .Words

such as“expects,” “anticipates,” “intends,” “plans,”“believes,” “seeks,”“estimates” and variations ofsuch words and similar expressions

are intended toidentify such forward -looking statements, which generally are not historical innature .Allstatements that address

operating performance, events ordevelopments that weexpect oranticipate willoccur inthefuture—including statements relating to

rent and occupancy growth, development activity and changes insales orcontribution volume ofproperties, disposition activity, general

conditions inthe geographic areas where weoperate, our debt, capital structure and financial position, our ability toform new co-

investment ventures and theavailability ofcapital inexisting ornew co-investment ventures —areforward -looking statements .These

statements arenotguarantees offuture performance and involve certain risks, uncertainties and assumptions that aredifficult topredict .

Although webelieve theexpectations reflected inany forward -looking statements arebased onreasonable assumptions, wecangive no

assurance that ourexpectations willbeattained and therefore, actual outcomes and results may differ materially from what isexpressed

orforecasted insuch forward -looking statements .Some ofthefactors that may affect outcomes and results include, butarenotlimited to:

(i)national, international, regional and local economic climates, (ii)changes infinancial markets, interest rates and foreign currency

exchange rates, (iii)increased orunanticipated competition forour properties, (iv)risks associated with acquisitions, dispositions and