FIBRA Prologis Citi Global Property CEO Conference Hollywood, FLMarch 14-15, 2016

Izcalli 3, Prologis Park Izcalli, Mexico City

Key Differentiators 3

Long-term Trends 5

FIBRA Prologis Overview 11

2015 Performance 16

Growth Potential & Guidance 19

Capital Structure 25

Key Takeaways 27

Appendix 29

Contents

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Prologis Park Centro Industrial Juarez, Cd. Juarez

Altos 1, Prologis Park Los Altos, Guadalajara

Long-term TrendsKey Differentiators

El Salto 11, El Salto Prologis Park, Guadalajara

4

FIBRA Prologis Key Differentiators

Focused Investment Strategy

• Located in Mexico’s six most dynamic markets

High-quality portfolio

• 80% Class A/A+ buildings

• 64% developed by Prologis

• Average building age is 9 years

• 83% of properties in master-planned parks

84% of revenues are USD denominated

Leadership team with 27 year track-record

Market-leading corporate governance

Aligned sponsor with 46% ownership Prologis Park Apodaca, Monterrey

TR 7

TR 8

Tres Rios Industrial Park – Mexico City

Owned by FIBRAPL 2.1 MSF

Altos 1, Prologis Park Los Altos, Guadalajara

Long-term Trends

Prologis Park, Izcalli, Mexico City

Long-term Trends

6

Mexico: An economic force in Latin America

MEXICO

3.2% 3.4%

GDP Growth Inflation

MexicoFive-Year Outlook, Annual Average Growth Rate

2nd largest economy in Latin America

15th largest in the world

Growth characteristics comparable to other emerging markets, but with unique ties to U.S.

• Increased near-shoring positions Mexico as a growth leader relative to other emerging markets

Stable macroeconomic outlook relative to emerging market peers in Latin America

Note: size of the bubble reflects 2015 GDP; Argentina GDP and Inflation expectations for 2016 and 2017 sourced from Consensus Economics and as of January 2016; growth projections in years 2018-2020 for Argentina estimated as 85% of anticipated growth in 2017Source: Consensus Economics, IMF; Prologis Research

BRAZIL

ARGENTINA

PERU

CHILE

COLOMBIA

VENEZUELA

Latin AmericaFive-Year Outlook, Annual Average Growth Rate

3.5% 3.5%

2.7%

4.2%

3.0% 3.1%

1.2%

85.8%

1.1%

5.4%

02.5%

19.2%

0

10

20

30

Auto & Parts ElectricalEquipment

MechanicalAppliances

44

357

0

200

400

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

201551

71

49

89

30 28

100100

0

20

40

60

80

100

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

F

Brazil China Mexico U.S.

71. The labor cost of producing one unit of output indexed to the U.S.=100 by The Economist Intelligence Unit (EIU)

Mexico growth outpaces other emerging markets

Desirable manufacturing location• Relatively low labor costs

• Rising productivity

• Increasing transportation costs favor near-shoring

Diversified exports• Decreasing reliance on oil exports

Non-oil Trade Exports(US$B)

Source: Banco de Mexico, Prologis Research

Competitive Labor Costs(1)

(overall unit labor costs, index, U.S.=100)

Source: The Economist Intelligence Unit (EIU), Prologis Research

2015 Exports by Country

Source: INEGI

Top 3 Exports by Product, 2015(% of total)

Source: Banco de Mexico, Prologis Research

10.0% CAGR

United States80%

Other20%

8

1. EM, Latin America is defined as Brazil, Argentina, Chile, Colombia, Venezuela and Peru. Mexico Global Markets is defined as Mexico City, Monterrey and Guadalajara.

2. "Consumer Household" defined as one with annual income greater than US$20,000 (after adjusting for inflation and purchasing power parity)3. Includes Toronto

Mexico’s macroeconomic indicators supports industrial real estate growth

Growth in logistics real estate driven by:• Domestic consumption

• International retailers entering the market

• E-commerce

• Industrial production

• Supply chain modernization

• Mexico City is under-developed relative to US markets

8

Modern Logistics Stock per Consumer Household(2)

North America(3)

(80 SF/HH)

MEXICO CITY(19 SF/HH)

Source: Cushman & Wakefield , CBRE, JLL, Colliers, Oxford Economics, Prologis Research

Mexico GDP by Activity(%, y/y, inflation-adjusted)

Source: INEGI, Prologis Research

5.7% 5.5%

106

92

75

85

95

105

115

-8%

-4%

0%

4%

8%

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Retail Same Store Sale Growth Consumer Confidence

Source: ANTAD. INEGI, Prologis Research

Mexico Consumer Indicators(% y/y, Inflation-adjusted, 3M MA) (Index, 3M MA)

2.5%

-4.5%

2.0%

4.0%

-8%

-4%

0%

4%

8%

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2012 2013 2014 2015

GDP Oil & Mining Manufacturing Consumption

9

E-commerce: Future driver of demand

E-commerce historically hampered by several factors

• Inferior physical infrastructure, particularly urban roadways

• Low internet penetration ~10 million web customers

• ~66% of population does not have a bank account

Small but rapidly growing

• E-fullfilment facilities require floor space driving incremental demand by a factor of 3x.

• 2014 e-commerce sales increased by ~22%

• ~20% growth equates to ~550K sf of logistics real estate demand

• 2014 e-commerce sales in Mexico were ~US$2.8B vs ~US$14B in Brazil

Emerging trends drive investment

• Growing interest in Mexico from global e-retailers/logistic services including Amazon, DHL and Walmart

• Mexican companies reaching scale (2014 US$ e-commerce sales):

• Liverpool: $215M

• Nettbee Group: $205M

• Inova: $204M

How Much Real Estate Does a $1B Retailer Need?

Source: Internet Retailer, Forrester Research, Prologis Research

E-Commerce

Retail: 0 SF Logistics: 1,000,000 SF

Brick and Mortar

Retail: 2,500,000 SF

Logistics: 325,000 SF

10

Source: CBRE, Prologis Research1. Weighted average of the six markets where FIBRA Prologis has properties: Mexico City, Guadalajara, Monterrey, Reynosa, Tijuana and Juarez2. Note: Average market rental rates on a cash-basis and net of concessions

Mexico Industrial Real Estate FundamentalsMarket Fundamentals(1)

91.2%

93.3%

90%91%92%93%94%

- 5

10 15 20

2011 2012 2013 2014 2015 2016(F)

Net Absortion Completions Occupancy

MSF

Demand (TTM) vs. Supply (4Q 2015)MSF

Mexico Market Cap Rates Compress y-o-y7.9%

7.1%7.0%

7.5%

8.0%

3Q 4Q 2Q 4Q

2014 2015

Initial FIBRA reporting after IPO

Mexico City vs. LA/Dallas House Cap Rates(%, mkt cap rate)

0 1 2 3 4 5 6 7

Mexico City

Monterrey

Juarez

Tijuana

Reynosa

Guadalajara

BTS Development Spec Development Net Absorption, last four Q

(cap rate spread, bps)

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Mexico City Monterrey Guadalajara Juarez Tijuana Reynosa

Previous Cycle Range (2007-2010) Q4 2014 Q4 2015

Market Rental Rates(2)

US$/sf/yr

- 50 100 150 200 250 300

4%

5%

6%

7%

8%

4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q

2011 2012 2013 2014 2015

Cap Rate spread (dal/mxc) Cap Rate Spread (la/mxc) Mexico City Dallas Los Angeles

El Salto 3, GuadalajaraIndependencia 5, Juarez

Alamar 3, Prologis Park Alamar, Tijuana

FIBRA Prologis Overview FIBRA Prologis Overview

Ladero, Intermodal Facility, Mexico City

12Data as of December 31, 2015 Source: CBRE and PLD Research

FIBRA Prologis portfolio

Mexico City

Guadalajara

Tijuana

ReynosaMonterrey

CiudadJuarez

FIBRA PrologisGLA

FIBRA Prologis Occupancy

Market Occupancy

4.2MSF 100.0% 96.2%

FIBRA PrologisGLA

FIBRA Prologis Occupancy

Market Occupancy

3.1MSF 93.9% 96.6%

FIBRA PrologisGLA

FIBRA Prologis Occupancy

MarketOccupancy

3.9MSF 91.4% 93.2%

FIBRA PrologisGLA

FIBRA Prologis Occupancy

Market Occupancy

4.4MSF 96.2% 91.5%

FIBRA PrologisGLA

FIBRA Prologis Occupancy

MarketOccupancy

5.6MSF 95.5% 97.5%

FIBRA PrologisGLA

FIBRA Prologis Occupancy

MarketOccupancy

11.2MSF 98.2% 91.9%

Regional Markets (manufacturing-driven)Ciudad Juarez, Reynosa, Tijuana

Global Markets (consumption-driven)Guadalajara, Mexico City, Monterrey

FIBRAPL GLA (MSF)

FIBRA Prologis Occupancy

MarketOccupancy

20.7MSF 96.2% 93.2%

FIBRA PrologisGLA

FIBRA Prologis Occupancy

MarketOccupancy

11.7MSF 97.0% 94.6%

96.5%occupancy

32.4 MSFoperating portfolio

10.0%

8.0%

8.0%

5.0%

6.0%

13.0%

29.0%

21.0%

3.6%

2.7%

2.0% 1.9% 1.7% 1.6% 1.5% 1.4% 1.4% 1.3%

IBM DHL Geodis LG Uline Ryder JohnsonsControl

GE SpringIndustries

Celestica

Top 10 Customers Comprise 19% of NER

13Data as of December 31, 2015

High-quality, diversified customer base% of Annualized Net Effective Rent (NER) by Industry

Manufacturing (50%)

235customers

85%of NER from multinational clients

Consumption (50%)

14Data as of December 31, 2015

Limited exposure to peso fluctuations

• 84% of revenue and 99% of equity is dollar denominated

• Natural hedge protects investors against cyclical Peso devaluations

• Dollar denominated debt hedge by dollar denominated revenue

99.2%

0.8%

USDMXN

Net Equity Exposure

84.0%

16.0%

Revenue Exposure

Impact of peso fluctuation: +/- 5% +/- 10% +/- 20%

4Q 2015Annualized

(US$M)

NOI 0.5% 0.9% 1.6% $147.7

FFO 0.5% 0.9% 1.6% $104.6

AFFO 0.7% 1.3% 2.3% $68.0

15Data as of December 31, 2015

Stable dollar revenues despite currency fluctuation

• 84% of revenues are denominated in dollars

• Manufacturing customers mostly do business in USD

• Consumption driven customers have the highest exposure to currency mismatch between revenues and rent expenses.

• Limited bad debt expense despite MXN devaluations

70%

30%

USDMXN

Revenue from Customers with Dollar DenominatedLeases, based on NER

% of Dollar Denominated Revenue

% Customers with Dollar Denominated Leases with Dollar Denominated Revenues Account Receivables Trend

69%82%

97% 100% 96% 100%

0%20%40%60%80%

100%4.4

2.4

0

3

6

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

Net AR Bad Debt Expense

Net AR decreased 45%

19%

86% 88%100% 92% 96%

0%20%40%60%80%

100%US$M

2015 Performance2015 Performance

Prologis Park Apodaca, Monterrey

17Data as of December 31, 20151. Guidance miss due to the delay in the acquisition of one property due to municipality administrative process. Estimated property value of US$20 million.

2015: Results delivered

2015 Guidance Range

US$ in million, except CBFI data Actuals Low High

FFO/CBFI 16.7 US¢ 16 US¢ 17 US¢

Occupancy 96.5% 95.25% 96.25%

Same Store Cash NOI 4.5% 4.5% 5.5%

Same Store Cash NOI, excl peso fluctuation

5.6% 4.5% 5.5%

Capex as % of NOI 14.4% 14.0% 17.0%

Acquisitions(1) US$121.0 US$130.0 US$170.0

G&A US$17.9 US$17.0 US$19.0

Distributions 10 US¢ 10 US¢ 10 US¢

d

dv

d

dvdv

d

d

18Data as of December 31, 2015

FFO increase supported by internal and external growth FFO Growth

3.59¢

4.12¢

3.25¢

3.50¢

3.75¢

4.00¢

4.25¢

4.50¢

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

96.3%96.5%

96.1%

95%

96%

97%

Q42014

Q12015

Q22015

Q32015

Q42015

Occupancy

13.4%

10.3%

10.5%

4%

8%

12%

16%

Q42014

Q12015

Q22015

Q32015

Q42015

Quarterly Q4'15 12 Mo. Average

Net Effective Rent Change

29.8

32.4

28

30

32

34

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

8.9% Growth

Portfolio GLA Growth since IPO

14.8% FFO Growth

MSF

US Cents/ CBFI

El Salto 3, GuadalajaraIndependencia 5, Juarez

Apodaca 11, Prologis Industrial Park Apodaca, Monterrey

Growth PotentialGrowth Potential and Guidance

Tres Rios 7, Tres Rios Prologis Park, Mexico City

20

2016 Guidance: 10% distribution increase year-over-yearUS$ in millions, except CBFI data 2015 Low High

Full year FFO per CBFI (1) 16.7 US¢ 16.5 US¢ 18.0 US¢

Operations

Year-end Occupancy 96.5% 95.5% 96.5%

Same Store Cash NOI Change 4.5% 2.0% 3.0%

Annual Capex as % of NOI 14.4% 14.0% 16.0%

Capital Deployment

Building Acquisitions $121.0 $100.0 $150.0

Other Assumptions

Asset management and professional fees $17.9 $18.0 $20.0

Full year 2016 distribution per CBFI(4) 10.0 US¢ 11.0 US¢ 11.0 US¢

1. 2016 FFO guidance excludes the impact of peso movements as U.S. Dollar is the functional currency of FIBRA Prologis. FFO 2015 actual excludes the impact of the realized exchange loss from the reimbursement of the value-added tax paid in connection with the acquisition of the initial portfolio.

2. Annualized 2014 data due to partial period (June 4, 2014 – December 31, 2014)3. Midpoint 2016 guidance provided on January 29, 2016.4. Actual distributions are subject to market conditions, and actual results of operations.

8.9¢

10.0¢11.0¢

6.0¢

8.0¢

10.0¢

12.0¢

2014(2) 2015 2016(3)

US cents/CBFI

Distribution Growth

14.9¢

16.7¢ 17.3¢

10.0¢

12.5¢

15.0¢

17.5¢

20.0¢

2014(2) 2015 2016(3)

FFO GrowthUS cents/CBFI

7.8% CAGR 11.2% CAGR

21Data as of December 31, 2015

Internal growth: rent increases provides value to investors

Lease Expiry Profile by Annualized Net Effective Rent (NER)

21%

16%18%

16%18%

11%

0%

5%

10%

15%

20%

25%

2016 2017 2018 2019 2020 2021 +

In Place Rents Below Market Rents

• In place rents are around 5% below market. Expect growth as leases roll to market

• Market rents have grown faster than current lease rollovers

• Proven leasing track record provides low risk at expiration

• Majority of leases contain contractual annual rent increases of ~2.5%

-4.9%-5.4%

-10%

-8%

-6%

-4%

-2%

0%

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

90.6%

97.5%

93.8%

85%

90%

95%

100%

Q42014

Q12015

Q22015

Q32015

Q42015

Quarterly Q4'15 12 Mo. Average

Weighted Average Customer Retention

5.0 0.6 2.2 1.5 0.6

Mexico City Guadalajara Monterrey Reynosa Juarez

22Data as of December 31, 2015

External growth: future growth through acquisitions

• 38% growth potential in the next 3 to 4 years

• Proprietary access to Prologis development pipeline at market values

• Exclusive right to third-party acquisitions sourced by Prologis

• Prologis development pipeline will be offered, to FIBRA Prologis upon stabilization

• Prologis has a 20-year proven development track record

External Growth via Prologis Development Pipeline(MSF)

32.6 2.6 9.9

FIBRAPL Portfolio as of December 31, 2015

Prologis and FIBRAPL

Land Bank

45.1

Prologis and FIBRAPL Land Bank and Expansion Landbased on buildable SF(MSF)

Prologis Development

Pipeline

231. CTT Corridor is defined as Cuautitlan, Tepotzotlan and Tultitlan

Mexico City: The largest and most active market in MexicoSo

uthe

rn C

TT C

orrid

or(1

) and

San

Mar

tin O

bisp

o C

orrid

orN

orth

CTT

Cor

ridor

(1)

• Land constrained market

• Healthy operating environment

• Net absorption expected to outpace construction completion, providing:

• market vacancy to remain low

• momentum for rent growth

• Expected expansion of e-commerce

24

Potential future acquisition: Prologis Park Grande, Mexico City

Prologis Park Grande – Mexico City

Land Area 9.3 MSF

Potential Build-Out 3.4 MSF

Under Construction 0.6 MSF

Proposed Prologis development, currently not owned by FIBRA PrologisFIBRA Prologis has proprietary access to Prologis Park Grande developments at stabilization of each newly constructed building. No assurances can be given that FIBRA Prologis will ultimately acquire this property.

Land Site - Current Proposed Master Plan

El Salto 3, GuadalajaraIndependencia 5, Juarez

Otay 3, Prologis Park Otay, Tijuana

Capital StructureCapital Structure

Tres Rios 8, Tres Rios Prologis Park, Mexico City

42%

58%

Encumbered Unencumbered

26Data includes debt restructuring done in January 2016 1. Based on net debt, debt outstanding minus unrestricted cash

Strong capital structure supports growth

$2

$217

$72$107

$250

-

50

100

150

200

250

300

Secured Unsecured

Encumbered vs. Unencumbered Assets

Debt Expiration ProfileUS$M

US$ 2.0B

US$MLiquidity

• Weighted average term 4.5 years

• Weighted average interest rate 5.0%

• Loan-to-value(1) 29.2%

• Fixed charge coverage ratio 3.86x

• Debt-to-adjusted EBITDA 4.58x

5.3%

5.7%

5.0%

4%

5%

6%

Q12015

Q22015

Q32015

Q42015

Jan2016

Weighted Average Cost of Debt

US$648M Debt Outstanding

$400

$42

Line Avaliablity Cash

$442

El Salto 3, Prologis Park El Salto, Guadalajara

Key TakeawaysKey Takeaways

Los Altos 1, Prologis Park Los Altos, Guadalajara

28

Key takeaways

Strong logistic real estate market fundamentals

Focused investment strategy, portfolio of quality logistics facilities

Growth potential through proprietary access to Prologis development pipeline and the increases in rents

Distributions reflect our commitment to sustainable growth, financial stability and transparency

Expert local team with 27 years of proven track record

Strong sponsor support

Izcalli 3, Prologis Park Izcalli, Mexico City

El Salto 3, GuadalajaraIndependencia 5, Prologis Park Independencia, Juarez

AppendixAppendix

Tres Rios 9, Tres Rios Prologis Park, Mexico City

US$2.27US$1.51

US$0.76

Price Trading Discount NAV

Ps. 26.12Ps. 39.38

30

Data as of December 31, 20151. Price as of December 31, 2015 of Ps. 26.12/CBFI (US$1.51/CBFI, exchange rate Ps. 17.34 per US$1. CBFI outstanding at December 31, 2015 amounts

to 634.5M 2. Values of Investment Properties used in the calculation of NAV is based on appraised values as of December 31, 2015 as required under IFRS

Great quality investment at a discount

7.1%

7.7%

9.3%

6%

7%

8%

9%

10%

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Valuation Cap Rate % Implied Cap Rate

Quarter End Appraisal Cap Rate vs. Implied Cap Rate

(1) (1) (1) (2)

US$/CBFI 34% discount Trading at 34% Discount to NAV

Investment Properties Net Debt NAV

US$0.95

NAV Composition (US$/CBFI)

US$2.27US$3.22

(2)

Fee Structure: Transparent and Aligned

Data as of December 31, 2015. 31

Fee Type Calculation Payment Frequency

Asset Management 0.75% annual × appraised asset value Quarterly

Incentive Annually

Hurdle Rate

High Watermark

Fee

Lock-up

9%

Yes

10%

6 months

Currency 100% in CBFIs

Development

Leasing Commission

Property Management

Ope

ratin

g Fe

es

4% x property and tenant Improvements and construction cost

3% x collected revenues

New Leases: 5% x lease value for >5 years

Renewal: 2.5% x lease value for >5 years

Only when no broker is involved

Adm

inis

trat

ion

Fees

Project Completion

½ at Closing

½ at Occupancy

Monthly

32(A) Data as of December 31, 2015.

AMERICAS

ASIAChinaJapan

Singapore

AMERICASBrazil

CanadaMexico

United States

EUROPEAustriaBelgium

Czech RepublicFrance

GermanyHungary

Italy

NetherlandsPoland

SlovakiaSpain

SwedenUnited Kingdom

SponsorPrologis Unmatched Global Platform (A)

Platform covers more than 70% of global GDP

Operating in 20 countries

669 million square feet (62 million square meters)

~3,200 industrial properties

More than 5,200 customers across a diverse range of industries

33(A) Data as of December 31, 2015. The shading represents customers who are also customers of FIBRA Prologis.

SponsorPrologis Global Customer Relationships (A)

(% Net Effective Rent)

34

FIBRA Prologis Management Team

Luis Gutiérrez Chief Executive Officer

Mr. Gutiérrez has approximately 28 years of experience in the real estate sector including as President for Latin America for Prologis wherehe is responsible for all Brazil and Mexico related activities including operations, investments, acquisitions and industrial propertydevelopment. Mr. Gutiérrez was co-founder of “Fondo Opción” (formerly G. Acción), the first public real estate company in Mexico, where heacted as Chief Executive Officer and is currently a member of the Executive Committee of Consejo de Empresas Globales. He is also amember the board of directors of Finaccess and Central de Estacionamientos. He also served as President of the AMPIP (The MexicanAssociation of Private Industrial Parks) from 2005 to 2006. Mr. Gutierrez has a Civil Engineering degree from Universidad Iberoamericana andan MBA from Instituto Panamericano de Alta Dirección de Empresas.

Hector Ibarzabal Chief Operating Officer

Hector Ibarzabal has 27 years of experience in the office, industrial, retail, and residential real estate sectors. Mr. Ibarzabal’s experienceincludes real estate structuring, financing and fund raising. As Country Manager and Head of Operations in Mexico for Prologis, Mr. Ibarzabalhas substantial experience managing Prologis’ activities in Mexico, including development, operations and capital deployment. Previous toPrologis, Mr. Ibarzabal was co-founder of G. Accion, a publicly traded real estate company, where he acted as CFO, COO and President. Heis currently a member of the technical committee of Prologis Mexico Fondo Logístico, another Mexican industrial real estate investmentvehicle managed by an affiliate of Prologis, a member of the technical committee of FIBRA Shop and a member of the board of directors ofActinver Fondos and Escala. Mr. Ibarzabal has a Civil Engineering degree from Universidad Iberoamericana and an MBA from IPADE.

Jorge Girault Chief Financial Officer

Jorge Girault, has 22 years of experience in the office, industrial, retail and residential real estate sectors. Currently he is SVP Finance forFIBRA Prologis. His experience includes real estate structuring, financing and fund raising. Mr. Girault has significant experience managingPrologis’ equity and debt raising activities, and is an officer of Prologis Mexico Manager, S. de R.L. de C.V., manager of Prologis MéxicoFondo Logístico, another Mexican industrial real estate investment vehicle managed by an affiliate of Prologis. Mr. Girault started hisprofessional carrier at G. Acción, where he acted as Project Manager, Investor Relations VP and CFO. He is currently a member of thetechnical committee of Prologis Mexico Fondo Logístico and is a part time professor at the Business School of Universidad Iberoamericana.Mr. Girault has an Industrial Engineering degree from Universidad Panamericana and an MBA from Universidad Iberoamericana.

35

Notes and DefinitionsAcquisition cost, as presented for building acquisitions, represents the economic cost and not necessarily what is capitalized. It includes the initial purchase price; the effects of marking assumed debt to market; if applicable, all due diligence and lease intangibles; and estimated acquisition capital expenditures including leasing costs to achieve stabilization.

Adjusted EBITDA, We use Adjusted EBITDA to measure both our operating performance and liquidity. We calculate Adjusted EBITDA beginning with net income (loss) and removing the effect of financing cost, income taxes, similar adjustments we make to our FFO measures (see definition below), and other non-cash charges or gains. We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view income from operations on an unleveraged basis before the effects of income tax, non-cash amortization expense, gains or losses from the acquisition or disposition of investments in real estate, unrealized gains or losses from the mark-to-market adjustment to investment properties and revaluation from Pesos into our functional currency of the U.S. dollar, items that affect comparability, and other significant non-cash items. We also include a pro forma adjustment in Adjusted EBITDA to reflect a full period of NOI on the operating properties we acquire, stabilize or dispose of during the quarter assuming the transaction occurred at the beginning of the quarter. By excluding financing cost, Adjusted EBITDA allows investors to measure our operating performance independent of our capital structure and indebtedness and, therefore, allows for a more meaningful comparison of our operating performance to that of other companies, both in the real estate industry and in other industries. Gains and losses on the early extinguishment of debt generally include the costs of repurchasing debt securities. While not infrequent or unusual in nature, these items result from market fluctuations that can have inconsistent effects on our results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure our performance and the value of our long-term investment decisions and strategies. We believe that Adjusted EBITDA helps investors to analyze our ability to meet interest payment obligations. We believe that investors should consider Adjusted EBITDA in conjunction with net income (the primary measure of our performance) and the other required IFRS measures of our performance and liquidity, to improve their understanding of our operating results and liquidity, and to make more meaningful comparisons of our performance against other companies. By using Adjusted EBITDA, an investor is assessing the earnings generated by our operations but not taking into account the eliminated expenses or gains incurred in connection with such operations. As a result, Adjusted EBITDA has limitations as an analytical tool and should be used in conjunction with our required IFRS presentations. Adjusted EBITDA does not reflect our historical cash expenditures or future cash requirements for working capital, capital expenditures, distribution requirements or contractual commitments. Adjusted EBITDA, also does not reflect the cash required to make interest and principal payments on our outstanding debt. While EBITDA is a relevant and widely used measure of operating performance, it does not represent net income or cash flow from operations as defined by IFRS and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies. We compensate for the limitations of

Adjusted EBITDA by providing investors with financial statements prepared according to IFRS, along with this detailed discussion of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, an IFRS measurement.

Please refer to page 9 of FIBRA Prologis Fourth Quarter 2015 Supplemental Financial Information for reconciliation of Net Earnings to Adjusted EBITDA.

Development Project includes industrial properties that are under development and properties that are developed but have not met Stabilization.

FFO; FFO, as defined by FIBRA Prologis; AFFO (collectively referred to as “FFO”). FFO is a commonly used measure in the real estate industry. The most directly comparable IFRS measure to FFO is net income. Although the National Association of Real Estate Investment Trusts (“NAREIT”) has published a definition of FFO, modifications to the NAREIT calculation of FFO are common among real estate companies, as companies seek to provide financial measures that meaningfully reflect their business.

FFO is not meant to represent a comprehensive system of financial reporting and does not present, nor do we intend it to present, a complete picture of our financial condition and operating performance. We believe net income computed under IFRS remains the primary measure of performance and that FFO is only meaningful when it is used in conjunction with that measure.

Further, we believe our financial statements, prepared in accordance with IFRS, provide the most meaningful picture of our financial condition and our operating performance.

NAREIT’s FFO measure adjusts net income computed under US generally accepted accounting principles (“U.S. GAAP”) to exclude among other things, gains and losses from the sales of previously depreciated properties. We agree that these NAREIT adjustments are useful to investors as real estate investment trusts (“REITs”) were created as a legal form of organization in order to encourage public ownership of real estate as an asset class through investment in firms that were in the business of long-term ownership and management of real estate. The exclusion, in NAREIT’s definition of FFO, of gains and losses from the sales of previously depreciated operating real estate assets allows investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT’s activity and assists in comparing those operating results between periods.

As we are required to present our financial information per IFRS, our “NAREIT defined FFO” uses net income computed under IFRS rather than U.S. GAAP. The significant differences between IFRS and U.S. GAAP include depreciation, which is not included in IFRS, and the mark-to-market adjustment for the valuation of investment properties, which is included in the adjustments to derive at FFO, as defined by FIBRA Prologis (see below).

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Notes and Definitions(continued)Our FFO Measures

At the same time that NAREIT created and defined its FFO measure for the REIT industry,it also recognized that “management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community.” We believe holders of CBFIs, potential investors and financial analysts who review our operating results are best served by a defined FFO measure that includes other adjustments to net income computed under IFRS in addition to those included in the NAREIT defined measure of FFO. Our FFO measures are used by management in analyzing our business and the performance of our properties and we believe that it is important that holders of CBFIs, potential investors and financial analysts understand the measures management uses.

We use these FFO measures, to: (i) evaluate our performance and the performance of our properties in comparison to expected results and results of previous periods, relative to resource allocation decisions; (ii) evaluate the performance of our management; (iii) budget and forecast future results to assist in the allocation of resources; (iv) assess our performance as compared to similar real estate companies and the industry in general; and (v) evaluate how a specific potential investment will impact our future results. Because we make decisions with regard to our performance with a long-term outlook, we believe it is appropriate to remove the effects of short-term items that we do not expect to affect the underlying long-term performance of the properties. The long-term performance of our properties is principally driven by rental income. While not infrequent or unusual, these additional items we exclude in calculating FFO, as defined by FIBRA

Prologis, are subject to significant fluctuations from period to period that cause both positive and negative short-term effects on our results of operations in inconsistent and unpredictable directions that are not relevant to our long-term outlook.We use our FFO measures as supplemental financial measures of operating performance. We do not use our FFO measures as, nor should they be considered to be, alternatives to net income computed under IFRS, as indicators of our operating performance, as alternatives to cash from operating activities computed under IFRS or as indicators of our ability to fund our cash needs.

FFO, as defined by FIBRA Prologis

To arrive at FFO, as defined by FIBRA Prologis, we adjust the NAREIT defined FFO measure to exclude:

mark-to-market adjustments for the valuation of investment properties; and foreign currency exchange gains and losses from the remeasurement (based on current foreign currency exchange rates) of assets and liabilities denominated in Pesos.

We believe investors are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in planning and executing our business strategy.

AFFO

To arrive at AFFO, we adjust FFO, as defined by FIBRA Prologis to further exclude (i) straight-line rents; (ii) recurring capital expenditures; and (iii) amortization of debt premiums and discounts and financing cost, net of amounts capitalized.

We believe AFFO provides a meaningful indicator of our ability to fund cash needs, including cash distributions to the holders of our CBFIs.

Limitations on Use of our FFO Measures

While we believe our defined FFO measures are important supplemental measures, neither NAREIT’s nor our measures of FFO should be used alone because they exclude significant economic components of net income computed under IFRS and are, therefore, limited as analytical tools. Accordingly, these are only a few of the many measures we use when analyzing our business. Some of these limitations are:Amortization of real estate assets are economic costs that are excluded from FFO. FFO is limited, as it does not reflect the cash requirements that may be necessary for future replacements of the real estate assets. Further, the amortization of capital expenditures and leasing costs necessary to maintain the operating performance of industrial properties are not reflected in FFO.Mark-to-market adjustments to the valuation of investment properties and gains or losses from property acquisitions and dispositions represent changes in value of the properties. By excluding these gains and losses, FFO does not capture realized changes in the value of acquired or disposed properties arising from changes in market conditions.The foreign currency exchange gains and losses that are excluded from our defined FFO measures are generally recognized based on movements in foreign currency exchange rates through a specific point in time. The ultimate settlement of our foreign currency-denominated net assets is indefinite as to timing and amount. Our FFO measures are limited in that they do not reflect the current period changes in these net assets that result from periodic foreign currency exchange rate movements.

We compensate for these limitations by using our FFO measures only in conjunction with net income computed under IFRS when making our decisions. This information should be read with our complete consolidated financial statements prepared under IFRS. To assist investors in compensating for these limitations, we reconcile our defined FFO measures to our net income computed under IFRS.

Please refer to page 9 of FIBRA Prologis Fourth Quarter 2015 Supplemental Financial Information for reconciliation of Net Earnings to FFO and AFFO.

Global Markets include the logistics markets of Mexico City, Guadalajara and Monterrey. These markets are highly industrialized and benefit from proximity to principal highways, airports and rail hubs.

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Notes and Definitions(continued)Net Asset Value (“NAV”). We consider NAV to be a useful supplemental measure of our operating performance because it enables both management and investors to estimate the fair value of our business. We have presented the financial results and investments relatedto our business that we believe are important in calculating our NAV but have not presented any specific methodology nor provided any guidance on the assumptions or estimates that should be used in the calculation.

Net Effective Rent is calculated at the beginning of the lease using the estimated total cash to be received over the term of the lease (including base rent and expense reimbursements) and annualized. The per square foot number is calculated by dividing the annualized net effective rent by the occupied square feet of the lease.

Net Effective Rent Change represents the change in net effective rental rates (average rate over the lease term) on new and renewed leases signed during the period as compared with the previous effective rental rates in that same space.

Net Operating Income (“NOI”) represents rental income less rental expenses.

Operating Portfolio includes stabilized industrial properties.

Regional Markets include the manufacturing markets of Tijuana, Reynosa and Ciudad Juarez. These markets are industrial centers for the automotive, electronic, medical and aerospace industries, and benefit from the ample supply of qualified labor at attractive costs and proximity to the U.S. border.

Same Store. We evaluate the operating performance of the operating properties we own using a “Same Store” analysis because the population of properties in this analysis is consistent from period to period, thereby eliminating the effects of changes in the composition of the portfolio on performance measures. Included in this analysis are all properties that were owned by FIBRA Prologis as of June 30, 2015 and began operations no later than January 1, 2014. We included the properties that were owned and managed by Prologis or its affiliates beginning January 1, 2014 through the date of FIBRA Prologis’ initial public offering. We believe the factors that impact rental income, rental expenses and NOI in the Same Store portfolio are generally the same as for the total operating portfolio.

Our Same Store measure is a measure that is commonly used in the real estate industry and is calculated beginning with rental income and rental expenses from the financial statements prepared in accordance with IFRS. It is also common in the real estate industry and expected from the analyst and investor community that these numbers also be adjusted to remove certain noncash items included in the financial statements prepared in accordance with IFRS to reflect a cash Same Store number, such as straight line rent adjustments. As this is a non-IFRS measure, it has certain limitations.

Please refer to page 23 of FIBRA Prologis Fourth Quarter 2015 Supplemental Financial Information for Same Store NOI reconciliation and change calculation.

Same Store Average Occupancy represents the average occupied percentage of the Same Store portfolio for the period.

Tenant Retention is the square footage of all leases rented by existing tenants divided by the square footage of all expiring and rented leases during the reporting period, excluding the square footage of tenants that default or buy-out prior to expiration of their lease, short-term tenants and the square footage of month-to-month leases.

Turnover Costs represent the costs incurred in connection with the signing of a lease, including leasing commissions and tenant improvements. Tenant improvements include costs to prepare a space for a new tenant and for a lease renewal with the same tenant. It excludes costs to prepare a space that is being leased for the first time (i.e. in a new development property).

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Forward-Looking Statements

The statements in this report that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations,estimates and projections about the industry and markets in which FIBRA Prologis operates, management’s beliefs and assumptions made by management. Suchstatements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,”“seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical innature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statementsrelating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, ourdebt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties andassumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, wecan give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted insuch forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and localeconomic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties,(iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring,(vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties,including risks of natural disasters, and (ix) those additional factors discussed in reports filed with the “Comisión Nacional Bancaria y de Valores” and the MexicanStock Exchange by FIBRA Prologis under the heading “Risk Factors.” FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in thisreport.

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Disclaimer

The material that follows is a presentation of general background information about FIBRA Prologis (the “FIBRA”, “we”, “us” or “our”) as of the date of thispresentation. The information in this presentation is in summary form and does not purport to be complete. This presentation is strictly confidential and may not bedisclosed to any other person. This presentation may not be photocopied, reproduced, or distributed in whole or in part to others at any time. No representation orwarranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.

This presentation should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. Suchinformation and materials (and the matters contemplated herein) do not constitute (or serve the basis for) an offer to sell or a solicitation of an offer to purchase anysecurities in any jurisdiction. Under no circumstances is this information and material to be construed as a prospectus, supplement, offering memorandum oradvertisement. Neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with anycontract or commitment whatsoever.

No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the informationpresented or contained in this presentation. Neither we nor any of Prologis, Inc. or its affiliates, advisers or representatives accepts any responsibility whatsoever forany loss or damage arising from any information presented or contained in this presentation.

This document is only made available to Professional Clients or Eligible Counterparties as defined by the Financial Conduct Authority and to persons falling within theFinancial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. An investment should only be made by personswith professional experience of participating in funds. This document is exempt from the general restrictions in Section 21 of the Financial Services and Markets Act2000 as it is aimed solely to persons to whom the document can legitimately be communicated. Prologis Private Capital UK Limited is authorized and regulated by theFinancial Conduct Authority. FRN 530724.

The use of this document in certain jurisdictions may be restricted by law. You should consult your own legal and tax advisers as to the legal requirements and taxconsequences of an investment within the countries of your citizenship, residence, domicile and place of business.

Non-Solicitation - Any securities discussed herein or in the accompanying presentations, if any, have not been registered under the Securities Act of 1933 or the securitieslaws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Actand any applicable state securities laws. Any such announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein or inthe presentations, if and as applicable.