2015MARCH 2-3,

FIBRA PrologisCiti Global Property CEO ConferenceHollywood, FL

Prologis Park Los Altos, Guadalajara, Mexico

2

The statements in this report that are not historical facts are forward-looking statements. These forward-lookingstatements are based on current expectations, estimates and projections about the industry and markets in which FIBRAPrologis operates, management’s beliefs and assumptions made by management. Such statements involveuncertainties 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 toidentify such forward-looking statements, which generally are not historical in nature. All statements that addressoperating performance, events or developments that we expect or anticipate will occur in the future — includingstatements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, generalconditions in the geographic areas where we operate, our debt and financial position, are forward-looking statements.These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions thatare difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based onreasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomesand results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of thefactors 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 orunanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development ofproperties, (v) maintenance of real estate investment trust (“FIBRA”) status and tax structuring, (vi) availability offinancing 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 filedwith the “Comisión Nacional Bancaria y de Valores” and the Mexican Stock Exchange by FIBRA Prologis under theheading “Risk Factors.” FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in thisreport.

Forward-Looking Statements

3

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 this presentation. The information in this presentation is in summary form and does not purport to be complete. This presentation is strictly confidential and may not be disclosed 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 or warranty, 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. Such information 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 any securities in any jurisdiction. Under no circumstances is this information and material to be construed as a prospectus, supplement, offering memorandum or advertisement. 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 any contract 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 information presented or contained in this presentation. Neither we nor any of Prologis, Inc. or its affiliates, advisers or representatives accepts any responsibility whatsoever for any 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 the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. An investment should only be made by persons with professional experience of participating in funds. This document is exempt from the general restrictions in Section 21 of the Financial Services and Markets Act 2000 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 the Financial 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 tax consequences 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 securities laws 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 Act and 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 in the presentations, if and as applicable.

Disclaimer

Investment Highlights 5

Macroeconomic and Market Conditions 6

Portfolio Overview 8

Operating & Financial Results 11

2015 Guidance 12

Growth Opportunities 13

Capital Structure 17

Market Leading Governance & Alingment of Interest 18

NAV Building Blocks 20

Sponsor Information 21

Key Takeaways 23

Appendix 24

FIBRA Prologis Property Pictures FIBRA Prologis Management TeamNotes and Definitions

CONTENTS

Investment Highlights

Focused Investment Strategy

Prudent Capital Structure Positioned for Growth

Wiegmann Distribution Center, Germany

5

CHANGE PICTURE

High Quality Portfolio Designed to Global Standards

Significant Identified Internal and External Growth Prospect

Expert Local Team with Proven Track Record

Prologis Park Centro Industrial Juárez, Cd Juárez, México

Strong Sponsor Support from Prologis

6

Mexico Macroeconomic Conditions Keeps Improving

Population growth and rising affluence positive for domestic consumption

Consumer spending on logistics-intensive durable goods will likely accelerate in the next ten years

Increasing incidence of nearshoring; Mexico manufacturing now more competitive on a global scale

Strengthening of leading economic indicators following improvement in the U.S. macroeconomic environment

Increase in consumer confidence and retail sales Improvement in the industrial production

Expected acceleration of GDP growth in 2015

7.4

5.75.0 4.5

3.4 2.9

9.2

6.95.8 5.2 4.8

3.8

10.6

8.87.3

6.4 6.45.0

0

2

4

6

8

10

12

Toro

nto

Mon

terr

ey

Mex

ico

City

Gua

dala

jara

São

Pau

lo

Rio

De

Jane

iro

2005 2015 2025

Logistics-Intensive Consumer Spending per Capita(US $ x 1000, inflation-adjusted , PPP)

Source: Oxford Economics, Prologis Research

3.0 5.0

3.1

1.4

(4.7)

5.1 4.0 3.9

1.1 2.1

3.2

(5)(4)(3)(2)(1)0123456

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

F

2015

F

Annual Growth Long-Term Forecast

Trade Outlook, Mexico(%, yr/yr)

GDP Growth, Mexico(%)

Source: INEGI, Consensus Economics, Prologis Research

2.8

5.0 5.1

7.5

2.5

4.5 4.8

8.0

0

2

4

6

8

10

2013

2014

E

2015

F

2016

F

Imports Exports

Source: Oxford Economics, IBGE, Prologis Research

7

Mexico’s Industrial Real Estate Strong Market Fundamentals

0%

2%

4%

6%

8%

10%

12%

050

100150200250300350400450500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2011 2012 2013 2014CompletionsNet AbsorptionVacancy Rate: Mexico

Market Fundamentals, Main Mexico Markets*(msm)

Source: Prologis, CBRE, JLL”Main markets” include Mexico City, Monterrey, Guadalajara, Tijuana, Juarezand Reynosa.

050100150200250300350400450500

0

2

4

6

8

10

12

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Spread MXC Los Angeles

Source: Cap rates based on reported fund values

Mexico City vs. LA Cap Rates(%, stab cap rate) (spread, bps)

MEXICO CITY ↔↗ ↔ ↗ ↔↘

MONTERREY ↔ ↔ ↗ ↔↘

GUADALAJARA ↔↗ ↔ ↗ ↔↘

CD. JUAREZ ↗ ↗ ↗ ↘

REYNOSA ↗ ↗ ↗ ↘

TIJUANA ↗ ↗ ↗ ↘

SAO PAULO ↔ ↔ ↔↘ ↔

RIO DE JANEIRO ↔ ↔ ↔↘ ↔

1. Growth at or slightly above trend/inflationary levels. Positive Broadly Stable Negative2. Change from current level/pace. ↘  ↗ ↔ ↘  ↗

LATIN AMERICA MARKET SNAPSHOT ‐ PRIME / CORE 

Near Term Outlook NET RENTS1 OCCUPANCY2 SUPPLY2 CAP RATES

Healthy operating environment, the strongest since economic crisis

Net Absorption outpaced construction completion, causing vacancies to decline and providing momentum for rent growth

Mexico City has balanced conditions and demand is likely to break new highs versus the last cycle.

Demand in border markets has developed considerable momentum and is likely to stay ahead of the nascent supply recovery.

Cap rates expected to further compress

High-Quality Portfolio: Overview

Note: Portfolio statistics as of December 31, 2014.1. Represents average customer retention over the year 8

Key Statistics 4Q14

Number of Properties 184

Total Leasable Area (SF) 31.4mm

Operating Portfolio Occupancy 96.3%

Net Effective Rent PSF $4.74

In Place to Market % 7.0%

% GLA Global Markets 63%

% GLA Regional Markets 37%

Number of Markets Covered 6

Lease denominated in USD a % of GLA 84.4%

Average term of lease signed 33 mo.

Retention Ratio(1) > 90%

Prologis Park Apodaca Building 3, Monterrey

Prologis Park Izcalli Building 13, Mexico City

Focused Investment Strategy

9

Global Logistics Markets (63% of ABR / 96.4% Occ.)

Highly industrialized and benefit from proximity to principal highways, airports and rail hubs

Demand for space has returned to peak levels in Mexico City

Higher demand from logistics operators and consumer companies seeking larger spaces as well as from E-commerce expansions

In recent years characterized by high space absorption, low vacancies and increasing rents

Underpinned by strong and growing internal consumption

Mexico CityPopulation: ~20.0mmPortfolio Occupancy: 95.9%NER: $5.17 / sf

GuadalajaraPopulation: ~5.0mmPortfolio Occupancy: 98.5%NER: $4.64 / sf

MonterreyPopulation: ~5.0mmPortfolio Occupancy: 94.1%NER: $4.98 / sf

Regional Manufacturing Markets (37% of ABR / 96.1% Occ.)

Industrial centers for the automotive, electronic, medical, aerospace and other industries

Strong interest among different geographies and industries from new companies entering the country and plant expansions.

Manufacturing exports are receiving added stimulus from lower oil prices and decline in peso.

Benefit from ample supply of qualified labor at attractive costs and proximity of these markets to the U.S. border

FIBRA Prologis is well positioned to take advantage of growth of manufacturing facilities in Mexico

ReynosaPopulation: ~1.2mmPortfolio Occupancy: 98.2% NER: $4.61 / sf

TijuanaPopulation: ~1.5mmPortfolio Occupancy: 100.0%NER: $4.18 / sf

Ciudad JuarezPopulation: ~1.3mmPortfolio Occupancy: 88.0%NER: $4.20 / sf

Note: Operating portfolio statistics as of December 31, 2014Source: United Nations Statistics Division1. Industrial stock in SF

Portfolio

Mexico CityIndustrial Stock: 10.4mm

GuadalajaraIndustrial Stock: 5.9mm

MonterreyIndustrial Stock: 3.4mm

ReynosaIndustrial Stock: 4.4mm

TijuanaIndustrial Stock: 4.2mm

Ciudad JuarezIndustrial Stock: 3.1mm

Global Logistics Markets(1) Regional Manufacturing Markets(1)

10

High-Quality Portfolio: Blue Chip Global Customer Roster

Industry: Software Logistics Electronics

# leases with FIBRA Prologis:

2 7 4 2 4 44 21 3

HeadQuarter:

Logistics

84.4% Dollar Denominated Leases

AutomotiveHome/DecorLogistics RetailRetailWood

Note: Portfolio statistics as of December 31, 2014

4.0%

2.4%2.0% 1.9% 1.9% 1.6% 1.4% 1.4% 1.3% 1.3%

IBM deMéxico, S. de

R.L

DHLMetropolitan

LogisticsMexico SA CV

AraucomexS.A. de C.V.

LGElectronics Hi

LogisticsMexico

Nueva WalMart de

Mexico, S. deR.L. de C.V.

GeodisGlobal

SolutionsCorporate

SAS

Ryder CapitalS. de R.L. de

C.

El Palacio deHierro, S.A.

de C.V.

SpringsWindow

Fashions deMexico

JohnsonControls

AutomotrizMexico

11

Operating & Financial Results

93.6%  93.2% 94.3% 

95.3%96.3% 

85%

90%

95%

100%

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Period Ending Occupancy - Operating Portfolio

Historical information prior to June 4, 2014 includes information from periods prior to the ownership of the properties by FIBRA Prologis.1. U.S dollar amounts have been translated from Pesos to U.S dollars at an exchange rate of Ps.14.7348 per US$1.00, the exchange rate in effect as of December 31, 2014. Quarterly distributions per CBFI presented are stated at actual exchange rate.

5.2%

11.5%

7.2%  7.5%

13.4%

%

4%

8%

12%

16%

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Net Effective Rent Change

172174176178180182184186

24

26

28

30

32

Q2 2014 Q3 2014 Q4 2014

Assets Under Managementmsf

initial porfolio(msf)

acquisitions(msf)

# of Properties

 $‐

 $0.01

 $0.02

 $0.03

 $0.04

 $0.05

Q2 2014 Q3 2014 Q4 2014

Financial Results per CBFI(1)

USD/CBFI

AFFO FFO Adj EBITDA

# of properties

2015 Guidance

12

CHANGE PICTURE

Year End Occupancy 95.25% - 96.25%

Cash SS NOI Growth 4.5% - 5.5%

G&A USD $17M - $19M

Acquisition USD $130M - $170M

FFO (USD/CBFI) $0.16 - $0.17 / CBFI(1)

(1) Excluding FX impact on VAT receivable

Pacifico Industrial Center 2, Tijuana, México

13

Internal Growth Potential

20.5% 20.1%

13.3%14.1%

12.4%

19.6%

2015 2016 2017 2018 2019 2020 +

Lease Expiry Profile by Annualized Base Rent (ABR)

Note: Portfolio statistics as of December 31, 2014

96.3% year end occupancy

Net effective rent growth of 9.0% for the full 2014, expecting growth trend to continue in 2015 and 2016.

~ 40.6% of total lease GLA by ABR is scheduled to expire through 2016

Current rents are significantly below replacement-cost justified rents

In place rents are 7% below market. Expected growth as leases roll to market

Majority of leases currently contain contractual and annual rental rate increases of ~ 2.5%

Embedded Growth – increasing occupancy and rent

14

Identified External Growth Pipeline

Prologis owns ~3.0 million square feet of stabilized and properties under development

All properties developed by Prologis are subject to a right of first refusal held by FIBRA Prologis

Prologis owns ~587 acres that could support ~10.5 million buildable square feet of industrial space

Expansion opportunities located at existing industrial parks

Approximately 77% of total land is located in Global Market and 23% in Regional Markets (based on gross book value)

Prologis has granted FIBRA Prologis exclusivity in relation to third-party acquisitions in Mexico

Note: Portfolio statistics as of December 31, 2014

Land Bank / AcquisitionsPotential GLA Growth – FIBRA Prologis (MSF)

(MSF)

Ability to grow portfolio more

than 40%31.5

Current - FIBRA Prologis

10.5

Prologis Land Bank and

Expansion Land

Potential - FIBRA Prologis

45.0

3.0

Un-stabilized Prologis

Properties

Prologis Mexico Historical Development Deployment & Trends

15

 $‐

 $50

 $100

 $150

 $200

 $250

 $300

Prologis Mexico Historical Development Starts$ in millions

Mexico City50.6%

Guadalajara9.5%

Monterrey12.9%

Juarez8.1%

Reynosa10.9%

Tijuana8.0%

Prologis Mexico Historical Development Deployment

Global Market76.7%

Regional Markets23.3%

Prologis Mexico Land Bank Build Out Potential(1)

1. Data as of December 31, 2014

Construction Completions vs. Demand by Market(sf, in millions and %(1); trailing four quarters)

Capital deployed over last 10 years per market

0 2 4 6 8

Guadalajara

Reynosa

Tijuana

Monterrey

Juarez

Mexico City

2014 Completions, msf 2014 Net Absorption, msf

Projected buildable GLA

16

Well Established Expansion Opportunities – Prologis Park Apodaca, Monterrey

Current GLA 0.9 MSFUnder construction GLA 0.5 MSFBuild-out potential GLA 0.9 MSFTotal 2.3 MSF

17

Prudent Capital Structure Poised for Growth

Capital Structure (1)

Dollar denominated debt

Debt face value $650M Secured debt $550M

Credit facility $100M

Debt metrics in compliance with covenants

Loan-to-value(2) 26.0%

Debt Service Coverage 3.32x

Debt to EBITDA 4.34x

1. As of December 31, 2014.2. Calculated using net debt, debt less cash and VAT. As of December 31, 2014 debt at par and VAT receivables and cash amounted to $650 mm and $163 mm, respectively.

Significant Liquidity ~ $313M

Revolving Credit Facility Key Terms

$150M line of credit (with additional capacity of $100M

accordion feature)

Initial 3-year term with 1-year extension option

Three month LIBOR plus 350bps

~ $145M VAT receivable

$18M cash

Secured Debt Maturity Schedule (1)

Floating15%

Fixed vs. Floating Debt (1)

($ in millions)WAT ~ 2.5 yrs

WAR 5.6%

$257 $214

$79

2016 2017 2018

Fixed85%

18

Setting the Bar on Alignment and Governance

Alignment of Interests Implications

Significant Prologis Ownership Prologis is the largest CBFI holder approximately 46%

Independent Technical Committee

Majority of the Technical Committee is independent: 4 out of 7 Subcommittees are wholly independent (Audit, Practices) except

Indebtedness Independent members of T.C. approve transactions with related parties or

which may represent a conflict of interest with a value of less than 9.9% of FIBRA Prologis’ asset value

CBFI Holders Right to Vote

The CBFI holders have the right to vote on certain important decisions including policies raised by the board, the removal of the manager and change in new fee structures

The CBFI holders have the right to approve (i) any investment with a value of 20% or more of FIBRA Prologis’ asset value and (ii) any investment with a value of 10% or more of FIBRA Prologis’ asset value if it represents a related party transaction.

Exclusivity

FIBRA Prologis has exclusivity on third party acquisitions in Mexico (Outside development or redevelopment projects)

Right of first refusal on Prologis land bank and developed properties subject to certain limitations

Termination Fees No termination fees

19

Transparent and Aligned Fee Structure

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

20

NAV Building Blocks

Note: Data as of December 31, 20141. Adjusted cash NOI stabilized for 95% occupancy2. Stabilized capitalization rates3. Debt at par value

ComponentsNet Asset Value Range

Expansion under construction, including estimated value creationDevelopment project $10,841

FMV as of December 31, 2014Land $3,540

Net working capital, other real estate related assets andliabilitiesNet other assets $149,671

Cash NOI $140,400(1) / 7.53% - 7.25%(2)NOI from operating portfolio $1,865,000 - $1,937,000

Net asset value $1,378,594 - $1,450,604

NAV per CBFI in USD $2.17 - $2.29

Par valueDebt (3) ($650,000)

CBFI Outstanding 634,479

($ in 000’s, except per share data)

NAV per CBFI in Ps. Ps. 31.47 - Ps. 33.21 Exchange rate Ps.14.50 per U.S.$1

World’s Largest Industrial Property Company

Note: Data as of December 31, 20141. Based on fair market value of investment management co-investment ventures and estimated investment capacity 2. The co-investment count excludes Prologis DFS Fund I due to the size of the venture 21

• Leading global owner, operator and developer of industrial real estate with 590 million square feet of space

• $52.8 billion(1) in assets under management, across 21 countries and four continents

• $19.4 billion(1) in 3rd party strategic capital assets in 11 geographically diverse co-investments(2)

• $3.2 billion global development pipeline and $1.8 billion land bank to fuel future starts

• Breadth and depth of management team unparalleled in the real estate industry

• Long history of industry-leading corporate governance and transparency

22Note: Data as of December 31, 2014

Leading Customer Brand% Net Effective Rent (NER) Number of

CountriesNumber of

Markets

15 36

12 26

12 22

10 18

4 8

3 12

1 6

1 6

5 6

3 4

2 14

9 17

2 8

6 8

4 9

3 6

5 11

3 7

1 2

6 180.4%

0.4%

0.5%

0.5%

0.5%

0.5%

0.6%

0.6%

0.7%

0.7%

0.7%

0.8%

0.8%

0.9%

0.9%

1.0%

1.2%

1.4%

1.4%

2.1%

% U.S.% International

6%10%

% NER of Top 20 Customers

% Total Top 20 16%

Key Takeaways

Continue to Grow our Portfolio, Rents and Unit Holder Value

Prudent Capital Structure Positioned for Growth

Wiegmann Distribution Center, Germany

23

CHANGE PICTURE

Prologis Park Centro Industrial Juárez, Cd Juárez, México

Expert Local Team with 25 years of Proven Track Record

Focused Investment Strategy, Portfolio of Highest Quality Logistics Facilities

Strong Macroeconomic and Market Conditions

Strong Sponsor Support

4Q14 Financial & Operating Results

Prologis Park Tres Rios 5, Cuatitlan, Mexico

Appendix

25

Prologis Park Tres Rios Building 1, Mexico City

26

Toluca 4, Toluca, Estado de Mexico

27

Prologis Park Pharr Bridge Building 3, Reynosa

28

Parque Jalisco, Guadalajara

29

FIBRA Prologis Management Team – Unparalleled Experience

Luis Gutiérrez Chief Executive Officer

Mr. Gutiérrez has approximately 26 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 25 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 20 years of experience in the office, industrial, retail and residential real estate sectors. His experience includes real estatestructuring, financing and fund raising. Mr. Girault has significant experience managing Prologis’ equity and debt raising activities, and is anofficer of Prologis Mexico Manager, S. de R.L. de C.V., manager of Prologis México Fondo Logístico, another Mexican industrial real estateinvestment vehicle managed by an affiliate of Prologis. Mr. Girault started his professional carrier at G. Acción, where he acted as ProjectManager, Investor Relations VP and CFO. He is currently a member of the technical committee of Prologis Mexico Fondo Logístico and is apart time professor at the Business School of Universidad Iberoamericana. Mr. Girault has an Industrial Engineering degree from UniversidadPanamericana and an MBA from Universidad Iberoamericana.

30

Notes and DefinitionsPlease refer to our financial statements as prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and filed with the Mexican National Banking and Securities Commission (Comision Nacional Bancaria y de Valores (“CNBV”)) and other public reports for further information about us and our business. On June 4, 2014, FIBRA Prologis began trading on the Mexican Stock Exchange and also acquired an industrial portfolio of 177 properties. In December 2014, FIBRA Prologis invested approximately $1,541 million Mexican pesos ($110 million U. S. dollars) including closing cost, in six new Prologis properties located in Mexico City and Guadalajara, with an aggregate gross leasable area of 1,558,484 square feet. Acquisition 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 US 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. Calculation of Per CBFI Amounts is as follows (in thousands, except per share amounts): Three Months Ended For the period from June 4

December 31, 2014 through December 31, 2014Ps. US$ Ps. US$

EarningsNet income ............................................................................ 558,899 37,932 911,001 61,827

Weighted average CBFIs outstanding - Basic and Diluted ... 631,756 631,756 621,360 621,360Earnings per CBFI- Basic and Diluted 0.88 0.06 1.47 0.10

FFO FFO, as defined by FIBRA Prologis ...................................... 334,516 22,703 748,490 50,798

Weighted average CBFIs outstanding - Basic and Diluted ... 631,756 631,756 621,360 621,360

FFO per CBFI – Basic and Diluted 0.53 0.04 1.20 0.08

 Debt Metrics. See below for the detailed calculations for the respective period (in thousands):

December 31, 2014 September 30, 2014 (A) Ps. US$ Ps. US$ Debt, less cash and VAT, as a % of investment properties

Total debt - at par .............................................................. 9,573,445 649,717 7,451,292 552,394Less: cash ........................................................................... (267,711) (18,169) (477,593) (35,406)Less: VAT receivable .......................................................... (2,127,800) (144,406) (1,963,272) (145,545)Total debt, net of adjustments ............................................ 7,177,934 487,142 5,010,427 371,443Investment properties ......................................................... 27,563,010 1,870,606 23,113,650 1,713,506

  Debt, less of cash and VAT, as a % of investment properties 26.0% 26.0% 21.7% 21.7%

Fixed Charge Coverage ratio:

Adjusted EBITDA ................................................................ 413,350 28,053 396,144 29,367

Finance costs ...................................................................... 117,854 7,998 108,984 8,079

Amortization of deferred finance costs ............................... 3,960 269 3,731 277Total fixed charges ............................................................. 121,814 8,267 112,715 8,356

Fixed charge coverage ratio  3.32x 3.32x 3.51x 3.51xDebt to Adjusted EBITDA:

Total debt, net of adjustments ............................................ 7,160,134 485,933 5,010,427 371,443

Adjusted EBITDA annualized ............................................. 1,653,400 112,212 1,584,576 117,468

Debt to Adjusted EBITDA ratio  4.33x 4.33x 3.16x 3.16x

 (A) The U.S. dollar amounts have been translated from Pesos into U.S. dollars at an exchange rate of Ps. 14.7348 per $1.00, the exchange rate in effect as of December 31, 2014.

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Notes and Definitions (continued)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). 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 andnegative short-term effects on our results of operations in inconsistent and unpredictable directionsthat 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 incomecomputed under IFRS, as indicators of our operating performance, as alternatives to cash fromoperating 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: (i) mark-to-market adjustments for the valuation of investment properties; and (ii) 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 ourmanagement 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 andfinancing 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, neitherNAREIT’s nor our measures of FFO should be used alone because they exclude significanteconomic 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 ourbusiness. 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 futurereplacements of the real estate assets. Further, the amortization of capital expenditures and leasing costs necessary to maintain the operating performance of industrial properties are notreflected in FFO.

Mark-to-market adjustments to the valuation of investment properties and gains or losses fromproperty acquisitions and dispositions represent changes in value of the properties. Byexcluding these gains and losses, FFO does not capture realized changes in the value ofacquired or disposed properties arising from changes in market conditions.

The foreign currency exchange gains and losses that are excluded from our defined FFOmeasures are generally recognized based on movements in foreign currency exchange ratesthrough 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 donot reflect the current period changes in these net assets that result from periodic foreigncurrency 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  

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Notes and Definitions (continued)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. Fixed Charge Coverage is defined as Adjusted EBITDA divided by total fixed charges. Fixed charges consist of net interest expense adjusted for amortization of finance costs and debt discount (premium) and capitalized interest. We use fixed charge coverage to measure our liquidity. We believe that fixed charge coverage is relevant and useful to investors because it allows fixed income investors to measure our ability to make interest payments on outstanding debt and make dividends to holders of our CBFIs. Our computation of fixed charge coverage may not be comparable to fixed charge coverage reported by other companies. 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. 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 related to 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 December 31, 2014 and began operations no later than January 1, 2013. We included the properties that were owned and managed by Prologis or its affiliates beginning January 1, 2013 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 non-cash 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 hascertain limitations as an analytical tool and may vary among real estate companies. 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 squarefootage 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, includingleasing 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). Value-Added Acquisitions (“VAA”) are properties we acquire for which we believe the discount in pricing attributed to the operating challenges could provide greater returns post-stabilization than the returns of stabilized properties that are not Value-Added Acquisitions. Value Added Acquisitions must have one or more of the following characteristics: (i) existing vacancy in excessof 20%; (ii) short term lease roll-over, typically during the first two years of ownership; (iii) significant capital improvement requirements in excess of 10% of the purchase price and must beinvested within the first two years of ownership. These properties are not included in the operating portfolio.

Value Creation represents the value that we will create through our development and leasing activities. We calculate value creation by estimating the NOI that the property will generate atStabilization and applying an estimated stabilized capitalization rate applicable to that property. Thevalue creation is calculated as the amount by which the estimated value exceeds our total expected investment and does not include any fees or promotes we may earn. This can alsoinclude realized economic gains from value-added conversion properties.