Green Bond Fact Sheet

Prologis European Logistics Fund

Date: 15-Mar-2018

Issue date:15-Mar-2018 Maturity date: 15-Mar-2028 Tenor: 10Issuer Name

Prologis EuropeanLogistics Fund

Amount Issued

EUR300m (USD369.4m)

Country of risk

USA

CBI Database

Included

Issuer Type1

Financial Corporate

Bond TypeGreen Bond

Green Bond Framework

Link to GB Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☒ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☒ Energyperformance☒ Water performance☐ Energy storage/meters☒ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

Annual reporting on proceed allocation will be available on the company’s website
and will include information regarding total amount of proceeds allocated, numberof eligible projects, balance of unallocated proceeds and certification levels ofproperties.

Company information

Prologis is a leading logistics REIT operating at a global scale. The funds lease
distribution centres to business-to-business and retail customers.

Firsts, records andcertificationsFirst logistics investor to enter the green bond market.

Proceeds description

Proceeds will be allocated to green buildings, as well as to solar panels and wind
related projects/assets.
The building eligibility criteria requires new or existing properties to have obtained
LEED, DNGB, BREEAM, HQE or CASBEE certifications. The certification thresholds
span from middle to high end of the scales. In its SPO, Sustainalytics points out thatthe higher end of certification levels within each scheme provide greater assurance
on the performance on the building. However, it also notes that including
certification requirements for large and potentially energy intensive buildings will
positive have positive environmental impacts.
Energy and water efficiency improvements within buildings will also be financed,
along with other energy related assets, such as smart meters and renewableenergy charging stations and batteries.

Climate Bonds view

Promoting high energy performance in large logistics units is important forachieving lower property emissions overall. We agree with Sustainalytics thatsetting certification requirements in the framework is aligned with good practice,
but we hope to see certification thresholds tightened further in the future.

Underwriters

CACIB, ING, MRI, Natwest

Deal comments
Credit Rating

A3 (Moody’s), A- (S&P)

Pricing summary

The green bond has an annual interest rate of 1.750% and an issue price of
99.059% of the principal amount.

Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign