THE AMB PROPERTY CORPORATION 2011
 NOTIONAL ACCOUNT DEFERRED COMPENSATION PLAN




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TABLE OF CONTENTS
 PageARTICLE 1.DEFINITIONS1.1
    
    Account Balance
    
    
    11.2
    
    Administrator
    
    
    11.3
    
    Annual Installment Method
    
    
    11.4
    
    Beneficiary
    
    
    21.5
    
    Beneficiary Designation Form
    
    
    21.6
    
    Board
    
    
    21.7
    
    Change in Control
    
    
    21.8
    
    Change in Control Benefits
    
    
    31.9
    
    Claimant
    
    
    31.10
    
    Code
    
    
    31.11
    
    Committee
    
    
    31.12
    
    Company
    
    
    31.13
    
    Deduction Limitation
    
    
    31.14
    
    Director
    
    
    31.15
    
    Disability
    
    
    31.16
    
    Disability Benefits
    
    
    41.17
    
    Election Form
    
    
    41.18
    
    Employee
    
    
    41.19
    
    Employer(s)
    
    
    41.20
    
    ERISA
    
    
    41.21
    
    Exchange Act
    
    
    41.22
    
    First Plan Year
    
    
    41.23
    
    Fixed Date Payout
    
    
    41.24
    
    Initial Account Credit
    
    
    41.25
    
    Measurement Fund
    
    
    41.26
    
    Merger
    
    
    41.27
    
    Merger Agreement
    
    
    41.28
    
    Non-Employee Director
    
    
    41.29
    
    Notional Earnings Account
    
    
    51.30
    
    Participant
    
    
    51.31
    
    Partnership
    
    
    51.32
    
    Plan
    
    
    51.33
    
    Plan Year
    
    
    51.34
    
    Pre-Retirement Survivor Benefits
    
    
    51.35
    
    Quarterly Installment Method
    
    
    51.36
    
    Retirement, Retire(s) or Retired
    
    
    51.37
    
    Retirement Benefits
    
    
    51.38
    
    Separation from Service
    
    
    51.39
    
    Disability Leave
    
    
    7
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Page1.40
    
    Termination Benefits
    
    
    71.41
    
    Termination of Employment
    
    
    71.42
    
    Trust
    
    
    71.43
    
    Unforeseeable Financial Emergency
    
    
    71.44
    
    Years of Service
    
    
    7ARTICLE 2. SELECTION, ENROLLMENT, ELIGIBILITY2.1
    
    Selection by Administrator
    
    
    82.2
    
    Enrollment Requirements
    
    
    82.3
    
    Eligibility Requirements; Commencement of Participation
    
    
    82.4
    
    Termination of Participation
    
    
    8ARTICLE 3.INITIAL ACCOUNT CREDITS/CREDITING/TAXES3.1
    
    Notional Earnings Accounts
    
    
    83.2
    
    Vesting
    
    
    93.3
    
    Earnings Credits or Losses
    
    
    93.4
    
    Distributions
    
    
    10ARTICLE 4.FIXED DATE PAYOUTS4.1
    
    Fixed Date Payout
    
    
    104.2
    
    Redeferral
    
    
    104.3
    
    Other Benefits Take Precedence Over Fixed Date
    
    
    10ARTICLE 5.DISTRIBUTIONS5.1
    
    Retirement Benefit
    
    
    115.2
    
    Pre-Retirement Survivor Benefit
    
    
    115.3
    
    Termination Benefit
    
    
    115.4
    
    Change in Control Benefit
    
    
    125.5
    
    Disability Benefit
    
    
    125.6
    
    Delayed Distributions for Employee Participants
    
    
    125.7
    
    Cash Distributions
    
    
    12ARTICLE 6.UNFORESEEABLE FINANCIAL EMERGENCIES6.1
    
    Withdrawal Payout for Unforeseeable Financial Emergencies
    
    
    12
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PageARTICLE 7. BENEFICIARY DESIGNATION7.1
    
    Beneficiary
    
    
    137.2
    
    Beneficiary Designation; Change; Spousal Consent
    
    
    137.3
    
    Acknowledgment
    
    
    137.4
    
    No Beneficiary Designation
    
    
    137.5
    
    Doubt as to Beneficiary
    
    
    137.6
    
    Discharge of Obligations
    
    
    13ARTICLE 8.TERMINATION, AMENDMENT OR MODIFICATION8.1
    
    Termination With Respect to Account Balances
    
    
    148.2
    
    Amendment
    
    
    148.3
    
    Effect of Payment
    
    
    14ARTICLE 9.ADMINISTRATION9.1
    
    Administrator Duties
    
    
    149.2
    
    Binding Effect of Decisions
    
    
    159.3
    
    Committee
    
    
    159.4
    
    Indemnification
    
    
    159.5
    
    Employer Information
    
    
    15ARTICLE 10.CLAIMS PROCEDURES10.1
    
    Presentation of Claim
    
    
    1510.2
    
    Notification of Decision
    
    
    1610.3
    
    Review of a Denied Claim
    
    
    1610.4
    
    Decision on Review
    
    
    1710.5
    
    Designation
    
    
    1710.6
    
    Arbitration
    
    
    17ARTICLE 11.TRUST11.1
    
    Establishment of the Trust
    
    
    1711.2
    
    Interrelationship of the Plan and the Trust
    
    
    1811.3
    
    Investment of Trust Assets
    
    
    1811.4
    
    Distributions From the Trust
    
    
    18ARTICLE 12.MISCELLANEOUS12.1
    
    Status of Plan
    
    
    18
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Page12.2
    
    Unsecured General Creditor
    
    
    1812.3
    
    Employers Liability
    
    
    1812.4
    
    Non-Assignability
    
    
    1812.5
    
    Tax Withholding
    
    
    1912.6
    
    Coordination with Other Benefits
    
    
    1912.7
    
    Compliance
    
    
    1912.8
    
    Not a Contract of Employment
    
    
    1912.9
    
    Furnishing Information
    
    
    1912.10
    
    Governing Law
    
    
    1912.11
    
    Notice
    
    
    1912.12
    
    Successors
    
    
    2012.13
    
    Spouses Interest
    
    
    2012.14
    
    Validity
    
    
    2012.15
    
    Incompetent
    
    
    2012.16
    
    Court Order
    
    
    2012.17
    
    Accelerated Distributions, Trust Distributions and Plan Interpretation
    
    
    2012.18
    
    Insurance
    
    
    2112.19
    
    Status of Company as a REIT
    
    
    21
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THE AMB PROPERTY CORPORATION 2011
 NOTIONAL ACCOUNT DEFERRED COMPENSATION PLAN
 Purpose
 Company Plan
  ARTICLE 1.  DEFINITIONS
  Account Balance
 Administrator
 Annual Installment Method




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Beneficiary
 Beneficiary Designation Form
 Board
 Change in Control
  Person provided, however Beneficial
Owner
  provided, that
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Change in Control Benefits
 Claimant
 Code
 Committee
 Company
 Deduction Limitation Section 3.3
 Director
 Disability
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Disability Benefits Section 5.5
 Election Form
 Employee
 Employer(s)
 ERISA
 Exchange Act
 First Plan Year
 Fixed Date Payout
 Initial Account Credit
 Measurement Fund Section 3.3(c)
 Merger
 Merger Agreement
 Non-Employee Director
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Notional Earnings Account
 Participant
 Partnership
 Plan
 Plan Year
 Pre-Retirement Survivor Benefits
 Quarterly Installment Method
 Retirement Retire(s) Retired
 Retirement Benefits
 Separation from Service bona fide
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bona fide
  shall be presumed
      bona fide provided
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bona fide bona fide bona fide bona fide
 Disability Leave
 Termination Benefits
 Termination of Employment
 Trust
 Unforeseeable Financial Emergency
 Years of Service
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provided, however Break
in Service
 ARTICLE 2.  SELECTION, ENROLLMENT, ELIGIBILITY
 Selection by Administrator Section 2.2 Exhibit A
 Enrollment Requirements
 Eligibility Requirements; Commencement of Participation
 Eligibility; Commencement of Participation
 Termination of Participation
 ARTICLE 3.  INITIAL ACCOUNT CREDITS/CREDITING/TAXES
 Notional Earnings Accounts Section
3.3
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Vesting
 Earnings Credits or Losses
 Election of Measurement Funds Section 3.3(c)
 Proportionate Allocation Section
3.3(a)
 Measurement Funds
 Crediting or Debiting Method
 No Actual Investment shall not
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Distributions
 ARTICLE 4.  FIXED DATE PAYOUTS
 Fixed Date Payout Fixed
Date Payout Earliest
Fixed Date Payout Date
 Redeferral Section
4.1 provided, however
 Other Benefits Take Precedence Over Fixed Date
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ARTICLE 5.  DISTRIBUTIONS
 Retirement Benefit
 Retirement Benefit Section 5.6,
 Death Prior to Completion of Retirement Benefit or Termination Benefit Section 5.6 Section 5.1 Section 5.3 Section 5.1 Section 5.3
 Pre-Retirement Survivor Benefit Section 5.6
 Termination Benefit Section 5.6
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Change in Control Benefit Section 5.6 Section 5.4
 Disability Benefit Section 5.6 Section 5.5 Section
5.1 Section 5.3 Section 5.1 Section
5.3
 Delayed Distributions for Employee Participants Section 5.6
 Cash Distributions
 ARTICLE 6.  UNFORESEEABLE FINANCIAL EMERGENCIES
 Withdrawal Payout for Unforeseeable Financial Emergencies Section 5.3
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Section 6.1
 ARTICLE 7.  BENEFICIARY DESIGNATION
 Beneficiary
 Beneficiary Designation; Change; Spousal Consent
 Acknowledgment
 No Beneficiary Designation Sections 7.1 7.2 7.3
 Doubt as to Beneficiary
 Discharge of Obligations
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ARTICLE 8.  TERMINATION, AMENDMENT OR MODIFICATION
 Termination With Respect to Account Balances
 Amendment provided, however
 Effect of Payment
 ARTICLE 9.  ADMINISTRATION
 Administrator Duties
  14




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Binding Effect of Decisions
 Committee
 Indemnification
 Employer Information
 ARTICLE 10.  CLAIMS PROCEDURES
 Presentation of Claim Claimant
 15




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Notification of Decision
       Section 10.2
 Review of a Denied Claim
  16




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Decision on Review
      Designation
 Arbitration Section 10.4
 ARTICLE 11.  TRUST
 Establishment of the Trust
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Interrelationship of the Plan and the Trust
 Investment of Trust Assets
 Distributions From the Trust
 ARTICLE
12.  MISCELLANEOUS
 Status of Plan
 Unsecured General Creditor
 Employers Liability
 Non-Assignability
 18




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Tax Withholding
 Distributions
 Coordination with Other Benefits
 Compliance
 Not a Contract of Employment
 Furnishing Information
 Governing Law
 Notice
 19




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Successors
 Spouses Interest
 Validity
 Incompetent
 Court Order
 Accelerated Distributions, Trust Distributions and Plan Interpretation
 Accelerated Distributions
 20




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Trust Distributions
 Plan Interpretation
 Insurance
 Status of Company as a REIT et seq
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AMB PROPERTY CORPORATION/s/ Nancy J. HemmenwayNancy J. HemmenwaySenior Vice President, Human ResourcesAMB PROPERTY, L.P./s/ Nancy J. HemmenwayNancy J. HemmenwaySenior Vice President, Human Resources 22