Document:

Exhibit 4.3

 

PROLOGIS EURO FINANCE
LLC

 

Officers’
Certificate

 

February 16, 2021

 

The undersigned officers
of Prologis Euro Finance LLC (the “Company”), acting pursuant to the written consent of the Trustee of Prologis,
which is the sole member of the Company, on February 2, 2021, hereby establish a series of debt securities by means of this Officers’
Certificate in accordance with the Indenture, dated as of August 1, 2018 (the “Base Indenture,” and as supplemented
by the First Supplemental Indenture thereto, the “Indenture”), among the Company, Prologis, L.P., as parent
guarantor, and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms used but not defined
in this Officers’ Certificate shall have the meanings ascribed to them in the Indenture.

 

1.000% Notes due 2041

 

1.         
The series shall be entitled the “1.000% Notes due 2041” (the “Notes”) and shall be a series
of Euro Notes as defined in the First Supplemental Indenture.

 

2.          
The Notes initially shall be limited to an aggregate principal amount of €500,000,000 (except in each case for Notes
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of or within the Series
pursuant to Section 304, 305, 306, 906, 1107 or 1305 of the Base Indenture); provided, the Company may increase such aggregate
principal amount upon the action of the Board of Directors to do so from time to time.

 

3.          
The Notes shall bear interest at the rate of 1.000% per annum. The aggregate principal amount of the Notes is payable at
maturity on February 16, 2041. The interest on this Series shall accrue from and including February 16, 2021 or from and including
the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for. Interest on the
Notes shall be payable annually in arrears on February 16 of each year (each an “Interest Payment Date”), commencing
on February 16, 2022. Interest shall be paid to persons in whose names the Notes are registered on the February 1 preceding the
Interest Payment Date, whether or not a Business Day (each a “Regular Record Date”).

 

4.          
The Notes may be surrendered for registration of transfer or exchange and notices or demands to or upon the Company in respect
of the Notes and the Indenture may be served at the Corporate Trust Office of the Paying Agent, located at 125 Old Broad Street,
London EC2N 1AR, United Kingdom. The principal of the Notes payable at maturity or upon earlier redemption shall be paid against
presentation and surrender of the Notes at the Corporate Trust Office of the Paying Agent.

 

5.          
The Notes may be redeemed in whole at any time or in part from time to time, prior to August 16, 2040, at the option of
the Company, upon notice of not more than 60 or less than 15 days prior to the Redemption Date, at a redemption price (the “Make-Whole
Amount”) equal to the greater of

 

(1) 100% of
the principal amount of the Notes to be redeemed; or

 

(2) the sum
of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, that would be
due if the Notes matured on August 16, 2040, (exclusive of interest accrued to the Redemption Date) discounted to the Redemption
Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 20 basis points, plus accrued
and unpaid interest, if any, on the principal amount being redeemed to, but excluding, the Redemption Date.

 

     

     

    

 

Notwithstanding the
foregoing, if the Notes are redeemed on or after August 16, 2040, the Redemption Price shall be 100% of the principal amount of
the Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but excluding, the
Redemption Date.

 

In each case the Company
shall pay accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.

 

The following definitions
apply with respect to the Make-Whole Amount:

 

“Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent
Investment Banker, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed (assuming that
the Notes matured on August 16, 2040), or if the Independent Investment Banker in its discretion determines that such similar bond
is not in issue, such other German government bond as such Independent Investment Banker may, with the advice of the Reference
Bond Dealers, determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Comparable
Government Bond Rate” means the price (i.e., yield), expressed as a
percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes
to be redeemed, if they were to be purchased at such price on the third Business Day prior to the Redemption Date, would be equal
to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of
the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an Independent Investment
Banker.

 

“Independent
Investment Banker” means an independent investment bank that the Company
appoints to act as the Independent Investment Banker from time to time.

 

“Reference
Bond Dealer” means three firms that are brokers of, and/or market makers in German
government bonds (each a “Primary Bond Dealer”) which the Company specifies from time to time; provided,
however, that if any of them ceases to be a Primary Bond Dealer, the Company shall substitute another Primary Bond Dealer.

 

In addition, if,
as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the
United States (or any taxing authority thereof or therein), or any change in, or amendments to, an official position
regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after February 2, 2021, the Company becomes or, based upon a written opinion of independent counsel
selected by the Company, will become obligated to pay Additional Amounts with respect to the Notes, then the Notes may be
redeemed at the option of the Company, in whole, but not in part, at a redemption price (the “Tax Redemption
Price”) equal to 100% of the principal amount of the Notes, together with accrued and unpaid interest on the Notes
to, but not including, the Redemption Date. Notice of any redemption shall be transmitted to Holders not more than 60 nor
less than 15 days prior to the Redemption Date.

 

    2

     

    

 

If notice of redemption
has been given as provided in the Base Indenture and the preceding paragraph, and funds for the redemption of any Notes called
for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes shall cease to bear
interest on the Redemption Date and the only right of the Holders of the Notes from and after the Redemption Date shall be to receive
payment of the Redemption Price or Tax Redemption Price, as applicable, upon surrender of such Notes in accordance with such notice.

 

6.          
All payments in respect of the Notes shall be made by or on behalf of the Company without withholding or deduction for,
or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature, imposed or levied
by the United States or any taxing authority thereof or therein, unless such withholding or deduction is required by law. If such
withholding or deduction is required by law, the Company shall, subject to certain exceptions provided for herein, pay to a Holder
who is not a United States person such additional amounts (the “Additional Amounts”) on the Notes as are necessary
in order that the net payment by the Company or the Paying Agent of the principal of, and premium or Redemption Price, if any,
and interest on, the Notes to such Holder, after such withholding or deduction, shall not be less than the amount provided in the
Notes to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply:

 

(i)             
to any tax, assessment or other governmental charge that would not have been imposed but for the Holder, or a fiduciary,
settlor, beneficiary, member or shareholder of the Holder if the Holder is an estate, trust, partnership or corporation, or a person
holding a power over an estate or trust administered by a fiduciary holder, being considered as:

 

(a)              
being or having been engaged in a trade or business in the United States or having or having had a permanent establishment
in the United States or having or having had a qualified business unit which has the U.S. Dollar as its functional currency;

 

(b)              
having a current or former connection with the United States (other than a connection arising solely as a result of the
ownership of the Notes, the receipt of any payment or the enforcement of any rights thereunder) or being considered as having such
relationship, including being or having been a citizen or resident of the United States;

 

(c)              
being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation
with respect to the United States or a foreign personal holding company that has accumulated earnings to avoid United States federal
income tax;

 

    3

     

    

 

(d)               being
or having been an owner of a 10% or greater interest in the capital or profits of the Company within the meaning of
Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any
successor provision; or

 

(e)              
being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary
course of its trade or business;

 

(ii)            
to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership
or limited liability company, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial
owner or member of the partnership or limited liability company would not have been entitled to the payment of an Additional Amount
had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;

 

(iii)           
to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or
any other person to comply with certification, identification or information reporting requirements concerning the nationality,
residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required
by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the
United States is a party as a precondition to exemption from such tax, assessment or other governmental charge;

 

(iv)           
to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying
agent from the payment;

 

(v)           
to any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation,
or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly
provided for, whichever occurs later;

 

(vi)          
to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax,
assessment or other governmental charge;

 

(vii)         
to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal
of or interest on any Note, if such payment can be made without such withholding by at least one other paying agent;

 

(viii)       
to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder
of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due
and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

(ix)            
to any withholding or deduction that is imposed on a payment pursuant to Sections 1471 through 1474 of the Code and
related Treasury regulations, pronouncements relating thereto or official interpretations thereof or any successor provisions,
any agreements entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement entered into
between the United States and any other governmental authority in connection with the implementation of the foregoing and any regulations
or official law, agreement or interpretations thereof implementing an intergovernmental approach thereto; or

 

(x)              
 in the case of any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix).

 

    4

     

    

 

The Notes are subject
in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes.
Except as specifically provided under this Paragraph 6, the Company shall not be required to make any payment for any tax, duty,
assessment or governmental charge of whatever nature imposed by any government or a political subdivision or taxing authority of
or in any government or political subdivision.

 

7.          
The Notes shall not provide for any sinking fund or analogous provision. None of the Notes shall be redeemable at the option
of the Holder.

 

8.          
The Notes shall be issuable in registered form substantially in the form set out in Exhibit A of the First Supplemental
Indenture without coupons in minimum denominations of €100,000 and any integral multiple of €1,000 in excess thereof.

 

9.          
The principal amount of, and the Tax Redemption Price, if any, on, the Notes shall be payable upon declaration of acceleration
pursuant to Section 502 of the Base Indenture.

 

10.          
The Notes shall be denominated in and principal of or interest on the Notes (or Redemption Price or Tax Redemption Price,
if applicable) shall be payable in euros. If the euro is unavailable to the Company due to the imposition of exchange controls
or other circumstances beyond the Company’s control or the euro is no longer used by the member states of the European Monetary
Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the
international banking community, then all payments in respect of the Notes shall be made in U.S. Dollars until the euro is again
available to the Company or so used. In such circumstances, the amount payable on any date in euros shall be converted into U.S.
Dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second
business day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a
rate of conversion, on the basis of the most recent U.S. Dollar/euro exchange rate published in The Wall Street Journal on or prior
to the second business day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange
rate, the rate shall be determined in the Company’s sole discretion on the basis of the most recently available market exchange
rate for euros. Any payment in respect of the Notes so made in U.S. Dollars shall not constitute an Event of Default. Neither the
Trustee nor the Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling redenominations.

 

11.          
Except as provided in Paragraphs 3 and 5 of this Officers’ Certificate, the amount of payments of principal of or
interest on the Notes (or Redemption Price or Tax Redemption Price, if applicable) shall not be determined with reference to an
index or formula.

 

12.           
Except as set forth herein, in the Indenture or in the Notes, none of the principal of or interest on the Notes (or Redemption
Price or Tax Redemption Price, if applicable) shall be payable at the election of the Company or a Holder thereof in a currency
or currencies, currency unit or units or composite currency or currencies other than that in which the Notes are denominated or
stated to be payable.

 

    5

     

    

 

13.          
 Except as set forth in the Indenture or the Trust Indenture Act, the Notes shall not contain any provisions granting special
rights to the Holders of Notes upon the occurrence of specified events.

 

14.          
The Notes shall not contain any deletions from, modifications of or additions to the Events of Default or covenants of the
Company contained in the Indenture.

 

15.          
Except as set forth herein, in the Indenture or in the Notes, the Notes shall not be issued in the form of bearer Securities
or temporary global Securities.

 

16.          
Sections 1402 and 1403 of the Base Indenture shall be applicable to the Notes.

 

17.          
The Notes shall not be issued upon the exercise of debt warrants.

 

18.          
Article Sixteen of the Base Indenture shall be applicable to the Notes.

 

19.          
The other terms and conditions of the Notes shall be substantially as set forth in the Indenture, in the Prospectus dated
March 24, 2020 and the Prospectus Supplement dated February 2, 2021 relating to the Notes.

 

[The remainder of this
page intentionally left blank.]

 

    6

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Officers’ Certificate on the date first written above.

 

	 	By:	
	 	Name:	Michael T. Blair
	 	Title:	Assistant Secretary and Managing Director, 

Deputy General Counsel

 

	 	By:	 
	 	Name:	Deborah K. Briones
	 	Title:	
        Senior Vice President,

        Associate General Counsel

 

 [Signature Page to Officers’ Certificate]Exhibit 4.4

 

UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, SA/NV (“EUROCLEAR”), AND CLEARSTREAM
BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO PROLOGIS EURO FINANCE
LLC (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED
IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF Elavon
Financial Services DAC, AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT
IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN.

 

THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE
NAME OF USB NOMINEES (UK) LIMITED, AS NOMINEE OF THE COMMON DEPOSITARY. UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR
IN PART FOR SECURITIES IN DEFINITIVE, CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY
TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON
DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY.

 

	REGISTERED 	PRINCIPAL AMOUNT
	No. R-1 	€500,000,000 
	ISIN No.: XS2296206068 	 
	COMMON CODE: 229620606 	 
	
        CUSIP No.: 74341EAK8

        
	 

 

PROLOGIS EURO FINANCE LLC

1.000% NOTES DUE 2041

 

PROLOGIS EURO FINANCE LLC, a limited liability
company organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term
shall include any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB Nominees
(UK) Limited, or registered assigns, upon presentation, the principal sum of FIVE HUNDRED MILLION EUROS (€500,000,000) on
February 16, 2041 and to pay interest on the outstanding principal amount thereon at the rate of 1.000% per annum, until the entire
principal hereof is paid or made available for payment.

 

Interest shall
accrue from and including February 16, 2021 or from and including the most recent Interest Payment Date (as defined below) to
which interest has been paid or duly provided for, and be payable annually in arrears on February 16 of each year (an
 “Interest Payment Date”), commencing on February 16, 2022. The interest so payable, and punctually paid or duly
provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest which shall be February 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Interest on this Security shall be computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the
International Capital Markets Association) day count convention. If any Interest Payment Date, maturity date or earlier date
of redemption falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it
were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after
that Interest Payment Date, that maturity date or that date of redemption, as the case may be, until the next Business Day.
For purposes of the notes, “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a
day on which banking institutions in The City of New York or London are authorized or required by law, regulation or
executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system
(the TARGET2 system), or any successor thereto, is open. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not more than 15 days and not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may
be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

    1

     

    

 

Payment of the principal of, or premium
or Redemption Price, if applicable, on, and interest on this Security shall be made at the office or agency maintained for such
purpose in London, initially the Corporate Trust Office of the Paying Agent, located at 125 Old Broad Street, London EC2N 1AR,
United Kingdom, in euros.

 

Payments of principal of, premium or Redemption
Price, if any, and interest in respect of this Security shall be made by wire transfer of immediately available funds in euros.
If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s
control or the euro is no longer used by the member states of the European Monetary Union that have adopted the euro as their currency
or for the settlement of transactions by public institutions of or within the international banking community, then all payments
in respect of the Securities shall be made in U.S. Dollars until the euro is again available to the Company or so used. In such
circumstances, the amount payable on any date in euros will be converted into U.S. Dollars at the rate mandated by the Board of
Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date,
or if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent
U.S. Dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant
payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the
Company’s sole discretion on the basis of the most recently available Market Exchange Rate on or before the date that payment
is due. Any payment in respect of this Security so made in U.S. Dollars shall not constitute an event of default under the Indenture.
Neither the Trustee nor the Paying Agent (as defined below) shall be responsible for obtaining exchange rates, effecting conversions
or otherwise handling redenominations. “Market Exchange Rate” means the noon buying rate in The City of New York for
cable transfers of euros as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve
Bank of New York.

 

    2

     

    

 

Each Security of this series is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of August 1, 2018 (herein called the “Base Indenture”), among the Company,
Prologis, L.P. (herein called the “Parent Guarantor,” which term includes any successor under the Indenture) and U.S.
Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of which this Security is a part), as amended by the first supplemental indenture, dated
as of August 1, 2018 (together with the Base Indenture, the “Indenture”), among the Company, the Parent Guarantor,
the Trustee, Elavon Financial Services DAC, UK Branch, as paying agent (hereinafter called the “Paying Agent,” which
term includes any successor paying agent under the Indenture with respect to the series of which this Security is a part), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Parent Guarantor, the Trustee, the Paying Agent and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

Securities of this series may be redeemed
in whole at any time or in part from time to time at the option of the Company at a Redemption Price equal to the greater of (1)
100% of the principal amount of the Securities to be redeemed; or (2) the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities to be redeemed that would be due if the Securities matured on August 16, 2040
(exclusive of interest accrued to the date of redemption) discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL
(ICMA)) at the Comparable Government Bond Rate plus 20 basis points; plus accrued and unpaid interest, if any, to, but not including,
the redemption date.

 

Notwithstanding the foregoing, if the Securities
are redeemed on or after August 16, 2040, the Redemption Price shall be 100% of the principal amount of the Securities to be redeemed;
plus accrued and unpaid interest, if any, to, but not including, the redemption date.

 

The following definitions apply with respect
to the foregoing redemption provisions:

 

“Comparable Government Bond”
means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent Investment Banker, a
German government bond whose maturity is closest to the maturity of the Securities to be redeemed (assuming that the Securities
matured on August 16, 2040), or if the Independent Investment Banker in its discretion determines that such similar bond is not
in issue, such other German government bond as such Independent Investment Banker may, with the advice of the Reference Bond Dealers,
determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Comparable Government Bond Rate”
means the price (i.e., yield), expressed
as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the
Securities to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption,
would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle
market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an
Independent Investment Banker.

 

    3

     

    

 

“Independent Investment Banker”
means an independent investment bank that
the Company appoints to act as the Independent Investment Banker from time to time.

 

“Reference Bond Dealer” means
three firms that are brokers of, and/or market makers in German government bonds (each a “Primary Bond Dealer”)
which the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Bond
Dealer, the Company shall substitute another Primary Bond Dealer.

 

The Securities are subject in all cases
to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Securities. Except
as specifically provided for herein, the Company shall not be required to make any payment for any tax, duty, assessment or governmental
charge of whatever nature imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision.

 

If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority thereof or
therein), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations
or rulings, which change or amendment is announced or becomes effective on or after February 2, 2021, the Company becomes or, based
upon a written opinion of independent counsel selected by the Company, will become obligated to pay Additional Amounts (as defined
below) with respect to the Securities, then the Securities may be redeemed at the option of the Company, in whole, but not in part,
at a redemption price equal to 100% of the principal amount of the Securities, together with accrued and unpaid interest on the
Securities to, but not including, the Redemption Date. Notice of any redemption shall be transmitted to Holders not more than 60
nor less than 15 days prior to the date fixed for redemption.

 

All payments in respect of the Securities
shall be made by or on behalf of the Company without withholding or deduction for, or on account of, any present or future taxes,
duties, assessments or governmental charges of whatever nature, imposed or levied by the United States or any taxing authority
thereof or therein, unless such withholding or deduction is required by law. If such withholding or deduction is required by law,
the Company shall, subject to certain exceptions provided for in the Indenture, pay to a Holder who is not a United States person
(as defined in the Indenture) such additional amounts (the “Additional Amounts”) on the Securities as are necessary
in order that the net payment by the Company or the Paying Agent of the principal of, and premium or Redemption Price, if any,
and interest on, the Securities to such Holder, after such withholding or deduction, shall not be less than the amount provided
in the Securities to be then due and payable.

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and
the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain
conditions set forth in the Indenture, which provisions apply to this Security.

 

If an Event of
Default with respect to Securities of this series shall occur and be continuing, the principal of, and premium or Redemption
Price, if any, on, all of the Securities of this series at the time Outstanding may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

    4

     

    

 

As provided in and subject to the provisions
of the Indenture, unless the principal of all of the Securities of this series at the time Outstanding shall already have become
due and payable, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed
herein.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Parent Guarantor
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of
each series of Securities then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of, premium or Redemption Price, if applicable, on, and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any Place of Payment where the principal
of, premium or Redemption Price, if applicable, on, and interest on this Security are payable duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations
and for the same aggregate principal amount, shall be issued to the designated transferee or transferees.

 

    5

     

    

 

The Securities of this series are issuable
only in registered form without coupons in minimum denominations of €100,000 and any integral multiple of €1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee, the Paying Agent and any agent of the Company, the Trustee or the Paying
Agent may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee, the Paying Agent nor any such agent shall be affected by notice to the
contrary.

 

Except as provided in Article Sixteen
of the Indenture, no recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Security,
or because of any indebtedness evidenced thereby, shall be had against any promoter, as such, or against any past, present or future
stockholder, member, partner, director, officer, employee, agent thereof or trustee, as such, of the Company or any Guarantor or
of any successor thereof, either directly or through the Company or any Guarantor or any successor thereof, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of this Security by the Holder thereof and as part of
the consideration for the issue of the Securities of this series.

 

THE INDENTURE AND THE SECURITIES, INCLUDING
THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed
on the Securities of this series as a convenience to the Holders of such Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities of this series, and reliance may be placed only on the other identification
numbers printed hereon.

 

Capitalized terms used in this Security
which are not defined herein shall have the meanings assigned to them in the Indenture.

 

[This space intentionally left blank.]

 

    6

     

    

 

Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by the undersigned officer.

 

	 	PROLOGIS EURO FINANCE LLC
	 	 	 
	 	By:	 
	 	 	Name: Michael T. Blair
	 	 	Title:   Assistant
    Secretary and Managing Director, Deputy General Counsel

 

	Attest
	 	 	 
	By:   	 	 
	 	Name: Deborah K. Briones	 
	 	Title:   Senior Vice
    President, Associate General Counsel	 
	 	 	 
	 	Dated: February 16, 2021	 

 

    7

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

U.S. BANK NATIONAL ASSOCIATION, as trustee

 

	By:	 	 	 
	 	Authorized Officer	 	 

 

    8

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

 

(Please Print or Typewrite Name and Address
including

Zip Code of Assignee)

 

the within-mentioned Security of Prologis Euro Finance LLC
and                                 
hereby does irrevocably constitute and appoint                               
Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises.

 

	Dated:	 	 

 

NOTICE: The signature to this assignment must correspond with
the name as it appears on the first page of the within-mentioned Security in every particular, without alteration or enlargement
or any change whatever.

 

    9

     

    

 

GUARANTEE

 

FOR VALUE
RECEIVED, the undersigned hereby, jointly and severally with any other Guarantors, unconditionally guarantees to the Holder
of the accompanying 1.000% Notes due 2041 (the “Euro Note”) issued by Prologis Euro Finance LLC (the
 “Company”) under an Indenture, dated as of August 1, 2018 (together with the First Supplemental Indenture
thereto, the “Indenture”) among the Company, Prologis, L.P., as parent guarantor, U.S. Bank National Association,
as trustee thereunder (the “Trustee”), and Elavon Financial Services DAC, UK Branch, as paying agent, (a) the
full and prompt payment of the principal of and premium or Redemption Price, if any, on such Euro Note when and as the same
shall become due and payable, whether at Stated Maturity, by acceleration, by redemption or otherwise, and (b) the full and
prompt payment of the interest on such Euro Note when and as the same shall become due and payable, according to the terms of
such Euro Note and of the Indenture. In case of the failure of the Company punctually to pay any such principal, premium or
interest, the undersigned hereby agrees to cause any such payment to be made punctually when and as the same shall become due
and payable, whether at Stated Maturity, upon acceleration, by redemption or otherwise, and as if such payment were made by
the Company. The undersigned hereby agrees, jointly and severally with any other Guarantors, that its obligations hereunder
shall be as principal and not merely as surety, and shall be absolute and unconditional, and shall not be affected, modified
or impaired by the following: (a) the failure to give notice to the Guarantors of the occurrence of an Event of Default under
the Indenture; (b) the waiver, surrender, compromise, settlement, release or termination of the payment, performance or
observance by the Company or the Guarantors of any or all of the obligations, covenants or agreements of either of them
contained in the Indenture or the Euro Notes; (c) the acceleration, extension or any other changes in the time for
payment of any principal of or interest or any premium on any Euro Note or for any other payment under the Indenture or of
the time for performance of any other obligations, covenants or agreements under or arising out of the Indenture or the Euro
Notes; (d) the modification or amendment (whether material or otherwise) of any obligation, covenant or agreement set forth
in the Indenture or the Euro Notes; (e) the taking or the omission of any of the actions referred to in the Indenture and in
any of the actions under the Euro Notes; (f) any failure, omission, delay or lack on the part of the Trustee to enforce,
assert or exercise any right, power or remedy conferred on the Trustee in the Indenture, or any other action or acts on the
part of the Trustee or any of the Holders from time to time of the Euro Notes; (g) the voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with
creditors or readjustment of, or other similar proceedings affecting the Guarantors or the Company or any of the assets of
any of them, or any allegation or contest of the validity of this Guarantee in any such proceeding; (h) to the extent
permitted by law, the release or discharge by operation of law of the Guarantors from the performance or observance of any
obligation, covenant or agreement contained in the Indenture; (i) to the extent permitted by law, the release or discharge by
operation of law of the Company from the performance or observance of any obligation, covenant or agreement contained in the
Indenture; (j) the default or failure of the Company or the Trustee fully to perform any of its obligations set forth in the
Indenture or the Euro Notes; (k) the invalidity, irregularity or unenforceability of the Indenture or the Euro Notes or any
part of any thereof; (l) any judicial or governmental action affecting the Company or any Euro Notes or consent or indulgence
granted to the Company by the Holders or by the Trustee; or (m) the recovery of any judgment against the Company or any
action to enforce the same or any other circumstance which might constitute a legal or equitable discharge of a surety or
guarantor. The undersigned hereby waives diligence, presentment, demand of payment, filing of claims with a court in the
event of merger, sale, lease or conveyance of all or substantially all of its assets, insolvency or bankruptcy of the
Company, any right to require a proceeding first against the Company, protest or notice with respect to such Notice or the
indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee shall not be discharged except
by complete performance of the obligations contained in such Euro Note and in this Guarantee.

 

    10

     

    

 

No reference herein to such Indenture and
no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the undersigned, which is absolute and
unconditional, of the full and prompt payment of the principal of and premium, if any, and interest on the Euro Note.

 

THIS GUARANTEE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Euro Note shall have been executed by the Trustee under the Indenture
referred to above by the manual signature of one of its authorized officers. The validity and enforceability of this Guarantee
shall not be affected by the fact that it is not affixed to any particular Euro Note.

 

An Event of Default under the Indenture
or the Euro Notes shall constitute an event of default under this Guarantee, and shall entitle the Holders of Notes to accelerate
the obligations of the undersigned hereunder in the same manner and to the same extent as the obligations of the Company.

 

Notwithstanding
any other provision of this Guarantee to the contrary, the undersigned hereby waives any claims or other rights which it may
now have or hereafter acquire against the Company that arise from the existence or performance of its obligations under this
Guarantee (all such claims and rights are referred to as “Guarantor’s Conditional Rights”), including,
without limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification, any right to
participate in any claim or remedy against the Company, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, by any payment made hereunder or otherwise, including without limitation, the right to take
or receive from the Company, directly or indirectly, in cash or other property or by setoff or in any other manner, payment
or security on account of such claim or other rights. Guarantor hereby agrees not to exercise any rights which may be
acquired by way of contribution under this Guarantee or any other agreement, by any payment made hereunder or otherwise,
including, without limitation, the right to take or receive from any other Guarantor, directly or indirectly, in cash or
other property or by setoff or in any other manner, payment or security on account of such contribution rights. If,
notwithstanding the foregoing provisions, any amount shall be paid to the undersigned on account of the Guarantor’s
Conditional Rights and either (i) such amount is paid to such undersigned party at any time when the indebtedness shall
not have been paid or performed in full, or (ii) regardless of when such amount is paid to such undersigned party, any
payment made by the Company to a Holder that is at any time determined to be a Preferential Payment (as defined below), then
such amount paid to the undersigned shall be held in trust for the benefit of Holder and shall forthwith be paid to such
Holder to be credited and applied upon the indebtedness, whether matured or unmatured. Any such payment is herein referred to
as a “Preferential Payment” to the extent the Company makes any payment to Holder in connection with the Euro
Note, and any or all of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required to be repaid or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or
otherwise.

 

    11

     

    

 

To the extent that any of the provisions
of the immediately preceding paragraph shall not be enforceable, the undersigned agrees that until such time as the indebtedness
has been paid and performed in full and the period of time has expired during which any payment made by the Company or the undersigned
to a Holder may be determined to be a Preferential Payment, Guarantor’s Conditional Rights to the extent not validly waived
shall be subordinate to Holders’ right to full payment and performance of the indebtedness and the undersigned shall not
enforce any of Guarantor’s Conditional Rights until such time as the indebtedness has been paid and performed in full and
the period of time has expired during which any payment made by the Company or the undersigned to Holders may be determined to
be a Preferential Payment.

 

The obligations of the undersigned to the
Holders of the Euro Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article Sixteen
of the Indenture and reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the other provisions
of the Indenture to which this Guarantee relates.

 

Capitalized terms used in this Guarantee
which are not defined herein shall have the meanings assigned to them in the Indenture.

 

[Remainder of page intentionally left blank]

 

    12

     

    

 

IN WITNESS WHEREOF, the undersigned has caused this Guarantee
to be duly executed.

 

Dated: February 16, 2021

 	 	PROLOGIS, L.P.
	 	 
	 	By: Prologis, Inc., its general partner
	 	 
	 	By:   	 
	 	 	Name: Michael T. Blair
	 	 	Title: Assistant
    Secretary and Managing Director, Deputy General Counsel

 

    1

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