Document:

exv4w2

Exhibit 4.2

EXECUTION VERSION

TWELFTH SUPPLEMENTAL INDENTURE

     This TWELFTH SUPPLEMENTAL INDENTURE is dated as of June 3, 2011 (this “Twelfth
Supplemental Indenture”), by and among PROLOGIS, a real estate investment trust organized under
the laws of the State of Maryland having its principal office at 4545 Airport Way, Denver, Colorado
80239 (the “Company”), PROLOGIS, INC., a corporation organized under the laws of the State
of Maryland having its principal office at Pier 1, Bay 1, San Francisco, CA 94111, formerly known
as AMB Property Corporation (the “Surviving Entity”), and U.S. BANK NATIONAL ASSOCIATION
(as successor in interest to State Street Bank and Trust Company), having a corporate trust office
at Corporate Trust Services, 100 Wall Street, Suite 1600, New York, New York 10005, as trustee (in
such capacity, the “Trustee”) under the Base Indenture (as defined below).

RECITALS

     WHEREAS, the Company and the Trustee have heretofore entered into an Indenture, dated as of
March 1, 1995, as amended by a First Supplemental Indenture, dated as of February 9, 2005, a Second
Supplemental Indenture, dated as of November 2, 2005, a Third Supplemental Indenture, dated as of
November 2, 2005, a Fourth Supplemental Indenture, dated as of March 26, 2007 (the “Fourth
Supplemental Indenture”), a Fifth Supplemental Indenture, dated as of November 8, 2007 (the
“Fifth Supplemental Indenture”), a Sixth Supplemental Indenture, dated as of May 7, 2008
(the “Sixth Supplemental Indenture”), a Seventh Supplemental Indenture, dated as of May 7,
2008, an Eighth Supplemental Indenture, dated as of August 14, 2009, a Ninth Supplemental
Indenture, dated as of October 1, 2009, a Tenth Supplemental Indenture, dated as of March 16, 2010
(the “Tenth Supplemental Indenture,” and, together with the Fourth Supplemental Indenture,
the Fifth Supplemental Indenture and the Sixth Supplemental Indenture, the “Convertible Notes
Supplemental Indentures”) and an Eleventh Supplemental Indenture, dated as of June 2, 2011 (as
so supplemented, the “Base Indenture”), pursuant to which the Company issued its 2.25%
Convertible Senior Notes due 2037 (the “2.25% Convertible Senior Notes”), 1.875%
Convertible Senior Notes due 2037 (the “1.875% Convertible Senior Notes”), 2.625%
Convertible Senior Notes due 2038 (the “2.625% Convertible Senior Notes”) and 3.25%
Convertible Senior Notes due 2015 (the “3.25% Convertible Senior Notes,” and, together with
the 2.25% Convertible Senior Notes, the 1.875% Convertible Senior Notes and the 2.625% Convertible
Senior Notes, the “Convertible Notes”).

     WHEREAS, Section 8.06(a) of each of the Convertible Notes Supplemental Indentures provides
that if any consolidation, merger or combination of the Company with another Person occurs, as a
result of which holders of Common Shares shall be entitled to receive cash, securities or other
property or assets with respect to or in exchange for such Common Shares (any such event a
“Merger Event”), the Company and the successor entity, as applicable, shall execute with
the Trustee a supplemental indenture providing for the conversion and settlement of the Convertible
Notes as set forth in each of the Convertible Notes Supplemental Indentures;

     WHEREAS, Section 8.06(b) of each of the Convertible Notes Supplemental Indentures provides
that at the effective time of a Merger Event, the right to convert each $1,000 principal amount of
Convertible Notes will be changed to a right to convert such notes by reference to the

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kind and amount of cash, securities or other property or assets that a holder of a number of Common
Shares equal to the specified conversion rate immediately prior to such transaction would have
owned or been entitled to receive (the “Reference Property”) such that from and after the
effective time of such transaction, a noteholder will be entitled to convert its Convertible Notes,
subject to the successor’s right to deliver cash, common shares or common stock of such successor
or a combination thereof, as applicable, in lieu of the common shares otherwise deliverable, into
the same type (and in the same proportion) of Reference Property, based on the Daily Settlement
Amounts of Reference Property in an amount equal to the applicable conversion rate, as described
under Section 8.02(b) of each Convertible Notes Supplemental Indenture;

     WHEREAS, Section 8.06(d) of each of the Convertible Notes Supplemental Indentures provides
that the provisions of Section 8.06 shall similarly apply to successive Merger Events;

     WHEREAS, on January 30, 2011, the Company entered into an Agreement and Plan of Merger by and
among the Company, the Surviving Entity, AMB Property, L.P., a limited partnership organized under
the laws of the State of Delaware, Upper Pumpkin LLC, a limited liability company organized under
the laws of the State of Delaware (“Upper Pumpkin”), New Pumpkin Inc., a corporation
organized under the laws of the State of Maryland (“New Pumpkin”), and Pumpkin LLC, a
limited liability company organized under the laws of the State of Delaware (“Pumpkin
LLC”), as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated March 9, 2011
(as so amended, the “Merger Agreement”), pursuant to which, among other things: (i) the
Company was reorganized into an UPREIT structure by merging Pumpkin LLC with and into the Company,
with the Company continuing as the surviving entity and as a direct, wholly-owned subsidiary of
Upper Pumpkin and an indirect wholly-owned subsidiary of New Pumpkin (the “ProLogis
Merger”), whereby each outstanding Common Share was converted into one newly issued share of
New Pumpkin common stock (“New Pumpkin Common Stock”) and (ii) following the ProLogis
Merger, New Pumpkin was merged with and into the Surviving Entity, with the Surviving Entity
continuing as the surviving corporation under the name “Prologis, Inc.” (the “Topco
Merger”), whereby each outstanding share of New Pumpkin common stock was converted into the
right to receive 0.4464 of a newly issued share of common stock, par value $0.01 per share, of the
Surviving Entity (the “Surviving Entity Common Stock”);

     WHEREAS, the shares of Surviving Entity Common Stock into which the shares of New Pumpkin
Common Stock have been converted into the right to receive are Reference Property as provided in
Section 8.06(b) of the Convertible Notes Supplemental Indentures;

     WHEREAS, the Board of Directors of the Surviving Entity and the Board of Trustees of the
Company have duly adopted resolutions authorizing the Surviving Entity and the Company,
respectively, to execute and deliver this Twelfth Supplemental Indenture;

     WHEREAS, the Topco Merger has been consummated on the date hereof and this Twelfth
Supplemental Indenture is being executed and delivered concurrently therewith; and

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     WHEREAS, all things necessary to make the Base Indenture, as hereby modified, a valid
agreement of the Surviving Entity and the Company, in accordance with its terms, have been done.

NOW, THEREFORE, THIS TWELFTH SUPPLEMENTAL INDENTURE WITNESSETH:

For and in consideration of the premises and of the covenants contained herein and in the Base
Indenture, the Surviving Entity, the Company and the Trustee covenant and agree, for the equal and
proportionate benefit of all Holders of the Convertible Notes, as follows:

ARTICLE I

DEFINITIONS

     Section 1.01 Relation to Base Indenture. This Twelfth Supplemental Indenture constitutes an
integral part of the Base Indenture.

     Section 1.02 Definitions. For all purposes of this Twelfth Supplemental Indenture, except as
otherwise expressly provided for or unless the context otherwise requires:

          (a) Capitalized terms used but not defined herein shall have the respective meanings assigned
to them in the Base Indenture,

          (b) Terms defined both herein and in the Base Indenture shall have the meanings assigned to
them herein;

          (c) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Twelfth Supplemental Indenture.

          (d) All other terms used in this Twelfth Supplemental Indenture, which are defined in the
Trust Indenture Act or which are by reference therein defined in the Securities Act (except as
herein otherwise expressly provided or unless the context otherwise requires) shall have the
meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force
at the date of the execution of this Twelfth Supplemental Indenture. The words “herein,” “hereof,”
“hereunder,” and words of similar import refer to this Twelfth Supplemental Indenture as a whole
and not to any particular Article, Section or other subdivision.

ARTICLE II

EFFECT OF MERGER 

     Section 2.01 In accordance with Section 8.06 of the Convertible Notes Supplemental Indentures,
on and after the effective time of the Topco Merger, the right to convert each $1,000 principal
amount of Convertible Notes into New Pumpkin Common Stock will be changed to a right to exchange
such Convertible Notes for that number of shares of Surviving Entity Common Stock that such holder
of Convertible Notes would have owned or been entitled to receive immediately after the effective
time of the Topco Merger if such holder had converted its

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Convertible Notes into shares of New Pumpkin Common Stock immediately prior to the effective
time of the Topco Merger, subject to any subsequent adjustments as provided in Section 8.04 of the
Convertible Notes Supplemental Indentures. The Surviving Entity shall provide the Company, free of
preemptive rights and free from all taxes, liens and charges with respect to the issuance thereof,
a sufficient number of fully paid and non-assessable shares of Surviving Entity Common Stock as may
be necessary to deliver from time to time to exchanging holders of Convertible Notes as such
Convertible Notes are presented for exchange.

     Section 2.02 The terms of the 2.25% Convertible Senior Notes are amended and restated in their
entirety as set forth in Annex A hereto to give effect to the Topco Merger.

     Section 2.03 The terms of the 1.875% Convertible Senior Notes are amended and restated in
their entirety as set forth in Annex B hereto to give effect to the Topco Merger.

     Section 2.04 The terms of the 2.625% Convertible Senior Notes are amended and restated in
their entirety as set forth in Annex C hereto to give effect to the Topco Merger.

     Section 2.05 The terms of the 3.25% Convertible Senior Notes are amended and restated in their
entirety as set forth in Annex D hereto to give effect to the Topco Merger.

ARTICLE III

MISCELLANEOUS

     Section 3.01 Except as expressly modified or amended hereby, the Base Indenture continues in
full force and effect and is in all respects confirmed, ratified and preserved. Notwithstanding
the foregoing, in the case of conflict the provisions of this Twelfth Supplemental Indenture shall
control.

     Section 3.02 This Twelfth Supplemental Indenture and all its provisions shall be deemed a part
of the Base Indenture in the manner and to the extent herein and therein provided.

     Section 3.03 This Twelfth Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

     Section 3.04 This Twelfth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Section 3.05 The Trustee shall not have any responsibility for the Recitals, which are made
only by the Company and the Surviving Entity, or for the validity or sufficiency of this Twelfth
Supplemental Indenture.

[Remainder of page intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Supplemental Indenture to be
duly executed as of the date first written above.

	 	 	 	 	 
	 	PROLOGIS

 	 
	 	By:  	     /s/ Michael T. Blair
 	 
	 	 	Name:  	Michael T. Blair 	 
	 	 	Title:  	Managing Director & Assistant Secretary 	 
	 

	 	 	 	 	 
	 	[Seal]

Attest:

 	 
	 	By:  	     /s/ Edward S. Nekritz
 	 
	 	 	Name:  	Edward S. Nekritz 	 
	 	 	Title:  	General Counsel & Secretary 	 
	 

	 	 	 	 	 
	 	PROLOGIS, INC.

 	 
	 	By:  	     /s/ Thomas S. Olinger
 	 
	 	 	Name:  	Thomas S. Olinger 	 
	 	 	Title:  	Chief Integration Officer 	 
	 

	 	 	 	 	 
	 	[Seal]

Attest:

 	 
	 	By:  	     /s/ Deborah K. Briones
 	 
	 	 	Name:  	Deborah K. Briones 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	     /s/ Beverly A. Freeney
 	 
	 	Name:  	Beverly A. Freeney 	 
	 	Title:  	Vice President 	 
	 

[Signature Page to the Twelfth Supplemental Indenture]

 

 

ANNEX A

2.25% Convertible Senior Notes due 2037

Originally issued March 26, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	Section 1.01 Relation to Base Indenture
	 	 	1	 
	Section 1.02 Definitions
	 	 	1	 
	ARTICLE II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 	7	 
	Section 2.01 Designation and Amount
	 	 	7	 
	Section 2.02 Form of Notes
	 	 	7	 
	Section 2.03 Date and Denomination of Notes; Payments of Interest
	 	 	8	 
	Section 2.04 Intentionally Omitted
	 	 	8	 
	Section 2.05 Execution, Authentication and Delivery of Notes
	 	 	8	 
	Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary
	 	 	8	 
	Section 2.07 Additional Notes; Repurchases
	 	 	12	 
	Section 2.08 No Sinking Fund
	 	 	12	 
	Section 2.09 Ranking
	 	 	12	 
	ARTICLE III REDEMPTION
	 	 	12	 
	Section 3.01 Right to Redeem
	 	 	12	 
	Section 3.02 Selection of Notes to be Redeemed
	 	 	12	 
	Section 3.03 Notice of Redemption
	 	 	13	 
	ARTICLE IV PARTICULAR COVENANTS OF THE COMPANY
	 	 	13	 
	Section 4.01 Payment of Principal and Interest
	 	 	13	 
	Section 4.02 Maintenance of Office or Agency for Exchange Agent
	 	 	14	 
	Section 4.03 Rule 144A Information Requirement
	 	 	14	 
	Section 4.04 Additional Interest Notice
	 	 	15	 
	Section 4.05 Exclusion of Certain Provisions From Base Indenture
	 	 	15	 
	ARTICLE V DEFAULTS AND REMEDIES
	 	 	15	 
	Section 5.01 Events of Default
	 	 	15	 
	Section 5.02 Article Five of Base Indenture
	 	 	15	 
	ARTICLE VI SUPPLEMENTAL INDENTURES
	 	 	16	 
	Section 6.01 Supplemental Indentures Without Consent of Noteholders
	 	 	16	 
	Section 6.02 Modification and Amendment with Consent of Noteholders
	 	 	16	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 6.03 Effect of Supplemental Indentures
	 	 	16	 
	Section 6.04 Article Nine of Base Indenture
	 	 	16	 
	ARTICLE VII CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	16	 
	Section 7.01 Company May Consolidate, Etc. on Certain Terms
	 	 	16	 
	ARTICLE VIII EXCHANGE OF NOTES
	 	 	16	 
	Section 8.01 Exchange Privilege
	 	 	16	 
	Section 8.02 Exchange Procedures
	 	 	20	 
	Section 8.03 Reserved
	 	 	25	 
	Section 8.04 Adjustment of Exchange Rate
	 	 	25	 
	Section 8.05 Sufficient Shares to be Delivered
	 	 	32	 
	Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale
	 	 	32	 
	Section 8.07 Certain Covenants
	 	 	34	 
	Section 8.08 Responsibility of Trustee
	 	 	34	 
	Section 8.09 Notice to Holders Prior to Certain Actions
	 	 	34	 
	Section 8.10 Stockholder Rights Plans
	 	 	35	 
	Section 8.11 Ownership Limit
	 	 	35	 
	ARTICLE IX REPURCHASE OF NOTES AT OPTION OF HOLDERS
	 	 	35	 
	Section 9.01 Repurchase of Securities at Option of the Holder on Specified
Dates
	 	 	35	 
	Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change
	 	 	39	 
	ARTICLE X MISCELLANEOUS PROVISIONS
	 	 	42	 
	Section 10.01 Ratification of Base Indenture
	 	 	42	 
	Section 10.02 Provisions Binding on Company’s Successors
	 	 	43	 
	Section 10.03 Official Acts by Successor Corporation
	 	 	43	 
	Section 10.04 Addresses for Notices, Etc
	 	 	43	 
	Section 10.05 Governing Law
	 	 	43	 
	Section 10.06 Non-Business Day
	 	 	43	 
	Section 10.07 Benefits of Indenture
	 	 	44	 
	Section 10.08 Table of Contents, Headings, Etc
	 	 	44	 
	Section 10.09 Execution in Counterparts
	 	 	44	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 10.10 Trustee
	 	 	44	 
	Section 10.11 Further Instruments and Acts
	 	 	44	 
	Section 10.12 Waiver of Jury Trial
	 	 	44	 
	Section 10.13 Force Majeure
	 	 	44	 

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2.25% Convertible Senior Notes due 2037

ARTICLE I

DEFINITIONS

     Section 1.01 Relation to Base Indenture. This Annex A of the Twelfth Supplemental Indenture
constitutes an integral part of the Base Indenture.

     Section 1.02 Definitions. For all purposes of this Annex A of the Twelfth Supplemental
Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

          (a) Capitalized terms used but not defined herein shall have the respective meanings assigned
to them in the Base Indenture;

          (b) Terms defined both herein and in the Base Indenture shall have the meanings assigned to
them herein;

          (c) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Annex A of the Twelfth Supplemental Indenture; and

          (d) All other terms used in this Annex A of the Twelfth Supplemental Indenture, which are
defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise requires) shall have
the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in
force at the date of the execution of this Annex A of the Twelfth Supplemental Indenture. The
words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Annex A of the
Twelfth Supplemental Indenture as a whole and not to any particular Article, Section or other
subdivision. The terms defined in this Article include the plural as well as the singular.

     “Additional Interest” shall have the meaning specified for Additional Interest in the
Registration Rights Agreement.

     “Additional Interest Notice” shall have the meaning specified in Section 4.04.

     “Additional Shares” shall have the meaning specified in Section 8.01(g).

     “Board of Directors” means the board of directors of Parent or, if Parent shall be succeeded
by a corporation pursuant to Article VII, the board of directors of Parent’s corporate successor or
any committee of such applicable board of directors duly authorized to act generally or in any
particular respect hereunder.

     “Board of Trustees” means the board of trustees of the Company or, if the Company shall be
succeeded by a corporation pursuant to Article VII, the board of trustees or directors of

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the Company’s corporate successor or any committee of such applicable board duly authorized to
act generally or in any particular respect hereunder.

     “Business Day” means any day, other than a Saturday or Sunday, or legal holidays on which
banks in The City of New York or The City of Boston are not required or authorized by law or
executive order to be closed.

     “cash percentage” shall have the meaning specified in Section 8.02(a)(4).

     “cash percentage notice” shall have the meaning specified in Section 8.02(a)(4).

     “close of business” means 5:00 p.m. (New York City time).

     “Common Stock” means, subject to Section 8.06, the common stock of Parent, par value $0.01 per
share, at the date of the Twelfth Supplemental Indenture or shares of any class or classes
resulting from any reclassification or reclassifications thereof and that have no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of Parent and that are not subject to redemption by Parent;
provided that if at any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares
of all such classes resulting from all such reclassifications.

     “Company” means ProLogis (to be known as Prologis), a Maryland real estate investment trust,
and subject to the provisions of Article VII, shall include its successors and assigns.

     “Company Put Right Notice” shall have the meaning specified in Section 9.01(c).

     “Company Put Right Notice Date” shall have the meaning specified in Section 9.01(c).

     “Daily Exchange Value” means, for each of the 20 consecutive Trading Days during the
Observation Period, one-twentieth (1/20) of the product of (a) the applicable Exchange Rate and (b)
the Daily VWAP of the Common Stock (or the Reference Property, if applicable) on such day.

     “Daily Settlement Amount,” for each of the 20 Trading Days during the Observation Period,
shall consist of:

     (A) cash equal to the lesser of $50 and the Daily Exchange Value relating to such day;
and

     (B) if such Daily Exchange Value exceeds $50, a number of shares of Common Stock equal
to (A) the difference between such Daily Exchange Value and $50, divided by (B) the Daily
VWAP of the shares of Common Stock for such day, subject to the Company’s right to deliver
cash in lieu of all or a portion of such shares of Common Stock pursuant to Section
8.02(a)(4) hereof.

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     “Daily VWAP” for the Common Stock means, for each of the 20 consecutive Trading Days during
the Observation Period, the per share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page PLD <equity> AQR in respect of the period from 9:30 a.m.
to 4:00 p.m. (New York City time) on such Trading Day (or if such volume-weighted average price is
unavailable, the market value of one share of Common Stock on such Trading Day as the Board of
Trustees determines in good faith using a volume-weighted method).

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the person specified in the Base Indenture as the Depositary with respect to such Notes,
until a successor shall have been appointed and become such pursuant to the applicable provisions
of this Annex A of the Twelfth Supplemental Indenture, and thereafter, “Depositary” shall mean or
include such successor.

     “Distributed Property” shall have the meaning specified in Section 8.04(c).

     “Dividend Threshold Amount” shall have the meaning specified in Section 8.04(d).

     “Effective Date” shall have the meaning specified in Section 8.01(g)(ii).

     “Event of Default” means, with respect to the Notes, any event specified in Section 5.01,
continued for the period of time, if any, and after the giving of notice, if any, therein
designated.

     “Ex-Date” means, with respect to any issuance or distribution on the Common Stock or any other
equity security, the first date on which the shares of Common Stock or such other equity security
trade on the applicable exchange or in the applicable market, regular way, without the right to
receive such issuance or distribution.

     “Ex-Dividend Date” means, with respect to Section 8.01(e), the first date upon which a sale of
the shares of Common Stock does not automatically transfer the right to receive the relevant
dividend from the seller of the shares of Common Stock to its buyer.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     “Exchange Agent” shall mean the Trustee or any successor office or agency where the Notes may
be surrendered for exchange.

     “Exchange Date” shall have the meaning specified in Section 8.02(c).

     “Exchange Obligation” shall have the meaning specified in Section 8.01(a).

     “Exchange Price” means as of any date $1,000 divided by the Exchange Rate as of such date.

     “Exchange Rate” shall have the meaning specified in Section 8.01(a).

     “Exchange Trigger Price” shall have the meaning specified in Section 8.01(c).

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     “Fundamental Change” shall be deemed to occur upon the consummation of any transaction or
event (whether by means of an exchange offer, liquidation, tender offer, consolidation, merger,
combination, reclassification, recapitalization or otherwise) in connection with which more than
50% of the shares of Common Stock are exchanged for, converted into, acquired for or constitutes
solely the right to receive, consideration which is not at least 90% common stock (or American
Depositary Shares representing shares of common stock) that is: (a) listed on, or immediately after
the consummation of such transaction or event, will be listed on, a United States national
securities exchange or (b) approved, or immediately after such transaction or event will be
approved, for listing or quotation on any United States system of automated dissemination of
quotations of securities prices.

     “Fundamental Change Company Notice” shall have the meaning specified in Section 9.02(b).

     “Fundamental Change Repurchase Date” shall have the meaning specified in Section 9.02(a).

     “Fundamental Change Repurchase Notice” shall have the meaning specified in Section 9.02(a)(i).

     “Fundamental Change Repurchase Price” shall have the meaning specified in Section 9.02(a).

     “Global Note” shall have the meaning specified in Section 2.06(e).

     “Independent Securities Dealer” shall have the meaning specified in Section 8.01(b).

     “Initial Purchasers” means J.P. Morgan Securities, Inc., Morgan Stanley & Co. Incorporated and
UBS Securities LLC. 

     “interest” means, when used with reference to the Notes, any interest payable under the terms
of the Notes , including Additional Interest, if any, payable under the terms of the Registration
Rights Agreement.

     “Interest Payment Date” means April 1 and October 1 of each year, beginning on October 1,
2007.

     “Last Reported Sale Price” means, with respect to the shares of Common Stock or any other
security for which a Last Reported Sale Price must be determined, on any date, the closing sale
price per share of the Common Stock or unit of such other security (or, if no closing sale price is
reported, the average of the last bid and last ask prices or, if more than one in either case, the
average of the average last bid and the average last ask prices) on such date as reported in
composite transactions for the principal U.S. securities exchange on which the Common Stock or such
other security is traded. If the Common Stock or such other security is not listed for trading on
a United States national or regional securities exchange on the relevant date, the Last Reported
Sale Price shall be the last quoted bid price per share of Common Stock or such other security in
the over-the-counter market on the relevant date, as reported by the National Quotation Bureau or
similar organization. If the shares of Common Stock or such other security

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are not so quoted, the Last Reported Sale Price shall be the average of the mid-point of the
last bid and ask prices per share of Common Stock or such other security on the relevant date from
each of at least three nationally recognized independent investment banking firms selected from
time to time by the Board of Trustees for that purpose. The Last Reported Sale Price shall be
determined without reference to extended or after-hours trading.

     “Market Disruption Event” means the occurrence or existence for more than a one-half hour
period in the aggregate on any scheduled Trading Day for the Common Stock of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts
relating to the Common Stock, and such suspension or limitation occurs or exists at any time before
1:00 p.m. (New York City time) on such day.

     “Maturity Date” means April 1, 2037.

     “Measurement Period” shall have the meaning specified in Section 8.01(b).

     “Merger Event” shall have the meaning specified in Section 8.06.

     “Noteholder” or “Holder” or “holder,” as applied to any Note, or other similar terms (but
excluding the term “beneficial holder”), means any person in whose name at the time a particular
Note is registered on the Security Register.

     “Notice of Exchange” shall have the meaning specified in Section 8.02(c).

     “Observation Period” means the 20 consecutive Trading Day period beginning on and including
the second Trading Day after the related Exchange Date in respect of such Note.

     “opening of business” means 9:00 a.m. (New York City time).

     “Parent” means Prologis, Inc., a Maryland corporation, and subject to the provisions of
Article VII, shall include its successors and assigns.

     “Predecessor Note” of any particular Note means every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 306 of the Base Indenture in lieu of
a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, destroyed
or stolen Note that it replaces.

     “Purchase Agreement” means that certain Purchase Agreement relating to the Notes, dated March
20, 2007, between the Company and the Initial Purchasers.

     “Put Right Repurchase Date” shall have the meaning assigned to it in Section 9.01(b).

     “Put Right Repurchase Notice” shall have the meaning assigned to it in Section 9.01(b)(i).

     “Put Right Repurchase Price” shall have the meaning assigned to it in Section 9.01(b).

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     “Record Date,” with respect to the payment of interest on any Interest Payment Date, shall
have the meaning specified in Section 2.03.

     “Reference Property” shall have the meaning specified in Section 8.06(b).

     “Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of
March 26, 2007, between the Company, and the Initial Purchasers, as amended from time to time in
accordance with its terms.

     “Restricted Securities” shall have the meaning specified in Section 2.06(b).

     “Rule 144A” means Rule 144A as promulgated under the Securities Act as it may be amended from
time to time hereafter.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

     “Settlement Amount” shall have the meaning specified in Section 8.02(a)(1).

     “Spin-Off” shall have the meaning specified in Section 8.04(c).

     “Stock Price” means the price paid per share of Common Stock in connection with a Fundamental
Change pursuant to which Additional Shares shall be added to the Exchange Rate as set forth in
Section 8.01(e)(ii) hereof, which shall be equal to (i) if holders of shares of Common Stock
receive only cash in such Fundamental Change, the cash amount paid per share of Common Stock and
(ii) in all other cases, the average of the Last Reported Sale Prices of the Common Stock over the
five consecutive Trading Day period ending on the Trading Day preceding the Effective Date of the
Fundamental Change.

     “Trading Day” means a day during which (i) trading in Common Stock generally occurs, (ii)
there is no Market Disruption Event and (iii) a Last Reported Sale Price of the Common Stock (other
than a Last Reported Sale Price referred to in the next to last sentence of such definition) is
available for such day; provided that if the shares of Common Stock are not admitted for trading or
quotation on or by any exchange, bureau or other organization referred to in the definition of Last
Reported Sale Price (excluding the next to last sentence of that definition), Trading Day shall
mean any Business Day.

     “Trading Price” with respect to the Notes, on any date of determination, means the average of
the secondary market bid quotations obtained by the Company and delivered to the Trustee for $2.0
million principal amount of Notes at approximately 3:30 p.m., New York City time, on such
determination date from three independent nationally recognized securities dealers selected by the
Company; provided that if three such bids cannot reasonably be obtained, but two such bids are
obtained, then the average of the two bids shall be used, and if only one such bid can reasonably
be obtained, that one bid shall be used. If the Company cannot reasonably obtain at least one bid
for $2.0 million principal amount of Notes from a nationally recognized securities dealer, then the
Trading Price per $1,000 principal amount of Notes will be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Common Stock and the Exchange Rate.

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     “Trigger Event” shall have the meaning specified in Section 8.04(c).

ARTICLE II

ISSUE, DESCRIPTION, EXECUTION,

REGISTRATION AND EXCHANGE OF NOTES

     Section 2.01 Designation and Amount. The Notes shall be designated as the “2.25% Convertible
Senior Notes due 2037.” The aggregate principal amount of Notes that may be authenticated and
delivered under this Annex A of the Twelfth Supplemental Indenture is initially limited to
$1,250,000,000, subject to Section 2.07 and except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section
2.06, Section 8.02 and Section 9.02 hereof and Section 306 and Section 906 of to the Base
Indenture.

     Section 2.02 Form of Notes. The Notes and the Trustee’s certificate of authentication to be
borne by such Notes shall be substantially in the form set forth in Exhibit A.

     Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Annex A of the Twelfth Supplemental Indenture, or as may be required by the Depositary or
by National Association of Securities Dealers, Inc. in order for the Notes to be tradable on The
PORTAL Market or as may be required for the Notes to be tradable on any other market developed for
trading of securities pursuant to Rule 144A or as may be required to comply with any law or with
any rule or regulation made pursuant thereto or with any rule or regulation of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance,
or to conform to usage or to indicate any special limitations or restrictions to which any
particular Notes are subject.

     A Global Note shall represent such principal amount of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of
Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
Outstanding Notes represented thereby may from time to time be increased or reduced to reflect
repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with this
Annex A of the Twelfth Supplemental Indenture. Payment of principal and accrued and unpaid
interest on a Global Note shall be made to the Holder of such Note on the date of payment, unless a
Record Date or other means of determining Holders eligible to receive payment is provided for
herein.

     The terms and provisions contained in the form of Note attached as Exhibit A hereto are
incorporated herein and shall constitute, and are hereby expressly made, a part of this Annex A of
the Twelfth Supplemental Indenture and to the extent applicable, the Company and the

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Trustee, by their execution and delivery of this Annex A of the Twelfth Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby.

     Section 2.03 Date and Denomination of Notes; Payments of Interest. The Notes shall be
issuable in registered form without coupons in denominations of $1,000 principal amount and
integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day
months.

     The Person in whose name any Note (or its Predecessor Note) is registered on the Security
Register at the close of business on any Record Date with respect to any Interest Payment Date
shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be
payable at the office of the Company maintained by the Company for such purposes in the Borough of
Manhattan, City of New York or the City of Boston, which shall initially be an office or agency of
the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed
to the address of the Person entitled thereto as it appears in the Security Register (or upon
written application by such Person to the Security Registrar not later than the relevant record
date, by wire transfer in immediately available funds to such Person’s account within the United
States, if such Person is entitled to interest on an aggregate principal in excess of $1,000,000)
or (ii) on any Global Note by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The term “Record Date” with respect to any Interest Payment Date shall
mean the March 15 or September 15 preceding the applicable April 1 or October 1 Interest Payment
Date, respectively.

     Section 2.04 Intentionally Omitted.

     Section 2.05 Execution, Authentication and Delivery of Notes. Section 303 of the Base
Indenture shall be applicable to the Notes.

     Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary.

          (a) The Company shall provide for the registration of the Notes and of transfers of the Notes
in the Security Register. Upon surrender for registration of transfer of any Note to the Security
Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount and bearing such restrictive legends as may
be required by this Annex A of the Twelfth Supplemental Indenture.

     Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and

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deliver, the Notes which the Noteholder making the exchange is entitled to receive, bearing
registration numbers not contemporaneously outstanding.

     All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Security Registrar or any
co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or his
attorney-in-fact duly authorized in writing.

     No service charge shall be charged to the Noteholder for any exchange or registration of
transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax, assessments or other governmental charges that may be imposed in connection therewith.

     None of the Company, the Trustee, the Security Registrar or any co-registrar shall be required
to exchange or register a transfer of (a) any Notes surrendered for exchange or, if a portion of
any Note is surrendered for exchange, such portion thereof surrendered for exchange or (b) any
Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with
Article IX hereof.

     All Notes issued upon any registration of transfer or exchange of Notes in accordance with
this Annex A of the Twelfth Supplemental Indenture shall be the valid, binding and legal
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Annex A of the Twelfth Supplemental Indenture as the Notes surrendered upon such registration of
transfer or exchange.

          (b) Every Note (and all Notes issued in exchange therefor or in substitution thereof) that
bears or is required under this Section 2.06(b) to bear the legend set forth in this Section
2.06(b) (together with any Common Stock issued upon exchange of the Notes, collectively, the
“Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section
2.06(b) (including those set forth in the legend below) unless such restrictions on transfer shall
be waived by written consent of the Company, and the Holder of each such Restricted Security, by
such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used
in this Section 2.06(b), the term “transfer” means any sale, pledge, loan, transfer or other
disposition whatsoever of any Restricted Security or any interest therein.

     Until the expiration of the holding period applicable to sales of Restricted Securities under
Rule 144(k) under the Securities Act (or any successor provision), any certificate evidencing a
Restricted Security shall bear a legend in substantially the following form, unless such Restricted
Security has been sold pursuant to a registration statement that has been declared, or otherwise
has become, effective under the Securities Act (and which continues to be effective at the time of
such transfer) or sold pursuant to Rule 144 under the Securities Act or any similar provision then
in force, or unless otherwise agreed by the Company in writing, with written notice thereof to the
Trustee:

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THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY OR THE COMMON SHARES
ISSUABLE UPON CONVERSION OF SUCH SECURITY, PRIOR TO THE DATE WHICH
IS TWO YEARS AFTER THE LATER OF THE ORIGINAL DATE OF ISSUANCE OF
THIS SECURITY AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF THIS SECURITY) (THE “RESALE RESTRICTION TERMINATION
DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR
(D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT
TO CLAUSE (D) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR
OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

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     Any Notes that are Restricted Securities and as to which such restrictions on transfer shall
have expired in accordance with their terms or as to conditions for removal of the foregoing legend
set forth therein have been satisfied may, upon surrender of such Note for exchange to the
Securities Registrar in accordance with the provisions of this Section 2.06, be exchanged for a new
Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive
legend required by this Section 2.06(b). If such Restricted Security surrendered for exchange is
represented by a Global Note bearing the legend set forth in this Section 2.06(b), the principal
amount of the legended Global Note shall be reduced by the appropriate principal amount and the
principal amount of a Global Note without the legend set forth in this Section 2.06(b) shall be
increased by an equal principal amount. If a Global Note without the legend set forth in this
Section 2.06(b) is not then outstanding, the Company shall execute and the Trustee shall
authenticate and deliver an unlegended Global Note to the Depositary.

     In the event Rule 144(k) under the Securities Act (or any successor provision) is amended to
shorten the two-year period under Rule 144(k), then, the references in the restrictive legends set
forth above to “TWO YEARS,” and in the corresponding transfer restrictions described above, and in
the Notes and the Common Stock issued upon exchange of the Notes will be deemed to refer to such
shorter period, from and after receipt by the Trustee of an Officers’ Certificate and an Opinion of
Counsel to that effect. As soon as reasonably practicable after the Company knows of the
effectiveness of any such amendment to shorten the two-year period under Rule 144(d), unless such
changes would otherwise be prohibited by, or would cause a violation of, the federal securities
laws applicable at the time, the Company will provide to the Trustee an Officers’ Certificate and
an Opinion of Counsel as to the effectiveness of such amendment and the effectiveness of such
change to the restrictive legends and transfer restrictions.

          (c) Any Restricted Securities, prior to the expiration of the holding period applicable to
sales thereof under Rule 144(k) under the Securities Act (or any successor provision), purchased or
owned by the Company or any Affiliate thereof may not be resold by the Company or such Affiliate
and will be surrendered to the Trustee for cancellation. Upon expiration of the holding period
applicable to sales of Restricted Securities under Rule 144(k) under the Securities Act (or any
successor provision), the Notes may, to the extent permitted by applicable law, be reissued or sold
or may be surrendered to the Trustee for cancellation. Any Notes surrendered for cancellation may
not be reissued or resold and will be canceled promptly by the Trustee.

          (d) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this instrument or under applicable law
with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by, the terms of this instrument, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

          (e) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, all Notes shall be represented by one or more Notes in global form
(each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary.
The transfer and exchange of beneficial interests in a Global Note,

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which does not involve the issuance of a definitive Note, shall be effected through the
Depositary (but not the Trustee or the Custodian) in accordance with this Annex A of the Twelfth
Supplemental Indenture (including the restrictions on transfer set forth herein) and the procedures
of the Depositary therefor.

     Section 2.07 Additional Notes; Repurchases. The Company may, without the consent of the
Noteholders and notwithstanding Section 2.01, issue additional Notes hereunder with the same terms
and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate
principal amount, which will form the same series with the Notes initially issued hereunder,
provided that no such additional Notes may be issued unless fungible with the Notes initially
issued hereunder for U.S. federal income tax purposes. The Company may also from time to time
repurchase the Notes in open market purchases by tender at any price or by private agreement
without prior notice to Noteholders.

     Section 2.08 No Sinking Fund. The provisions of Article Twelve of the Base Indenture shall
not be applicable to the Notes. No sinking fund is provided for the Notes.

     Section 2.09 Ranking. The Notes constitute a senior general obligation of the Company,
ranking equally with other existing and future senior and unsubordinated indebtedness of the
Company and ranking senior in right of payment to any future indebtedness of the Company that is
expressly made subordinate to the Notes by the terms of such indebtedness.

ARTICLE III

REDEMPTION

     Section 3.01 Right to Redeem.

          (a) Notwithstanding any provision of the Base Indenture, as modified by this Annex A of the
Twelfth Supplemental Indenture, to the contrary, the Company may redeem the Notes prior to April
1, 2037, in whole, in order to preserve Parent’s status as a real estate investment trust under the
Code.

          (b) Except as provided in Section 3.01(a), the Company may not redeem the Notes prior to April
5, 2012. On or after April 5, 2012, the Company, at its option, may redeem the Notes from time to
time in whole or in part.

          (c) Any redemption of Notes shall be at a Redemption Price equal to 100% of the principal
amount of the Notes being redeemed, plus accrued and unpaid interest; provided, however, that the
Company may deduct and withhold from such Redemption Price any amount required to be deducted and
withheld under applicable law.

     Section 3.02 Selection of Notes to be Redeemed.

          (a) The provisions of Section 1103 of the Base Indenture shall govern the selection of Notes
to be redeemed by the Trustee provided, however, that if less than all of the Notes are to be
redeemed, the Trustee shall make the selection from the Notes of that series

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Outstanding and not previously called for redemption, by lot, or in its discretion, on a pro
rata basis.

          (b) If any Note selected for partial redemption is exchanged in part before termination of the
exchange right with respect to the portion of the Note so selected, the exchanged portion of such
Note shall be deemed to be part of the portion selected for redemption. Notes which have been
exchanged subsequent to the Trustee commencing selection of Notes to be redeemed but prior to
redemption of such Notes shall be treated by the Trustee as Outstanding for the purpose of such
selection.

     Section 3.03 Notice of Redemption. The provisions of Section 1104 of the Base Indenture shall
govern notices of redemption of the Notes; provided, however, that in addition to the information
specified in Section 1104 of the Base Indenture, notices of redemption of the Notes shall also
state:

          (a) the then-current Exchange Price;

          (b) the name and address of the Exchange Agent;

          (c) that Holders who wish to exchange Notes must surrender such Notes for exchange no later
than the close of business on the second Business Day immediately preceding the Redemption Date and
must satisfy the other requirements set forth herein; and

          (d) whether the Company will satisfy its Exchange Obligation with respect to any Notes called
for redemption that are surrendered for exchange in cash, shares of Common Stock or both as
provided herein; provided that the Company may not provide notice of a redemption of Notes at the
Company’s option that specifies that the Company will settle exchanges of Notes prior to such
redemption in cash and shares of Common Stock unless, at the time of such notice, the Company has
available to it a sufficient number of authorized shares of Common Stock to satisfy its Exchange
Obligation in respect of the Notes to be redeemed.

ARTICLE IV

PARTICULAR COVENANTS OF THE COMPANY

     Section 4.01 Payment of Principal and Interest.

          (a) Sections 307 and 1001 of the Base Indenture shall apply to the Notes; provided, however,
that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at
the application of such Holder in writing to the Security Registrar not later than the relevant
record date, accrued and unpaid interest on such Holder’s Notes shall be paid by wire transfer in
immediately available funds to such Holder’s account in the United States supplied by such Holder
from time to time to the Trustee and Paying Agent (if different from Trustee); provided further
that payment of accrued and unpaid interest made to the Depositary shall be paid by wire transfer
in immediately available funds in accordance with such wire transfer instructions and other
procedures provided by the Depositary from time to time.

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          (b) Except as otherwise provided in this Section 4.01(b), a Holder of any Notes at the close
of business on a Record Date shall be entitled to receive interest on such Notes on the
corresponding Interest Payment Date. A Holder of any Notes as of a Record Date that are exchanged
after the close of business on such Record Date and prior to the opening of business on the
corresponding Interest Payment Date shall be entitled to receive interest on the principal amount
of such Notes, notwithstanding the exchange of such Notes prior to such Interest Payment Date.
However, a Holder that surrenders any Notes for exchange between the close of business on a Record
Date and the opening of business on the corresponding Interest Payment Date shall be required to
pay the Company an amount equal to the interest payable by the Company with respect to such Notes
on such Interest Payment Date at the time such Holder surrenders such Notes for exchange, provided,
however, that this sentence shall not apply to a Holder that exchanges Notes:

     a. in respect of which the Company has given notice of redemption pursuant to Section
3.03 on a Redemption Date that is after the relevant Record Date and on or prior to the
relevant Interest Payment Date; or

     b. to the extent of any overdue interest, if any overdue interest exists at the time of
exchange with respect to such Notes;

     c. in connection with a Fundamental Change in which the Company has specified a
Fundamental Change Repurchase Date that is after a Record Date and on or prior to the next
Interest Payment Date; or

     d. after the Record Date immediately preceding the Maturity Date.

Accordingly, a Holder that exchanges Notes under any of the circumstances described in clauses (i),
(ii), (iii) or (iv) above will not be required to pay to the Company an amount equal to the
interest payable by the Company with respect to such Notes on the relevant Interest Payment Date.

     Section 4.02 Maintenance of Office or Agency for Exchange Agent. If at any time the Exchange
Agent is not the Trustee or an office or agency designated or appointed by the Trustee, the Company
will give prompt written notice to the Trustee of the location of such Exchange Agent. If at any
time the Company shall fail to maintain an office or agency for the Exchange Agent, presentations,
surrenders, notices and demands related to exchanges of Notes may be made or served at the
Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan initially
located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust
Division.

     Section 4.03 Rule 144A Information Requirement. Within the period prior to the expiration of
the holding period applicable to sales thereof under Rule 144(k) under the Securities Act (or any
successor provision), the Company covenants and agrees that it shall, during any period in which it
is not subject to Section 13 or 15(d) under the Exchange Act, make available to any Holder or
beneficial holder of Notes or any Common Stock issued upon exchange thereof which continue to be
Restricted Securities in connection with any sale thereof and any prospective purchaser of Notes or
such Common Stock designated by such Holder or beneficial

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holder, the information required pursuant to Rule 144A(d)(4) under the Securities Act upon the
request of any Holder or beneficial holder of the Notes or such Common Stock, all to the extent
required to enable such Holder or beneficial holder to sell its Notes or Common Stock without
registration under the Securities Act within the limitation of the exemption provided by Rule 144A
unless a resale shelf registration statement in respect of the Notes and the Common Stock is
available.

     Section 4.04 Additional Interest Notice. In the event that the Issuer is required to pay
Additional Interest to Holders of Notes pursuant to the Registration Rights Agreement, the Company
will provide written notice (“Additional Interest Notice”) to the Trustee of its obligation to pay
Additional Interest no later than fifteen (15) calendar days prior to the proposed payment date for
Additional Interest, and the Additional Interest Notice shall set forth the amount of Additional
Interest to be paid by the Company on such payment date. The Trustee shall not at any time be
under any duty or responsibility to any Holder of Notes to determine whether the Company is
required to pay Additional Interest, the Additional Interest, or with respect to the nature, extent
or calculation of the amount of Additional Interest when made, or with respect to the method
employed in such calculation of the Additional Interest.

     Section 4.05 Exclusion of Certain Provisions From Base Indenture. Section 1004, Section 1006,
Section 1007 and Section 1011 of the Base Indenture shall not apply to the Notes. Section 1002,
Section 1003, Section 1005, Section 1008, Section 1009 (as amended by Section 2.2 of the Second
Supplemental Indenture to the Base Indenture), Section 1010 and Section 1012 of the Base Indenture
shall be applicable to the Notes.

ARTICLE V

DEFAULTS AND REMEDIES

     Section 5.01 Events of Default. The provisions of Section 501(2) and Section 501(3) of the
Base Indenture shall not be applicable to the Notes. As contemplated under Section 301 and Section
501(9) of the Base Indenture, the following events, in addition to the events described in clauses
(1), (4), (5) (as amended by the Second Supplemental Indenture to the Base Indenture), (6) (as
amended by the Second Supplemental Indenture to the Base Indenture), (7) and (8) of the Base
Indenture, shall be Events of Default with respect to the Notes: 

          (a) default in the payment of principal or premium, if any, of any Note when due and payable
on the Maturity Date, upon redemption, repurchase, declaration or otherwise;

          (b) failure by the Company to comply with its obligation to exchange the Notes into cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, upon
exercise of a Holder’s exchange right, and such failure continues for a period of ten days; or

          (c) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 9.02 when due, and such failure continues for a period of two days.

     Section 5.02 Article Five of Base Indenture. Except as amended by Section 5.01 hereof, all of
the provisions of Article Five of the Base Indenture shall be applicable to the Notes.

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ARTICLE VI

SUPPLEMENTAL INDENTURES

     Section 6.01 Supplemental Indentures Without Consent of Noteholders. The provisions of
Section 901 of the Base Indenture shall be applicable to the Notes.

     Section 6.02 Modification and Amendment with Consent of Noteholders. Section 902 of the Base
Indenture shall be applicable to the Notes. As contemplated by Sections 301 and 902 of the Base
Indenture, no supplemental indenture shall, without the consent of the Holder of each Outstanding
Note affected thereby:

          (a) make any change that adversely affects the exchange rights of any Notes;

          (b) reduce the Fundamental Change Repurchase Price, Redemption Price or Put Right Repurchase
Price of any Note, or amend or modify in any manner adverse to Noteholders the Company’s obligation
to make such payments or Article III or Article IX of this Annex A of the Twelfth Supplemental
Indenture, whether through an amendment or waiver of provisions in the covenants, definitions or
otherwise.

     Section 6.03 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, the Base Indenture and this Annex A of the Twelfth Supplemental
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Annex A of the Twelfth Supplemental Indenture for all purposes; and every Holder of
Notes theretofore or thereafter authenticated and delivered hereunder and of any coupon
appertaining thereto shall be bound thereby.

     Section 6.04 Article Nine of Base Indenture. Except as amended by this Article VI, all of the
provisions of Article Nine of the Base Indenture shall be applicable to the Notes.

ARTICLE VII

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     Section 7.01 Company May Consolidate, Etc. on Certain Terms. Article Eight of the Base
Indenture shall be applicable to the Notes.

ARTICLE VIII

EXCHANGE OF NOTES

     Section 8.01 Exchange Privilege.

          (a) Subject to the conditions described in clauses (b) through (f) below and to Section 8.11
hereof, and upon compliance with the provisions of this Article VIII, a Holder of Notes shall have
the right, at such Holder’s option, to exchange all or any portion (if the portion to be exchanged
is $1,000 principal amount or an integral multiple thereof) of such Note at any time prior to the
close of business on the scheduled Trading Day immediately preceding

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February 1, 2012 at a rate (the “Exchange Rate”) of 5.8752 shares of Common Stock (subject to
adjustment by the Company as provided in Section 8.04) per $1,000 principal amount of Notes (the
“Exchange Obligation”) under the circumstances and during the periods set forth below. On and
after February 1, 2012, regardless of the conditions described in clause (b) through (f) below,
upon compliance with the provisions of this Article VIII and subject to Section 8.11 hereof, a
Noteholder shall have the right, at such holder’s option, to exchange all or any portion (if the
portion to be exchanged is $1,000 principal amount or an integral multiple thereof) of such Note at
any time prior to the close of business on the scheduled Trading Day immediately preceding the
Maturity Date at an Exchange Rate of 5.8752 shares of Common Stock (subject to adjustment by the
Company as provided in Section 8.04) per $1,000 principal amount of Notes.

          (b) (1) A Holder of Notes shall have the right, at such Holder’s option, to exchange its Notes
prior to February 1, 2012, during the five Business Day period immediately after any ten
consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000
principal amount of Notes for each day of such Measurement Period was less than 98% of the product
of the Last Reported Sale Price of the Common Stock on such date and the Exchange Rate on such
date, all as determined by the Trustee in the manner described in the immediately succeeding
paragraph. The Trustee shall have no obligation to determine the Trading Price of the Notes unless
requested by the Company to do so in writing, and the Company shall have no obligation to make such
request unless a Noteholder or Noteholders of at least $1,000,000 aggregate principal amount of
Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal
amount of the Notes would be less than 98% of the product of the Last Reported Sale Price at such
time and the then-applicable Exchange Rate, at which time the Company shall select three
independent nationally recognized securities dealers (each, an “Independent Securities Dealer”),
request that the Independent Securities Dealers provide a secondary market quotation for the Notes
and provide such determination to the Company and the Trustee in writing, and the Company shall
instruct the Independent Securities Dealers to provide a secondary market quotation for the Notes
beginning on the next Trading Day and on each successive Trading Day until the Trading Price per
$1,000 principal amount of the Notes is greater than or equal to 98% of the product of the Last
Reported Sale Price on such date and the then-applicable Exchange Rate. If the Trading Price
condition set forth above has been met, the Company shall so notify the Noteholders. If at any
time after the Trading Price condition set forth above has been met, the Trading Price per $1,000
principal amount of Notes is greater than 98% of the product of the Last Reported Sale Price on
such date and the then-applicable Exchange Rate, the Company shall so notify the Noteholders.

     (2) Any request by the Company to the Trustee for a determination of the Trading Price
and whether the Trading Price condition set forth in the first sentence of the immediately
preceding paragraph has been met shall be accompanied by an Officers’ Certificate setting
forth, for each day of determination (as identified in such Certificate), the name of the
Independent Securities Dealers providing the secondary market bid quotations, a statement
certifying that that such dealers are “Independent Securities Dealers” as required in this
Section 8.01, the secondary market bid quotations obtained from such Independent Securities
Dealers (a copy of which will be attached to such Officers’ Certificate), the Company’s
calculation of the Trading Price for such date. The Trustee shall be entitled to
conclusively rely, without independent verification, on the quotations provided by the
Company in making its determinations hereunder. On the

A-17

 

basis of such quotations, the Trustee shall determine the Trading Price of the Notes,
and provide such determination to the Company. Absent manifest error, the Trustee’s
determination of the Trading Price will be binding on the Company. Unless and until a
Responsible Officer of the Trustee shall have received a request from the Company for
determination of the Trading Price for the Notes and the Officers’ Certificate contemplated
herein, the Trustee shall have no obligation to make any determination of the Trading Price
of the Notes or whether the Trading Price condition has been met.

          (c) A Holder of Notes shall have the right, at such Holder’s option, to exchange Notes during
any calendar quarter after the quarter ended March 31, 2007, and only during such calendar quarter,
if the Last Reported Sale Price for the Common Stock for at least 20 Trading Days during the period
of 30 consecutive Trading Days ending on the last Trading Day of the previous calendar quarter
exceeds 130% of the Exchange Price (the “Exchange Trigger Price”) on such last Trading Day, which
Exchange Price shall be subject to adjustment in accordance with this Article VIII. The Exchange
Agent shall, on the Company’s behalf, determine at the beginning of each calendar quarter whether
the Notes are exchangeable as a result of the price of the Common Stock as contemplated in the
previous sentence and notify the Company and the Trustee.

          (d) In the event that the Company has delivered a notice of redemption in accordance with
Section 1104 of the Base Indenture and Section 3.03 of this Annex A of the Twelfth Supplemental
Indenture to the Holders of Notes, a Holder of Notes may exchange Notes at any time prior to the
close of business on the second Business Day immediately preceding the corresponding Redemption
Date; provided, however, that a Holder who has already delivered a Fundamental Change Repurchase
Notice with respect to a Note may not exchange such Note until the Holder has withdrawn the
Fundamental Change Repurchase Notice in accordance with the terms of the Note and this Annex A of
the Twelfth Supplemental Indenture.

          (e) (i) In the event that the Company or Parent elects to:

     (i) distribute to all or substantially all holders of Common Stock rights entitling
them to purchase, for a period expiring within 60 days, shares of Common Stock at a price
less than the Last Reported Sale Price of the Common Stock for the Trading Day immediately
preceding the declaration date of such distribution; or

     (ii) distribute to all or substantially all holders of Common Stock, assets or debt
securities of the Company or Parent or rights to purchase the Company’s or Parent’s
securities, which distribution has a per share value (as determined by the Board of
Trustees) exceeding 15% of the Last Reported Sale Price of the Common Stock on the day
immediately preceding the date of declaration of such distribution,

then, in either case, Holders may surrender the Notes for exchange at any time on and after the
date that Parent provides notice to Holders referred to in the next sentence until the earlier of
the close of business on the Business Day immediately preceding the Ex-Dividend Date for such
distribution or the date Parent announces that such distribution will not take place. The Company
shall notify Holders of any distribution referred to in either clause (A) or clause (B)

A-18

 

above and of the resulting exchange right no later than the 35th Business Day prior to the
Ex-Dividend Date for such distribution.

     (ii) If the Company is a party to any transaction or event that constitutes a
Fundamental Change, a Holder may surrender Notes for exchange at any time from and
after the 30th scheduled Trading Day prior to the anticipated Effective Date of such
transaction or event until the related Fundamental Change Repurchase Date and, upon
such surrender, the Holder shall be entitled to the increase in the Exchange Rate,
if any, specified in Section 8.01(g). The Company shall give notice to all record
Noteholders and the Trustee and issue a press release of the Fundamental Change no
later than 30 scheduled Trading Days prior to the anticipated Effective Date of the
Fundamental Change.

     (iii) If Parent is a party to a consolidation, merger, binding share exchange
or sale or conveyance of all or substantially all of its properties and assets, in
each case pursuant to which the Common Stock would be exchanged into cash,
securities and/or other property, then the Holders shall have the right to exchange
Notes at any time beginning fifteen calendar days prior to the date announced by
Parent as the anticipated effective date of the transaction and until and including
the date that is fifteen calendar days after the date that is the effective date of
such transaction; provided such transaction does not otherwise constitute a
Fundamental Change to which the provisions of Section 8.01(e)(ii) shall apply. The
Company shall give notice to all record Noteholders and the Trustee and issue a
press release at least 20 calendar days prior to the anticipated effective date of
such transaction. If the Board of Directors determines the anticipated effective
date of the transaction, such determination shall be conclusive and binding on the
Holders.

          (f) The Notes shall be exchangeable at any time beginning on the first Business Day after any
30 consecutive Trading Day period during which the Common Stock is not listed on a U.S. national
securities exchange.

          (g) (i) If a Noteholder elects to exchange Notes in connection with a Fundamental Change that
occurs prior to April 5, 2012, the Exchange Rate applicable to each $1,000 principal amount of
Notes so exchanged shall be increased by an additional number of shares of Common Stock (the
“Additional Shares”) as described below. Settlement of Notes tendered for exchange to which
Additional Shares shall be added to the Exchange Rate as provided in this subsection shall be
settled pursuant to Section 8.02 below, as applicable. For purposes of this Section 8.01(g), an
exchange shall be deemed to be “in connection with” a Fundamental Change to the extent that the
related exchange notice is delivered during the time period beginning on the 30th Trading Day prior
to the anticipated Effective Date of such Fundamental Change and ending on the related Fundamental
Change Repurchase Date, inclusive (regardless of whether the provisions of clauses (b), (c), (d),
(e) or (f) of this Section 8.01 shall apply to such exchange). Such exchange notice shall indicate
that the Holder of Notes has elected to exchange Notes in connection with a Fundamental Change;
provided, however, that the failure to so indicate shall not in any way affect the Exchange
Obligation or the right of such Holder to receive Additional Shares in connection with such
exchange.

A-19

 

     (ii) The number of Additional Shares by which the Exchange Rate will be increased shall
be determined by reference to the table attached as Schedule A hereto, based on the date on
which the Fundamental Change occurs or becomes effective (the “Effective Date”), and the
Stock Price; provided, that if the Stock Price is between two Stock Price amounts in the
table or the Effective Date is between two Effective Dates in the table, the number of
Additional Shares shall be determined by a straight-line interpolation between the number of
Additional Shares set forth for the next higher and next lower Stock Price amounts and the
two nearest Effective Dates, as applicable, based on a 365-day year; provided further that
if (1) the Stock Price is greater than $380.82 per share of Common Stock (subject to
adjustment in the same manner as set forth in Section 8.04), no Additional Shares will be
added to the Exchange Rate, and (2) the Stock Price is less than $142.97 per share of Common
Stock (subject to adjustment in the same manner as set forth in Section 8.04), no
Additional Shares will be added to the Exchange Rate. Notwithstanding the foregoing, in no
event will the total number of shares of Common Stock issuable upon exchange exceed 7.0410
per $1,000 principal amount of Notes (subject to adjustment in the same manner as set forth
in Section 8.04).

     (iii) The Stock Prices set forth in the first row of the table in Schedule A hereto
shall be adjusted as of any date on which the Exchange Rate of the Notes is adjusted. The
adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate in effect
immediately prior to the adjustment giving rise to the Stock Price adjustment and the
denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares
within the table shall be adjusted in the same manner as the Exchange Rate as set forth in
Section 8.04 (other than by operation of an adjustment to the Exchange Rate by adding
Additional Shares).

     Section 8.02 Exchange Procedures.

          (a) (1) The Company shall settle its Exchange Obligations as described in Section 8.02(a)(3),
unless, within the applicable time period specified in this Section 8.02(a)(1), the Company elects
to settle its Exchange Obligations as described in Section 8.02(a)(2) or Section 8.02(a)(4). The
cash and/or shares of Common Stock which the Company is required to deliver in accordance with this
Section 8.02 in settlement of its Exchange Obligations is referred to herein as the “Settlement
Amount.” If the Company desires to settle its Exchange Obligations as described in Section
8.02(a)(2) or Section 8.02(a)(4), the Company shall notify each exchanging Noteholder by notice to
the Trustee (for further distribution to Noteholders) of the method the Company will choose to
satisfy its Exchange Obligations no later than the second Trading Day immediately following the
Company’s receipt of a Notice of Exchange from such Holder, and such notice shall specify the
section of this Annex A of the Twelfth Supplemental Indenture pursuant to which the Company is
electing to satisfy its exchange obligations; provided, however, that the Company shall have the
right to irrevocably elect, in its sole discretion and without the consent of Noteholders, by
notice to the Trustee (for further distribution to Noteholders), on or prior to February 1, 2012,
to settle all of its future Exchange Obligations entirely in shares of Common Stock as described in
Section 8.02(a)(2), and provided further, that the Company is required to settle all exchanges with
an Exchange Date occurring on or after February 1, 2012 in the same manner, and the Company shall
notify Noteholders by

A-20

 

notice to the Trustee (for further distribution to Noteholders) of the manner of settlement
(including specifying the applicable section of this Annex A of the Twelfth Supplemental Indenture
that describes such manner of settlement) on or before such date. The Company shall treat all
Noteholders exchanging on the same Trading Day in the same manner; however, the Company shall not
have any obligation to settle its Exchange Obligations arising on different Trading Days in the
same manner, except for exchanges with an Exchange Date occurring on or after February 1, 2012,
which shall all be satisfied in the same manner.

     (2) If the Company has elected, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in this Section 8.02(a)(2), the
Company shall have the right to settle its Exchange Obligations entirely in shares of Common
Stock. If the Company elects to satisfy its Exchange Obligation entirely in shares of
Common Stock, the Company shall deliver a number of shares of Common Stock equal to (i) the
aggregate principal amount of Notes to be exchanged divided by $1,000, multiplied by (ii)
the applicable Exchange Rate (which shall include any increases to reflect any Additional
Shares that such Holder is entitled to receive pursuant to Section 8.01(g) above). The
Company shall deliver such shares of Common Stock as soon as practicable after it has
notified the exchanging Holder pursuant to Section 8.02(a)(1) above, that it has elected to
satisfy its Exchange Obligation entirely in shares of Common Stock.

     (3) If the Company does not elect, within the applicable time periods specified in
Section 8.02(a)(1), to settle its Exchange Obligations as described in Section 8.02(a)(2) or
8.02(a)(4), the Company shall settle its Exchange Obligations as described in this Section
8.02(a)(3), subject to Section 8.02(b) hereof. The Company shall deliver in respect of each
$1,000 principal amount of Notes being exchanged a Settlement Amount equal to the sum of the
Daily Settlement Amounts for each of the 20 consecutive Trading Days during the Observation
Period, on the third Trading Day immediately following the last day of the related
Observation Period; provided that the Company will deliver cash in lieu of fractional shares
of Common Stock as set forth pursuant to clause (k) below. The Daily Settlement Amounts
shall be determined by the Company promptly following the last day of the Observation
Period.

     (4) If the Company has elected, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in this Section 8.02(a)(4), the
Company shall have the right to settle all or a portion of the amount by which the Daily
Exchange Value exceeds $50 in cash in accordance with this Section 8.02(a)(4). In such
case, the Company shall specify a percentage of the amount by which the Daily Exchange Value
exceeds $50 that will be settled in cash, or the “cash percentage.” The Company will inform
exchanging Holders by notice to the Trustee (for further distribution to Noteholders) no
later than two Trading Days prior to the first day of the applicable Observation Period if
it elects to pay cash upon exchange of the Notes and shall specify in such notice (the “cash
percentage notice”) the applicable cash percentage. If the Company elects to specify a cash
percentage, the amount of cash that the Company shall deliver in respect of each Trading Day
in the applicable Observation Period shall equal the product of (w) the cash percentage and
(x) the amount by which the Daily Exchange Value exceeds $50 for such Trading Day. The
number of shares of

A-21

 

Common Stock deliverable in respect of each Trading Day in the applicable Observation
Period shall equal (i) the product of (y) 100% minus the cash percentage and (z) the amount
by which the Daily Exchange Value exceeds $50 for such Trading Day, divided by (ii) the
Daily VWAP of the Common Stock for such Trading Day. If the Company does not specify a cash
percentage, it must settle the entire amount by which the Daily Exchange Value exceeds $50
with shares of Common Stock pursuant to Section 8.02(a)(3) above; provided, however, that
the Company will deliver cash in lieu of fractional shares of Common Stock as set forth
pursuant to clause (k) below. If the Company specifies a cash percentage, the Company shall
satisfy its Exchange Obligation by delivering, on the third Trading Day immediately
following the last day of the related Observation Period, the amount of cash and the number
of shares of Common Stock deliverable pursuant to this Section 8.02(a)(4).

          (b) Notwithstanding Section 8.02(a), the Company shall satisfy the Exchange Obligation with
respect to each $1,000 principal amount of Notes tendered for exchange to which Additional Shares
shall be added to the Exchange Rate as set forth in Section 8.01(g) pursuant to this clause (b).

     (i) If the last day of the applicable Observation Period related to Notes surrendered
for exchange is prior to the third Trading Day preceding the Effective Date of the
Fundamental Change, the Company will satisfy the related Exchange Obligation with respect to
each $1,000 principal amount of Notes tendered for exchange as described in Section 8.01(a)
by delivering the amount of cash and shares of Common Stock, if any (based on the Exchange
Rate, but without regard to the number of Additional Shares to be added to the Exchange Rate
pursuant to Section 8.01(g)) on the third Trading Day immediately following the last day of
the applicable Observation Period. In addition, as soon as practicable following the
Effective Date of the Fundamental Change, the Company will deliver the increase in such
amount of cash and Reference Property deliverable in lieu of shares of Common Stock, if any,
as if the Exchange Rate had been increased by such number of Additional Shares during the
related Observation Period (and based upon the related Daily VWAP prices during such
Observation Period). If such increased amount of cash and Common Stock, if any, results in
an increase to the amount of cash to be paid to Holders, the Company will pay such increase
in cash, and if such increased amount results in an increase to the number of shares of
Common Stock, the Company will deliver such increase by delivering Reference Property based
on such increased number of shares.

     (ii) If the last day of the applicable Observation Period related to Notes surrendered
for exchange is on or following the third scheduled Trading Day preceding the Effective Date
of such Fundamental Change, the Company will satisfy the Exchange Obligation with respect to
each $1,000 principal amount of Notes tendered for exchange as described in Section 8.01(a)
(based on the Exchange Rate as increased by the Additional Shares pursuant to Section
8.01(g) above) on the later to occur of (x) the Effective Date of the Fundamental Change and
(y) the third Trading Day immediately following the last day of the applicable Observation
Period.

A-22

 

          (c) Before any Holder of a Note shall be entitled to exchange the same as set forth above,
such Holder shall (1) in the case of a Global Note, comply with the procedures of the Depositary in
effect at that time and, if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 4.01(b) and Section
8.02(i) and, if required, pay all taxes or duties, if any, and (2) in the case of a Note issued in
certificated form, (A) complete and manually sign and deliver an irrevocable written notice to the
Exchange Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (a
“Notice of Exchange”) at the office of the Exchange Agent and shall state in writing therein the
principal amount of Notes to be exchanged and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock, if any, to be
delivered upon settlement of the Exchange Obligation to be registered, (B) surrender such Notes,
duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer
documents), at the office of the Exchange Agent, (C) if required, pay funds equal to interest
payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
Section 4.01(b) and Section 8.02(i), and (D) if required, pay all taxes or duties, if any. A Note
shall be deemed to have been exchanged immediately prior to the close of business on the date (the
“Exchange Date”) that the Holder has complied with the requirements set forth in this Section
8.02(c).

     No Notice of Exchange with respect to any Notes may be tendered by a Holder thereof if such
Holder has also tendered a Put Right Repurchase Notice or a Fundamental Change Repurchase Notice
and not validly withdrawn such Put Right Repurchase Notice or Fundamental Change Repurchase Notice
in accordance with the applicable provisions of Section 9.01 or 9.02, as the case may be.

     If more than one Note shall be surrendered for exchange at one time by the same Holder, the
Exchange Obligation with respect to such Notes, if any, that shall be payable upon exchange shall
be computed on the basis of the aggregate principal amount of the Notes (or specified portions
thereof to the extent permitted thereby) so surrendered.

          (d) Delivery of the amounts owing in satisfaction of the Exchange Obligation shall be made by
the Company in no event later than the date specified in Section 8.02(a), except to the extent
specified in Section 8.02(b). The Company shall make such delivery by paying the cash amount owed
to the Exchange Agent or to the Holder of the Note surrendered for exchange, or such Holder’s
nominee or nominees, and by issuing, or causing to be issued, and delivering to the Exchange Agent
or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer
through the Depositary for the number of full shares of Common Stock to which such Holder shall be
entitled as part of such Exchange Obligation (together with any cash in lieu of fractional shares).

          (e) In case any Note shall be surrendered for partial exchange, the Company shall execute and
the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note
so surrendered, without charge to such Holder, a new Note or Notes in authorized denominations in
an aggregate principal amount equal to the unexchanged portion of the surrendered Notes.

A-23

 

          (f) If a Holder submits a Note for exchange, the Company shall pay all stamp and other duties,
if any, which may be imposed by the United States or any political subdivision thereof or taxing
authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon
the exchange. However, the Holder shall pay any such tax that is due because the Holder requests
any shares of Common Stock to be issued in a name other than the Holder’s name. The Exchange Agent
may refuse to deliver the certificates representing the shares of Common Stock being issued in a
name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax which
will be due because the shares are to be issued in a name other than the Holder’s name. Nothing
herein shall preclude any tax withholding required by law or regulations.

          (g) Except as provided in Section 8.04, no adjustment shall be made for dividends on any
shares issued upon the exchange of any Note as provided in this Article.

          (h) Upon the exchange of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any
exchange of Notes effected through any Exchange Agent other than the Trustee.

          (i) Upon exchange, a Noteholder will not receive any separate cash payment for accrued and
unpaid interest, except as set forth below. The Company’s settlement of its Exchange Obligation as
described above shall be deemed to satisfy its obligation to pay the principal amount of the Note
and accrued and unpaid interest to, but not including, the Exchange Date. As a result, accrued and
unpaid interest to, but not including, the Exchange Date shall be deemed to be paid in full rather
than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are
exchanged after the close of business on a Record Date, Holders of such Notes as of the close of
business on the Record Date will receive the interest payable on such Notes on the corresponding
Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the
period from the close of business on any regular Record Date to the opening of business on the
corresponding Interest Payment Date must be accompanied by payment of an amount equal to the
interest payable on the Notes so exchanged; provided, however, that no such payment need be made
(1) if the Company has called the Notes for redemption or (2) to the extent of any overdue interest
existing at the time of exchange with respect to such Note, (3) to Notes surrendered for exchange
in connection with a Fundamental Change in which the Company has specified a Fundamental Change
Repurchase Date that is after a Record Date and on or prior to the next Interest Payment Date, or
(4) to Notes surrendered for exchange after the Record Date immediately preceding the Maturity
Date. Except as described above, no payment or adjustment will be made for accrued interest on
exchanged Notes.

          (j) The Person in whose name the certificate for any shares of Common Stock issued upon
exchange is registered shall be treated as a stockholder of record on and after the Exchange Date;
provided, however, that no surrender of Notes on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the Person or Persons entitled to receive
the shares of Common Stock upon such exchange as the record holder or holders of such shares of
Common Stock on such date, but such surrender shall be effective to constitute the Person or
Persons entitled to receive such shares of Common Stock as the record

A-24

 

holder or holders thereof for all purposes at the close of business on the next succeeding day
on which such stock transfer books are open; such exchange shall be at the Exchange Rate in effect
on the date that such Notes shall have been surrendered for exchange, as if the stock transfer
books of the Company had not been closed. Upon exchange of Notes, such Person shall no longer be a
Noteholder.

          (k) No fractional shares of Common Stock shall be issued upon exchange of any Note or Notes.
If more than one Note shall be surrendered for exchange at one time by the same Holder, the number
of full shares that shall be issued upon exchange thereof shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof) so surrendered. Instead of
any fractional share of Common Stock that would otherwise be issued upon exchange of any Note or
Notes (or specified portions thereof), the Company shall pay a cash adjustment in respect of such
fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction
of the Last Reported Sale Price of the Common Stock on the last day of the applicable Observation
Period.

          (l) Reserved.

     Section 8.03 Reserved.

     Section 8.04 Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to
time by the Company as follows:

          (a) In case Parent shall issue Common Stock as a dividend or distribution to holders of the
outstanding Common Stock, or shall effect a subdivision into a greater number of shares of Common
Stock or combination into a lesser number of shares of Common Stock, the Exchange Rate shall be
adjusted based on the following formula:

where

ER0 = the Exchange Rate in effect immediately prior to such event;

ER' = the Exchange Rate in effect immediately after such event;

OS0 = the number of shares of Common Stock outstanding immediately prior to such event;
and

OS' = the number of shares of Common Stock outstanding immediately after such event.

Such adjustment shall become effective immediately after 9:00 a.m., New York City time, on the
Business Day following the record date fixed for such determination. If any dividend or
distribution of the type described in this Section 8.04(a) is declared but not so paid or made, or
the outstanding shares of Common Stock are not subdivided or combined, as the case may be, the
Exchange Rate shall be immediately readjusted, effective as of the date the Board of Directors
determines not to pay such dividend or distribution, or subdivide or combine the

A-25

 

outstanding shares of Common Stock, as the case may be, to the Exchange Rate that would then be in
effect if such dividend, distribution, subdivision or combination had not been declared.

          (b) In case Parent shall issue to all or substantially all holders of its outstanding Common
Stock any rights, warrants or convertible securities entitling them (for a period expiring within
sixty (60) calendar days after the issuance thereof) to subscribe for or purchase shares of Common
Stock at a price per share less than the Last Reported Sale Price of the Common Stock on the
Business Day immediately preceding the date of announcement of such issuance, the Exchange Rate
shall be adjusted based on the following formula:

	 	 	 

	where
	 	 
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to such event;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect immediately after such event;
	 
	 	 
	OS0 =

	 	the number of shares of Common Stock outstanding immediately prior to such event;
	 
	 	 
	X =

	 	the total number of shares of Common Stock issuable pursuant to such rights, warrants or convertible
securities; and
	 
	 	 
	Y =

	 	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, warrants or
convertible securities divided by the average of the Last Reported Sale Prices per share of Common Stock over
the ten consecutive Trading Day period ending on the Business Day immediately preceding the record date (or,
if later, the Ex-Date relating to such distribution) for the issuance of such rights, warrants or convertible
securities.

Such adjustment shall be successively made whenever any such rights, warrants or convertible
securities are issued and shall become effective immediately after 9:00 a.m., New York City time,
on the Business Day following the date fixed for such determination. If such rights, warrants or
convertible securities are not so exercised prior to their expiration, the Exchange Rate shall
again be adjusted to be the Exchange Rate that would then be in effect if such record date for such
distribution had not been fixed.

     In determining whether any rights, warrants or convertible securities entitle the holder
thereof to subscribe for or purchase shares of Common Stock at a price per share less than the Last
Reported Sale Price of the Common Stock on the Business Day immediately preceding the date of
announcement of such issuance, and in determining the aggregate offering price of such shares of
Common Stock, there shall be taken into account any consideration received by Parent for such
rights, warrants or convertible securities and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of
Trustees.

A-26

 

          (c) In case Parent shall distribute to all or substantially all holders of its Common Stock
shares of Capital Stock, evidences of its indebtedness or other assets or property of Parent
(including securities, but excluding dividends and distributions covered by Section 8.04(a),
Section 8.04(b) or Section 8.04(d) and distributions described below in this paragraph (c) with
respect to Spin-Offs) (any of such shares of Capital Stock, indebtedness, or other asset or
property hereinafter in this Section 8.04(c) called the “Distributed Property”), then, in each such
case the Exchange Rate shall be adjusted based on the following formula:

	 	 	 

	where
	 	 
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect immediately after such distribution;
	 
	 	 
	SP0 =

	 	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period
ending on the Business Day immediately preceding the record date for such distribution (or, if earlier, the
Ex-Date relating to such distribution); and
	 
	 	 
	FMV =

	 	the fair market value (as determined by the Board of Trustees) of the Distributed Property distributed with
respect to each outstanding share of Common Stock on the record date for such distribution (or, if earlier,
the Ex-Date relating to such distribution).

Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the
Business Day following the date fixed for the determination of stockholders entitled to receive
such distribution; provided that if the then fair market value (as so determined) of the portion of
the Distributed Property so distributed applicable to one share of Common Stock is equal to or
greater than SP0 as set forth above, in lieu of the foregoing adjustment, adequate provision shall
be made so that each Noteholder shall have the right to receive, for each $1,000 principal amount
of Notes upon exchange, the amount of Distributed Property such Holder would have received had such
Holder owned a number of shares of Common Stock equal to the Exchange Rate on the record date. If
such dividend or distribution is not so paid or made, the Exchange Rate shall again be adjusted to
be the Exchange Rate that would then be in effect if such dividend or distribution had not been
declared. If the Board of Trustees determines the fair market value of any distribution for
purposes of this Section 8.04(c) by reference to the actual or when issued trading market for any
securities, it must in doing so consider the prices in such market over the same period used in
determining SP0 above.

     With respect to an adjustment pursuant to this Section 8.04(c) where there has been a payment
of a dividend or other distribution on the Common Stock in shares of Capital Stock, or similar
equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”), unless the
Company distributes such shares of Capital Stock or equity interests to each Noteholder on the same
basis as such Noteholder would have received had it exchanged its Notes solely into shares of
Common Stock immediately prior to such dividend or distribution, the Exchange Rate

A-27

 

in effect immediately before 5:00 p.m., New York City time, on the Record Date fixed for
determination of stockholders entitled to receive the distribution will be increased based on the
following formula:

	 	 	 

	where
	 	 
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect immediately after such distribution;
	 
	 	 
	FMV0 =

	 	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to
holders of shares of Common Stock applicable to one share of Common Stock over the first ten consecutive
Trading Day period after the effective date of the Spin-Off; and
	 
	 	 
	MP0 =

	 	the average of the Last Reported Sale Prices of the Common Stock over the first ten consecutive Trading Day
period after the effective date of the Spin-Off.

Such adjustment shall occur on the tenth Trading Day from, and including, the effective date of the
Spin-Off; provided that in respect of any exchange within the ten Trading Days following any
Spin-Off, references within this paragraph (c) to ten days shall be deemed replaced with such
lesser number of Trading Days as have elapsed between such Spin-Off and the Exchange Date in
determining the applicable Exchange Rate.

     Rights or warrants distributed by Parent to all holders of Common Stock, entitling the holders
thereof to subscribe for or purchase shares of Common Stock (either initially or under certain
circumstances), which rights or warrants, until the occurrence of a specified event or events
(“Trigger Event”): (i) are deemed to be transferred with such shares of Common Stock; (ii) are not
exercisable and (iii) are also issued in respect of future issuances of shares of Common Stock,
shall be deemed not to have been distributed for purposes of this Section 8.04 (and no adjustment
to the Exchange Rate under this Section 8.04 will be required) until the occurrence of the earliest
Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an
appropriate adjustment (if any is required) to the Exchange Rate shall be made under this Section
8.04(c). If any such right or warrant, including any such existing rights or warrants distributed
prior to the date of this Annex A of the Twelfth Supplemental Indenture, are subject to events,
upon the occurrence of which such rights or warrants become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the date of the occurrence of any and
each such event shall be deemed to be the date of distribution and record date with respect to new
rights or warrants with such rights (and a termination or expiration of the existing rights or
warrants without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event
(of the type described in the preceding sentence) with respect thereto that was counted for
purposes of calculating a distribution amount for which an adjustment to the Exchange Rate under
this Section 8.04 was made, (1) in the case of any such rights or warrants that shall all have been
redeemed or repurchased without exercise by any

A-28

 

holders thereof, the Exchange Rate shall be readjusted upon such final redemption or
repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it
were a cash distribution, equal to the per share redemption or repurchase price received by a
holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had
retained such rights or warrants), made to all holders of Common Stock as of the date of such
redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or
been terminated without exercise by any holders thereof, the Exchange Rate shall be readjusted as
if such rights and warrants had not been issued.

     For purposes of this Section 8.04(c), Section 8.04(a) and Section 8.04(b), any dividend or
distribution to which this Section 8.04(c) is applicable that also includes shares of Common Stock
to which Section 8.04(a) applies or rights or warrants to subscribe for or purchase shares of
Common Stock to which Section 8.04(a) or Section 8.04(b) applies (or both), shall be deemed instead
to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of Capital
Stock other than such shares of Common Stock or rights or warrants to which Section 8.04(c) applies
(and any Exchange Rate adjustment required by this Section 8.04(c) with respect to such dividend or
distribution shall then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights or warrants (and any further Exchange Rate adjustment
required by Section 8.04(a) and Section 8.04(b) with respect to such dividend or distribution shall
then be made), except (A) the record date of such dividend or distribution shall be substituted as
“the record date” and “the date fixed for such determination” within the meaning of Section 8.04(a)
and Section 8.04(b) and (B) any shares of Common Stock included in such dividend or distribution
shall not be deemed “outstanding immediately prior to such event” within the meaning of Section
8.04(a).

          (d) In case Parent shall pay a dividend or make a distribution consisting exclusively of cash
to all or substantially all holders of its Common Stock to the extent that the aggregate of all
such cash dividends or distributions paid in any quarter exceeds the Dividend Threshold Amount for
such quarter, the Exchange Rate shall be adjusted based on the following formula:

	 	 	 

	where
	 	 
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to the record date for such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect immediately after the record date for such distribution;
	 
	 	 
	SP0 =

	 	the average of the Last Reported Sale Prices of the Common Stock over the period of ten consecutive Trading
Days ending the Business Day immediately preceding the record date (as defined in clause (f) of this Section)
for such distribution (or, if earlier, the Ex-Date relating to such distribution);
	 
	 	 
	T =

	 	the dividend threshold amount (“Dividend Threshold Amount”), which amount shall initially be $1.0305 per
quarter and which shall be appropriately adjusted from time to

A-29

 

	 	 	 

	 

	 	time for any stock dividends on, or subdivisions or combinations of, Common Stock; provided, that if an
Exchange Rate adjustment is required to be made as a result of a distribution that is not a quarterly
dividend either in whole or in part, the Dividend Threshold Amount shall be deemed to be zero; and
	 
	 	 
	C =

	 	the amount in cash per share that Parent distributes to holders of Common Stock.

Such adjustment shall become effective immediately after 5:00 p.m., New York City time, on the
record date for such dividend or distribution; provided that if the portion of the cash so
distributed applicable to one share of Common Stock is equal to or greater than SP0 above, in lieu
of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have
the right to receive upon exchange of a Note (or any portion thereof) the amount of cash such
Holder would have received had such Holder owned a number of shares equal to the Exchange Rate on
the record date. If such dividend or distribution is not so paid or made, the Exchange Rate shall
again be adjusted to be the Exchange Rate that would then be in effect if such dividend or
distribution had not been declared.

     For the avoidance of doubt, for purposes of this Section 8.04(d), in the event of any
reclassification of the Common Stock, as a result of which the Notes become exchangeable into more
than one class of Common Stock, if an adjustment to the Exchange Rate is required pursuant to this
Section 8.04(d), references in this Section to one share of Common Stock or Last Reported Sale
Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit
consisting of the number of shares of each class of Common Stock into which the Notes are then
exchangeable equal to the number of shares of such class issued in respect of one share of Common
Stock in such reclassification. The above provisions of this paragraph shall similarly apply to
successive reclassifications.

     (e) In case Parent or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for all or any portion of the shares of Common Stock, to the extent that the cash
and value of any other consideration included in the payment per share of Common Stock exceeds the
Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on
which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be
amended), the Exchange Rate shall be increased based on the following formula:

	 	 	 

	where
	 	 
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect on the date such tender or exchange offer expires;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect on the day next succeeding the date such tender or exchange offer expires;
	 
	 	 
	AC =

	 	the aggregate value of all cash and any other consideration (as determined by the Board of Trustees) paid or
payable for shares purchased in such tender or exchange offer;

A-30

 

	 	 	 

	OS0 =

	 	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer
expires;
	 
	 	 
	OS' =

	 	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer
expires; and
	 
	 	 
	SP' =

	 	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period
commencing on the Trading Day next succeeding the date such tender or exchange offer expires,

such adjustment to become effective immediately prior to the opening of business on the day
following the last date on which tenders or exchanges may be made pursuant to such tender or
exchange offer. If Parent is obligated to purchase shares pursuant to any such tender or exchange
offer, but Parent is permanently prevented by applicable law from effecting all or any such
purchases or all or any portion of such purchases are rescinded, the Exchange Rate shall again be
adjusted to be the Exchange Rate that would then be in effect if such tender or exchange offer had
not been made or had only been made in respect of the purchases that had been effected. No
adjustment to the Exchange Rate will be made if the application of the foregoing formulae would
result in a decrease in the Exchange Rate.

          (f) For purposes of this Section 8.04 the term “record date” shall mean, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock have the
right to receive any cash, securities or other property or in which the shares of Common Stock (or
other applicable securities) are exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of stockholders entitled to receive
such cash, securities or other property (whether such date is fixed by the Board of Directors or by
statute, contract or otherwise).

          (g) In addition to those required by clauses (a), (b), (c), (d), and (e) of this Section 8.04,
and to the extent permitted by applicable law and subject to the applicable rules of the New York
Stock Exchange, the Company from time to time may increase the Exchange Rate by any amount for a
period of at least 20 days if the Board of Trustees determines that such increase would be in the
Company’s best interest. In addition, the Company may also (but is not required to) increase the
Exchange Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase
shares of Common Stock in connection with any dividend or distribution of shares (or rights to
acquire shares) or similar event. Whenever the Exchange Rate is increased pursuant to the preceding
sentence, the Company shall mail to the Holder of each Note at his last address appearing on the
Security Register a notice of the increase at least five days prior to the date the increased
Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and the period
during which it will be in effect.

          (h) All calculations and other determinations under this Article VIII shall be made by the
Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a
share of stock, as the case may be. No adjustment shall be made for Parent’s issuance of shares of
Common Stock or any securities convertible into or exchangeable for shares of Common Stock, or the
right to purchase shares of Common Stock or such convertible or exchangeable securities, other than
as provided in this Section 8.04. No adjustment shall be

A-31

 

made to the Exchange Rate unless such adjustment would require a change of at least 1% in the
Exchange Rate then in effect at such time. The Company shall carry forward any adjustments that
are less than 1% of the Exchange Rate and make such carried forward adjustments, regardless of
whether the aggregate adjustment is less than 1% within one year of the first such adjustment
carried forward, upon a Fundamental Change, upon any call of the Notes for redemption or upon
maturity.

          (i) Whenever the Exchange Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee and any Exchange Agent other than the Trustee an Officers’ Certificate setting
forth the Exchange Rate after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. The Trustee and Exchange Agent may conclusively rely on the accuracy of
the Exchange Rate adjustment provided by the Company. Unless and until a Responsible Officer of
the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Exchange Rate and may assume without inquiry that the last
Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting
forth the adjusted Exchange Rate and the date on which each adjustment becomes effective and shall
mail such notice of such adjustment of the Exchange Rate to the Holder of each Note at his last
address appearing on the Security Register, within thirty (30) days of the effective date of such
adjustment. Failure to deliver such notice shall not affect the legality or validity of any such
adjustment.

          (j) For purposes of this Section 8.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of Parent but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

     Section 8.05 Sufficient Shares to be Delivered. To the extent the Company elects to deliver
shares of Common Stock, and subject to Section 8.02(k), the Company shall provide, free from
preemptive rights, sufficient shares of Common Stock to provide for exchange of the Notes from time
to time as such Notes are presented for exchange.

     Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale. If any of the
following events occur, namely (i) any reclassification or change of the outstanding Common Stock
(other than a change in par value, or from par value to no par value, or from no par value to par
value, or as a result of a split, subdivision or combination), (ii) any consolidation, merger or
combination of Parent with another Person, or (iii) any sale or conveyance of all or substantially
all of the property and assets of Parent to any other Person, in either case as a result of which
holders of Common Stock shall be entitled to receive cash, securities or other property or assets
with respect to or in exchange for such shares of Common Stock (any such event a “Merger Event”),
then:

          (a) the Company, or the successor or purchasing Person, as the case may be, shall execute with
the Trustee a supplemental indenture (which, as evidenced in an Opinion of Counsel delivered to the
Trustee, shall comply with the Trust Indenture Act as in force at the date of execution of such
supplemental indenture if such supplemental indenture is then required to so comply) providing for
the exchange and settlement of the Notes as set forth in this Annex A

A-32

 

of the Twelfth Supplemental Indenture. Such supplemental indenture shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article and the Trustee may conclusively rely on the determination by the Company of
the equivalency of such adjustments. If, in the case of any Merger Event, the Reference Property
includes shares of stock or other securities and assets of a corporation other than the successor
or purchasing corporation, as the case may be, in such reclassification, change, consolidation,
merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by
such other corporation and shall contain such additional provisions to protect the interests of the
Holders of the Notes as the Board of Trustees shall reasonably consider necessary by reason of the
foregoing, including to the extent required by the Board of Trustees and practicable the provisions
providing for the repurchase rights set forth in Article IX herein.

     In the event the Company shall execute a supplemental indenture pursuant to this Section 8.06,
the Company shall, in addition to the Officers’ Certificate and Opinion of Counsel required by
Section 102 of the Base Indenture, file with the Trustee an Officers’ Certificate briefly stating
the kind or amount of cash, securities or property or asset that will constitute the Reference
Property after any such Merger Event, any adjustment to be made with respect thereto, and the
Trustee shall promptly mail notice thereof to all Noteholders.

          (b) Notwithstanding the provisions of Section 8.02(a) and Section 8.02(b), and subject to the
provisions of Section 8.01, at the effective time of such Merger Event, the right to exchange each
$1,000 principal amount of Notes will be changed to a right to exchange such Note by reference to
the kind and amount of cash, securities or other property or assets that a holder of a number of
shares of Common Stock equal to the Exchange Rate immediately prior to such transaction would have
owned or been entitled to receive (the “Reference Property”) such that from and after the effective
time of such transaction, a Noteholder will be entitled thereafter to exchange its Notes, subject
to the successor’s right to deliver cash, shares of Common Stock or common stock of such successor
or a combination of cash and shares of Common Stock as set forth in Section 8.02(b), into cash (up
to the aggregate principal amount thereof) and, in lieu of the shares of Common Stock otherwise
deliverable, the same type (and in the same proportion) of Reference Property, based on the Daily
Settlement Amounts of Reference Property in an amount equal to the applicable Exchange Rate, as
described under Section 8.02(b). For purposes of determining the constitution of Reference
Property, the type and amount of consideration that a holder of Common Stock would have been
entitled to in the case of reclassifications, consolidations, mergers, sales or conveyance of
assets or other transactions that cause the Common Stock to be converted into the right to receive
more than a single type of consideration (determined based in part upon any form of stockholder
election) will be deemed to be the weighted average of the types and amounts of consideration
received by the holders of shares of Common Stock that affirmatively make such an election. Parent
shall not become a party to any such transaction unless its terms are consistent with the
preceding. None of the foregoing provisions shall affect the right of a Holder of Notes to
exchange its Notes in accordance with the provisions of Article VIII hereof prior to the effective
date.

          (c) The Company shall cause notice of the execution of such supplemental indenture to be
mailed to each Noteholder, at his address appearing on the Security Register,

A-33

 

within thirty (30) days after execution thereof. Failure to deliver such notice shall not
affect the legality or validity of such supplemental indenture.

          (d) The above provisions of this Section shall similarly apply to successive Merger Events.

     Section 8.07 Certain Covenants. The Company covenants that all shares of Common Stock
delivered upon exchange of Notes will be fully paid and non-assessable by Parent and free from all
taxes, liens and charges with respect to the issue thereof.

     Section 8.08 Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at
any time be under any duty or responsibility to any Noteholder to determine the Exchange Rate or
whether any facts exist which may require any adjustment of the Exchange Rate, or with respect to
the nature or extent or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same.
The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any shares of Common Stock, or of any securities or property,
which may at any time be issued or delivered upon the exchange of any Note; and the Trustee and any
other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any
Exchange Agent shall be responsible for any failure of the Company to transfer or deliver any
shares of Common Stock or share certificates or other securities or property or cash upon the
surrender of any Note for the purpose of exchange or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article.

     Without limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent
shall be under any responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 8.06 relating either to the kind or amount
of shares of stock or securities or property (including cash) receivable by Noteholders upon the
exchange of their Notes after any event referred to in such Section 8.06 or to any adjustment to be
made with respect thereto, but, subject to the provisions of Article Six of the Base Indenture, may
accept as conclusive evidence of the correctness of any such provisions, and shall be protected in
relying upon, the Officers’ Certificate with respect thereto.

     Section 8.09 Notice to Holders Prior to Certain Actions.

     In case:

          (a) Parent shall declare a dividend (or any other distribution) on its Common Stock that would
require an adjustment in the Exchange Rate pursuant to Section 8.04; or

          (b) Parent shall authorize the granting to all of the holders of its Common Stock of rights or
warrants to subscribe for or purchase any share of any class or any other rights or warrants;

          (c) of any reclassification of the Common Stock of Parent (other than a subdivision or
combination of its outstanding Common Stock, or a change in par value, or from par value to no par
value, or from no par value to par value), or of any consolidation or merger to

A-34

 

which Parent is a party and for which approval of any stockholders of Parent is required, or
of the sale or transfer of all or substantially all of the assets of Parent; or

          (d) of the voluntary or involuntary dissolution, liquidation or winding-up of Parent,

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at his
address appearing on the Security Register as promptly as possible but in any event at least thirty
(30) days prior to the applicable date specified in clause (x) or (y) below, as the case may be, a
notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution or rights or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be
determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding-up.

     Section 8.10 Stockholder Rights Plans. Upon exchange of the Notes, the Holders shall receive,
in addition to any shares of Common Stock issuable upon such exchange, the associated rights issued
under any future stockholder rights plan Parent adopts unless, prior to exchange, the rights have
separated from the shares of Common Stock, expired, terminated or been redeemed or converted in
accordance with such rights plan. If, and only if, the Holders receive rights under such
stockholder rights plans as described in the preceding sentence upon exchange of their Notes, then
no other adjustment pursuant to this Article VIII shall be made in connection with such stockholder
rights plans.

     Section 8.11 Ownership Limit. Notwithstanding any other provision of this Annex A of the
Twelfth Supplemental Indenture or the Notes, no Holder of Notes (or beneficial owner of Notes)
shall be entitled to exchange such Notes for shares of Common Stock to the extent that receipt of
such shares would cause such Holder (or beneficial owner of Notes) (together with such Holder’s (or
beneficial owner’s) affiliates) to exceed the applicable ownership limit contained in the articles
of incorporation of Parent.

ARTICLE IX

REPURCHASE OF NOTES AT OPTION OF HOLDERS

     Section 9.01 Repurchase of Securities at Option of the Holder on Specified Dates.

          (a) The provisions of Article Thirteen of the Base Indenture shall not be applicable to the
Notes.

          (b) Each Noteholder shall have the right, at such Holder’s option, to require the Company to
repurchase all of such Holder’s Notes or any portion thereof that is a multiple of

A-35

 

$1,000 principal amount, for cash on April 1, 2012, April 1, 2017, April 1, 2022, April 1,
2027 and April 1, 2032 (each, a “Put Right Repurchase Date”) at a repurchase price per Note equal
to 100% of the aggregate principal amount of the Notes being repurchased, together with any accrued
and unpaid interest up to, but not including, such Put Right Repurchase Date (the “Put Right
Repurchase Price”).

     Repurchases of Notes by the Company pursuant to this Section 9.01 shall be made, at the option
of the Holder thereof, upon:

     (A) delivery to the Trustee (or other Paying Agent appointed by the Company) by the
Holder of a written notice of purchase (a “Put Right Repurchase Notice”) in the form set
forth on the reverse of the Note at any time from the opening of business on the date that
is 25 Business Days prior to the applicable Put Right Repurchase Date until the close of
business on the fifth Business Day prior to such Put Right Repurchase Date stating:

     (A) if certificated, the certificate numbers of the Notes to be delivered for
repurchase;

     (B) the portion of the principal amount of the Notes to be repurchased, which
must be $1,000 or an integral multiple thereof, and

     (C) that the Notes are to be repurchased as of the applicable Put Right
Repurchase Date pursuant to the terms and conditions specified in the Notes and in
this Annex A of the Twelfth Supplemental Indenture, and

     (B) delivery of such Note to the Paying Agent prior to, on or after the Put Right
Repurchase Date (together with all necessary endorsements) at the offices of the Paying
Agent, such delivery being a condition to receipt by the Holder of the Put Right Repurchase
Price therefor, which shall be so paid pursuant to this Section 9.01 only if the Note so
delivered to the Paying Agent shall conform in all respects to the description thereof in
the related Put Right Repurchase Notice, as determined by the Company.

     The Company shall repurchase from the Holder thereof, pursuant to this Section 9.01, a portion
of a Note if the principal amount of such portion is $1,000 or an integral multiple of $1,000.
Provisions of this Annex A of the Twelfth Supplemental Indenture that apply to the repurchase of
all of a Note also apply to the repurchase of such portion of such Note.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.01
shall be consummated by the delivery of the consideration to be received by the Holder promptly
following the later of the Put Right Repurchase Date and the time of delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Put Right Repurchase Notice or written notice of withdrawal thereof in
accordance with the provisions of Section 9.01(e).

A-36

 

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

          (c) In connection with any purchase of Notes pursuant to this Section 9.01, the Company shall
give written notice of the Put Right Repurchase Date to the Holders (the “Company Put Right
Notice”).

     The Company Put Right Notice shall be sent by first-class mail to the Trustee and to each
Holder (and to each beneficial owner as required by applicable law) that has delivered a Put Right
Repurchase Notice within ten Business Days of receipt of such Put Right Repurchase Notice, or, if a
shorter period, at least two Business Days prior to any Put Right Repurchase Date (the “Company Put
Right Notice Date”). Each Company Put Right Notice shall include a form of Put Right Repurchase
Notice to be completed by a Noteholder and shall state:

     (A) the Put Right Repurchase Price and the Exchange Price;

     (B) the name and address of the Paying Agent and the Exchange Agent;

     (C) that Notes as to which a Put Right Repurchase Notice has been given may be
exchanged in accordance with Article VIII hereof only if the applicable Put Right Repurchase
Notice has been withdrawn in accordance with the terms of this Annex A of the Twelfth
Supplemental Indenture;

     (D) that Notes must be surrendered to the Paying Agent to collect payment;

     (E) that the Put Right Repurchase Price for any Note as to which a Put Right Repurchase
Notice has been given and not withdrawn will be paid promptly following the later of the Put
Right Repurchase Date and the time of surrender of such Note as described in subclause (iv)
above;

     (F) the procedures the Holder must follow to exercise rights under this Section and a
brief description of those rights;

     (G) briefly, the exchange rights of the Notes;

     (H) the procedures for withdrawing a Put Right Repurchase Notice (including pursuant to
the terms of Section 9.01(e));

     (I) that, unless the Company defaults in making payment on Notes for which a Put Right
Repurchase Notice has been submitted, interest on the Notes in respect of which a Put Right
Repurchase Notice has been delivered and not withdrawn will cease to accrue on the Put Right
Repurchase Date; and

A-37

 

     (J) the CUSIP number of the Notes.

     If any of the Notes are to be redeemed in the form of a Global Note, the Company shall modify
such notice to the extent necessary to accord with the procedures of the Depositary applicable to
redemptions.

     At the Company’s request, the Trustee shall give such Company Put Right Notice in the
Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of
such Company Put Right Notice shall be prepared by the Company.

          (d) Upon receipt by the Trustee (or other Paying Agent appointed by the Company) of the Put
Right Repurchase Notice specified in Section 9.01(a), the Holder of the Note in respect of which
such Put Right Repurchase Notice was given shall (unless such Put Right Repurchase Notice is
withdrawn as specified in Section 9.01(e)) thereafter be entitled to receive solely the Put Right
Repurchase Price with respect to such Note. Such Put Right Repurchase Price shall be paid to such
Holder, subject to receipt of funds by the Paying Agent, promptly following the later of (x) the
Put Right Repurchase Date with respect to such Note (provided the conditions in Section 9.01(a)
have been satisfied) and (y) the time of delivery of such Note to the Paying Agent by the Holder
thereof in the manner required by Section 9.01(a). Notes in respect of which a Put Right
Repurchase Notice has been given by the Holder thereof may not be exchanged pursuant to Article
VIII hereof on or after the date of the delivery of such Put Right Repurchase Notice, unless such
Put Right Repurchase Notice has first been validly withdrawn as specified in Section 9.01(e).

          (e) A Put Right Repurchase Notice may be withdrawn by means of a written notice of withdrawal
delivered to the office of the Paying Agent in accordance with the Put Right Repurchase Notice at
any time prior to 10:00 A.M. New York City time on the fourth Business Day prior to the Put Right
Repurchase Date specifying:

     (A) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes,

     (B) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted, and

     (C) the principal amount, if any, of such Notes that remains subject to the original
Put Right Repurchase Notice, which portion must be in principal amounts of $1,000 or an
integral multiple of $1,000;

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

     A written notice of withdrawal of a Put Right Repurchase Notice shall be in the form set forth
in the preceding paragraph.

     Upon receipt of a written notice of withdrawal, the Paying Agent shall promptly return to the
Holders thereof any Notes in respect of which a Put Right Repurchase Notice has been withdrawn in
accordance with the provisions of Section 9.01(f).

A-38

 

          (f) There shall be no repurchase of any Notes pursuant to this Section 9.01 if there has
occurred (prior to, on or after, as the case may be, the giving, by the Holders of such Notes, of
the required Put Right Repurchase Notice) and is continuing an Event of Default with respect to
Notes (other than a default in the payment of the Put Right Repurchase Price with respect to such
Notes). The Paying Agent will promptly return to the respective Holders thereof any Notes held by
it during the continuance of an Event of Default with respect to Notes (other than a default in the
payment of the Put Right Repurchase Price with respect to such Notes), in which case, upon such
return, the Put Right Repurchase Notice with respect thereto shall be deemed to have been
withdrawn.

          (g) Prior to 11:00 a.m. (local time in The City of New York) on the Put Right Repurchase Date,
the Company shall deposit with the Trustee (or other Paying Agent appointed by the Company or if
the Company is acting as its own Paying Agent, set aside, segregate and hold in trust in accordance
with the terms of the Base Indenture as modified by this Annex A of the Twelfth Supplemental
Indenture) an amount (in immediately available funds if deposited on such Business Day) sufficient
to pay the aggregate Put Right Repurchase Price of all the Notes or portions thereof which are to
be purchased as of the Put Right Repurchase Date. The manner in which the deposit required by this
Section 9.01(g) is made by the Company shall be at the option of the Company; provided that such
deposit shall be made in a manner such that the Trustee or a Paying Agent shall have immediately
available funds on the Put Right Repurchase Date.

     If the Trustee (or other Paying Agent appointed by the Company) holds, in accordance with the
terms hereof, money sufficient to pay the Put Right Repurchase Price of any Note, then, on the Put
Right Repurchase Date, such Note will cease to be Outstanding and the rights of the Holder in
respect thereof shall terminate (other than the right to receive the Put Right Repurchase Price as
aforesaid).

     To the extent that the aggregate amount of cash deposited by the Company pursuant to this
Section 9.01(g) exceeds the aggregate Put Right Repurchase Price of the Notes or portions thereof
that the Company is obligated to purchase, then promptly after the Put Right Repurchase Date the
Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the Company.

     Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change.

          (a) If a Fundamental Change occurs at any time, then each Noteholder shall have the right, at
such Holder’s option, to require the Company to repurchase all of such Holder’s Notes or any
portion thereof that is a multiple of $1,000 principal amount, for cash on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty (20)
Business Days and not more than thirty-five (35) Business Days after the date of the Fundamental
Change Company Notice (as defined below) at a repurchase price equal to 100% of the principal
amount thereof, together with accrued and unpaid interest thereon to, but excluding, the
Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”).

     Repurchases of Notes under this Section 9.02 shall be made, at the option of the Holder
thereof, upon:

A-39

 

     (A) delivery to the Trustee (or other Paying Agent appointed by the Company) by a
Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth on the reverse of the Note prior to the close of business on the Fundamental
Change Repurchase Date; and

     (B) delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent
appointed by the Company) at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements) at the Corporate Trust Office of the
Trustee (or other Paying Agent appointed by the Company) in the Borough of Manhattan or the
City of Boston, such delivery being a condition to receipt by the Holder of the Fundamental
Change Repurchase Price therefor; provided that such Fundamental Change Repurchase Price
shall be so paid pursuant to this Section 9.02 only if the Note so delivered to the Trustee
(or other Paying Agent appointed by the Company) shall conform in all respects to the
description thereof in the related Fundamental Change Repurchase Notice.

     The Fundamental Change Repurchase Notice shall state:

     (A) if certificated, the certificate numbers of Notes to be delivered for
repurchase;

     (B) the portion of the principal amount of Notes to be repurchased, which must
be $1,000 or an integral multiple thereof; and

     (C) that the Notes are to be repurchased by the Company pursuant to the
applicable provisions of the Notes and this Annex A of the Twelfth Supplemental
Indenture.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.02
shall be consummated by the delivery of the consideration to be received by the Holder promptly
following the later of the Fundamental Change Repurchase Date and the time of the book-entry
transfer or delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal
thereof in accordance with the provisions of Section 9.02(c).

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

          (b) On or before the twentieth day after the occurrence of any Fundamental Change, the Company
shall provide to all Holders of record of the Notes and the Trustee and

A-40

 

Paying Agent a notice (the “Fundamental Change Company Notice”) of the occurrence of such
Fundamental Change and of the repurchase right at the option of the Holders arising as a result
thereof. Such mailing shall be by first class mail. Simultaneously with providing such Fundamental
Change Company Notice, the Company shall publish a notice containing the information included
therein once in a newspaper of general circulation in The City of New York or publish such
information on the Company’s website or through such other public medium as the Company may use at
such time.

     Each Fundamental Change Company Notice shall specify:

     (A) the events causing the Fundamental Change;

     (B) the date of the Fundamental Change;

     (C) that the Holder must exercise the repurchase right on or prior to the close of
business on the Fundamental Change Repurchase Date;

     (D) the Fundamental Change Repurchase Price;

     (E) the Fundamental Change Repurchase Date;

     (F) the name and address of the Paying Agent and the Exchange Agent;

     (G) the applicable Exchange Rate and any adjustments to the applicable Exchange Rate;

     (H) that the Notes with respect to which a Fundamental Change Repurchase Notice has
been delivered by a Holder may be exchanged only if the Holder withdraws the Fundamental
Change Repurchase Notice in accordance with the terms of this Annex A of the Twelfth
Supplemental Indenture; and

     (I) the procedures that Holders must follow to require the Company to repurchase their
Notes.

     No failure of the Company to give the foregoing notices and no defect therein shall limit the
Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 9.02.

          (c) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the Trustee and Paying Agent in accordance with the Fundamental Change
Company Notice at any time prior to the close of business on the Business Day prior to the
Fundamental Change Repurchase Date, specifying:

     (A) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted;

     (B) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes; and

A-41

 

     (C) the principal amount, if any, of such Notes that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or an integral multiple of $1,000;

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

          (d) On or prior to 11:00 a.m. (local time in The City of New York) on the second Business Day
following the Fundamental Change Repurchase Date, the Company will deposit with the Trustee (or
other Paying Agent appointed by the Company or if the Company is acting as its own Paying Agent,
set aside, segregate and hold in trust in accordance with the Base Indenture as modified by this
Annex A of the Twelfth Supplemental Indenture) an amount of money sufficient to repurchase on the
Fundamental Change Repurchase Date all of the Notes to be repurchased on such date at the
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or
other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not
withdrawn) prior to the close of business on the Fundamental Change Repurchase Date will be made
promptly after the later of (x) the Fundamental Change Repurchase Date with respect to such Note
(provided the Holder has satisfied the conditions to the payment of the Fundamental Change
Repurchase Price in Section 9.02), and (y) the time of book-entry transfer or the delivery of such
Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the
manner required by Section 9.02 by mailing checks for the amount payable to the Holders of such
Notes entitled thereto as they shall appear in the Security Register, provided, however, that
payments to the Depositary shall be made by wire transfer of immediately available funds to the
account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Fundamental Change
Repurchase Price.

          (e) If the Trustee (or other Paying Agent appointed by the Company) holds money or securities
sufficient to repurchase on the Fundamental Change Repurchase Date all the Notes or portions
thereof that are to be purchased as of the second Business Day following the Fundamental Change
Repurchase Date, then on and after the Fundamental Change Repurchase Date (i) such Notes will cease
to be Outstanding, (ii) interest will cease to accrue on such Notes, and (iii) all other rights of
the Holders of such Notes will terminate, whether or not book-entry transfer of the Notes has been
made or the Notes have been delivered to the Trustee or Paying Agent, other than the right to
receive the Fundamental Change Repurchase Price upon delivery of the Notes.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 10.01 Ratification of Base Indenture. Except as expressly modified or amended hereby,
the Base Indenture continues in full force and effect and is in all respects confirmed, ratified
and preserved and the provisions thereof shall be applicable to the Notes and this Annex A of the
Twelfth Supplemental Indenture. Without limiting the generality of the foregoing, the

A-42

 

Notes shall have the benefit of Article Three of the Second Supplemental Indenture to the Base
Indenture in accordance with its terms.

     Section 10.02 Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements of the Company contained in this Annex A of the Twelfth Supplemental
Indenture shall bind its successors and assigns whether so expressed or not.

     Section 10.03 Official Acts by Successor Corporation. Any act or proceeding by any provision
of this Annex A of the Twelfth Supplemental Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the like board, committee or officer of any corporation or entity
that shall at the time be the lawful sole successor of the Company.

     Section 10.04 Addresses for Notices, Etc. Any notice or demand which by any provision of this
Annex A of the Twelfth Supplemental Indenture is required or permitted to be given or served by
the Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or
made, for all purposes if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed (until another address is filed by the Company
with the Trustee) to ProLogis, 4545 Airport Way, Denver, Colorado 80239, Attention: General
Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to U.S. Bank
National Association, 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate
Trust Services/ProLogis.

     The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications.

     Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail,
postage prepaid, at his address as it appears on the Security Register and shall be sufficiently
given to him if so mailed within the time prescribed.

     Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect
its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it.

     Section 10.05 Governing Law. THIS ANNEX A TO THE TWELFTH SUPPLEMENTAL INDENTURE AND EACH NOTE
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
ENTERED INTO AND TO BE PERFORMED THEREIN.

     Section 10.06 Non-Business Day. Section 113 of the Base Indenture shall also apply to any
Fundamental Change Purchase Date, Put Right Repurchase Date or Exchange Date in respect of the
Notes.

A-43

 

     Section 10.07 Benefits of Indenture. Nothing in this Annex A of the Twelfth Supplemental
Indenture or in the Notes, expressed or implied, shall give to any person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Security Registrar and their successors
hereunder, the Noteholders, any benefit or any legal or equitable right, remedy or claim under this
Annex A of the Twelfth Supplemental Indenture.

     Section 10.08 Table of Contents, Headings, Etc. The table of contents and the titles and
headings of the articles and sections of this Annex A of the Twelfth Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.

     Section 10.09 Execution in Counterparts. This Annex A of the Twelfth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

     Section 10.10 Trustee. The Trustee makes no representations as to the validity or sufficiency
of this Annex A of the Twelfth Supplemental Indenture. The statements and recitals herein are
deemed to be those of the Company and not of the Trustee.

     Section 10.11 Further Instruments and Acts. Upon request of the Trustee, the Company and
Parent will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Annex A of the
Twelfth Supplemental Indenture.

     Section 10.12 Waiver of Jury Trial. EACH OF THE COMPANY PARENT AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

Section 10.13 Force Majeure. In no event shall the Trustee or Exchange Agent be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or
caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

A-44

 

SCHEDULE A

Share Price

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effective Date	 	$142.97	 	$156.81	 	$179.21	 	$201.61	 	$224.01	 	$246.42	 	$268.82	 	$291.22	 	$313.62	 	$336.02	 	$358.42	 	$380.82
	April 1, 2011
	 	 	1.1658	 	 	 	0.6611	 	 	 	0.2519	 	 	 	0.0780	 	 	 	0.0171	 	 	 	0.0027	 	 	 	0.0012	 	 	 	0.0011	 	 	 	0.0001	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	April 1, 2012
	 	 	1.1658	 	 	 	0.5482	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

A-Exh A-1

 

 

EXHIBIT A

[FORM OF FACE OF NOTE]

[Include only for Global Notes]

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

[Include only for Notes that are Restricted Securities]

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY
ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY OR THE COMMON
SHARES ISSUABLE UPON CONVERSION OF SUCH SECURITY, PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE
LATER OF THE ORIGINAL DATE OF ISSUANCE OF THIS SECURITY AND THE LAST DATE ON WHICH THE COMPANY OR
ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY)
(THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (D) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D)
PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF

A-Exh A-1

 

THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR
U.S. FEDERAL INCOME TAX PURPOSES. HOLDERS OF SECURITIES MAY CONTACT GENE MCCLUSKY, SENIOR VICE
PRESIDENT, AT (303) 567-5198 TO REQUEST INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF OID,
THE ISSUE DATE AND THE YIELD TO MATURITY OF THE SECURITIES FOR U.S. FEDERAL INCOME TAX PURPOSES.

A-Exh A-2

 

PROLOGIS

2.25% Convertible Senior Notes due 2037

			
	 	 	 
	No.__________
	 	$__________
	 	 	 
	CUSIP No. 743410 AP7	 	 

     PROLOGIS, a real estate investment trust organized and existing under the laws of the State of
Maryland (herein called the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE &
CO.], or registered assigns, the principal sum of [_____] ($[_____]) or such other principal amount
as shall be set forth on the Schedule I hereto on April 1, 2037.

     This Security shall bear interest at the rate of 2.25% per year from March 26, 2007, or from
the most recent date to which interest had been paid or provided. Interest is payable
semi-annually in arrears on each April 1 and October 1, commencing October 1, 2007, to Holders of
record at the close of business on the preceding March 15 and September 15, respectively. Interest
payable on each Interest Payment Date shall equal the amount of interest accrued from, and
including the immediately preceding Interest Payment Date (or from and including March 26, 2007, if
no interest has been paid hereon) to but excluding such Interest Payment Date.

     Payment of the principal and interest and Additional Interest, if any, on this Security will
be made at the office or agency of the Company maintained for that purpose in the Borough of
Manhattan, City of New York or the City of Boston, or elsewhere as provided in the Indenture, in
such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company, payment
of interest and Additional Interest, if any, may be made by (i) check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register or (ii) transfer to
an account of the Person entitled thereto located inside the United States; provided further,
however, that, with respect to any Holder of Securities with an aggregate principal amount in
excess of $1,000,000, at the application of such Holder in writing to the Company, interest on such
Holder’s Securities shall be paid by wire transfer in immediately available funds to such Holder’s
account in the United States supplied by such Holder from time to time to the Trustee and Paying
Agent (if different from the Trustee) not later than the applicable record date.

     Reference is made to the further provisions of this Security set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Security the right to convert
this Security into cash, Common Shares of the Company or a combination of cash and Common Shares on
the terms and subject to the limitations referred to on the reverse hereof and as more fully
specified in the Indenture. Such further provisions shall for all purposes have the same effect as
though fully set forth at this place.

     This Security shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of the State of New York
applicable to contracts entered into and to be performed therein.

A-Exh A-3

 

     This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

[Remainder of page intentionally left blank]

A-Exh A-4

 

     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

 	 
	 	By:  	 	 
	 	Name:  	[__________] 	 
	 	Title:  	[__________] 	 
	 

	 	 	 	 	 
	 	Attest

 	 
	 	By:  	 	 
	 	 	Name:  	[__________] 	 
	 	 	Title:  	[__________] 	 
	 

Dated: [__________], 20[_____]

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 successor trustee

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

A-Exh A-5

 

[FORM OF REVERSE OF NOTE]

PROLOGIS

2.25% Convertible Senior Notes due 2037

     This Security is one of a duly authorized issue of Securities of the Company, designated as
its 2.25% Convertible Senior Notes due 2037 (herein called the “Securities”), issued under and
pursuant to an Indenture dated as of March 1, 1995, as supplemented with respect to the Securities
by the Second Supplemental Indenture, dated as of November 2, 2005 and the Fourth Supplemental
Indenture, dated as of March 26, 2007 (as so supplemented, herein called the “Indenture”), between
the Company and U.S. Bank National Association (herein called the “Trustee”), to which Indenture
and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders of the Securities. Additional Securities may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used
but not defined herein shall have the meanings ascribed to them in the Indenture.

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of and interest on all Securities may be declared, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

     Prior to April 5, 2012, the Company may not redeem the Securities except to preserve the
Company’s status as a real estate investment trust as described in Section 3.01 of the Fourth
Supplemental Indenture. Subject to the terms and conditions of the Indenture, on or after April 5,
2012, the Company shall have the right to redeem the Securities, in whole or from time to time in
part, at a price equal to 100% of the principal amount of the Securities being redeemed, plus
accrued and unpaid interest. Any such redemption shall be upon at least 30 days’ and no more than
60 days’ notice to Holders of the Securities.

     Subject to the terms and conditions of the Indenture, the Company will make all payments and
deliveries in respect of the Fundamental Change Repurchase Price, the Put Right Repurchase Price,
the Redemption Price and the principal amount on the Maturity Date, as the case may be, to the
Holder who surrenders a Security to a Paying Agent to collect such payments in respect of the
Security. The Company will pay cash amounts in money of the United States that at the time of
payment is legal tender for payment of public and private debts.

     The Indenture contains provisions permitting the Company and the Trustee in certain
circumstances, without the consent of the Holders of the Securities, and in other circumstances,
with the consent of the Holders of not less than a majority in principal amount of the Securities
at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the provisions of the
Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; provided, however, that no such supplemental indenture shall make any of the
changes set forth in Section 6.02 of the Fourth Supplemental Indenture, without the consent of each
Holder of an Outstanding Security affected thereby. It is also provided in the Indenture

A-Exh A-6

 

that, prior to any declaration accelerating the maturity of the Securities, the Holders of a
majority in principal amount of the Securities at the time Outstanding may on behalf of the Holders
of all of the Securities waive any past default or Event of Default under the Indenture and its
consequences except as provided in the Indenture. Any such consent or waiver by the Holder of this
Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such
Holder and upon all future Holders and owners of this Security and any Securities which may be
issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is
made upon this Security or such other Securities.

     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 and accrued and unpaid interest on this Security at the place, at the respective
times, at the rate and in the lawful money herein prescribed.

     The Securities are issuable in registered form without coupons in denominations of $1,000
principal amount and integral multiples thereof. At the office or agency of the Company referred to
on the face hereof, and in the manner and subject to the limitations provided in the Indenture,
without payment of any service charge but with payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration or exchange of
Securities, Securities may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations.

     The Securities are not subject to redemption through the operation of any sinking fund.

     Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Securities or any portion thereof
(in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to 100% of the principal amount of the Securities such holder elects to
require the Company to repurchase, together with accrued and unpaid interest to but excluding the
Fundamental Change Repurchase Date. The Company or, at the written request of the Company, the
Trustee shall mail to all Holders of record of the Securities a notice of the occurrence of a
Fundamental Change and of the repurchase right arising as a result thereof on or before the
twentieth day after the occurrence of any Fundamental Change.

     On April 1, 2012, April 1, 2017, April 1, 2022, April 1, 2027 and April 1, 2032, the Holder
has the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s
Securities or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) at
a price equal to 100% of the principal amount of the Securities such Holder elects to require the
Company to repurchase, together with accrued and unpaid interest to but excluding the Put Right
Repurchase Date. Holders shall submit their Securities for repurchase to the Paying Agent at any
time from the opening of business on the date that is 25 Business Days prior to the applicable Put
Right Repurchase Date until the close of business on the fifth Business Day prior to the Put Right
Repurchase Date.

     Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, on
and after February 1, 2012, or earlier upon the occurrence of certain conditions specified in the
Indenture and prior to the close of business on the Trading Day immediately preceding the

A-Exh A-7

 

Maturity Date, to convert any Securities or portion thereof which is $1,000 or an integral
multiple thereof, into cash, Common Shares or a combination of cash and Common Shares, at the
option of the Company as provided in the Fourth Supplemental Indenture, in each case at the
Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the
Indenture, upon surrender of this Security, together with a Notice of Conversion, a form of which
is attached to this Security, as provided in the Indenture and this Security, to the Company at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of
New York or the City of Boston or elsewhere as provided in the Indenture, and, unless the shares
issuable on conversion are to be issued in the same name as this Security, duly endorsed by, or
accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the
Holder or by his duly authorized attorney. The initial Conversion Rate is 13.0576 shares for each
$1,000 principal amount of Securities. No fractional Common Shares will be issued upon any
conversion, but an adjustment in cash will be paid to the Holder, as provided in the Indenture, in
respect of any fraction of a share which would otherwise be issuable upon the surrender of any
Security or Securities for conversion. No adjustment shall be made for dividends or any shares
issued upon conversion of such Security except as provided in the Indenture.

     Upon due presentment for registration of transfer of this Security at the office or agency of
the Company in the Borough of Manhattan, City of New York or the City of Boston, a new Security or
Securities of authorized denominations for an equal aggregate principal amount will be issued to
the transferee in exchange thereof, subject to the limitations provided in the Indenture, without
charge except for any tax, assessments or other governmental charge imposed in connection
therewith.

     The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and
any Security Registrar may deem and treat the registered Holder hereof as the absolute owner of
this Security (whether or not this Security shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof, or on account
hereof, for the conversion hereof and for all other purposes, and neither the Company nor the
Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor
any Security Registrar shall be affected by any notice to the contrary. All payments made to or
upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and
discharge liability for monies payable on this Security.

     No recourse for the payment of the principal of, or accrued and unpaid interest on, this
Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in the Indenture or any indenture
supplemental thereto or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer, trustee,
director or subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

A-Exh A-8

 

     Terms used in this Security and defined in the Indenture are used herein as therein defined.

     Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TENANT (=tenants by the entireties), JT TEN (joint tenants with right of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform gift to Minors
Act).

A-Exh A-9

 

Schedule I

PROLOGIS

2.25% Convertible Senior Notes due 2037

No.__________

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Notation Explaining	 	 	 	 
	 	 	 	 	 	 	Principal Amount	 	 	Authorized Signature of	 
	Date	 	Principal Amount	 	 	Recorded	 	 	Trustee or Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

A-Exh A-10

 

Schedule I

FORM OF CONVERSION NOTICE

			
	To:	 	PROLOGIS

     The undersigned registered owner of this Security hereby exercises the option to convert this
Security, or the portion hereof (which is $1,000 principal amount or an integral multiple thereof)
below designated, into cash, Common Shares, or a combination of cash and shares of Common Shares,
in accordance with the terms of the Indenture referred to in this Security, and directs that the
shares issuable and deliverable upon such conversion, if any, together with any check in payment of
the cash in respect of the remaining Conversion Obligation (as defined in the Indenture) and for
fractional shares and any Securities representing any unconverted principal amount hereof, be
issued and delivered to the registered holder hereof unless a different name has been indicated
below. If shares or any portion of this Security not converted are to be issued in the name of a
person other than the undersigned, the undersigned will pay all transfer taxes payable with respect
thereto. Any amount required to be paid to the undersigned on account of interest accompanies this
Security.

Dated:                                                                            

Signature(s)

Signature Guarantee

Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings
and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended,
if Common Shares are to be issued, or Securities to be delivered, other than to and in the name of
the registered holder.

A-Exh A-11

 

Fill in for registration of shares if to be issued, and Securities if to be delivered, other than
to and in the name of the registered holder:

(Name)

(Street Address)

(City, State and Zip Code)

Please print name and address

Principal amount to be converted (if less than all): $__________,000

Social Security or Other Taxpayer Identification Number

A-Exh A-12

 

FORM OF PUT RIGHT REPURCHASE NOTICE

			
	To:	 	PROLOGIS

     The undersigned hereby requests and instructs the Company to repay the entire principal amount
of this Security, or a portion hereof (which is $1,000 principal amount or an integral multiple
thereof) below designated, on April 1, __________ in accordance with the terms of the Indenture
referred to in this Security at the Put Right Repurchase Price, to the registered holder hereof.

Dated:                                                                          
                                         

Signature(s)

Social Security or Other Taxpayer Identification
Number Principal amount to be repaid (if less than
all): $___,000 NOTICE: The above signatures of
the holder(s) hereof must correspond with the name
as written upon the face of the Security in every
particular without alteration or enlargement or any
change whatever.

A-Exh A-13

 

FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE

			
	To:	 	PROLOGIS

     The undersigned registered owner of this Security hereby acknowledges receipt of a notice from
ProLogis, to be known as Prologis (the “Company”), as to the occurrence of a Fundamental Change
with respect to the Company and requests and instructs the Company to repay the entire principal
amount of this Security, or the portion thereof (which is $1,000 principal amount or an integral
multiple thereof) below designated, in accordance with the terms of the Indenture referred to in
this Security, to the registered holder hereof.

Dated:                                                                                                                       

Signature(s)

Social Security or Other Taxpayer Identification
Number Principal amount to be repaid (if less than
all): $___,000 NOTICE: The above signatures of
the holder(s) hereof must correspond with the name
as written upon the face of the Security in every
particular without alteration or enlargement or any
change whatever.

A-Exh A-14

 

FORM OF ASSIGNMENT AND TRANSFER

     For value received ____________________ hereby sell(s), assign(s) and transfer(s) unto
____________________ (Please insert social security or Taxpayer Identification Number of assignee)
the within Security, and hereby irrevocably constitutes and appoints ____________________ attorney
to transfer the said Security on the books of the Company, with full power of substitution in the
premises. In connection with any transfer of the Security prior to the expiration of the holding
period applicable to sales thereof under Rule 144(k) under the Securities Act (or any successor
provision) (other than any transfer pursuant to a registration statement that has been declared
effective under the Securities Act), the undersigned confirms that such Security is being
transferred:

o To ProLogis or any of its subsidiaries; or

o To a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of
1933, as amended; or

o Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended; or

o Pursuant to a Registration Statement which has been declared effective under the Securities
Act of 1933, as amended, and which continues to be effective at the time of transfer.

Unless one of the boxes is checked, the trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any person other than the registered holder thereof

Dated:                                                                          

Signature(s)

Signature Guarantee

Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings
and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended,
if Common Shares are to be issued, or Securities to be delivered, other than to and in the name of
the registered holder.

NOTICE: The signature on the conversion notice, the option to elect repurchase upon a Fundamental
Change, the Put Right Notice, or the assignment must correspond with the name as written upon the
face of the Security in every particular without alteration or enlargement or any change
whatever.

A-Exh A-15

 

ANNEX B

1.875% Convertible Senior Notes due 2036

Originally issued November 8, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	Section 1.01 Relation to Base Indenture
	 	 	1	 
	Section 1.02 Definitions
	 	 	1	 
	ARTICLE II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 	6	 
	Section 2.01 Designation and Amount
	 	 	6	 
	Section 2.02 Form of Notes
	 	 	7	 
	Section 2.03 Date and Denomination of Notes; Payments of Interest
	 	 	7	 
	Section 2.04 Intentionally Omitted
	 	 	8	 
	Section 2.05 Execution, Authentication and Delivery of Notes
	 	 	8	 
	Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary
	 	 	8	 
	Section 2.07 Additional Notes; Repurchases
	 	 	9	 
	Section 2.08 No Sinking Fund
	 	 	9	 
	Section 2.09 Ranking
	 	 	9	 
	ARTICLE III REDEMPTION
	 	 	9	 
	Section 3.01 Right to Redeem
	 	 	9	 
	Section 3.02 Selection of Notes to be Redeemed
	 	 	10	 
	Section 3.03 Notice of Redemption
	 	 	10	 
	ARTICLE IV PARTICULAR COVENANTS OF THE COMPANY
	 	 	11	 
	Section 4.01 Payment of Principal and Interest
	 	 	11	 
	Section 4.02 Maintenance of Office or Agency for Exchange Agent
	 	 	12	 
	Section 4.03 Intentionally Omitted
	 	 	12	 
	Section 4.04 Intentionally Omitted
	 	 	12	 
	Section 4.05 Exclusion of Certain Provisions From Base Indenture
	 	 	12	 
	ARTICLE V DEFAULTS AND REMEDIES
	 	 	12	 
	Section 5.01 Events of Default
	 	 	12	 
	Section 5.02 Article Five of Base Indenture
	 	 	12	 
	ARTICLE VI SUPPLEMENTAL INDENTURES
	 	 	13	 
	Section 6.01 Supplemental Indentures Without Consent of Noteholders
	 	 	13	 
	Section 6.02 Modification and Amendment with Consent of Noteholders
	 	 	13	 

B-i

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 6.03 Effect of Supplemental Indentures
	 	 	13	 
	Section 6.04 Article Nine of Base Indenture
	 	 	13	 
	ARTICLE VII CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	13	 
	Section 7.01 Company May Consolidate, Etc. on Certain Terms
	 	 	13	 
	ARTICLE VIII EXCHANGE OF NOTES
	 	 	13	 
	Section 8.01 Exchange Privilege
	 	 	13	 
	Section 8.02 Exchange Procedures
	 	 	17	 
	Section 8.03 Reserved
	 	 	22	 
	Section 8.04 Adjustment of Exchange Rate
	 	 	22	 
	Section 8.05 Sufficient Shares to be Delivered
	 	 	29	 
	Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale
	 	 	29	 
	Section 8.07 Certain Covenants
	 	 	31	 
	Section 8.08 Responsibility of Trustee
	 	 	31	 
	Section 8.09 Notice to Holders Prior to Certain Actions
	 	 	31	 
	Section 8.10 Stockholder Rights Plans
	 	 	32	 
	Section 8.11 Ownership Limit
	 	 	32	 
	ARTICLE IX REPURCHASE OF NOTES AT OPTION OF HOLDERS
	 	 	33	 
	Section 9.01 Repurchase of Securities at Option of the Holder on Specified Dates
	 	 	33	 
	Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change
	 	 	37	 
	ARTICLE X MISCELLANEOUS PROVISIONS
	 	 	40	 
	Section 10.01 Ratification of Base Indenture
	 	 	40	 
	Section 10.02 Provisions Binding on Company’s Successors
	 	 	40	 
	Section 10.03 Official Acts by Successor Corporation
	 	 	40	 
	Section 10.04 Addresses for Notices, Etc
	 	 	40	 
	Section 10.05 Governing Law
	 	 	41	 
	Section 10.06 Non-Business Day
	 	 	41	 
	Section 10.07 Benefits of Indenture
	 	 	41	 
	Section 10.08 Table of Contents, Headings, Etc
	 	 	41	 
	Section 10.09 Execution in Counterparts
	 	 	41	 

B-ii

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 10.10 Trustee
	 	 	41	 
	Section 10.11 Further Instruments and Acts
	 	 	41	 
	Section 10.12 Waiver of Jury Trial
	 	 	41	 
	Section 10.13 Force Majeure
	 	 	42	 

B-iii

 

1.875% Convertible Senior Notes due 2037

ARTICLE I

DEFINITIONS

     Section 1.01 Relation to Base Indenture. This Annex B of the Twelfth Supplemental Indenture
constitutes an integral part of the Base Indenture.

     Section 1.02 Definitions. For all purposes of this Annex B of the Twelfth Supplemental
Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

          (a) Capitalized terms used but not defined herein shall have the respective meanings assigned
to them in the Base Indenture;

          (b) Terms defined both herein and in the Base Indenture shall have the meanings assigned to
them herein;

          (c) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Annex B of the Twelfth Supplemental Indenture; and

          (d) All other terms used in this Annex B of the Twelfth Supplemental Indenture, which are
defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise requires) shall have
the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in
force at the date of the execution of this Annex B of the Twelfth Supplemental Indenture. The words
“herein,” “hereof,” “hereunder,” and words of similar import refer to this Annex B of the Twelfth
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.
The terms defined in this Article include the plural as well as the singular.

     “Additional Shares” shall have the meaning specified in Section 8.01(g).

     “Board of Directors” means the board of directors of Parent or, if Parent shall be succeeded
by a corporation pursuant to Article VII, the board of directors of Parent’s corporate successor or
any committee of such applicable board of directors duly authorized to act generally or in any
particular respect hereunder.

     “Board of Trustees” means the board of trustees of the Company or, if the Company shall be
succeeded by a corporation pursuant to Article VII, the board of trustees or directors of the
Company’s corporate successor or any committee of such applicable board duly authorized to act
generally or in any particular respect hereunder.

     “Business Day” means any day, other than a Saturday or Sunday, or legal holidays on which
banks in The City of New York or The City of Boston are not required or authorized by law or
executive order to be closed.

B-1

 

     “cash percentage” shall have the meaning specified in Section 8.02(a)(4).

     “cash percentage notice” shall have the meaning specified in Section 8.02(a)(4).

     “close of business” means 5:00 p.m. (New York City time).

     “Common Stock” means, subject to Section 8.06, the common stock of Parent, par value $0.01 per
share, at the date of the Twelfth Supplemental Indenture or shares of any class or classes
resulting from any reclassification or reclassifications thereof and that have no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of Parent and that are not subject to redemption by Parent;
provided that if at any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares
of all such classes resulting from all such reclassifications.

     “Company” means ProLogis (to be known as Prologis), a Maryland real estate investment trust
and, subject to the provisions of Article VII, shall include its successors and assigns.

     “Company Put Right Notice” shall have the meaning specified in Section 9.01(c).

     “Company Put Right Notice Date” shall have the meaning specified in Section 9.01(c).

     “Daily Exchange Value” means, for each of the 20 consecutive Trading Days during the
Observation Period, one-twentieth (1/20) of the product of (a) the applicable Exchange Rate and (b)
the Daily VWAP of the Common Stock (or the Reference Property, if applicable) on such day.

     “Daily Settlement Amount,” for each of the 20 Trading Days during the Observation Period,
shall consist of:

     (i) cash equal to the lesser of $50 and the Daily Exchange Value relating to such day; and

     (ii) if such Daily Exchange Value exceeds $50, a number of shares of Common Stock equal to (A)
the difference between such Daily Exchange Value and $50, divided by (B) the Daily VWAP of the
shares of Common Stock for such day, subject to the Company’s right to deliver cash in lieu of all
or a portion of such shares of Common Stock pursuant to Section 8.02(a)(4) hereof.

     “Daily VWAP” for the Common Stock means, for each of the 20 consecutive Trading Days during
the Observation Period, the per share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page PLD <equity> AQR in respect of the period from 9:30 a.m.
to 4:00 p.m. (New York City time) on such Trading Day (or if such volume-weighted average price is
unavailable, the market value of one share of Common Stock on such Trading Day as the Board of
Trustees determines in good faith using a volume-weighted method).

B-2

 

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the person specified in the Base Indenture as the Depositary with respect to such Notes,
until a successor shall have been appointed and become such pursuant to the applicable provisions
of this Annex B of the Twelfth Supplemental Indenture, and thereafter, “Depositary” shall mean or
include such successor.

     “Distributed Property” shall have the meaning specified in Section 8.04(c).

     “Dividend Threshold Amount” shall have the meaning specified in Section 8.04(d).

     “Effective Date” shall have the meaning specified in Section 8.01(g)(i).

     “Event of Default” means, with respect to the Notes, any event specified in Section 5.01,
continued for the period of time, if any, and after the giving of notice, if any, therein
designated.

     “Ex-Date” means, with respect to any issuance or distribution on the Common Stock or any other
equity security, the first date on which the shares of Common Stock or such other equity security
trade on the applicable exchange or in the applicable market, regular way, without the right to
receive such issuance or distribution.

     “Ex-Dividend Date” means, with respect to Section 8.01(e), the first date upon which a sale of
the shares of Common Stock does not automatically transfer the right to receive the relevant
dividend from the seller of the shares of Common Stock to its buyer.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     “Exchange Agent” shall mean the Trustee or any successor office or agency where the Notes may
be surrendered for exchange.

     “Exchange Date” shall have the meaning specified in Section 8.02(c).

     “Exchange Obligation” shall have the meaning specified in Section 8.01(a).

     “Exchange Price” means as of any date $1,000 divided by the Exchange Rate as of such date.

     “Exchange Rate” shall have the meaning specified in Section 8.01(a).

     “Exchange Trigger Price” shall have the meaning specified in Section 8.01(c).

     “Fundamental Change” shall be deemed to occur upon the consummation of any transaction or
event (whether by means of an exchange offer, liquidation, tender offer, consolidation, merger,
combination, reclassification, recapitalization or otherwise) in connection with which more than
50% of the shares of Common Stock are exchanged for, converted into, acquired for or constitutes
solely the right to receive, consideration which is not at least 90% common stock (or American
Depositary Shares representing shares of common stock) that is: (a) listed on, or immediately after
the consummation of such transaction or event, will be listed on, a

B-3

 

United States national securities exchange or (b) approved, or immediately after such
transaction or event will be approved, for listing or quotation on any United States system of
automated dissemination of quotations of securities prices.

     “Fundamental Change Company Notice” shall have the meaning specified in Section 9.02(b).

     “Fundamental Change Repurchase Date” shall have the meaning specified in Section 9.02(a).

     “Fundamental Change Repurchase Notice” shall have the meaning specified in Section 9.02(a)(i).

     “Fundamental Change Repurchase Price” shall have the meaning specified in Section 9.02(a).

     “Global Note” shall have the meaning specified in Section 2.06(e).

     “Independent Securities Dealer” shall have the meaning specified in Section 8.01(b).

     “interest” means, when used with reference to the Notes, any interest payable under the terms
of the Notes.

     “Interest Payment Date” means May 15 and November 15 of each year, beginning on May 15, 2008.

     “Last Reported Sale Price” means, with respect to the shares of Common Stock or any other
security for which a Last Reported Sale Price must be determined, on any date, the closing sale
price per share of the Common Stock or unit of such other security (or, if no closing sale price is
reported, the average of the last bid and last ask prices or, if more than one in either case, the
average of the average last bid and the average last ask prices) on such date as reported in
composite transactions for the principal U.S. securities exchange on which the Common Stock or such
other security is traded. If the Common Stock or such other security is not listed for trading on a
United States national or regional securities exchange on the relevant date, the Last Reported Sale
Price shall be the last quoted bid price per share of Common Stock or such other security in the
over-the-counter market on the relevant date, as reported by the National Quotation Bureau or
similar organization. If the shares of Common Stock or such other security are not so quoted, the
Last Reported Sale Price shall be the average of the mid-point of the last bid and ask prices per
share of Common Stock or such other security on the relevant date from each of at least three
nationally recognized independent investment banking firms selected from time to time by the Board
of Trustees for that purpose. The Last Reported Sale Price shall be determined without reference to
extended or after-hours trading.

     “Market Disruption Event” means the occurrence or existence for more than a one-half hour
period in the aggregate on any scheduled Trading Day for the Common Stock of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
stock exchange or otherwise) in the Common Stock or in any options, contracts

B-4

 

or future contracts relating to the Common Stock, and such suspension or limitation occurs or
exists at any time before 1:00 p.m. (New York City time) on such day.

     “Maturity Date” means November 15, 2037.

     “Measurement Period” shall have the meaning specified in Section 8.01(b).

     “Merger Event” shall have the meaning specified in Section 8.06.

     “Noteholder” or “Holder” or “holder,” as applied to any Note, or other similar terms (but
excluding the term “beneficial holder”), means any person in whose name at the time a particular
Note is registered on the Security Register.

     “Notice of Exchange” shall have the meaning specified in Section 8.02(c).

     “Observation Period” means the 20 consecutive Trading Day period beginning on and including
the second Trading Day after the related Exchange Date in respect of such Note.

     “opening of business” means 9:00 a.m. (New York City time).

     “Parent” means Prologis, Inc., a Maryland corporation, and subject to the provisions of
Article VII, shall include its successors and assigns.

     “Predecessor Note” of any particular Note means every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 306 of the Base Indenture in lieu of
a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, destroyed
or stolen Note that it replaces.

     “Put Right Repurchase Date” shall have the meaning assigned to it in Section 9.01(b).

     “Put Right Repurchase Notice” shall have the meaning assigned to it in Section 9.01(b)(i).

     “Put Right Repurchase Price” shall have the meaning assigned to it in Section 9.01(b).

     “Record Date,” with respect to the payment of interest on any Interest Payment Date, shall
have the meaning specified in Section 2.03.

     “Reference Property” shall have the meaning specified in Section 8.06(b).

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

     “Settlement Amount” shall have the meaning specified in Section 8.02(a)(1).

     “Spin-Off” shall have the meaning specified in Section 8.04(c).

B-5

 

     “Stock Price” means the price paid per share of Common Stock in connection with a Fundamental
Change pursuant to which Additional Shares shall be added to the Exchange Rate as set forth in
Section 8.01(e)(ii) hereof, which shall be equal to (i) if holders of shares of Common Stock
receive only cash in such Fundamental Change, the cash amount paid per share of Common Stock and
(ii) in all other cases, the average of the Last Reported Sale Prices of the Common Stock over the
five consecutive Trading Day period ending on the Trading Day preceding the Effective Date of the
Fundamental Change.

     “Trading Day” means a day during which (i) trading in Common Stock generally occurs, (ii)
there is no Market Disruption Event and (iii) a Last Reported Sale Price of the Common Stock (other
than a Last Reported Sale Price referred to in the next to last sentence of such definition) is
available for such day; provided that if the shares of Common Stock are not admitted for trading or
quotation on or by any exchange, bureau or other organization referred to in the definition of Last
Reported Sale Price (excluding the next to last sentence of that definition), Trading Day shall
mean any Business Day.

     “Trading Price” with respect to the Notes, on any date of determination, means the average of
the secondary market bid quotations obtained by the Company and delivered to the Trustee for $2.0
million principal amount of Notes at approximately 3:30 p.m., New York City time, on such
determination date from three independent nationally recognized securities dealers selected by the
Company; provided that if three such bids cannot reasonably be obtained, but two such bids are
obtained, then the average of the two bids shall be used, and if only one such bid can reasonably
be obtained, that one bid shall be used. If the Company cannot reasonably obtain at least one bid
for $2.0 million principal amount of Notes from a nationally recognized securities dealer, then the
Trading Price per $1,000 principal amount of Notes will be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Common Stock and the Exchange Rate.

     “Trigger Event” shall have the meaning specified in Section 8.04(c).

     “Underwriters” means Wachovia Capital Markets, LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated.

     “Underwriting Agreement” means that certain Underwriting Agreement relating to the Notes,
dated November 1, 2007, between the Company and the Underwriters.

ARTICLE II

ISSUE, DESCRIPTION, EXECUTION,

REGISTRATION AND EXCHANGE OF NOTES

     Section 2.01 Designation and Amount. The Notes shall be designated as the “1.875% Convertible
Senior Notes due 2037.” The aggregate principal amount of Notes that may be authenticated and
delivered under this Annex B of the Twelfth Supplemental Indenture is initially limited to
$1,120,500,000, subject to Section 2.07 and except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of other Notes

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pursuant to Section 2.06, Section 8.02 and Section 9.02 hereof and Section 306 and Section 906
of to the Base Indenture.

     Section 2.02 Form of Notes. The Notes and the Trustee’s certificate of authentication to be
borne by such Notes shall be substantially in the form set forth in Exhibit A.

     Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Annex B of the Twelfth Supplemental Indenture, or as may be required by the Depositary, or
as may be required to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any securities exchange or automated quotation system on which the
Notes may be listed or designated for issuance, or to conform to usage or to indicate any special
limitations or restrictions to which any particular Notes are subject.

     A Global Note shall represent such principal amount of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of
Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
Outstanding Notes represented thereby may from time to time be increased or reduced to reflect
repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with this
Annex B of the Twelfth Supplemental Indenture. Payment of principal and accrued and unpaid interest
on a Global Note shall be made to the Holder of such Note on the date of payment, unless a Record
Date or other means of determining Holders eligible to receive payment is provided for herein.

     The terms and provisions contained in the form of Note attached as Exhibit A hereto are
incorporated herein and shall constitute, and are hereby expressly made, a part of this Annex B of
the Twelfth Supplemental Indenture and to the extent applicable, the Company and the Trustee, by
their execution and delivery of this Annex B of the Twelfth Supplemental Indenture, expressly agree
to such terms and provisions and to be bound thereby.

     Section 2.03 Date and Denomination of Notes; Payments of Interest. The Notes shall be
issuable in registered form without coupons in denominations of $1,000 principal amount and
integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day
months.

     The Person in whose name any Note (or its Predecessor Note) is registered on the Security
Register at the close of business on any Record Date with respect to any Interest Payment Date
shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be
payable at the office of the Company maintained by the Company for such purposes in the Borough of
Manhattan, City of New York or the City of Boston, which shall

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initially be an office or agency of the Trustee. The Company shall pay interest (i) on any
Notes in certificated form by check mailed to the address of the Person entitled thereto as it
appears in the Security Register (or upon written application by such Person to the Security
Registrar not later than the relevant record date, by wire transfer in immediately available funds
to such Person’s account within the United States, if such Person is entitled to interest on an
aggregate principal in excess of $1,000,000) or (ii) on any Global Note by wire transfer of
immediately available funds to the account of the Depositary or its nominee. The term “Record
Date” with respect to any Interest Payment Date shall mean the May 1 or November 1 preceding the
applicable May 15 or November 15 Interest Payment Date, respectively.

     Section 2.04 Intentionally Omitted.

     Section 2.05 Execution, Authentication and Delivery of Notes. Section 303 of the Base
Indenture shall be applicable to the Notes.

     Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary.

          (a) The Company shall provide for the registration of the Notes and of transfers of the Notes
in the Security Register. Upon surrender for registration of transfer of any Note to the Security
Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount.

     Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes
which the Noteholder making the exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding.

     All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Security Registrar or any
co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or his
attorney-in-fact duly authorized in writing.

     No service charge shall be charged to the Noteholder for any exchange or registration of
transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax, assessments or other governmental charges that may be imposed in connection therewith.

     None of the Company, the Trustee, the Security Registrar or any co-registrar shall be required
to exchange or register a transfer of (a) any Notes surrendered for exchange or, if a portion of
any Note is surrendered for exchange, such portion thereof surrendered for exchange or (b) any
Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with
Article IX hereof.

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     All Notes issued upon any registration of transfer or exchange of Notes in accordance with
this Annex B of the Twelfth Supplemental Indenture shall be the valid, binding and legal
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Annex B of the Twelfth Supplemental Indenture as the Notes surrendered upon such registration of
transfer or exchange.

          (b) Intentionally Omitted.

          (c) Intentionally Omitted.

          (d) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this instrument or under applicable law
with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by, the terms of this instrument, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

          (e) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, all Notes shall be represented by one or more Notes in global form
(each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary.
The transfer and exchange of beneficial interests in a Global Note, which does not involve the
issuance of a definitive Note, shall be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Annex B of the Twelfth Supplemental Indenture (including the
restrictions on transfer set forth herein) and the procedures of the Depositary therefor.

     Section 2.07 Additional Notes; Repurchases. The Company may, without the consent of the
Noteholders and notwithstanding Section 2.01, issue additional Notes hereunder with the same terms
and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate
principal amount, which will form the same series with the Notes initially issued hereunder,
provided that no such additional Notes may be issued unless fungible with the Notes initially
issued hereunder for U.S. federal income tax purposes. The Company may also from time to time
repurchase the Notes in open market purchases by tender at any price or by private agreement
without prior notice to Noteholders.

     Section 2.08 No Sinking Fund. The provisions of Article Twelve of the Base Indenture shall
not be applicable to the Notes. No sinking fund is provided for the Notes.

     Section 2.09 Ranking. The Notes constitute a senior general obligation of the Company,
ranking equally with other existing and future senior and unsubordinated indebtedness of the
Company and ranking senior in right of payment to any future indebtedness of the Company that is
expressly made subordinate to the Notes by the terms of such indebtedness.

ARTICLE III

REDEMPTION

     Section 3.01 Right to Redeem.

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          (a) Notwithstanding any provision of the Base Indenture, as modified by this Annex B of the
Twelfth Supplemental Indenture, to the contrary, the Company may redeem the Notes prior to November
15, 2037, in whole, in order to preserve Parent’s status as a real estate investment trust under
the Code.

          (b) Except as provided in Section 3.01(a), the Company may not redeem the Notes prior to
January 15, 2013. On or after January 15, 2013, the Company, at its option, may redeem the Notes
from time to time in whole or in part.

          (c) Any redemption of Notes shall be at a Redemption Price equal to 100% of the principal
amount of the Notes being redeemed, plus accrued and unpaid interest; provided, however, that the
Company may deduct and withhold from such Redemption Price any amount required to be deducted and
withheld under applicable law.

     Section 3.02 Selection of Notes to be Redeemed.

          (a) The provisions of Section 1103 of the Base Indenture shall govern the selection of Notes
to be redeemed by the Trustee provided, however, that if less than all of the Notes are to be
redeemed, the Trustee shall make the selection from the Notes of that series Outstanding and not
previously called for redemption, by lot, or in its discretion, on a pro rata basis.

          (b) If any Note selected for partial redemption is exchanged in part before termination of the
exchange right with respect to the portion of the Note so selected, the exchanged portion of such
Note shall be deemed to be part of the portion selected for redemption. Notes which have been
exchanged subsequent to the Trustee commencing selection of Notes to be redeemed but prior to
redemption of such Notes shall be treated by the Trustee as Outstanding for the purpose of such
selection.

     Section 3.03 Notice of Redemption. The provisions of Section 1104 of the Base Indenture shall
govern notices of redemption of the Notes; provided, however, that in addition to the information
specified in Section 1104 of the Base Indenture, notices of redemption of the Notes shall also
state:

          (a) the then-current Exchange Price;

          (b) the name and address of the Exchange Agent;

          (c) that Holders who wish to exchange Notes must surrender such Notes for exchange no later
than the close of business on the second Business Day immediately preceding the Redemption Date and
must satisfy the other requirements set forth herein; and

          (d) whether the Company will satisfy its Exchange Obligation with respect to any Notes called
for redemption that are surrendered for exchange in cash, shares of Common Stock or both as
provided herein; provided that the Company may not provide notice of a redemption of Notes at the
Company’s option that specifies that the Company will settle exchanges of Notes prior to such
redemption in cash and shares of Common Stock unless, at the

B-10

 

time of such notice, the Company has available to it a sufficient number of authorized shares
of Common Stock to satisfy its Exchange Obligation in respect of the Notes to be redeemed.

ARTICLE IV

PARTICULAR COVENANTS OF THE COMPANY

     Section 4.01 Payment of Principal and Interest.

          (a) Sections 307 and 1001 of the Base Indenture shall apply to the Notes; provided, however,
that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at
the application of such Holder in writing to the Security Registrar not later than the relevant
record date, accrued and unpaid interest on such Holder’s Notes shall be paid by wire transfer in
immediately available funds to such Holder’s account in the United States supplied by such Holder
from time to time to the Trustee and Paying Agent (if different from Trustee); provided further
that payment of accrued and unpaid interest made to the Depositary shall be paid by wire transfer
in immediately available funds in accordance with such wire transfer instructions and other
procedures provided by the Depositary from time to time.

          (b) Except as otherwise provided in this Section 4.01(b), a Holder of any Notes at the close
of business on a Record Date shall be entitled to receive interest on such Notes on the
corresponding Interest Payment Date. A Holder of any Notes as of a Record Date that are exchanged
after the close of business on such Record Date and prior to the opening of business on the
corresponding Interest Payment Date shall be entitled to receive interest on the principal amount
of such Notes, notwithstanding the exchange of such Notes prior to such Interest Payment Date.
However, a Holder that surrenders any Notes for exchange between the close of business on a Record
Date and the opening of business on the corresponding Interest Payment Date shall be required to
pay the Company an amount equal to the interest payable by the Company with respect to such Notes
on such Interest Payment Date at the time such Holder surrenders such Notes for exchange, provided,
however, that this sentence shall not apply to a Holder that exchanges Notes:

          (i) in respect of which the Company has given notice of redemption pursuant to Section
3.03 on a Redemption Date that is after the relevant Record Date and on or prior to the
relevant Interest Payment Date; or

          (ii) to the extent of any overdue interest, if any overdue interest exists at the time
of exchange with respect to such Notes;

          (iii) in connection with a Fundamental Change in which the Company has specified a
Fundamental Change Repurchase Date that is after a Record Date and on or prior to the next
Interest Payment Date; or

          (iv) after the Record Date immediately preceding the Maturity Date.

Accordingly, a Holder that exchanges Notes under any of the circumstances described in clauses (i),
(ii), (iii) or (iv) above will not be required to pay to the Company an amount equal to the

B-11

 

interest payable by the Company with respect to such Notes on the relevant Interest Payment Date.

     Section 4.02 Maintenance of Office or Agency for Exchange Agent. If at any time the Exchange
Agent is not the Trustee or an office or agency designated or appointed by the Trustee, the Company
will give prompt written notice to the Trustee of the location of such Exchange Agent. If at any
time the Company shall fail to maintain an office or agency for the Exchange Agent, presentations,
surrenders, notices and demands related to exchanges of Notes may be made or served at the
Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan initially
located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust
Division.

     Section 4.03 Intentionally Omitted.

     Section 4.04 Intentionally Omitted.

     Section 4.05 Exclusion of Certain Provisions From Base Indenture. Section 1004, Section 1006,
Section 1007 and Section 1011 of the Base Indenture shall not apply to the Notes. Section 1002,
Section 1003, Section 1005, Section 1008, Section 1009 (as amended by Section 2.2 of the Second
Supplemental Indenture to the Base Indenture), Section 1010 and Section 1012 of the Base Indenture
shall be applicable to the Notes.

ARTICLE V

DEFAULTS AND REMEDIES

     Section 5.01 Events of Default. The provisions of Section 501(2) and Section 501(3) of the
Base Indenture shall not be applicable to the Notes. As contemplated under Section 301 and Section
501(9) of the Base Indenture, the following events, in addition to the events described in clauses
(1), (4), (5) (as amended by the Second Supplemental Indenture to the Base Indenture), (6) (as
amended by the Second Supplemental Indenture to the Base Indenture), (7) and (8) of the Base
Indenture, shall be Events of Default with respect to the Notes:

          (a) default in the payment of principal or premium, if any, of any Note when due and payable
on the Maturity Date, upon redemption, repurchase, declaration or otherwise;

          (b) failure by the Company to comply with its obligation to exchange the Notes into cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, upon
exercise of a Holder’s exchange right, and such failure continues for a period of ten days; or

          (c) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 9.02 when due, and such failure continues for a period of two days.

     Section 5.02 Article Five of Base Indenture. Except as amended by Section 5.01 hereof, all of
the provisions of Article Five of the Base Indenture shall be applicable to the Notes.

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ARTICLE VI

SUPPLEMENTAL INDENTURES

     Section 6.01 Supplemental Indentures Without Consent of Noteholders. The provisions of
Section 901 of the Base Indenture shall be applicable to the Notes.

     Section 6.02 Modification and Amendment with Consent of Noteholders. Section 902 of the Base
Indenture shall be applicable to the Notes. As contemplated by Sections 301 and 902 of the Base
Indenture, no supplemental indenture shall, without the consent of the Holder of each Outstanding
Note affected thereby:

          (a) make any change that adversely affects the exchange rights of any Notes;

          (b) reduce the Fundamental Change Repurchase Price, Redemption Price or Put Right Repurchase
Price of any Note, or amend or modify in any manner adverse to Noteholders the Company’s obligation
to make such payments or Article III or Article IX of this Annex B of the Twelfth Supplemental
Indenture, whether through an amendment or waiver of provisions in the covenants, definitions or
otherwise.

     Section 6.03 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, the Base Indenture and this Annex B of the Twelfth Supplemental
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Annex B of the Twelfth Supplemental Indenture for all purposes; and every Holder of
Notes theretofore or thereafter authenticated and delivered hereunder and of any coupon
appertaining thereto shall be bound thereby.

     Section 6.04 Article Nine of Base Indenture. Except as amended by this Article VI, all of the
provisions of Article Nine of the Base Indenture shall be applicable to the Notes.

ARTICLE VII

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     Section 7.01 Company May Consolidate, Etc. on Certain Terms. Article Eight of the Base
Indenture shall be applicable to the Notes.

ARTICLE VIII

EXCHANGE OF NOTES

     Section 8.01 Exchange Privilege.

          (a) Subject to the conditions described in clauses (b) through (f) below and to Section 8.11
hereof, and upon compliance with the provisions of this Article VIII, a Holder of Notes shall have
the right, at such Holder’s option, to exchange all or any portion (if the portion to be exchanged
is $1,000 principal amount or an integral multiple thereof) of such Note at any time prior to the
close of business on the scheduled Trading Day immediately preceding October

B-13

 

15, 2012 at a rate (the “Exchange Rate”) of 5.4874 shares of Common Stock (subject to
adjustment by the Company as provided in Section 8.04) per $1,000 principal amount of Notes (the
“Exchange Obligation”) under the circumstances and during the periods set forth below. On and
after October 15, 2012, regardless of the conditions described in clause (b) through (f) below,
upon compliance with the provisions of this Article VIII and subject to Section 8.11 hereof, a
Noteholder shall have the right, at such holder’s option, to exchange all or any portion (if the
portion to be exchanged is $1,000 principal amount or an integral multiple thereof) of such Note at
any time prior to the close of business on the scheduled Trading Day immediately preceding the
Maturity Date at an Exchange Rate of 5.4874 shares of Common Stock (subject to adjustment by the
Company as provided in Section 8.04) per $1,000 principal amount of Notes.

          (b) (1) A Holder of Notes shall have the right, at such Holder’s option, to exchange its
Notes prior to October 15, 2012, during the five Business Day period immediately after any ten
consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000
principal amount of Notes for each day of such Measurement Period was less than 98% of the product
of the Last Reported Sale Price of the Common Stock on such date and the Exchange Rate on such
date, all as determined by the Trustee in the manner described in the immediately succeeding
paragraph. The Trustee shall have no obligation to determine the Trading Price of the Notes unless
requested by the Company to do so in writing, and the Company shall have no obligation to make such
request unless a Noteholder or Noteholders of at least $1,000,000 aggregate principal amount of
Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal
amount of the Notes would be less than 98% of the product of the Last Reported Sale Price at such
time and the then-applicable Exchange Rate, at which time the Company shall select three
independent nationally recognized securities dealers (each, an “Independent Securities Dealer”),
request that the Independent Securities Dealers provide a secondary market quotation for the Notes
and provide such determination to the Company and the Trustee in writing, and the Company shall
instruct the Independent Securities Dealers to provide a secondary market quotation for the Notes
beginning on the next Trading Day and on each successive Trading Day until the Trading Price per
$1,000 principal amount of the Notes is greater than or equal to 98% of the product of the Last
Reported Sale Price on such date and the then-applicable Exchange Rate. If the Trading Price
condition set forth above has been met, the Company shall so notify the Noteholders. If at any
time after the Trading Price condition set forth above has been met, the Trading Price per $1,000
principal amount of Notes is greater than 98% of the product of the Last Reported Sale Price on
such date and the then-applicable Exchange Rate, the Company shall so notify the Noteholders.

          (2) Any request by the Company to the Trustee for a determination of the Trading Price and
whether the Trading Price condition set forth in the first sentence of the immediately preceding
paragraph has been met shall be accompanied by an Officers’ Certificate setting forth, for each day
of determination (as identified in such Certificate), the name of the Independent Securities
Dealers providing the secondary market bid quotations, a statement certifying that that such
dealers are “Independent Securities Dealers” as required in this Section 8.01, the secondary market
bid quotations obtained from such Independent Securities Dealers (a copy of which will be attached
to such Officers’ Certificate), the Company’s calculation of the Trading Price for such date. The
Trustee shall be entitled to conclusively rely, without independent verification, on the quotations
provided by the Company in making its determinations hereunder. On the basis of such quotations,
the Trustee shall determine the

B-14

 

Trading Price of the Notes, and provide such determination to the Company. Absent manifest
error, the Trustee’s determination of the Trading Price will be binding on the Company. Unless and
until a Responsible Officer of the Trustee shall have received a request from the Company for
determination of the Trading Price for the Notes and the Officers’ Certificate contemplated herein,
the Trustee shall have no obligation to make any determination of the Trading Price of the Notes or
whether the Trading Price condition has been met.

          (c) A Holder of Notes shall have the right, at such Holder’s option, to exchange Notes during
any calendar quarter after the quarter ended December 31, 2007, and only during such calendar
quarter, if the Last Reported Sale Price for the Common Stock for at least 20 Trading Days during
the period of 30 consecutive Trading Days ending on the last Trading Day of the previous calendar
quarter exceeds 130% of the Exchange Price (the “Exchange Trigger Price”) on such last Trading Day,
which Exchange Price shall be subject to adjustment in accordance with this Article VIII. The
Exchange Agent shall, on the Company’s behalf, determine at the beginning of each calendar quarter
whether the Notes are exchangeable as a result of the price of the Common Stock as contemplated in
the previous sentence and notify the Company and the Trustee.

          (d) In the event that the Company has delivered a notice of redemption in accordance with
Section 1104 of the Base Indenture and Section 3.03 of this Annex B of the Twelfth Supplemental
Indenture to the Holders of Notes, a Holder of Notes may exchange Notes at any time prior to the
close of business on the second Business Day immediately preceding the corresponding Redemption
Date; provided, however, that a Holder who has already delivered a Fundamental Change Repurchase
Notice with respect to a Note may not exchange such Note until the Holder has withdrawn the
Fundamental Change Repurchase Notice in accordance with the terms of the Note and this Annex B of
the Twelfth Supplemental Indenture.

          (e) (1) In the event that the Company or Parent elects to:

          (A) distribute to all or substantially all holders of Common Stock rights entitling
them to purchase, for a period expiring within 60 days, shares of Common Stock at a price
less than the Last Reported Sale Price of the Common Stock for the Trading Day immediately
preceding the declaration date of such distribution; or

          (B) distribute to all or substantially all holders of Common Stock, assets or debt
securities of the Company or Parent or rights to purchase the Company’s or Parent’s
securities, which distribution has a per share value (as determined by the Board of
Trustees) exceeding 15% of the Last Reported Sale Price of the Common Stock on the day
immediately preceding the date of declaration of such distribution,

then, in either case, Holders may surrender the Notes for exchange at any time on and after the
date that Parent provides notice to Holders referred to in the next sentence until the earlier of
the close of business on the Business Day immediately preceding the Ex-Dividend Date for such
distribution or the date Parent announces that such distribution will not take place. The Company
shall notify Holders of any distribution referred to in either clause (A) or clause (B) above and
of the resulting exchange right no later than the 35th Business Day prior to the Ex-Dividend Date
for such distribution.

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          (2) If the Company is a party to any transaction or event that constitutes a Fundamental
Change, a Holder may surrender Notes for exchange at any time from and after the 30th scheduled
Trading Day prior to the anticipated Effective Date of such transaction or event until the related
Fundamental Change Repurchase Date and, upon such surrender, the Holder shall be entitled to the
increase in the Exchange Rate, if any, specified in Section 8.01(g). The Company shall give notice
to all record Noteholders and the Trustee and issue a press release of the Fundamental Change no
later than 30 scheduled Trading Days prior to the anticipated Effective Date of the Fundamental
Change.

          (3) If Parent is a party to a consolidation, merger, binding share exchange or sale or
conveyance of all or substantially all of its properties and assets, in each case pursuant to which
the Common Stock would be exchanged into cash, securities and/or other property, then the Holders
shall have the right to exchange Notes at any time beginning fifteen calendar days prior to the
date announced by Parent as the anticipated effective date of the transaction and until and
including the date that is fifteen calendar days after the date that is the effective date of such
transaction; provided such transaction does not otherwise constitute a Fundamental Change to which
the provisions of Section 8.01(e)(ii) shall apply. The Company shall give notice to all record
Noteholders and the Trustee and issue a press release at least 20 calendar days prior to the
anticipated effective date of such transaction. If the Board of Directors determines the
anticipated effective date of the transaction, such determination shall be conclusive and binding
on the Holders.

          (f) The Notes shall be exchangeable at any time beginning on the first Business Day after any
30 consecutive Trading Day period during which the Common Stock is not listed on a U.S. national
securities exchange.

          (g) (1) If a Noteholder elects to exchange Notes in connection with a Fundamental Change that
occurs prior to January 15, 2013, the Exchange Rate applicable to each $1,000 principal amount of
Notes so exchanged shall be increased by an additional number of shares of Common Stock (the
“Additional Shares”) as described below. Settlement of Notes tendered for exchange to which
Additional Shares shall be added to the Exchange Rate as provided in this subsection shall be
settled pursuant to Section 8.02 below, as applicable. For purposes of this Section 8.01(g), an
exchange shall be deemed to be “in connection with” a Fundamental Change to the extent that the
related exchange notice is delivered during the time period beginning on the 30th Trading Day prior
to the anticipated Effective Date of such Fundamental Change and ending on the related Fundamental
Change Repurchase Date, inclusive (regardless of whether the provisions of clauses (b), (c), (d),
(e) or (f) of this Section 8.01 shall apply to such exchange). Such exchange notice shall indicate
that the Holder of Notes has elected to exchange Notes in connection with a Fundamental Change;
provided, however, that the failure to so indicate shall not in any way affect the Exchange
Obligation or the right of such Holder to receive Additional Shares in connection with such
exchange.

          (i) The number of Additional Shares by which the Exchange Rate will be increased shall
be determined by reference to the table attached as Schedule A hereto, based on the date on
which the Fundamental Change occurs or becomes effective (the “Effective Date”), and the
Stock Price; provided, that if the Stock Price is between two Stock Price amounts in the
table or the Effective Date is between two Effective Dates in

B-16

 

the table, the number of Additional Shares shall be determined by a straight-line
interpolation between the number of Additional Shares set forth for the next higher and next
lower Stock Price amounts and the two nearest Effective Dates, as applicable, based on a
365-day year; provided further that if (1) the Stock Price is greater than $268.62 per share
of Common Stock (subject to adjustment in the same manner as set forth in Section 8.04), no
Additional Shares will be added to the Exchange Rate, and (2) the Stock Price is less than
$142.97 per share of Common Stock (subject to adjustment in the same manner as set forth in
Section 8.04), no Additional Shares will be added to the Exchange Rate. Notwithstanding the
foregoing, in no event will the total number of shares of Common Stock issuable upon
exchange exceed 6.5762 per $1,000 principal amount of Notes (subject to adjustment in the
same manner as set forth in clauses (a), (b) and (c) of Section 8.04).

          (ii) The Stock Prices set forth in the first row of the table in Schedule A hereto
shall be adjusted as of any date on which the Exchange Rate of the Notes is adjusted. The
adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate in effect
immediately prior to the adjustment giving rise to the Stock Price adjustment and the
denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares
within the table shall be adjusted in the same manner as the Exchange Rate as set forth in
Section 8.04 (other than by operation of an adjustment to the Exchange Rate by adding
Additional Shares).

     Section 8.02 Exchange Procedures.

          (a) (1) The Company shall settle its Exchange Obligations as described in Section 8.02(a)(3),
unless, within the applicable time period specified in this Section 8.02(a)(1), the Company elects
to settle its Exchange Obligations as described in Section 8.02(a)(2) or Section 8.02(a)(4). The
cash and/or shares of Common Stock which the Company is required to deliver in accordance with this
Section 8.02 in settlement of its Exchange Obligations is referred to herein as the “Settlement
Amount.” If the Company desires to settle its Exchange Obligations as described in Section
8.02(a)(2) or Section 8.02(a)(4), the Company shall notify each exchanging Noteholder by notice to
the Trustee (for further distribution to Noteholders) of the method the Company will choose to
satisfy its Exchange Obligations no later than the second Trading Day immediately following the
Company’s receipt of a Notice of Exchange from such Holder, and such notice shall specify the
section of this Annex B of the Twelfth Supplemental Indenture pursuant to which the Company is
electing to satisfy its exchange obligations; provided, however, that the Company shall have the
right to irrevocably elect, in its sole discretion and without the consent of Noteholders, by
notice to the Trustee (for further distribution to Noteholders), on or prior to October 15, 2012,
to settle all of its future Exchange Obligations entirely in shares of Common Stock as described in
Section 8.02(a)(2), and provided further, that the Company is required to settle all exchanges with
an Exchange Date occurring on or after October 15, 2012 in the same manner, and the Company shall
notify Noteholders by notice to the Trustee (for further distribution to Noteholders) of the manner
of settlement (including specifying the applicable section of this Annex B of the Twelfth
Supplemental Indenture that describes such manner of settlement) on or before such date. The
Company shall treat all Noteholders exchanging on the same Trading Day in the same manner; however,
the

B-17

 

Company shall not have any obligation to settle its Exchange Obligations arising on different
Trading Days in the same manner, except for exchanges with an Exchange Date occurring on or after
October 15, 2012, which shall all be satisfied in the same manner.

          (2) If the Company has elected, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in this Section 8.02(a)(2), the Company
shall have the right to settle its Exchange Obligations entirely in shares of Common Stock. If the
Company elects to satisfy its Exchange Obligation entirely in shares of Common Stock, the Company
shall deliver a number of shares of Common Stock equal to (i) the aggregate principal amount of
Notes to be exchanged divided by $1,000, multiplied by (ii) the applicable Exchange Rate (which
shall include any increases to reflect any Additional Shares that such Holder is entitled to
receive pursuant to Section 8.01(g) above). The Company shall deliver such shares of Common Stock
as soon as practicable after it has notified the exchanging Holder pursuant to Section 8.02(a)(1)
above, that it has elected to satisfy its Exchange Obligation entirely in shares of Common Stock.

          (3) If the Company does not elect, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in Section 8.02(a)(2) or 8.02(a)(4),
the Company shall settle its Exchange Obligations as described in this Section 8.02(a)(3), subject
to Section 8.02(b) hereof. The Company shall deliver in respect of each $1,000 principal amount of
Notes being exchanged a Settlement Amount equal to the sum of the Daily Settlement Amounts for each
of the 20 consecutive Trading Days during the Observation Period, on the third Trading Day
immediately following the last day of the related Observation Period; provided that the Company
will deliver cash in lieu of fractional shares of Common Stock as set forth pursuant to clause (k)
below. The Daily Settlement Amounts shall be determined by the Company promptly following the last
day of the Observation Period.

          (4) If the Company has elected, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in this Section 8.02(a)(4), the Company
shall have the right to settle all or a portion of the amount by which the Daily Exchange Value
exceeds $50 in cash in accordance with this Section 8.02(a)(4). In such case, the Company shall
specify a percentage of the amount by which the Daily Exchange Value exceeds $50 that will be
settled in cash, or the “cash percentage.” The Company will inform exchanging Holders by notice to
the Trustee (for further distribution to Noteholders) no later than two Trading Days prior to the
first day of the applicable Observation Period if it elects to pay cash upon exchange of the Notes
and shall specify in such notice (the “cash percentage notice”) the applicable cash percentage. If
the Company elects to specify a cash percentage, the amount of cash that the Company shall deliver
in respect of each Trading Day in the applicable Observation Period shall equal the product of (w)
the cash percentage and (x) the amount by which the Daily Exchange Value exceeds $50 for such
Trading Day. The number of shares of Common Stock deliverable in respect of each Trading Day in
the applicable Observation Period shall equal (i) the product of (y) 100% minus the cash percentage
and (z) the amount by which the Daily Exchange Value exceeds $50 for such Trading Day, divided by
(ii) the Daily VWAP of the Common Stock for such Trading Day. If the Company does not specify a
cash percentage, it must settle the entire amount by which the Daily Exchange Value exceeds $50
with shares of Common Stock pursuant to Section 8.02(a)(3) above; provided, however, that the
Company will deliver cash in lieu of fractional shares of Common Stock as set forth pursuant to
clause (k)

B-18

 

below. If the Company specifies a cash percentage, the Company shall satisfy its Exchange
Obligation by delivering, on the third Trading Day immediately following the last day of the
related Observation Period, the amount of cash and the number of shares of Common Stock deliverable
pursuant to this Section 8.02(a)(4).

          (b) Notwithstanding Section 8.02(a), the Company shall satisfy the Exchange Obligation with
respect to each $1,000 principal amount of Notes tendered for exchange to which Additional Shares
shall be added to the Exchange Rate as set forth in Section 8.01(g) pursuant to this clause (b).

          (A) If the last day of the applicable Observation Period related to Notes surrendered
for exchange is prior to the third Trading Day preceding the Effective Date of the
Fundamental Change, the Company will satisfy the related Exchange Obligation with respect to
each $1,000 principal amount of Notes tendered for exchange as described in Section 8.01(a)
by delivering the amount of cash and shares of Common Stock, if any (based on the Exchange
Rate, but without regard to the number of Additional Shares to be added to the Exchange Rate
pursuant to Section 8.01(g)) on the third Trading Day immediately following the last day of
the applicable Observation Period. In addition, as soon as practicable following the
Effective Date of the Fundamental Change, the Company will deliver the increase in such
amount of cash and Reference Property deliverable in lieu of shares of Common Stock, if any,
as if the Exchange Rate had been increased by such number of Additional Shares during the
related Observation Period (and based upon the related Daily VWAP prices during such
Observation Period). If such increased amount of cash and Common Stock, if any, results in
an increase to the amount of cash to be paid to Holders, the Company will pay such increase
in cash, and if such increased amount results in an increase to the number of shares of
Common Stock, the Company will deliver such increase by delivering Reference Property based
on such increased number of shares.

          (B) If the last day of the applicable Observation Period related to Notes surrendered
for exchange is on or following the third scheduled Trading Day preceding the Effective Date
of such Fundamental Change, the Company will satisfy the Exchange Obligation with respect to
each $1,000 principal amount of Notes tendered for exchange as described in Section 8.01(a)
(based on the Exchange Rate as increased by the Additional Shares pursuant to Section
8.01(g) above) on the later to occur of (x) the Effective Date of the Fundamental Change and
(y) the third Trading Day immediately following the last day of the applicable Observation
Period.

          (c) Before any Holder of a Note shall be entitled to exchange the same as set forth above,
such Holder shall (1) in the case of a Global Note, comply with the procedures of the Depositary in
effect at that time and, if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 4.01(b) and Section
8.02(i) and, if required, pay all taxes or duties, if any, and (2) in the case of a Note issued in
certificated form, (A) complete and manually sign and deliver an irrevocable written notice to the
Exchange Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (a
“Notice of Exchange”) at the office of the Exchange Agent and shall state in writing therein the
principal amount of Notes to be exchanged and the name or names (with addresses) in

B-19

 

which such Holder wishes the certificate or certificates for any shares of Common Stock, if
any, to be delivered upon settlement of the Exchange Obligation to be registered, (B) surrender
such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement
and transfer documents), at the office of the Exchange Agent, (C) if required, pay funds equal to
interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in Section 4.01(b) and Section 8.02(i), and (D) if required, pay all taxes or duties, if any.
A Note shall be deemed to have been exchanged immediately prior to the close of business on the
date (the “Exchange Date”) that the Holder has complied with the requirements set forth in this
Section 8.02(c).

     No Notice of Exchange with respect to any Notes may be tendered by a Holder thereof if such
Holder has also tendered a Put Right Repurchase Notice or a Fundamental Change Repurchase Notice
and not validly withdrawn such Put Right Repurchase Notice or Fundamental Change Repurchase Notice
in accordance with the applicable provisions of Section 9.01 or 9.02, as the case may be.

     If more than one Note shall be surrendered for exchange at one time by the same Holder, the
Exchange Obligation with respect to such Notes, if any, that shall be payable upon exchange shall
be computed on the basis of the aggregate principal amount of the Notes (or specified portions
thereof to the extent permitted thereby) so surrendered.

          (d) Delivery of the amounts owing in satisfaction of the Exchange Obligation shall be made by
the Company in no event later than the date specified in Section 8.02(a), except to the extent
specified in Section 8.02(b). The Company shall make such delivery by paying the cash amount owed
to the Exchange Agent or to the Holder of the Note surrendered for exchange, or such Holder’s
nominee or nominees, and by issuing, or causing to be issued, and delivering to the Exchange Agent
or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer
through the Depositary for the number of full shares of Common Stock to which such Holder shall be
entitled as part of such Exchange Obligation (together with any cash in lieu of fractional shares).

          (e) In case any Note shall be surrendered for partial exchange, the Company shall execute and
the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note
so surrendered, without charge to such Holder, a new Note or Notes in authorized denominations in
an aggregate principal amount equal to the unexchanged portion of the surrendered Notes.

          (f) If a Holder submits a Note for exchange, the Company shall pay all stamp and other duties,
if any, which may be imposed by the United States or any political subdivision thereof or taxing
authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon
the exchange. However, the Holder shall pay any such tax that is due because the Holder requests
any shares of Common Stock to be issued in a name other than the Holder’s name. The Exchange Agent
may refuse to deliver the certificates representing the shares of Common Stock being issued in a
name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax which
will be due because the shares are to be issued in a name other than the Holder’s name. Nothing
herein shall preclude any tax withholding required by law or regulations.

B-20

 

          (g) Except as provided in Section 8.04, no adjustment shall be made for dividends on any
shares issued upon the exchange of any Note as provided in this Article.

          (h) Upon the exchange of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any
exchange of Notes effected through any Exchange Agent other than the Trustee.

          (i) Upon exchange, a Noteholder will not receive any separate cash payment for accrued and
unpaid interest, except as set forth below. The Company’s settlement of its Exchange Obligation as
described above shall be deemed to satisfy its obligation to pay the principal amount of the Note
and accrued and unpaid interest to, but not including, the Exchange Date. As a result, accrued and
unpaid interest to, but not including, the Exchange Date shall be deemed to be paid in full rather
than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are
exchanged after the close of business on a Record Date, Holders of such Notes as of the close of
business on the Record Date will receive the interest payable on such Notes on the corresponding
Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the
period from the close of business on any regular Record Date to the opening of business on the
corresponding Interest Payment Date must be accompanied by payment of an amount equal to the
interest payable on the Notes so exchanged; provided, however, that no such payment need be made
(1) if the Company has called the Notes for redemption or (2) to the extent of any overdue interest
existing at the time of exchange with respect to such Note, (3) to Notes surrendered for exchange
in connection with a Fundamental Change in which the Company has specified a Fundamental Change
Repurchase Date that is after a Record Date and on or prior to the next Interest Payment Date, or
(4) to Notes surrendered for exchange after the Record Date immediately preceding the Maturity
Date. Except as described above, no payment or adjustment will be made for accrued interest on
exchanged Notes.

          (j) The Person in whose name the certificate for any shares of Common Stock issued upon
exchange is registered shall be treated as a stockholder of record on and after the Exchange Date;
provided, however, that no surrender of Notes on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the Person or Persons entitled to receive
the shares of Common Stock upon such exchange as the record holder or holders of such shares of
Common Stock on such date, but such surrender shall be effective to constitute the Person or
Persons entitled to receive such shares of Common Stock as the record holder or holders thereof for
all purposes at the close of business on the next succeeding day on which such stock transfer books
are open; such exchange shall be at the Exchange Rate in effect on the date that such Notes shall
have been surrendered for exchange, as if the stock transfer books of the Company had not been
closed. Upon exchange of Notes, such Person shall no longer be a Noteholder.

          (k) No fractional shares of Common Stock shall be issued upon exchange of any Note or Notes.
If more than one Note shall be surrendered for exchange at one time by the same Holder, the number
of full shares that shall be issued upon exchange thereof shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof) so surrendered. Instead of
any fractional share of Common Stock that would otherwise

B-21

 

be issued upon exchange of any Note or Notes (or specified portions thereof), the Company
shall pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a
share) in an amount equal to the same fraction of the Last Reported Sale Price of the Common Stock
on the last day of the applicable Observation Period.

          (l) Reserved.

     Section 8.03 Reserved.

     Section 8.04 Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to
time by the Company as follows:

          (a) In case Parent shall issue Common Stock as a dividend or distribution to holders of the
outstanding Common Stock, or shall effect a subdivision into a greater number of shares of Common
Stock or combination into a lesser number of shares of Common Stock, the Exchange Rate shall be
adjusted based on the following formula:

	 	 	 	 	 

	where
	 	 	 	 
	 
	 	 	 	 
	ER0

	 	=
	 	the Exchange Rate in effect immediately prior to such event;
	 
	 	 	 	 
	ER'

	 	=
	 	the Exchange Rate in effect immediately after such event;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately prior to such event; and
	 
	 	 	 	 
	OS'

	 	=
	 	the number of shares of Common Stock outstanding immediately after such event.

Such adjustment shall become effective immediately after 9:00 a.m., New York City time, on the
Business Day following the record date fixed for such determination. If any dividend or
distribution of the type described in this Section 8.04(a) is declared but not so paid or made, or
the outstanding shares of Common Stock are not subdivided or combined, as the case may be, the
Exchange Rate shall be immediately readjusted, effective as of the date the Board of Directors
determines not to pay such dividend or distribution, or subdivide or combine the outstanding shares
of Common Stock, as the case may be, to the Exchange Rate that would then be in effect if such
dividend, distribution, subdivision or combination had not been declared.

          (b) In case Parent shall issue to all or substantially all holders of its outstanding Common
Stock any rights, warrants or convertible securities entitling them (for a period expiring within
sixty (60) calendar days after the issuance thereof) to subscribe for or purchase shares of Common
Stock at a price per share less than the Last Reported Sale Price of the Common Stock on the
Business Day immediately preceding the date of announcement of such issuance, the Exchange Rate
shall be adjusted based on the following formula:

B-22

 

	 	 	 	 	 

	where
	 	 	 	 
	 
	 	 	 	 
	ER0

	 	=
	 	the Exchange Rate in effect immediately prior to such event;
	 
	 	 	 	 
	ER'

	 	=
	 	the Exchange Rate in effect immediately after such event;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately prior to such event;
	 
	 	 	 	 
	X

	 	=
	 	the total number of shares of Common Stock issuable pursuant
to such rights, warrants or convertible securities; and
	 
	 	 	 	 
	Y

	 	=
	 	the number of shares of Common Stock equal to the aggregate
price payable to exercise such rights, warrants or
convertible securities divided by the average of the Last
Reported Sale Prices per share of Common Stock over the ten
consecutive Trading Day period ending on the Business Day
immediately preceding the record date (or, if later, the
Ex-Date relating to such distribution) for the issuance of
such rights, warrants or convertible securities.

Such adjustment shall be successively made whenever any such rights, warrants or convertible
securities are issued and shall become effective immediately after 9:00 a.m., New York City time,
on the Business Day following the date fixed for such determination. If such rights, warrants or
convertible securities are not so exercised prior to their expiration, the Exchange Rate shall
again be adjusted to be the Exchange Rate that would then be in effect if such record date for such
distribution had not been fixed.

     In determining whether any rights, warrants or convertible securities entitle the holder
thereof to subscribe for or purchase shares of Common Stock at a price per share less than the Last
Reported Sale Price of the Common Stock on the Business Day immediately preceding the date of
announcement of such issuance, and in determining the aggregate offering price of such shares of
Common Stock, there shall be taken into account any consideration received by Parent for such
rights, warrants or convertible securities and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of
Trustees.

          (c) In case Parent shall distribute to all or substantially all holders of its Common Stock
shares of Capital Stock, evidences of its indebtedness or other assets or property of Parent
(including securities, but excluding dividends and distributions covered by Section 8.04(a),
Section 8.04(b) or Section 8.04(d) and distributions described below in this paragraph (c) with
respect to Spin-Offs) (any of such shares of Capital Stock, indebtedness, or other asset or
property hereinafter in this Section 8.04(c) called the “Distributed Property”), then, in each such
case the Exchange Rate shall be adjusted based on the following formula:

B-23

 

	 	 	 	 	 

	where
	 	 	 	 
	 
	 	 	 	 
	ER0

	 	=
	 	the Exchange Rate in effect immediately prior to such distribution;
	 
	 	 	 	 
	ER

	 	=
	 	the Exchange Rate in effect immediately after such distribution;
	 
	 	 	 	 
	SP0

	 	=
	 	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day
period ending on the Business Day immediately preceding the record date for such distribution (or, if
earlier, the Ex-Date relating to such distribution); and
	 
	 	 	 	 
	FMV

	 	=
	 	the fair market value (as determined by the Board of Trustees) of the Distributed Property distributed
with respect to each outstanding share of Common Stock on the record date for such distribution (or, if
earlier, the Ex-Date relating to such distribution).

Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the
Business Day following the date fixed for the determination of stockholders entitled to receive
such distribution; provided that if the then fair market value (as so determined) of the portion of
the Distributed Property so distributed applicable to one share of Common Stock is equal to or
greater than SP0 as set forth above, in lieu of the foregoing adjustment, adequate
provision shall be made so that each Noteholder shall have the right to receive, for each $1,000
principal amount of Notes upon exchange, the amount of Distributed Property such Holder would have
received had such Holder owned a number of shares of Common Stock equal to the Exchange Rate on the
record date. If such dividend or distribution is not so paid or made, the Exchange Rate shall
again be adjusted to be the Exchange Rate that would then be in effect if such dividend or
distribution had not been declared. If the Board of Trustees determines the fair market value of
any distribution for purposes of this Section 8.04(c) by reference to the actual or when issued
trading market for any securities, it must in doing so consider the prices in such market over the
same period used in determining SP0 above.

     With respect to an adjustment pursuant to this Section 8.04(c) where there has been a payment
of a dividend or other distribution on the Common Stock in shares of Capital Stock, or similar
equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”), unless the
Company distributes such shares of Capital Stock or equity interests to each Noteholder on the same
basis as such Noteholder would have received had it exchanged its Notes solely into shares of
Common Stock immediately prior to such dividend or distribution, the Exchange Rate in effect
immediately before 5:00 p.m., New York City time, on the Record Date fixed for determination of
stockholders entitled to receive the distribution will be increased based on the following formula:

B-24

 

	 	 	 	 	 

	where
	 	 	 	 
	 
	 	 	 	 
	ER0

	 	=
	 	the Exchange Rate in effect immediately prior to such distribution;
	 
	 	 	 	 
	ER'

	 	=
	 	the Exchange Rate in effect immediately after such distribution;
	 
	 	 	 	 
	FMV0

	 	=
	 	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest
distributed to holders of shares of Common Stock applicable to one share of Common Stock over the
first ten consecutive Trading Day period after the effective date of the Spin-Off; and
	 
	 	 	 	 
	MP0

	 	=
	 	the average of the Last Reported Sale Prices of the Common Stock over the first ten consecutive
Trading Day period after the effective date of the Spin-Off.

Such adjustment shall occur on the tenth Trading Day from, and including, the effective date of the
Spin-Off; provided that in respect of any exchange within the ten Trading Days following any
Spin-Off, references within this paragraph (c) to ten days shall be deemed replaced with such
lesser number of Trading Days as have elapsed between such Spin-Off and the Exchange Date in
determining the applicable Exchange Rate.

     Rights or warrants distributed by Parent to all holders of Common Stock, entitling the holders
thereof to subscribe for or purchase shares of Common Stock (either initially or under certain
circumstances), which rights or warrants, until the occurrence of a specified event or events
(“Trigger Event”): (i) are deemed to be transferred with such shares of Common Stock; (ii) are not
exercisable; and (iii) are also issued in respect of future issuances of shares of Common Stock,
shall be deemed not to have been distributed for purposes of this Section 8.04 (and no adjustment
to the Exchange Rate under this Section 8.04 will be required) until the occurrence of the earliest
Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an
appropriate adjustment (if any is required) to the Exchange Rate shall be made under this Section
8.04(c). If any such right or warrant, including any such existing rights or warrants distributed
prior to the date of this Annex B of the Twelfth Supplemental Indenture, are subject to events,
upon the occurrence of which such rights or warrants become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the date of the occurrence of any and
each such event shall be deemed to be the date of distribution and record date with respect to new
rights or warrants with such rights (and a termination or expiration of the existing rights or
warrants without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event
(of the type described in the preceding sentence) with respect thereto that was counted for
purposes of calculating a distribution amount for which an adjustment to the Exchange Rate under
this Section 8.04 was made, (1) in the case of any such rights or warrants that shall all have been
redeemed or repurchased without exercise by any holders thereof, the Exchange Rate shall be
readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger
Event, as the case may be, as though it were a cash distribution, equal to the per share redemption
or repurchase price received by a holder or holders of Common Stock with respect to such rights or
warrants (assuming such holder had retained such rights or warrants), made to all holders of Common
Stock as of the date of such redemption or repurchase, and (2) in the case of such rights or
warrants that shall have expired or

B-25

 

been terminated without exercise by any holders thereof, the Exchange Rate shall be readjusted
as if such rights and warrants had not been issued.

     For purposes of this Section 8.04(c), Section 8.04(a) and Section 8.04(b), any dividend or
distribution to which this Section 8.04(c) is applicable that also includes shares of Common Stock
to which Section 8.04(a) applies or rights or warrants to subscribe for or purchase shares of
Common Stock to which Section 8.04(a) or Section 8.04(b) applies (or both), shall be deemed instead
to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of Capital
Stock other than such shares of Common Stock or rights or warrants to which Section 8.04(c) applies
(and any Exchange Rate adjustment required by this Section 8.04(c) with respect to such dividend or
distribution shall then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights or warrants (and any further Exchange Rate adjustment
required by Section 8.04(a) and Section 8.04(b) with respect to such dividend or distribution shall
then be made), except (A) the record date of such dividend or distribution shall be substituted as
“the record date” and “the date fixed for such determination” within the meaning of Section 8.04(a)
and Section 8.04(b) and (B) any shares of Common Stock included in such dividend or distribution
shall not be deemed “outstanding immediately prior to such event” within the meaning of Section
8.04(a).

          (d) In case Parent shall pay a dividend or make a distribution consisting exclusively of cash
to all or substantially all holders of its Common Stock to the extent that the aggregate of all
such cash dividends or distributions paid in any quarter exceeds the Dividend Threshold Amount for
such quarter, the Exchange Rate shall be adjusted based on the following formula:

	 	 	 	 	 

	where
	 	 	 	 
	 
	 	 	 	 
	ER0

	 	=
	 	the Exchange Rate in effect immediately prior to
the record date for such distribution;
	 
	 	 	 	 
	ER'

	 	=
	 	the Exchange Rate in effect immediately after the
record date for such distribution;
	 
	 	 	 	 
	SP0

	 	=
	 	the average of the Last Reported Sale Prices of
the Common Stock over the period of ten
consecutive Trading Days ending the Business Day
immediately preceding the record date (as defined
in clause (f) of this Section) for such
distribution (or, if earlier, the Ex-Date relating
to such distribution);
	 
	 	 	 	 
	T

	 	=
	 	the dividend threshold amount (“Dividend Threshold
Amount”), which amount shall initially be $1.0305
per quarter and which shall be appropriately
adjusted from time to time for any stock dividends
on, or subdivisions or combinations of, Common
Stock; provided, that if an Exchange Rate
adjustment is required to be made as a result of a
distribution that is not a quarterly dividend
either in whole or in part, the Dividend Threshold
Amount shall be deemed to be zero; and
	 
	 	 	 	 
	C

	 	=
	 	the amount in cash per share that Parent
distributes to holders of Common Stock.

B-26

 

Such adjustment shall become effective immediately after 5:00 p.m., New York City time, on the
record date for such dividend or distribution; provided that if the portion of the cash so
distributed applicable to one share of Common Stock is equal to or greater than SP0 above, in lieu
of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have
the right to receive upon exchange of a Note (or any portion thereof) the amount of cash such
Holder would have received had such Holder owned a number of shares equal to the Exchange Rate on
the record date. If such dividend or distribution is not so paid or made, the Exchange Rate shall
again be adjusted to be the Exchange Rate that would then be in effect if such dividend or
distribution had not been declared.

     For the avoidance of doubt, for purposes of this Section 8.04(d), in the event of any
reclassification of the Common Stock, as a result of which the Notes become exchangeable into more
than one class of Common Stock, if an adjustment to the Exchange Rate is required pursuant to this
Section 8.04(d), references in this Section to one share of Common Stock or Last Reported Sale
Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit
consisting of the number of shares of each class of Common Stock into which the Notes are then
exchangeable equal to the number of shares of such class issued in respect of one share of Common
Stock in such reclassification. The above provisions of this paragraph shall similarly apply to
successive reclassifications.

          (e) In case Parent or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for all or any portion of the shares of Common Stock, to the extent that the cash
and value of any other consideration included in the payment per share of Common Stock exceeds the
Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on
which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be
amended), the Exchange Rate shall be increased based on the following formula:

	 	 	 	 	 

	where
	 	 	 	 
	 
	 	 	 	 
	ER0

	 	=
	 	the Exchange Rate in effect on the date such tender or exchange offer expires;
	 
	 	 	 	 
	ER'

	 	=
	 	the Exchange Rate in effect on the day next succeeding the date such tender or exchange offer expires;
	 
	 	 	 	 
	AC

	 	=
	 	the aggregate value of all cash and any other consideration (as determined by the Board of Trustees)
paid or payable for shares purchased in such tender or exchange offer;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange
offer expires;

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	OS'

	 	=
	 	the number of shares of Common Stock outstanding immediately after the date such tender or exchange
offer expires; and
	 
	 	 	 	 
	SP'

	 	=
	 	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day
period commencing on the Trading Day next succeeding the date such tender or exchange offer expires,

such adjustment to become effective immediately prior to the opening of business on the day
following the last date on which tenders or exchanges may be made pursuant to such tender or
exchange offer. If Parent is obligated to purchase shares pursuant to any such tender or exchange
offer, but Parent is permanently prevented by applicable law from effecting all or any such
purchases or all or any portion of such purchases are rescinded, the Exchange Rate shall again be
adjusted to be the Exchange Rate that would then be in effect if such tender or exchange offer had
not been made or had only been made in respect of the purchases that had been effected. No
adjustment to the Exchange Rate will be made if the application of the foregoing formulae would
result in a decrease in the Exchange Rate.

          (f) For purposes of this Section 8.04 the term “record date” shall mean, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock have the
right to receive any cash, securities or other property or in which the shares of Common Stock (or
other applicable securities) are exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of stockholders entitled to receive
such cash, securities or other property (whether such date is fixed by the Board of Directors or by
statute, contract or otherwise).

          (g) In addition to those required by clauses (a), (b), (c), (d), and (e) of this Section 8.04,
and to the extent permitted by applicable law and subject to the applicable rules of the New York
Stock Exchange, the Company from time to time may increase the Exchange Rate by any amount for a
period of at least 20 days if the Board of Trustees determines that such increase would be in the
Company’s best interest. In addition, the Company may also (but is not required to) increase the
Exchange Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase
shares of Common Stock in connection with any dividend or distribution of shares (or rights to
acquire shares) or similar event. Whenever the Exchange Rate is increased pursuant to the
preceding sentence, the Company shall mail to the Holder of each Note at his last address appearing
on the Security Register a notice of the increase at least five days prior to the date the
increased Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and
the period during which it will be in effect.

          (h) All calculations and other determinations under this Article VIII shall be made by the
Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a
share of stock, as the case may be. No adjustment shall be made for Parent’s issuance of shares of
Common Stock or any securities convertible into or exchangeable for shares of Common Stock, or the
right to purchase shares of Common Stock or such convertible or exchangeable securities, other than
as provided in this Section 8.04. No adjustment shall be made to the Exchange Rate unless such
adjustment would require a change of at least 1% in the Exchange Rate then in effect at such time.
The Company shall carry forward any adjustments that are less than 1% of the Exchange Rate and make
such carried forward adjustments,

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regardless of whether the aggregate adjustment is less than 1% within one year of the first
such adjustment carried forward, upon a Fundamental Change, upon any call of the Notes for
redemption or upon maturity.

          (i) Whenever the Exchange Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee and any Exchange Agent other than the Trustee an Officers’ Certificate setting
forth the Exchange Rate after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. The Trustee and Exchange Agent may conclusively rely on the accuracy of
the Exchange Rate adjustment provided by the Company. Unless and until a Responsible Officer of the
Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Exchange Rate and may assume without inquiry that the last
Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting
forth the adjusted Exchange Rate and the date on which each adjustment becomes effective and shall
mail such notice of such adjustment of the Exchange Rate to the Holder of each Note at his last
address appearing on the Security Register, within thirty (30) days of the effective date of such
adjustment. Failure to deliver such notice shall not affect the legality or validity of any such
adjustment.

          (j) For purposes of this Section 8.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of Parent but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

     Notwithstanding the foregoing provisions of this Section 8.04, in no event will the total
number of Common Stock issuable upon exchange exceed 6.5762 per $1,000 principal amount of Notes
(subject to adjustment in the same manner or as set forth in clauses (a), (b) and (c) of this
Section 8.04).

     Section 8.05 Sufficient Shares to be Delivered. To the extent the Company elects to deliver
shares of Common Stock, and subject to Section 8.02(k), the Company shall provide, free from
preemptive rights, sufficient shares of Common Stock to provide for exchange of the Notes from time
to time as such Notes are presented for exchange.

     Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale. If any of the
following events occur, namely (i) any reclassification or change of the outstanding Common Stock
(other than a change in par value, or from par value to no par value, or from no par value to par
value, or as a result of a split, subdivision or combination), (ii) any consolidation, merger or
combination of Parent with another Person, or (iii) any sale or conveyance of all or substantially
all of the property and assets of Parent to any other Person, in either case as a result of which
holders of Common Stock shall be entitled to receive cash, securities or other property or assets
with respect to or in exchange for such shares of Common Stock (any such event a “Merger Event”),
then:

          (a) the Company or the successor or purchasing Person, as the case may be, shall execute with
the Trustee a supplemental indenture (which, as evidenced in an Opinion of Counsel delivered to the
Trustee, shall comply with the Trust Indenture Act as in force at the

B-29

 

date of execution of such supplemental indenture if such supplemental indenture is then
required to so comply) providing for the exchange and settlement of the Notes as set forth in this
Annex B of the Twelfth Supplemental Indenture. Such supplemental indenture shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article and the Trustee may conclusively rely on the determination by the Company of
the equivalency of such adjustments. If, in the case of any Merger Event, the Reference Property
includes shares of stock or other securities and assets of a corporation other than the successor
or purchasing corporation, as the case may be, in such reclassification, change, consolidation,
merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by
such other corporation and shall contain such additional provisions to protect the interests of the
Holders of the Notes as the Board of Trustees shall reasonably consider necessary by reason of the
foregoing, including to the extent required by the Board of Trustees and practicable the provisions
providing for the repurchase rights set forth in Article IX herein.

     In the event the Company shall execute a supplemental indenture pursuant to this Section 8.06,
the Company shall, in addition to the Officers’ Certificate and Opinion of Counsel required by
Section 102 of the Base Indenture, file with the Trustee an Officers’ Certificate briefly stating
the kind or amount of cash, securities or property or asset that will constitute the Reference
Property after any such Merger Event, any adjustment to be made with respect thereto, and the
Trustee shall promptly mail notice thereof to all Noteholders.

          (b) Notwithstanding the provisions of Section 8.02(a) and Section 8.02(b), and subject to the
provisions of Section 8.01, at the effective time of such Merger Event, the right to exchange each
$1,000 principal amount of Notes will be changed to a right to exchange such Note by reference to
the kind and amount of cash, securities or other property or assets that a holder of a number of
shares of Common Stock equal to the Exchange Rate immediately prior to such transaction would have
owned or been entitled to receive (the “Reference Property”) such that from and after the effective
time of such transaction, a Noteholder will be entitled thereafter to exchange its Notes, subject
to the successor’s right to deliver cash, shares of Common Stock or common stock of such successor
or a combination of cash and shares of Common Stock as set forth in Section 8.02(b), into cash (up
to the aggregate principal amount thereof) and, in lieu of the shares of Common Stock otherwise
deliverable, the same type (and in the same proportion) of Reference Property, based on the Daily
Settlement Amounts of Reference Property in an amount equal to the applicable Exchange Rate, as
described under Section 8.02(b). For purposes of determining the constitution of Reference
Property, the type and amount of consideration that a holder of Common Stock would have been
entitled to in the case of reclassifications, consolidations, mergers, sales or conveyance of
assets or other transactions that cause the Common Stock to be converted into the right to receive
more than a single type of consideration (determined based in part upon any form of stockholder
election) will be deemed to be the weighted average of the types and amounts of consideration
received by the holders of shares of Common Stock that affirmatively make such an election. Parent
shall not become a party to any such transaction unless its terms are consistent with the
preceding. None of the foregoing provisions shall affect the right of a Holder of Notes to
exchange its Notes in accordance with the provisions of Article VIII hereof prior to the effective
date.

B-30

 

          (c) The Company shall cause notice of the execution of such supplemental indenture to be
mailed to each Noteholder, at his address appearing on the Security Register, within thirty (30)
days after execution thereof. Failure to deliver such notice shall not affect the legality or
validity of such supplemental indenture.

          (d) The above provisions of this Section shall similarly apply to successive Merger Events.

     Section 8.07 Certain Covenants. The Company covenants that all shares of Common Stock
delivered upon exchange of Notes will be fully paid and non-assessable by Parent and free from all
taxes, liens and charges with respect to the issue thereof.

     Section 8.08 Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at
any time be under any duty or responsibility to any Noteholder to determine the Exchange Rate or
whether any facts exist which may require any adjustment of the Exchange Rate, or with respect to
the nature or extent or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same.
The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any shares of Common Stock, or of any securities or property,
which may at any time be issued or delivered upon the exchange of any Note; and the Trustee and any
other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any
Exchange Agent shall be responsible for any failure of the Company to transfer or deliver any
shares of Common Stock or share certificates or other securities or property or cash upon the
surrender of any Note for the purpose of exchange or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article.

     Without limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent
shall be under any responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 8.06 relating either to the kind or amount
of shares of stock or securities or property (including cash) receivable by Noteholders upon the
exchange of their Notes after any event referred to in such Section 8.06 or to any adjustment to be
made with respect thereto, but, subject to the provisions of Article Six of the Base Indenture, may
accept as conclusive evidence of the correctness of any such provisions, and shall be protected in
relying upon, the Officers’ Certificate with respect thereto.

     Section 8.09 Notice to Holders Prior to Certain Actions.

     In case:

          (a) Parent shall declare a dividend (or any other distribution) on its Common Stock that would
require an adjustment in the Exchange Rate pursuant to Section 8.04; or

          (b) Parent shall authorize the granting to all of the holders of its Common Stock of rights or
warrants to subscribe for or purchase any share of any class or any other rights or warrants;

B-31

 

          (c) of any reclassification of the Common Stock (other than a subdivision or combination of
its outstanding Common Stock, or a change in par value, or from par value to no par value, or from
no par value to par value), or of any consolidation or merger to which Parent is a party and for
which approval of any stockholders of Parent is required, or of the sale or transfer of all or
substantially all of the assets of Parent; or

          (d) of the voluntary or involuntary dissolution, liquidation or winding-up of Parent,

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at his
address appearing on the Security Register as promptly as possible but in any event at least thirty
(30) days prior to the applicable date specified in clause (x) or (y) below, as the case may be, a
notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution or rights or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be
determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding-up.

     Section 8.10 Stockholder Rights Plans. Upon exchange of the Notes, the Holders shall receive,
in addition to any shares of Common Stock issuable upon such exchange, the associated rights issued
under any future stockholder rights plan Parent adopts unless, prior to exchange, the rights have
separated from the shares of Common Stock, expired, terminated or been redeemed or converted in
accordance with such rights plan. If, and only if, the Holders receive rights under such
stockholder rights plans as described in the preceding sentence upon exchange of their Notes, then
no other adjustment pursuant to this Article VIII shall be made in connection with such stockholder
rights plans.

     Section 8.11 Ownership Limit. Notwithstanding any other provision of this Annex B of the
Twelfth Supplemental Indenture or the Notes, no Holder of Notes (or beneficial owner of Notes)
shall be entitled to exchange such Notes for shares of Common Stock to the extent that receipt of
such shares would cause such Holder (or beneficial owner of Notes) (together with such Holder’s (or
beneficial owner’s) affiliates) to exceed the applicable ownership limit contained in the articles
of incorporation of Parent.

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ARTICLE IX

REPURCHASE OF NOTES AT OPTION OF HOLDERS

     Section 9.01 Repurchase of Securities at Option of the Holder on Specified Dates.

          (a) The provisions of Article Thirteen of the Base Indenture shall not be applicable to the
Notes.

          (b) Each Noteholder shall have the right, at such Holder’s option, to require the Company to
repurchase all of such Holder’s Notes or any portion thereof that is a multiple of $1,000 principal
amount, for cash on January 15, 2013, November 15, 2017, November 15, 2022, November 15, 2027 and
November 15, 2032 (each, a “Put Right Repurchase Date”) at a repurchase price per Note equal to
100% of the aggregate principal amount of the Notes being repurchased, together with any accrued
and unpaid interest up to, but not including, such Put Right Repurchase Date (the “Put Right
Repurchase Price”).

     Repurchases of Notes by the Company pursuant to this Section 9.01 shall be made, at the option
of the Holder thereof, upon:

          (i) delivery to the Trustee (or other Paying Agent appointed by the Company) by the
Holder of a written notice of purchase (a “Put Right Repurchase Notice”) in the form set
forth on the reverse of the Note at any time from the opening of business on the date that
is 25 Business Days prior to the applicable Put Right Repurchase Date until the close of
business on the fifth Business Day prior to such Put Right Repurchase Date stating:

          (A) if certificated, the certificate numbers of the Notes to be delivered for
repurchase;

          (B) the portion of the principal amount of the Notes to be repurchased, which must be
$1,000 or an integral multiple thereof, and

          (C) that the Notes are to be repurchased as of the applicable Put Right Repurchase Date
pursuant to the terms and conditions specified in the Notes and in this Annex B of the
Twelfth Supplemental Indenture, and

          (ii) delivery of such Note to the Paying Agent prior to, on or after the Put Right
Repurchase Date (together with all necessary endorsements) at the offices of the Paying
Agent, such delivery being a condition to receipt by the Holder of the Put Right Repurchase
Price therefor, which shall be so paid pursuant to this Section 9.01 only if the Note so
delivered to the Paying Agent shall conform in all respects to the description thereof in
the related Put Right Repurchase Notice, as determined by the Company.

     The Company shall repurchase from the Holder thereof, pursuant to this Section 9.01, a portion
of a Note if the principal amount of such portion is $1,000 or an integral multiple of

B-33

 

$1,000. Provisions of this Annex B of the Twelfth Supplemental Indenture that apply to the
repurchase of all of a Note also apply to the repurchase of such portion of such Note.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.01
shall be consummated by the delivery of the consideration to be received by the Holder promptly
following the later of the Put Right Repurchase Date and the time of delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Put Right Repurchase Notice or written notice of withdrawal thereof in
accordance with the provisions of Section 9.01(e).

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

          (c) In connection with any purchase of Notes pursuant to this Section 9.01, the Company shall
give written notice of the Put Right Repurchase Date to the Holders (the “Company Put Right
Notice”).

     The Company Put Right Notice shall be sent by first-class mail to the Trustee and to each
Holder (and to each beneficial owner as required by applicable law) that has delivered a Put Right
Repurchase Notice within ten Business Days of receipt of such Put Right Repurchase Notice, or, if a
shorter period, at least two Business Days prior to any Put Right Repurchase Date (the “Company Put
Right Notice Date”). Each Company Put Right Notice shall include a form of Put Right Repurchase
Notice to be completed by a Noteholder and shall state:

          (i) the Put Right Repurchase Price and the Exchange Price;

          (ii) the name and address of the Paying Agent and the Exchange Agent;

          (iii) that Notes as to which a Put Right Repurchase Notice has been given may be
exchanged in accordance with Article VIII hereof only if the applicable Put Right Repurchase
Notice has been withdrawn in accordance with the terms of this Annex B of the Twelfth
Supplemental Indenture;

          (iv) that Notes must be surrendered to the Paying Agent to collect payment;

          (v) that the Put Right Repurchase Price for any Note as to which a Put Right Repurchase
Notice has been given and not withdrawn will be paid promptly

B-34

 

following the later of the Put Right Repurchase Date and the time of surrender of such
Note as described in subclause (iv) above;

          (vi) the procedures the Holder must follow to exercise rights under this Section and a
brief description of those rights;

          (vii) briefly, the exchange rights of the Notes;

          (viii) the procedures for withdrawing a Put Right Repurchase Notice (including pursuant
to the terms of Section 9.01(e));

          (ix) that, unless the Company defaults in making payment on Notes for which a Put Right
Repurchase Notice has been submitted, interest on the Notes in respect of which a Put Right
Repurchase Notice has been delivered and not withdrawn will cease to accrue on the Put Right
Repurchase Date; and

          (x) the CUSIP number of the Notes.

     If any of the Notes are to be redeemed in the form of a Global Note, the Company shall modify
such notice to the extent necessary to accord with the procedures of the Depositary applicable to
redemptions.

     At the Company’s request, the Trustee shall give such Company Put Right Notice in the
Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of
such Company Put Right Notice shall be prepared by the Company.

          (d) Upon receipt by the Trustee (or other Paying Agent appointed by the Company) of the Put
Right Repurchase Notice specified in Section 9.01(a), the Holder of the Note in respect of which
such Put Right Repurchase Notice was given shall (unless such Put Right Repurchase Notice is
withdrawn as specified in Section 9.01(e)) thereafter be entitled to receive solely the Put Right
Repurchase Price with respect to such Note. Such Put Right Repurchase Price shall be paid to such
Holder, subject to receipt of funds by the Paying Agent, promptly following the later of (x) the
Put Right Repurchase Date with respect to such Note (provided the conditions in Section 9.01(a)
have been satisfied) and (y) the time of delivery of such Note to the Paying Agent by the Holder
thereof in the manner required by Section 9.01(a). Notes in respect of which a Put Right
Repurchase Notice has been given by the Holder thereof may not be exchanged pursuant to Article
VIII hereof on or after the date of the delivery of such Put Right Repurchase Notice, unless such
Put Right Repurchase Notice has first been validly withdrawn as specified in Section 9.01(e).

          (e) A Put Right Repurchase Notice may be withdrawn by means of a written notice of withdrawal
delivered to the office of the Paying Agent in accordance with the Put Right Repurchase Notice at
any time prior to 10:00 A.M. New York City time on the fourth Business Day prior to the Put Right
Repurchase Date specifying:

          (i) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes,

B-35

 

          (ii) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted, and

          (iii) the principal amount, if any, of such Notes that remains subject to the original
Put Right Repurchase Notice, which portion must be in principal amounts of $1,000 or an
integral multiple of $1,000;

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

     A written notice of withdrawal of a Put Right Repurchase Notice shall be in the form set forth
in the preceding paragraph.

     Upon receipt of a written notice of withdrawal, the Paying Agent shall promptly return to the
Holders thereof any Notes in respect of which a Put Right Repurchase Notice has been withdrawn in
accordance with the provisions of Section 9.01(f).

          (f) There shall be no repurchase of any Notes pursuant to this Section 9.01 if there has
occurred (prior to, on or after, as the case may be, the giving, by the Holders of such Notes, of
the required Put Right Repurchase Notice) and is continuing an Event of Default with respect to
Notes (other than a default in the payment of the Put Right Repurchase Price with respect to such
Notes). The Paying Agent will promptly return to the respective Holders thereof any Notes held by
it during the continuance of an Event of Default with respect to Notes (other than a default in the
payment of the Put Right Repurchase Price with respect to such Notes), in which case, upon such
return, the Put Right Repurchase Notice with respect thereto shall be deemed to have been
withdrawn.

          (g) Prior to 11:00 a.m. (local time in The City of New York) on the Put Right Repurchase Date,
the Company shall deposit with the Trustee (or other Paying Agent appointed by the Company or if
the Company is acting as its own Paying Agent, set aside, segregate and hold in trust in accordance
with the terms of the Base Indenture as modified by this Annex B of the Twelfth Supplemental
Indenture) an amount (in immediately available funds if deposited on such Business Day) sufficient
to pay the aggregate Put Right Repurchase Price of all the Notes or portions thereof which are to
be purchased as of the Put Right Repurchase Date. The manner in which the deposit required by this
Section 9.01(g) is made by the Company shall be at the option of the Company; provided that such
deposit shall be made in a manner such that the Trustee or a Paying Agent shall have immediately
available funds on the Put Right Repurchase Date.

     If the Trustee (or other Paying Agent appointed by the Company) holds, in accordance with the
terms hereof, money sufficient to pay the Put Right Repurchase Price of any Note, then, on the Put
Right Repurchase Date, such Note will cease to be Outstanding and the rights of the Holder in
respect thereof shall terminate (other than the right to receive the Put Right Repurchase Price as
aforesaid).

     To the extent that the aggregate amount of cash deposited by the Company pursuant to this
Section 9.01(g) exceeds the aggregate Put Right Repurchase Price of the Notes or portions thereof
that the Company is obligated to purchase, then promptly after the Put Right Repurchase

B-36

 

Date the Trustee or a Paying Agent, as the case may be, shall return any such excess cash to
the Company.

     Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change.

          (a) If a Fundamental Change occurs at any time, then each Noteholder shall have the right, at
such Holder’s option, to require the Company to repurchase all of such Holder’s Notes or any
portion thereof that is a multiple of $1,000 principal amount, for cash on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty (20)
Business Days and not more than thirty-five (35) Business Days after the date of the Fundamental
Change Company Notice (as defined below) at a repurchase price equal to 100% of the principal
amount thereof, together with accrued and unpaid interest thereon to, but excluding, the
Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”).

     Repurchases of Notes under this Section 9.02 shall be made, at the option of the Holder
thereof, upon:

          (i) delivery to the Trustee (or other Paying Agent appointed by the Company) by a
Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth on the reverse of the Note prior to the close of business on the Fundamental
Change Repurchase Date; and

          (ii) delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent
appointed by the Company) at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements) at the Corporate Trust Office of the
Trustee (or other Paying Agent appointed by the Company) in the Borough of Manhattan or the
City of Boston, such delivery being a condition to receipt by the Holder of the Fundamental
Change Repurchase Price therefor; provided that such Fundamental Change Repurchase Price
shall be so paid pursuant to this Section 9.02 only if the Note so delivered to the Trustee
(or other Paying Agent appointed by the Company) shall conform in all respects to the
description thereof in the related Fundamental Change Repurchase Notice.

The Fundamental Change Repurchase Notice shall state:

          (A) if certificated, the certificate numbers of Notes to be delivered for repurchase;

          (B) the portion of the principal amount of Notes to be repurchased, which must be
$1,000 or an integral multiple thereof; and

          (C) that the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this Annex B of the Twelfth Supplemental Indenture.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.02
shall be consummated by the delivery of the consideration to be received by the Holder

B-37

 

promptly following the later of the Fundamental Change Repurchase Date and the time of the
book-entry transfer or delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal
thereof in accordance with the provisions of Section 9.02(c).

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

          (b) On or before the twentieth day after the occurrence of any Fundamental Change, the Company
shall provide to all Holders of record of the Notes and the Trustee and Paying Agent a notice (the
“Fundamental Change Company Notice”) of the occurrence of such Fundamental Change and of the
repurchase right at the option of the Holders arising as a result thereof. Such mailing shall be by
first class mail. Simultaneously with providing such Fundamental Change Company Notice, the
Company shall publish a notice containing the information included therein once in a newspaper of
general circulation in The City of New York or publish such information on the Company’s website or
through such other public medium as the Company may use at such time.

     Each Fundamental Change Company Notice shall specify:

          (i) the events causing the Fundamental Change;

          (ii) the date of the Fundamental Change;

          (iii) that the Holder must exercise the repurchase right on or prior to the close of
business on the Fundamental Change Repurchase Date;

          (iv) the Fundamental Change Repurchase Price;

          (v) the Fundamental Change Repurchase Date;

          (vi) the name and address of the Paying Agent and the Exchange Agent;

          (vii) the applicable Exchange Rate and any adjustments to the applicable Exchange Rate;

          (viii) that the Notes with respect to which a Fundamental Change Repurchase Notice has
been delivered by a Holder may be exchanged only if the Holder

B-38

 

withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this
Annex B of the Twelfth Supplemental Indenture; and

          (ix) the procedures that Holders must follow to require the Company to repurchase their
Notes.

     No failure of the Company to give the foregoing notices and no defect therein shall limit the
Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 9.02.

          (c) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the Trustee and Paying Agent in accordance with the Fundamental Change
Company Notice at any time prior to the close of business on the Business Day prior to the
Fundamental Change Repurchase Date, specifying:

          (i) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted;

          (ii) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes; and

          (iii) the principal amount, if any, of such Notes that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or an integral multiple of $1,000;

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

          (d) On or prior to 11:00 a.m. (local time in The City of New York) on the second Business Day
following the Fundamental Change Repurchase Date, the Company will deposit with the Trustee (or
other Paying Agent appointed by the Company or if the Company is acting as its own Paying Agent,
set aside, segregate and hold in trust in accordance with the Base Indenture as modified by this
Annex B of the Twelfth Supplemental Indenture) an amount of money sufficient to repurchase on the
Fundamental Change Repurchase Date all of the Notes to be repurchased on such date at the
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or
other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not
withdrawn) prior to the close of business on the Fundamental Change Repurchase Date will be made
promptly after the later of (x) the Fundamental Change Repurchase Date with respect to such Note
(provided the Holder has satisfied the conditions to the payment of the Fundamental Change
Repurchase Price in Section 9.02), and (y) the time of book-entry transfer or the delivery of such
Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the
manner required by Section 9.02 by mailing checks for the amount payable to the Holders of such
Notes entitled thereto as they shall appear in the Security Register, provided, however, that
payments to the Depositary shall be made by wire transfer of immediately available funds to the
account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Fundamental Change
Repurchase Price.

B-39

 

          (e) If the Trustee (or other Paying Agent appointed by the Company) holds money or
securities sufficient to repurchase on the Fundamental Change Repurchase Date all the Notes or
portions thereof that are to be purchased as of the second Business Day following the Fundamental
Change Repurchase Date, then on and after the Fundamental Change Repurchase Date (i) such Notes
will cease to be Outstanding, (ii) interest will cease to accrue on such Notes, and (iii) all other
rights of the Holders of such Notes will terminate, whether or not book-entry transfer of the Notes
has been made or the Notes have been delivered to the Trustee or Paying Agent, other than the right
to receive the Fundamental Change Repurchase Price upon delivery of the Notes.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 10.01 Ratification of Base Indenture. Except as expressly modified or amended hereby,
the Base Indenture continues in full force and effect and is in all respects confirmed, ratified
and preserved and the provisions thereof shall be applicable to the Notes and this Annex B of the
Twelfth Supplemental Indenture. Without limiting the generality of the foregoing, the Notes shall
have the benefit of Article Three of the Second Supplemental Indenture to the Base Indenture in
accordance with its terms.

     Section 10.02 Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements of the Company contained in this Annex B of the Twelfth Supplemental
Indenture shall bind its successors and assigns whether so expressed or not.

     Section 10.03 Official Acts by Successor Corporation. Any act or proceeding by any provision
of this Annex B of the Twelfth Supplemental Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the like board, committee or officer of any corporation or entity
that shall at the time be the lawful sole successor of the Company.

     Section 10.04 Addresses for Notices, Etc. Any notice or demand which by any provision of this
Annex B of the Twelfth Supplemental Indenture is required or permitted to be given or served by the
Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or
made, for all purposes if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed (until another address is filed by the Company
with the Trustee) to ProLogis, 4545 Airport Way, Denver, Colorado 80239, Attention: General
Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to U.S. Bank
National Association, 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate
Trust Services/ProLogis.

     The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications.

B-40

 

     Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail,
postage prepaid, at his address as it appears on the Security Register and shall be sufficiently
given to him if so mailed within the time prescribed.

     Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect
its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it.

     Section 10.05 Governing Law. THIS ANNEX B OF THE TWELFTH SUPPLEMENTAL INDENTURE AND EACH NOTE
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
ENTERED INTO AND TO BE PERFORMED THEREIN.

     Section 10.06 Non-Business Day. Section 113 of the Base Indenture shall also apply to any
Fundamental Change Purchase Date, Put Right Repurchase Date or Exchange Date in respect of the
Notes.

     Section 10.07 Benefits of Indenture. Nothing in this Annex B of the Twelfth Supplemental
Indenture or in the Notes, expressed or implied, shall give to any person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Security Registrar and their successors
hereunder, the Noteholders, any benefit or any legal or equitable right, remedy or claim under this
Annex B of the Twelfth Supplemental Indenture.

     Section 10.08 Table of Contents, Headings, Etc. The table of contents and the titles and
headings of the articles and sections of this Annex B of the Twelfth Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.

     Section 10.09 Execution in Counterparts. This Annex B of the Twelfth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

     Section 10.10 Trustee. The Trustee makes no representations as to the validity or sufficiency
of this Annex B of the Twelfth Supplemental Indenture. The statements and recitals herein are
deemed to be those of the Company and not of the Trustee.

     Section 10.11 Further Instruments and Acts. Upon request of the Trustee, the Company and
Parent will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Annex B of the
Twelfth Supplemental Indenture.

     Section 10.12 Waiver of Jury Trial. EACH OF THE COMPANY, PARENT AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

B-41

 

     Section 10.13 Force Majeure. In no event shall the Trustee or Exchange Agent be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

B-42

 

SCHEDULE A

Share Price

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effective Date	 	$153.07	 	$156.81	 	$168.01	 	$179.21	 	$190.41	 	$201.61	 	$212.81	 	$224.01	 	$235.22	 	$246.42	 	$257.62	 	$268.82
	January 15, 2012

	 	 	1.0888	 	 	 	0.9285	 	 	 	0.6389	 	 	 	0.4241	 	 	 	0.2694	 	 	 	0.1613	 	 	 	0.0884	 	 	 	0.0409	 	 	 	0.0111	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	January 15, 2013

	 	 	1.0888	 	 	 	0.9054	 	 	 	0.4821	 	 	 	0.1232	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

B-Sch A-1 

 

EXHIBIT A

[FORM OF FACE OF NOTE]

[Include only for Global Notes]

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

[Include for all Notes]

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED WITH ORIGINAL ISSUE DISCOUNT
(“OID”) FOR U.S. FEDERAL INCOME TAX PURPOSES. HOLDERS OF SECURITIES MAY CONTACT GENE MCCLUSKY,
SENIOR VICE PRESIDENT, AT (303) 567-5198 TO REQUEST INFORMATION REGARDING THE ISSUE PRICE, THE
AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY OF THE SECURITIES FOR U.S. FEDERAL INCOME
TAX PURPOSES.

B-Exh A-1 

 

PROLOGIS

1.875% Convertible Senior Notes due 2037

			
	 	 	 
	No.                     
	 	$                     

CUSIP No. 743410 AR3

     PROLOGIS, a real estate investment trust organized and existing under the laws of the State of
Maryland (herein called the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE &
CO.], or registered assigns, the principal sum of [              ] ($[              ]) or
such other principal amount as shall be set forth on the Schedule I hereto on November 15, 2037.

     This Security shall bear interest at the rate of 1.875% per year from November 8, 2007, or
from the most recent date to which interest had been paid or provided. Interest is payable
semi-annually in arrears on each May 15 and November 15, commencing May 15, 2008, to Holders of
record at the close of business on the preceding May 1 and November 1, respectively. Interest
payable on each Interest Payment Date shall equal the amount of interest accrued from, and
including the immediately preceding Interest Payment Date (or from and including November 8, 2007,
if no interest has been paid hereon) to but excluding such Interest Payment Date.

     Payment of the principal and interest, on this Security will be made at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, City of New York or the
City of Boston, or elsewhere as provided in the Indenture, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company, payment of interest, may be made by
(i) check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) transfer to an account of the Person entitled thereto located inside the
United States; provided further, however, that, with respect to any Holder of Securities with an
aggregate principal amount in excess of $1,000,000, at the application of such Holder in writing to
the Company, interest on such Holder’s Securities shall be paid by wire transfer in immediately
available funds to such Holder’s account in the United States supplied by such Holder from time to
time to the Trustee and Paying Agent (if different from the Trustee) not later than the applicable
record date.

     Reference is made to the further provisions of this Security set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Security the right to convert
this Security into cash, Common Shares of the Company or a combination of cash and Common Shares on
the terms and subject to the limitations referred to on the reverse hereof and as more fully
specified in the Indenture. Such further provisions shall for all purposes have the same effect as
though fully set forth at this place.

     This Security shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of the State of New York
applicable to contracts entered into and to be performed therein.

B-Exh A-2 

 

     This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

[Remainder of page intentionally left blank]

B-Exh A-3 

 

     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

 	 
	 	By:  	
 	 
	 	 	Name:  	[_____________] 	 
	 	 	Title:  	[_____________] 	 
	 

	 	 	 	 	 

	Attest	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name: [_________]
	 	 
	 

	 	Title: [________]	 	 

Dated: [__________], 20[___]

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 successor trustee

	 	 	 	 	 

	BY:
	 	 	 	 
	 

	 	 

Authorized Officer
	 	 

B-Exh A-4 

 

[FORM OF REVERSE OF NOTE]

PROLOGIS

1.875% Convertible Senior Notes due 2037

     This Security is one of a duly authorized issue of Securities of the Company, designated as
its 1.875% Convertible Senior Notes due 2037 (herein called the “Securities”), issued under and
pursuant to an Indenture dated as of March 1, 1995, as supplemented with respect to the Securities
by the Second Supplemental Indenture, dated as of November 2, 2005 and the Fifth Supplemental
Indenture, dated as of November 8, 2007 (as so supplemented, herein called the “Indenture”),
between the Company and U.S. Bank National Association (herein called the “Trustee”), to which
Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Securities. Additional Securities may be issued in an unlimited
aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Indenture.

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of and interest on all Securities may be declared, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

     Prior to January 15, 2013, the Company may not redeem the Securities except to preserve the
Company’s status as a real estate investment trust as described in Section 3.01 of the Fifth
Supplemental Indenture. Subject to the terms and conditions of the Indenture, on or after January
15, 2013, the Company shall have the right to redeem the Securities, in whole or from time to time
in part, at a price equal to 100% of the principal amount of the Securities being redeemed, plus
accrued and unpaid interest. Any such redemption shall be upon at least 30 days’ and no more than
60 days’ notice to Holders of the Securities.

     Subject to the terms and conditions of the Indenture, the Company will make all payments and
deliveries in respect of the Fundamental Change Repurchase Price, the Put Right Repurchase Price,
the Redemption Price and the principal amount on the Maturity Date, as the case may be, to the
Holder who surrenders a Security to a Paying Agent to collect such payments in respect of the
Security. The Company will pay cash amounts in money of the United States that at the time of
payment is legal tender for payment of public and private debts.

     The Indenture contains provisions permitting the Company and the Trustee in certain
circumstances, without the consent of the Holders of the Securities, and in other circumstances,
with the consent of the Holders of not less than a majority in principal amount of the Securities
at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the provisions of the
Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; provided, however, that no such supplemental indenture shall make any of the
changes set forth in Section 6.02 of the Fifth Supplemental Indenture, without the consent of

B-Exh A-5 

 

each Holder of an Outstanding Security affected thereby. It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of the Securities, the Holders of a majority in
principal amount of the Securities at the time Outstanding may on behalf of the Holders of all of
the Securities waive any past default or Event of Default under the Indenture and its consequences
except as provided in the Indenture. Any such consent or waiver by the Holder of this Security
(unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Security and any Securities which may be issued in
exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon
this Security or such other Securities.

     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 and accrued and unpaid interest on this Security at the place, at the respective
times, at the rate and in the lawful money herein prescribed.

     The Securities are issuable in registered form without coupons in denominations of $1,000
principal amount and integral multiples thereof. At the office or agency of the Company referred to
on the face hereof, and in the manner and subject to the limitations provided in the Indenture,
without payment of any service charge but with payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration or exchange of
Securities, Securities may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations.

     The Securities are not subject to redemption through the operation of any sinking fund.

     Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Securities or any portion thereof
(in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to 100% of the principal amount of the Securities such holder elects to
require the Company to repurchase, together with accrued and unpaid interest to but excluding the
Fundamental Change Repurchase Date. The Company or, at the written request of the Company, the
Trustee shall mail to all Holders of record of the Securities a notice of the occurrence of a
Fundamental Change and of the repurchase right arising as a result thereof on or before the
twentieth day after the occurrence of any Fundamental Change.

     On January 15, 2013, November 15, 2017, November 15, 2022, November 15, 2027 and November 15,
2032, the Holder has the right, at such Holder’s option, to require the Company to repurchase all
of such Holder’s Securities or any portion thereof (in principal amounts of $1,000 or integral
multiples thereof) at a price equal to 100% of the principal amount of the Securities such Holder
elects to require the Company to repurchase, together with accrued and unpaid interest to but
excluding the Put Right Repurchase Date. Holders shall submit their Securities for repurchase to
the Paying Agent at any time from the opening of business on the date that is 25 Business Days
prior to the applicable Put Right Repurchase Date until the close of business on the fifth Business
Day prior to the Put Right Repurchase Date.

     Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, on
and after October 15, 2012, or earlier upon the occurrence of certain conditions specified in

B-Exh A-6 

 

the Indenture and prior to the close of business on the Trading Day immediately preceding the Maturity
Date, to convert any Securities or portion thereof which is $1,000 or an integral multiple thereof,
into cash, Common Shares or a combination of cash and Common Shares, at the option of the Company
as provided in the Fifth Supplemental Indenture, in each case at the Conversion Rate specified in
the Indenture, as adjusted from time to time as provided in the Indenture, upon surrender of this
Security, together with a Notice of Conversion, a form of which is attached to this Security, as
provided in the Indenture and this Security, to the Company at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, City of New York or the City of Boston or
elsewhere as provided in the Indenture, and, unless the shares issuable on conversion are to be
issued in the same name as this Security, duly endorsed by, or accompanied by instruments of
transfer in form satisfactory to the Company duly executed by, the Holder or by his duly authorized
attorney. The initial Conversion Rate is 12.1957 shares for each $1,000 principal amount of
Securities. No fractional Common Shares will be issued upon any conversion, but an adjustment in
cash will be paid to the Holder, as provided in the Indenture, in respect of any fraction of a
share which would otherwise be issuable upon the surrender of any Security or Securities for
conversion. No adjustment shall be made for dividends or any shares issued upon conversion of such
Security except as provided in the Indenture.

     Upon due presentment for registration of transfer of this Security at the office or agency of
the Company in the Borough of Manhattan, City of New York or the City of Boston, a new Security or
Securities of authorized denominations for an equal aggregate principal amount will be issued to
the transferee in exchange thereof, subject to the limitations provided in the Indenture, without
charge except for any tax, assessments or other governmental charge imposed in connection
therewith.

     The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and
any Security Registrar may deem and treat the registered Holder hereof as the absolute owner of
this Security (whether or not this Security shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof, or on account
hereof, for the conversion hereof and for all other purposes, and neither the Company nor the
Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor
any Security Registrar shall be affected by any notice to the contrary. All payments made to or
upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and
discharge liability for monies payable on this Security.

     No recourse for the payment of the principal of, or accrued and unpaid interest on, this
Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in the Indenture or any indenture
supplemental thereto or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer, trustee,
director or subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issue hereof, expressly waived and released.

B-Exh A-7 

 

     Terms used in this Security and defined in the Indenture are used herein as therein defined.

     Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TENANT (=tenants by the entireties), JT TEN (joint tenants with right of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform gift to Minors
Act).

B-Exh A-8 

 

Schedule I

PROLOGIS

1.875% Convertible Senior Notes due 2037

No.                     

	 	 	 	 	 	 	 
	 	 	 	 	Notation Explaining	 	Authorized Signature
	 	 	 	 	Principal Amount	 	of Trustee or
	Date	 	Principal Amount	 	Recorded	 	Custodian
	 
	 	 	 	 	 	 

B-Exh A-9 

 

Schedule I

FORM OF CONVERSION NOTICE

To: PROLOGIS

     The undersigned registered owner of this Security hereby exercises the option to convert this
Security, or the portion hereof (which is $1,000 principal amount or an integral multiple thereof)
below designated, into cash, Common Shares, or a combination of cash and shares of Common Shares,
in accordance with the terms of the Indenture referred to in this Security, and directs that the
shares issuable and deliverable upon such conversion, if any, together with any check in payment of
the cash in respect of the remaining Conversion Obligation (as defined in the Indenture) and for
fractional shares and any Securities representing any unconverted principal amount hereof, be
issued and delivered to the registered holder hereof unless a different name has been indicated
below. If shares or any portion of this Security not converted are to be issued in the name of a
person other than the undersigned, the undersigned will pay all transfer taxes payable with respect
thereto. Any amount required to be paid to the undersigned on account of interest accompanies this
Security.

     Dated:                     

Signature(s)

     Signature Guarantee

Signature(s) must be guaranteed by an eligible
Guarantor Institution (banks, stock brokers,
savings and loan associations and credit unions)
with membership in an approved signature guarantee
medallion program pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934, as amended,
if Common Shares are to be issued, or Securities
to be delivered, other than to and in the name of
the registered holder.

B-Exh A-10 

 

Fill in for registration of shares if to be issued, and
Securities if to be

delivered, other than to and in
the name of the registered holder:

(Name)

(Street Address)

(City, State and Zip Code)

Please print name and address

	 	 	 

	 

	 	Principal amount to be converted (if less
than all): $___,000
	 
	 	 
	 

	 	Social Security or Other Taxpayer Identification Number

B-Exh A-11 

 

FORM OF PUT RIGHT REPURCHASE NOTICE

     To: PROLOGIS

     The undersigned hereby requests and instructs the Company to repay the entire principal amount
of this Security, or a portion hereof (which is $1,000 principal amount or an integral multiple
thereof) below designated, on ___in accordance with the terms of the Indenture referred to in this
Security at the Put Right Repurchase Price, to the registered holder hereof.

     Dated:                     

	 	 	 

	 

	 	Signature(s)
	 

	 	Social Security or Other Taxpayer Identification
Number Principal amount
to be repaid (if less than all): $___,000 NOTICE:
	 

	 	The above signatures of the holder(s) hereof
must correspond with the name as written
upon the face of the Security in every
particular
without alteration or enlargement or any
change whatever.

B-Exh A-12 

 

FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE

     To: PROLOGIS

     The undersigned registered owner of this Security hereby acknowledges receipt of a notice from
ProLogis, to be known as Prologis (the “Company”), as to the occurrence of a Fundamental Change
with respect to the Company and requests and instructs the Company to repay the entire principal
amount of this Security, or the portion thereof (which is $1,000 principal amount or an integral
multiple thereof) below designated, in accordance with the terms of the Indenture referred to in
this Security, to the registered holder hereof.

     Dated:                     

	 	 	 

	 

	 	Signature(s)
	 
	 	 
	 

	 	Social Security or Other Taxpayer
Identification Number Principal amount to
be repaid (if less than all): $___,000 NOTICE:
	 

	 	The above signatures of the holder(s) hereof
must correspond with the name as written
upon the face of the Security in every
particular
without alteration or enlargement or any
change whatever.

B-Exh A-13 

 

FORM OF ASSIGNMENT AND TRANSFER

     For value received            hereby sell(s), assign(s) and transfer(s) unto
(Please insert social security or Taxpayer Identification Number of assignee) the
within Security, and hereby irrevocably constitutes and appoints            attorney to
transfer the said Security on the books of the Company, with full power of substitution in the
premises.

Dated:                     

Signature(s)

Signature Guarantee

Signature(s) must be guaranteed by an eligible
Guarantor Institution (banks, stock brokers,
savings and loan associations and credit
unions) with membership in an approved
signature guarantee medallion program pursuant
to Rule 17Ad-15 under the Securities Exchange
Act of 1934, as amended, if Common Shares are
to be issued, or Securities to be delivered,
other than to and in the name of the
registered holder.

NOTICE: The signature on the conversion notice, the option to elect repurchase upon a Fundamental
Change, the Put Right Notice, or the assignment must correspond with the name as written upon the
face of the Security in every particular without alteration or enlargement or any change whatever.

B-Exh A-14 

 

ANNEX C

2.625% Convertible Senior Notes due 2038

Originally issued May 7, 2008

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	Section 1.01 Relation to Base Indenture
	 	 	1	 
	Section 1.02 Definitions
	 	 	1	 
	ARTICLE II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 	7	 
	Section 2.01 Designation and Amount
	 	 	7	 
	Section 2.02 Form of Notes
	 	 	7	 
	Section 2.03 Date and Denomination of Notes; Payments of Interest
	 	 	7	 
	Section 2.04 Intentionally Omitted
	 	 	8	 
	Section 2.05 Execution, Authentication and Delivery of Notes
	 	 	8	 
	Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	 	 	8	 
	Section 2.07 Additional Notes; Repurchases
	 	 	10	 
	Section 2.08 No Sinking Fund
	 	 	10	 
	Section 2.09 Ranking
	 	 	10	 
	ARTICLE III REDEMPTION
	 	 	10	 
	Section 3.01 Right to Redeem
	 	 	10	 
	Section 3.02 Selection of Notes to be Redeemed
	 	 	10	 
	Section 3.03 Notice of Redemption
	 	 	10	 
	ARTICLE IV PARTICULAR COVENANTS OF THE COMPANY
	 	 	11	 
	Section 4.01 Payment of Principal and Interest
	 	 	11	 
	Section 4.02 Maintenance of Office or Agency for Exchange Agent
	 	 	12	 
	Section 4.03 Intentionally Omitted
	 	 	12	 
	Section 4.04 Intentionally Omitted
	 	 	12	 
	Section 4.05 Exclusion of Certain Provisions From Base Indenture
	 	 	12	 
	ARTICLE V DEFAULTS AND REMEDIES
	 	 	12	 
	Section 5.01 Events of Default
	 	 	12	 
	Section 5.02 Article Five of Base Indenture
	 	 	13	 
	ARTICLE VI SUPPLEMENTAL INDENTURES
	 	 	13	 
	Section 6.01 Supplemental Indentures Without Consent of Noteholders
	 	 	13	 
	Section 6.02 Modification and Amendment with Consent of Noteholders
	 	 	13	 
	Section 6.03 Effect of Supplemental Indentures
	 	 	13	 

C-i

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 6.04 Article Nine of Base Indenture
	 	 	13	 
	ARTICLE VII CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	13	 
	Section 7.01 Company May Consolidate, Etc. on Certain Terms
	 	 	13	 
	ARTICLE VIII EXCHANGE OF NOTES
	 	 	14	 
	Section 8.01 Exchange Privilege
	 	 	14	 
	Section 8.02 Exchange Procedures
	 	 	17	 
	Section 8.03 Reserved
	 	 	22	 
	Section 8.04 Adjustment of Exchange Rate
	 	 	22	 
	Section 8.05 Sufficient Shares to be Delivered
	 	 	30	 
	Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale
	 	 	30	 
	Section 8.07 Certain Covenants
	 	 	31	 
	Section 8.08 Responsibility of Trustee
	 	 	31	 
	Section 8.09 Notice to Holders Prior to Certain Actions
	 	 	32	 
	Section 8.10 Stockholder Rights Plans
	 	 	32	 
	Section 8.11 Ownership Limit
	 	 	33	 
	ARTICLE IX REPURCHASE OF NOTES AT OPTION OF HOLDERS
	 	 	33	 
	Section 9.01 Repurchase of Securities at Option of the Holder on Specified Dates
	 	 	33	 
	Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change
	 	 	37	 
	ARTICLE X MISCELLANEOUS PROVISIONS
	 	 	40	 
	Section 10.01 Ratification of Base Indenture
	 	 	40	 
	Section 10.02 Provisions Binding on Company’s Successors
	 	 	40	 
	Section 10.03 Official Acts by Successor Corporation
	 	 	40	 
	Section 10.04 Addresses for Notices, Etc
	 	 	40	 
	Section 10.05 Governing Law
	 	 	41	 
	Section 10.06 Non-Business Day
	 	 	41	 
	Section 10.07 Benefits of Indenture
	 	 	41	 
	Section 10.08 Table of Contents, Headings, Etc
	 	 	41	 
	Section 10.09 Execution in Counterparts
	 	 	41	 
	Section 10.10 Trustee
	 	 	41	 
	Section 10.11 Further Instruments and Acts
	 	 	41	 

C-ii

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	     Section 10.12 Waiver of Jury Trial
	 	 	41	 
	     Section 10.13 Force Majeure
	 	 	42	 

C-iii

 

 

2.625% Convertible Senior Notes due 2038

ARTICLE I

DEFINITIONS

     Section 1.01 Relation to Base Indenture. This Annex C to the Twelfth Supplemental Indenture
constitutes an integral part of the Base Indenture.

     Section 1.02 Definitions. For all purposes of this Annex C of the Twelfth Supplemental
Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

          (a) Capitalized terms used but not defined herein shall have the respective meanings assigned
to them in the Base Indenture;

          (b) Terms defined both herein and in the Base Indenture shall have the meanings assigned to
them herein;

          (c) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Annex C of the Twelfth Supplemental Indenture; and

          (d) All other terms used in this Annex C of the Twelfth Supplemental Indenture, which are
defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise requires) shall have
the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in
force at the date of the execution of this Annex C of the Twelfth Supplemental Indenture. The
words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Annex C of the
Twelfth Supplemental Indenture as a whole and not to any particular Article, Section or other
subdivision. The terms defined in this Article include the plural as well as the singular.

     “Additional Shares” shall have the meaning specified in Section 8.01(g).

     “Board of Directors” means the board of directors of Parent or, if Parent shall be succeeded
by a corporation pursuant to Article VII, the board of directors of Parent’s corporate successor or
any committee of such applicable board of directors duly authorized to act generally or in any
particular respect hereunder.

     “Board of Trustees” means the board of trustees of the Company or, if the Company shall be
succeeded by a corporation pursuant to Article VII, the board of trustees or directors of the
Company’s corporate successor or any committee of such applicable board duly authorized to act
generally or in any particular respect hereunder.

     “Business Day” means any day, other than a Saturday or Sunday, or legal holidays on which
banks in The City of New York or The City of Boston are not required or authorized by law or
executive order to be closed.

C-1 

 

     “cash percentage” shall have the meaning specified in Section 8.02(a)(4).

     “cash percentage notice” shall have the meaning specified in Section 8.02(a)(4).

     “close of business” means 5:00 p.m. (New York City time).

     “Change of Control” shall be deemed to occur upon the consummation of any transaction or event
(whether by means of an exchange offer, liquidation, tender offer, consolidation, merger,
combination, reclassification, recapitalization or otherwise) in connection with which more than
50% of the shares of Common Stock are exchanged for, exchanged into, acquired for or constitutes
solely the right to receive, consideration which is not at least 90% common stock (or American
Depositary Shares representing shares of common stock) that is: (a) listed on, or immediately after
the consummation of such transaction or event, will be listed on, a United States national
securities exchange or (b) approved, or immediately after such transaction or event will be
approved, for listing or quotation on any United States system of automated dissemination of
quotations of securities prices.

     “Common Stock” means, subject to Section 8.06, the common stock of Parent, par value $0.01 per
share, at the date of the Twelfth Supplemental Indenture or shares of any class or classes
resulting from any reclassification or reclassifications thereof and that have no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of Parent and that are not subject to redemption by Parent;
provided that if at any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares
of all such classes resulting from all such reclassifications.

     “Company” means ProLogis (to be known as Prologis), a Maryland real estate investment trust,
and subject to the provisions of Article VII, shall include its successors and assigns.

     “Company Put Right Notice” shall have the meaning specified in Section 9.01(c).

     “Company Put Right Notice Date” shall have the meaning specified in Section 9.01(c).

     “Daily Exchange Value” means, for each of the 20 consecutive Trading Days during the
Observation Period, one-twentieth (1/20) of the product of (a) the applicable Exchange Rate and (b)
the Daily VWAP of the Common Stock (or the Reference Property, if applicable) on such day.

     “Daily Settlement Amount,” for each of the 20 Trading Days during the Observation Period,
shall consist of:

     (i) cash equal to the lesser of $50 and the Daily Exchange Value relating to such day; and

     (ii) if such Daily Exchange Value exceeds $50, a number of shares of Common Stock equal to (A)
the difference between such Daily Exchange Value and $50, divided by (B) the

C-2 

 

Daily VWAP of the shares of Common Stock for such day, subject to the Company’s right to
deliver cash in lieu of all or a portion of such shares of Common Stock pursuant to Section
8.02(a)(4) hereof.

     “Daily VWAP” for the Common Stock means, for each of the 20 consecutive Trading Days during
the Observation Period, the per share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page PLD <equity> AQR in respect of the period from 9:30 a.m.
to 4:00 p.m. (New York City time) on such Trading Day (or if such volume-weighted average price is
unavailable, the market value of one share of Common Stock on such Trading Day as the Board of
Trustees determines in good faith using a volume-weighted method).

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the person specified in the Base Indenture as the Depositary with respect to such Notes,
until a successor shall have been appointed and become such pursuant to the applicable provisions
of this Annex C of the Twelfth Supplemental Indenture, and thereafter, “Depositary” shall mean or
include such successor.

     “Distributed Property” shall have the meaning specified in Section 8.04(c).

     “Dividend Threshold Amount” shall have the meaning specified in Section 8.04(d).

     “Effective Date” shall have the meaning specified in Section 8.01(g)(1).

     “Event of Default” means, with respect to the Notes, any event specified in Section 5.01,
continued for the period of time, if any, and after the giving of notice, if any, therein
designated.

     “Ex-Date” means, with respect to any issuance or distribution on the Common Stock or any other
equity security, the first date on which the shares of Common Stock or such other equity security
trade on the applicable exchange or in the applicable market, regular way, without the right to
receive such issuance or distribution.

     “Ex-Dividend Date” means, with respect to Section 8.01(e), the first date upon which a sale of
the shares of Common Stock does not automatically transfer the right to receive the relevant
dividend from the seller of the shares of Common Stock to its buyer.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     “Exchange Agent” shall mean the Trustee or any successor office or agency where the Notes may
be surrendered for exchange.

     “Exchange Date” shall have the meaning specified in Section 8.02(c).

     “Exchange Obligation” shall have the meaning specified in Section 8.01(a).

     “Exchange Price” means as of any date $1,000 divided by the Exchange Rate as of such date.

C-3 

 

     “Exchange Rate” shall have the meaning specified in Section 8.01(a).

     “Exchange Trigger Price” shall have the meaning specified in Section 8.01(c).

     “Fundamental Change” means a Change of Control or a Termination of Trading.

     “Fundamental Change Company Notice” shall have the meaning specified in Section 9.02(b).

     “Fundamental Change Repurchase Date” shall have the meaning specified in Section 9.02(a).

     “Fundamental Change Repurchase Notice” shall have the meaning specified in Section 9.02(a)(i).

     “Fundamental Change Repurchase Price” shall have the meaning specified in Section 9.02(a).

     “Global Note” shall have the meaning specified in Section 2.06(e).

     “Independent Securities Dealer” shall have the meaning specified in Section 8.01(b).

     “interest” means, when used with reference to the Notes, any interest payable under the terms
of the Notes.

     “Interest Payment Date” means May 15 and November 15 of each year, beginning on November 15,
2008.

     “Last Reported Sale Price” means, with respect to the shares of Common Stock or any other
security for which a Last Reported Sale Price must be determined, on any date, the closing sale
price per share of the Common Stock or unit of such other security (or, if no closing sale price is
reported, the average of the last bid and last ask prices or, if more than one in either case, the
average of the average last bid and the average last ask prices) on such date as reported in
composite transactions for the principal U.S. securities exchange on which the Common Stock or such
other security is traded. If the Common Stock or such other security is not listed for trading on
a United States national or regional securities exchange on the relevant date, the Last Reported
Sale Price shall be the last quoted bid price per share of Common Stock or such other security in
the over-the-counter market on the relevant date, as reported by the National Quotation Bureau or
similar organization. If the shares of Common Stock or such other security are not so quoted, the
Last Reported Sale Price shall be the average of the mid-point of the last bid and ask prices per
share of Common Stock or such other security on the relevant date from each of at least three
nationally recognized independent investment banking firms selected from time to time by the Board
of Trustees for that purpose. The Last Reported Sale Price shall be determined without reference
to extended or after-hours trading.

     “Market Disruption Event” means the occurrence or existence for more than a one-half hour
period in the aggregate on any scheduled Trading Day for the Common Stock of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits

C-4 

 

permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts
or future contracts relating to the Common Stock, and such suspension or limitation occurs or
exists at any time before 1:00 p.m. (New York City time) on such day.

     “Maturity Date” means May 15, 2038.

     “Measurement Period” shall have the meaning specified in Section 8.01(b).

     “Merger Event” shall have the meaning specified in Section 8.06.

     “Noteholder” or “Holder” or “holder,” as applied to any Note, or other similar terms (but
excluding the term “beneficial holder”), means any person in whose name at the time a particular
Note is registered on the Security Register.

     “Notice of Exchange” shall have the meaning specified in Section 8.02(c).

     “Observation Period” means the 20 consecutive Trading Day period beginning on and including
the second Trading Day after the related Exchange Date in respect of such Note.

     “opening of business” means 9:00 a.m. (New York City time).

     “Parent” means Prologis, Inc., a Maryland corporation and, subject to the provisions of
Article VII, shall include its successors and assigns.

     “Predecessor Note” of any particular Note means every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 306 of the Base Indenture in lieu of
a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, destroyed
or stolen Note that it replaces.

     “Put Right Repurchase Date” shall have the meaning assigned to it in Section 9.01(b).

     “Put Right Repurchase Notice” shall have the meaning assigned to it in Section 9.01(b)(i).

     “Put Right Repurchase Price” shall have the meaning assigned to it in Section 9.01(b).

     “Record Date,” with respect to the payment of interest on any Interest Payment Date, shall
have the meaning specified in Section 2.03.

     “Reference Property” shall have the meaning specified in Section 8.06(b).

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

     “Settlement Amount” shall have the meaning specified in Section 8.02(a)(1).

     “Spin-Off” shall have the meaning specified in Section 8.04(c).

C-5 

 

     “Stock Price” means the price paid per share of Common Stock in connection with a Fundamental
Change pursuant to which Additional Shares shall be added to the Exchange Rate as set forth in
Section 8.01(e)(ii) hereof, which shall be equal to (i) if holders of shares of Common Stock
receive only cash in such Fundamental Change, the cash amount paid per share of Common Stock and
(ii) in all other cases, the average of the Last Reported Sale Prices of the Common Stock over the
five consecutive Trading Day period ending on the Trading Day preceding the Effective Date of the
Fundamental Change.

     “Termination of Trading” shall be deemed to occur if the Common Stock, or any Common Stock (or
American Depositary Receipts in respect of Common Stock) into which the Notes are exchangeable
pursuant to the terms of this Annex C of the Twelfth Supplemental Indenture, are not listed for
trading on any of the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select
Market (or any of their respective successors).

     “Trading Day” means a day during which (i) trading in Common Stock generally occurs, (ii)
there is no Market Disruption Event and (iii) a Last Reported Sale Price of the Common Stock (other
than a Last Reported Sale Price referred to in the next to last sentence of such definition) is
available for such day; provided that if the shares of Common Stock are not admitted for trading or
quotation on or by any exchange, bureau or other organization referred to in the definition of Last
Reported Sale Price (excluding the next to last sentence of that definition), Trading Day shall
mean any Business Day.

     “Trading Price” with respect to the Notes, on any date of determination, means the average of
the secondary market bid quotations obtained by the Company and delivered to the Trustee for $2.0
million principal amount of Notes at approximately 3:30 p.m., New York City time, on such
determination date from three independent nationally recognized securities dealers selected by the
Company; provided that if three such bids cannot reasonably be obtained, but two such bids are
obtained, then the average of the two bids shall be used, and if only one such bid can reasonably
be obtained, that one bid shall be used. If the Company cannot reasonably obtain at least one bid
for $2.0 million principal amount of Notes from a nationally recognized securities dealer, then the
Trading Price per $1,000 principal amount of Notes will be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Common Stock and the Exchange Rate.

     “Trigger Event” shall have the meaning specified in Section 8.04(c).

     “Underwriters” means Goldman, Sachs & Co., Bank of America Securities LLC and Citigroup Global
Markets Inc.

     “Underwriting Agreement” means that certain Underwriting Agreement relating to the Notes,
dated May 1, 2008, between the Company and the Underwriters.

C-6 

 

ARTICLE II

ISSUE, DESCRIPTION, EXECUTION, 

REGISTRATION AND EXCHANGE OF NOTES

     Section 2.01 Designation and Amount. The Notes shall be designated as the “2.625% Convertible
Senior Notes due 2038.” The aggregate principal amount of Notes that may be authenticated and
delivered under this Annex C of the Twelfth Supplemental Indenture is initially limited to
$550,000,000, subject to Section 2.07 and except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section
2.06, Section 8.02 and Section 9.02 hereof and Section 306 and Section 906 of to the Base
Indenture.

     Section 2.02 Form of Notes. The Notes and the Trustee’s certificate of authentication to be
borne by such Notes shall be substantially in the form set forth in Exhibit A.

     Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Annex C of the Twelfth Supplemental Indenture, or as may be required by the Depositary, or
as may be required to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any securities exchange or automated quotation system on which the
Notes may be listed or designated for issuance, or to conform to usage or to indicate any special
limitations or restrictions to which any particular Notes are subject.

     A Global Note shall represent such principal amount of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of
Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
Outstanding Notes represented thereby may from time to time be increased or reduced to reflect
repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with this
Annex C of the Twelfth Supplemental Indenture. Payment of principal and accrued and unpaid
interest on a Global Note shall be made to the Holder of such Note on the date of payment, unless a
Record Date or other means of determining Holders eligible to receive payment is provided for
herein.

     The terms and provisions contained in the form of Note attached as Exhibit A hereto are
incorporated herein and shall constitute, and are hereby expressly made, a part of this Annex C of
the Twelfth Supplemental Indenture and to the extent applicable, the Company and the Trustee, by
their execution and delivery of this Annex C of the Twelfth Supplemental Indenture, expressly agree
to such terms and provisions and to be bound thereby.

     Section 2.03 Date and Denomination of Notes; Payments of Interest. The Notes shall be
issuable in registered form without coupons in denominations of $1,000 principal amount and

C-7 

 

integral multiples thereof. Each Note shall be dated the date of its authentication and shall
bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day
months.

     The Person in whose name any Note (or its Predecessor Note) is registered on the Security
Register at the close of business on any Record Date with respect to any Interest Payment Date
shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be
payable at the office of the Company maintained by the Company for such purposes in the Borough of
Manhattan, City of New York or the City of Boston, which shall initially be an office or agency of
the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed
to the address of the Person entitled thereto as it appears in the Security Register (or upon
written application by such Person to the Security Registrar not later than the relevant record
date, by wire transfer in immediately available funds to such Person’s account within the United
States, if such Person is entitled to interest on an aggregate principal in excess of $1,000,000)
or (ii) on any Global Note by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The term “Record Date” with respect to any Interest Payment Date shall
mean the May 1 or November 1 preceding the applicable May 15 or November 15 Interest Payment Date,
respectively.

     Section 2.04 Intentionally Omitted.

     Section 2.05 Execution, Authentication and Delivery of Notes. Section 303 of the Base
Indenture shall be applicable to the Notes.

     Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary.

          (a) The Company shall provide for the registration of the Notes and of transfers of the Notes
in the Security Register. Upon surrender for registration of transfer of any Note to the Security
Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount.

     Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes
which the Noteholder making the exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding.

     All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Security Registrar or any
co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or his
attorney-in-fact duly authorized in writing.

C-8 

 

     No service charge shall be charged to the Noteholder for any exchange or registration of
transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax, assessments or other governmental charges that may be imposed in connection therewith.

     None of the Company, the Trustee, the Security Registrar or any co-registrar shall be required
to exchange or register a transfer of (a) any Notes surrendered for exchange or, if a portion of
any Note is surrendered for exchange, such portion thereof surrendered for exchange or (b) any
Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with
Article IX hereof.

     All Notes issued upon any registration of transfer or exchange of Notes in accordance with
this Annex C of the Twelfth Supplemental Indenture shall be the valid, binding and legal
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Annex C of the Twelfth Supplemental Indenture as the Notes surrendered upon such registration of
transfer or exchange.

          (b) Intentionally Omitted.

          (c) Intentionally Omitted.

          (d) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this instrument or under applicable law
with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by, the terms of this instrument, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

          (e) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, all Notes shall be represented by one or more Notes in global form
(each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary.
The transfer and exchange of beneficial interests in a Global Note, which does not involve the
issuance of a definitive Note, shall be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Annex C of the Twelfth Supplemental Indenture (including the
restrictions on transfer set forth herein) and the procedures of the Depositary therefor.

     Section 2.07 Additional Notes; Repurchases. The Company may, without the consent of the
Noteholders and notwithstanding Section 2.01, issue additional Notes hereunder with the same terms
and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate
principal amount, which will form the same series with the Notes initially issued hereunder,
provided that no such additional Notes may be issued unless fungible with the Notes initially
issued hereunder for U.S. federal income tax purposes. The Company may also from time to time
repurchase the Notes in open market purchases by tender at any price or by private agreement
without prior notice to Noteholders.

     Section 2.08 No Sinking Fund. The provisions of Article Twelve of the Base Indenture shall
not be applicable to the Notes. No sinking fund is provided for the Notes.

C-9 

 

     Section 2.09 Ranking. The Notes constitute a senior general obligation of the Company,
ranking equally with other existing and future senior and unsubordinated indebtedness of the
Company and ranking senior in right of payment to any future indebtedness of the Company that is
expressly made subordinate to the Notes by the terms of such indebtedness.

ARTICLE III

REDEMPTION

     Section 3.01 Right to Redeem.

          (a) Notwithstanding any provision of the Base Indenture, as modified by this Annex C of the
Twelfth Supplemental Indenture, to the contrary, the Company may redeem the Notes prior to May 15,
2038, in whole, in order to preserve Parent’s status as a real estate investment trust under the
Code.

          (b) Except as provided in Section 3.01(a), the Company may not redeem the Notes prior to May
20, 2013. On or after May 20, 2013, the Company, at its option, may redeem the Notes from time to
time in whole or in part.

          (c) Any redemption of Notes shall be at a Redemption Price equal to 100% of the principal
amount of the Notes being redeemed, plus accrued and unpaid interest; provided, however, that the
Company may deduct and withhold from such Redemption Price any amount required to be deducted and
withheld under applicable law.

     Section 3.02 Selection of Notes to be Redeemed.

          (a) The provisions of Section 1103 of the Base Indenture shall govern the selection of Notes
to be redeemed by the Trustee provided, however, that if less than all of the Notes are to be
redeemed, the Trustee shall make the selection from the Notes of that series Outstanding and not
previously called for redemption, by lot, or in its discretion, on a pro rata basis.

          (b) If any Note selected for partial redemption is exchanged in part before termination of the
exchange right with respect to the portion of the Note so selected, the exchanged portion of such
Note shall be deemed to be part of the portion selected for redemption. Notes which have been
exchanged subsequent to the Trustee commencing selection of Notes to be redeemed but prior to
redemption of such Notes shall be treated by the Trustee as Outstanding for the purpose of such
selection.

     Section 3.03 Notice of Redemption. The provisions of Section 1104 of the Base Indenture shall
govern notices of redemption of the Notes; provided, however, that in addition to the information
specified in Section 1104 of the Base Indenture, notices of redemption of the Notes shall also
state:

          (a) the then-current Exchange Price;

          (b) the name and address of the Exchange Agent;

C-10 

 

          (c) that Holders who wish to exchange Notes must surrender such Notes for exchange no later
than the close of business on the second Business Day immediately preceding the Redemption Date and
must satisfy the other requirements set forth herein; and

          (d) whether the Company will satisfy its Exchange Obligation with respect to any Notes called
for redemption that are surrendered for exchange in cash, shares of Common Stock or both as
provided herein; provided that the Company may not provide notice of a redemption of Notes at the
Company’s option that specifies that the Company will settle exchanges of Notes prior to such
redemption in cash and shares of Common Stock unless, at the time of such notice, the Company has
available to it a sufficient number of authorized shares of Common Stock to satisfy its Exchange
Obligation in respect of the Notes to be redeemed.

ARTICLE IV

PARTICULAR COVENANTS OF THE COMPANY

     Section 4.01 Payment of Principal and Interest.

          (a) Sections 307 and 1001 of the Base Indenture shall apply to the Notes; provided, however,
that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at
the application of such Holder in writing to the Security Registrar not later than the relevant
record date, accrued and unpaid interest on such Holder’s Notes shall be paid by wire transfer in
immediately available funds to such Holder’s account in the United States supplied by such Holder
from time to time to the Trustee and Paying Agent (if different from Trustee); provided further
that payment of accrued and unpaid interest made to the Depositary shall be paid by wire transfer
in immediately available funds in accordance with such wire transfer instructions and other
procedures provided by the Depositary from time to time.

          (b) Except as otherwise provided in this Section 4.01(b), a Holder of any Notes at the close
of business on a Record Date shall be entitled to receive interest on such Notes on the
corresponding Interest Payment Date. A Holder of any Notes as of a Record Date that are exchanged
after the close of business on such Record Date and prior to the opening of business on the
corresponding Interest Payment Date shall be entitled to receive interest on the principal amount
of such Notes, notwithstanding the exchange of such Notes prior to such Interest Payment Date.
However, a Holder that surrenders any Notes for exchange between the close of business on a Record
Date and the opening of business on the corresponding Interest Payment Date shall be required to
pay the Company an amount equal to the interest payable by the Company with respect to such Notes
on such Interest Payment Date at the time such Holder surrenders such Notes for exchange, provided,
however, that this sentence shall not apply to a Holder that exchanges Notes:

     (i) in respect of which the Company has given notice of redemption pursuant to Section
3.03 on a Redemption Date that is after the relevant Record Date and on or prior to the
relevant Interest Payment Date; or

     (ii) to the extent of any overdue interest, if any overdue interest exists at the time
of exchange with respect to such Notes;

C-11 

 

     (iii) in connection with a Fundamental Change in which the Company has specified a
Fundamental Change Repurchase Date that is after a Record Date and on or prior to the next
Interest Payment Date; or

     (iv) after 5:00 p.m., New York City time on the Record Date immediately preceding the
Maturity Date.

Accordingly, a Holder that exchanges Notes under any of the circumstances described in clauses (i),
(ii), (iii) or (iv) above will not be required to pay to the Company an amount equal to the
interest payable by the Company with respect to such Notes on the relevant Interest Payment Date.

     Section 4.02 Maintenance of Office or Agency for Exchange Agent. If at any time the Exchange
Agent is not the Trustee or an office or agency designated or appointed by the Trustee, the Company
will give prompt written notice to the Trustee of the location of such Exchange Agent. If at any
time the Company shall fail to maintain an office or agency for the Exchange Agent, presentations,
surrenders, notices and demands related to exchanges of Notes may be made or served at the
Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan initially
located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust
Division.

     Section 4.03 Intentionally Omitted.

     Section 4.04 Intentionally Omitted.

     Section 4.05 Exclusion of Certain Provisions From Base Indenture. Section 1004, Section 1006,
Section 1007 and Section 1011 of the Base Indenture shall not apply to the Notes. Section 1002,
Section 1003, Section 1005, Section 1008, Section 1009 (as amended by Section 2.2 of the Second
Supplemental Indenture to the Base Indenture), Section 1010 and Section 1012 of the Base Indenture
shall be applicable to the Notes.

ARTICLE V

DEFAULTS AND REMEDIES

     Section 5.01 Events of Default. The provisions of Section 501(2) and Section 501(3) of the
Base Indenture shall not be applicable to the Notes. As contemplated under Section 301 and Section
501(9) of the Base Indenture, the following events, in addition to the events described in clauses
(1), (4), (5) (as amended by the Second Supplemental Indenture to the Base Indenture), (6) (as
amended by the Second Supplemental Indenture to the Base Indenture), (7) and (8) of the Base
Indenture, shall be Events of Default with respect to the Notes:

          (a) default in the payment of principal or premium, if any, of any Note when due and payable
on the Maturity Date, upon redemption, repurchase, declaration or otherwise;

          (b) failure by the Company to comply with its obligation to exchange the Notes into cash,
shares of Common Stock or a combination of cash and shares of Common

C-12 

 

Stock, as applicable, upon exercise of a Holder’s exchange right, and such failure continues
for a period of ten days; or

          (c) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 9.02 when due, and such failure continues for a period of two days.

     Section 5.02 Article Five of Base Indenture. Except as amended by Section 5.01 hereof, all of
the provisions of Article Five of the Base Indenture shall be applicable to the Notes.

ARTICLE VI

SUPPLEMENTAL INDENTURES

     Section 6.01 Supplemental Indentures Without Consent of Noteholders. The provisions of
Section 901 of the Base Indenture shall be applicable to the Notes.

     Section 6.02 Modification and Amendment with Consent of Noteholders. Section 902 of the Base
Indenture shall be applicable to the Notes. As contemplated by Sections 301 and 902 of the Base
Indenture, no supplemental indenture shall, without the consent of the Holder of each Outstanding
Note affected thereby:

          (a) make any change that adversely affects the exchange rights of any Notes;

          (b) reduce the Fundamental Change Repurchase Price, Redemption Price or Put Right Repurchase
Price of any Note, or amend or modify in any manner adverse to Noteholders the Company’s obligation
to make such payments or Article III or Article IX of this Annex C of the Twelfth Supplemental
Indenture, whether through an amendment or waiver of provisions in the covenants, definitions or
otherwise.

     Section 6.03 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, the Base Indenture and this Annex C of the Twelfth Supplemental
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Annex C of the Twelfth Supplemental Indenture for all purposes; and every Holder of
Notes theretofore or thereafter authenticated and delivered hereunder and of any coupon
appertaining thereto shall be bound thereby.

     Section 6.04 Article Nine of Base Indenture. Except as amended by this Article VI, all of the
provisions of Article Nine of the Base Indenture shall be applicable to the Notes.

ARTICLE VII

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     Section 7.01 Company May Consolidate, Etc. on Certain Terms. Article Eight of the Base
Indenture shall be applicable to the Notes.

C-13 

 

ARTICLE VIII

EXCHANGE OF NOTES

     Section 8.01 Exchange Privilege.

          (a) Subject to the conditions described in clauses (b) through (f) below and to Section 8.11
hereof, and upon compliance with the provisions of this Article VIII, a Holder of Notes shall have
the right, at such Holder’s option, to exchange all or any portion (if the portion to be exchanged
is $1,000 principal amount or an integral multiple thereof) of such Note at any time prior to the
close of business on the scheduled Trading Day immediately preceding February 15, 2013 at a rate
(the “Exchange Rate”) of 5.8569 shares of Common Stock (subject to adjustment by the Company as
provided in Section 8.04) per $1,000 principal amount of Notes (the “Exchange Obligation”) under
the circumstances and during the periods set forth below. On and after February 15, 2013,
regardless of the conditions described in clause (b) through (f) below, upon compliance with the
provisions of this Article VIII and subject to Section 8.11 hereof, a Noteholder shall have the
right, at such holder’s option, to exchange all or any portion (if the portion to be exchanged is
$1,000 principal amount or an integral multiple thereof) of such Note at any time prior to the
close of business on the scheduled Trading Day immediately preceding the Maturity Date at an
Exchange Rate of 5.8569 shares of Common Stock (subject to adjustment by the Company as provided in
Section 8.04) per $1,000 principal amount of Notes.

          (b) (1) A Holder of Notes shall have the right, at such Holder’s option, to exchange its
Notes prior to February 15, 2013, during the five Business Day period immediately after any ten
consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000
principal amount of Notes for each day of such Measurement Period was less than 98% of the product
of the Last Reported Sale Price of the Common Stock on such date and the Exchange Rate on such
date, all as determined by the Trustee in the manner described in the immediately succeeding
paragraph. The Trustee shall have no obligation to determine the Trading Price of the Notes unless
requested by the Company to do so in writing, and the Company shall have no obligation to make such
request unless a Noteholder or Noteholders of at least $1,000,000 aggregate principal amount of
Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal
amount of the Notes would be less than 98% of the product of the Last Reported Sale Price at such
time and the then-applicable Exchange Rate, at which time the Company shall select three
independent nationally recognized securities dealers (each, an “Independent Securities Dealer”),
request that the Independent Securities Dealers provide a secondary market quotation for the Notes
and provide such determination to the Company and the Trustee in writing, and the Company shall
instruct the Independent Securities Dealers to provide a secondary market quotation for the Notes
beginning on the next Trading Day and on each successive Trading Day until the Trading Price per
$1,000 principal amount of the Notes is greater than or equal to 98% of the product of the Last
Reported Sale Price on such date and the then-applicable Exchange Rate. If the Trading Price
condition set forth above has been met, the Company shall so notify the Noteholders. If at any
time after the Trading Price condition set forth above has been met, the Trading Price per $1,000
principal amount of Notes is greater than 98% of the product of the Last Reported Sale Price on
such date and the then-applicable Exchange Rate, the Company shall so notify the Noteholders.

C-14 

 

     (2) Any request by the Company to the Trustee for a determination of the Trading Price
and whether the Trading Price condition set forth in the first sentence of the immediately
preceding paragraph has been met shall be accompanied by an Officers’ Certificate setting
forth, for each day of determination (as identified in such Certificate), the name of the
Independent Securities Dealers providing the secondary market bid quotations, a statement
certifying that that such dealers are “Independent Securities Dealers” as required in this
Section 8.01, the secondary market bid quotations obtained from such Independent Securities
Dealers (a copy of which will be attached to such Officers’ Certificate), the Company’s
calculation of the Trading Price for such date. The Trustee shall be entitled to
conclusively rely, without independent verification, on the quotations provided by the
Company in making its determinations hereunder. On the basis of such quotations, the
Trustee shall determine the Trading Price of the Notes, and provide such determination to
the Company. Absent manifest error, the Trustee’s determination of the Trading Price will
be binding on the Company. Unless and until a Responsible Officer of the Trustee shall have
received a request from the Company for determination of the Trading Price for the Notes and
the Officers’ Certificate contemplated herein, the Trustee shall have no obligation to make
any determination of the Trading Price of the Notes or whether the Trading Price condition
has been met.

          (c) A Holder of Notes shall have the right, at such Holder’s option, to exchange Notes during
any calendar quarter after the quarter ended June 30, 2008, and only during such calendar quarter,
if the Last Reported Sale Price for the Common Stock for at least 20 Trading Days during the period
of 30 consecutive Trading Days ending on the last Trading Day of the previous calendar quarter
exceeds 130% of the Exchange Price (the “Exchange Trigger Price”) on such last Trading Day, which
Exchange Price shall be subject to adjustment in accordance with this Article VIII. The Exchange
Agent shall, on the Company’s behalf, determine at the beginning of each calendar quarter whether
the Notes are exchangeable as a result of the price of the Common Stock as contemplated in the
previous sentence and notify the Company and the Trustee.

          (d) In the event that the Company has delivered a notice of redemption in accordance with
Section 1104 of the Base Indenture and Section 3.03 of this Annex C of the Twelfth Supplemental
Indenture to the Holders of Notes, a Holder of Notes may exchange Notes at any time prior to the
close of business on the second Business Day immediately preceding the corresponding Redemption
Date; provided, however, that a Holder who has already delivered a Fundamental Change Repurchase
Notice with respect to a Note may not exchange such Note until the Holder has withdrawn the
Fundamental Change Repurchase Notice in accordance with the terms of the Note and this Annex C of
the Twelfth Supplemental Indenture.

          (e) (i) In the event that Parent or Company elects to:

     (A) distribute to all or substantially all holders of Common Stock rights entitling
them to purchase, for a period expiring within 60 days, shares of Common Stock at a price
less than the Last Reported Sale Price of the Common Stock for the Trading Day immediately
preceding the declaration date of such distribution; or

C-15 

 

     (B) distribute to all or substantially all holders of Common Stock, assets or debt
securities of the Company or Parent or rights to purchase the Company’s or Parent’s
securities, which distribution has a per share value (as determined by the Board of
Trustees) exceeding 15% of the Last Reported Sale Price of the Common Stock on the day
immediately preceding the date of declaration of such distribution,

then, in either case, Holders may surrender the Notes for exchange at any time on and after the
date that Parent provides notice to Holders referred to in the next sentence until the earlier of
the close of business on the Business Day immediately preceding the Ex-Dividend Date for such
distribution or the date Parent announces that such distribution will not take place. The Company
shall notify Holders of any distribution referred to in either clause (A) or clause (B) above and
of the resulting exchange right no later than the 35th Business Day prior to the Ex-Dividend Date
for such distribution.

     (ii) If the Company is a party to any transaction or event that constitutes a
Fundamental Change, a Holder may surrender Notes for exchange at any time from and after the
30th scheduled Trading Day prior to the anticipated Effective Date of such transaction or
event until the related Fundamental Change Repurchase Date and, upon such surrender, the
Holder shall be entitled to the increase in the Exchange Rate, if any, specified in Section
8.01(g). The Company shall give notice to all record Noteholders and the Trustee and issue
a press release of the Fundamental Change no later than 30 scheduled Trading Days prior to
the anticipated Effective Date of the Fundamental Change.

     (iii) If Parent is a party to a consolidation, merger, binding share exchange or sale
or conveyance of all or substantially all of its properties and assets, in each case
pursuant to which the Common Stock would be exchanged into cash, securities and/or other
property, then the Holders shall have the right to exchange Notes at any time beginning
fifteen calendar days prior to the date announced by Parent as the anticipated effective
date of the transaction and until and including the date that is fifteen calendar days after
the date that is the effective date of such transaction; provided such transaction does not
otherwise constitute a Fundamental Change to which the provisions of Section 8.01(e)(ii)
shall apply. The Company shall give notice to all record Noteholders and the Trustee and
issue a press release at least 20 calendar days prior to the anticipated effective date of
such transaction. If the Board of Directors determines the anticipated effective date of
the transaction, such determination shall be conclusive and binding on the Holders.

     (f) The Notes shall be exchangeable at any time beginning on the first Business Day after any
30 consecutive Trading Day period during which the Common Stock is not listed on a U.S. national
securities exchange.

     (g) (1) If a Noteholder elects to exchange Notes in connection with a Fundamental Change that
occurs prior to May 20, 2013, the Exchange Rate applicable to each $1,000 principal amount of Notes
so exchanged shall be increased by an additional number of shares of Common Stock (the “Additional
Shares”) as described below. Settlement of Notes tendered for exchange to which Additional Shares
shall be added to the Exchange Rate as

C-16 

 

provided in this subsection shall be settled pursuant to Section 8.02 below, as applicable.
For purposes of this Section 8.01(g), an exchange shall be deemed to be “in connection with” a
Fundamental Change to the extent that the related exchange notice is delivered during the time
period beginning on the 30th Trading Day prior to the anticipated Effective Date of such
Fundamental Change and ending on the related Fundamental Change Repurchase Date, inclusive
(regardless of whether the provisions of clauses (b), (c), (d), (e) or (f) of this Section 8.01
shall apply to such exchange). Such exchange notice shall indicate that the Holder of Notes has
elected to exchange Notes in connection with a Fundamental Change; provided, however, that the
failure to so indicate shall not in any way affect the Exchange Obligation or the right of such
Holder to receive Additional Shares in connection with such exchange.

     (i) The number of Additional Shares by which the Exchange Rate will be increased shall
be determined by reference to the table attached as Schedule A hereto, based on the date on
which the Fundamental Change occurs or becomes effective (the “Effective Date”), and the
Stock Price; provided, that if the Stock Price is between two Stock Price amounts in the
table or the Effective Date is between two Effective Dates in the table, the number of
Additional Shares shall be determined by a straight-line interpolation between the number of
Additional Shares set forth for the next higher and next lower Stock Price amounts and the
two nearest Effective Dates, as applicable, based on a 365-day year; provided further that
if (1) the Stock Price is greater than $268.82 per share of Common Stock (subject to
adjustment in the same manner as set forth in Section 8.04), no Additional Shares will be
added to the Exchange Rate, and (2) the Stock Price is less than $140.82 per share of Common
Stock (subject to adjustment in the same manner as set forth in Section 8.04), no Additional
Shares will be added to the Exchange Rate. Notwithstanding the foregoing, in no event will
the total number of shares of Common Stock issuable upon exchange exceed 7.1015 per $1,000
principal amount of Notes (subject to adjustment in the same manner as set forth in clauses
(a), (b) and (c) of Section 8.04).

     (ii) The Stock Prices set forth in the first row of the table in Schedule A hereto
shall be adjusted as of any date on which the Exchange Rate of the Notes is adjusted. The
adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate in effect
immediately prior to the adjustment giving rise to the Stock Price adjustment and the
denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares
within the table shall be adjusted in the same manner as the Exchange Rate as set forth in
Section 8.04 (other than by operation of an adjustment to the Exchange Rate by adding
Additional Shares).

     Section 8.02 Exchange Procedures.

          (a) (1) The Company shall settle its Exchange Obligations as described in Section 8.02(a)(3),
unless, within the applicable time period specified in this Section 8.02(a)(1), the Company elects
to settle its Exchange Obligations as described in Section 8.02(a)(2) or Section 8.02(a)(4). The
cash and/or Common Stock which the Company is required to deliver in accordance with this Section
8.02 in settlement of its Exchange Obligations is referred to herein as the “Settlement Amount.” If
the Company desires to settle its Exchange Obligations as

C-17 

 

described in Section 8.02(a)(2) or Section 8.02(a)(4), the Company shall notify each
exchanging Noteholder by notice to the Trustee (for further distribution to Noteholders) of the
method the Company will choose to satisfy its Exchange Obligations no later than the second Trading
Day immediately following the Company’s receipt of a Notice of Exchange from such Holder, and such
notice shall specify the section of this Annex C of the Twelfth Supplemental Indenture pursuant to
which the Company is electing to satisfy its exchange obligations; provided, however, that the
Company shall have the right to irrevocably elect, in its sole discretion and without the consent
of Noteholders, by notice to the Trustee (for further distribution to Noteholders), on or prior to
February 15, 2013, to settle all of its future Exchange Obligations entirely in shares of Common
Stock as described in Section 8.02(a)(2), and provided further, that the Company is required to
settle all exchanges with an Exchange Date occurring on or after February 15, 2013 in the same
manner, and the Company shall notify Noteholders by notice to the Trustee (for further distribution
to Noteholders) of the manner of settlement (including specifying the applicable section of this
Annex C of the Twelfth Supplemental Indenture that describes such manner of settlement) on or
before such date. The Company shall treat all Noteholders exchanging on the same Trading Day in
the same manner; however, the Company shall not have any obligation to settle its Exchange
Obligations arising on different Trading Days in the same manner, except for exchanges with an
Exchange Date occurring on or after February 15, 2013, which shall all be satisfied in the same
manner.

     (2) If the Company has elected, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in this Section 8.02(a)(2), the
Company shall have the right to settle its Exchange Obligations entirely in shares of Common
Stock. If the Company elects to satisfy its Exchange Obligation entirely in shares of
Common Stock, the Company shall deliver a number of shares of Common Stock equal to (i) the
aggregate principal amount of Notes to be exchanged divided by $1,000, multiplied by (ii)
the applicable Exchange Rate (which shall include any increases to reflect any Additional
Shares that such Holder is entitled to receive pursuant to Section 8.01(g) above). The
Company shall deliver such shares of Common Stock as soon as practicable after it has
notified the exchanging Holder pursuant to Section 8.02(a)(1) above, that it has elected to
satisfy its Exchange Obligation entirely in shares of Common Stock.

     (3) If the Company does not elect, within the applicable time periods specified in
Section 8.02(a)(1), to settle its Exchange Obligations as described in Section 8.02(a)(2) or
8.02(a)(4), the Company shall settle its Exchange Obligations as described in this Section
8.02(a)(3), subject to Section 8.02(b) hereof. The Company shall deliver in respect of each
$1,000 principal amount of Notes being exchanged a Settlement Amount equal to the sum of the
Daily Settlement Amounts for each of the 20 consecutive Trading Days during the Observation
Period, on the third Trading Day immediately following the last day of the related
Observation Period; provided that the Company will deliver cash in lieu of fractional shares
of Common Stock as set forth pursuant to clause (k) below. The Daily Settlement Amounts
shall be determined by the Company promptly following the last day of the Observation
Period.

     (4) If the Company has elected, within the applicable time periods specified in Section
8.02(a)(1), to settle its Exchange Obligations as described in this Section

C-18 

 

8.02(a)(4), the Company shall have the right to settle all or a portion of the amount
by which the Daily Exchange Value exceeds $50 in cash in accordance with this Section
8.02(a)(4). In such case, the Company shall specify a percentage of the amount by which the
Daily Exchange Value exceeds $50 that will be settled in cash, or the “cash percentage.” The
Company will inform exchanging Holders by notice to the Trustee (for further distribution to
Noteholders) no later than two Trading Days prior to the first day of the applicable
Observation Period if it elects to pay cash upon exchange of the Notes and shall specify in
such notice (the “cash percentage notice”) the applicable cash percentage. If the Company
elects to specify a cash percentage, the amount of cash that the Company shall deliver in
respect of each Trading Day in the applicable Observation Period shall equal the product of
(w) the cash percentage and (x) the amount by which the Daily Exchange Value exceeds $50 for
such Trading Day. The number of shares of Common Stock deliverable in respect of each
Trading Day in the applicable Observation Period shall equal (i) the product of (y) 100%
minus the cash percentage and (z) the amount by which the Daily Exchange Value exceeds $50
for such Trading Day, divided by (ii) the Daily VWAP of the Common Stock for such Trading
Day. If the Company does not specify a cash percentage, it must settle the entire amount by
which the Daily Exchange Value exceeds $50 with shares of Common Stock pursuant to Section
8.02(a)(3) above; provided, however, that the Company will deliver cash in lieu of
fractional shares of Common Stock as set forth pursuant to clause (k) below. If the Company
specifies a cash percentage, the Company shall satisfy its Exchange Obligation by
delivering, on the third Trading Day immediately following the last day of the related
Observation Period, the amount of cash and the number of shares of Common Stock deliverable
pursuant to this Section 8.02(a)(4).

          (b) Notwithstanding Section 8.02(a), the Company shall satisfy the Exchange Obligation with
respect to each $1,000 principal amount of Notes tendered for exchange to which Additional Shares
shall be added to the Exchange Rate as set forth in Section 8.01(g) pursuant to this clause (b).

     (A) If the last day of the applicable Observation Period related to Notes surrendered
for exchange is prior to the third Trading Day preceding the Effective Date of the
Fundamental Change, the Company will satisfy the related Exchange Obligation with respect to
each $1,000 principal amount of Notes tendered for exchange as described in Section 8.01(a)
by delivering the amount of cash and shares of Common Stock, if any (based on the Exchange
Rate, but without regard to the number of Additional Shares to be added to the Exchange Rate
pursuant to Section 8.01(g)) on the third Trading Day immediately following the last day of
the applicable Observation Period. In addition, as soon as practicable following the
Effective Date of the Fundamental Change, the Company will deliver the increase in such
amount of cash and Reference Property deliverable in lieu of shares of Common Stock, if any,
as if the Exchange Rate had been increased by such number of Additional Shares during the
related Observation Period (and based upon the related Daily VWAP prices during such
Observation Period). If such increased amount of cash and Common Stock, if any, results in
an increase to the amount of cash to be paid to Holders, the Company will pay such increase
in cash, and if such increased amount results in an increase to the number of shares of
Common Stock,

C-19 

 

the Company will deliver such increase by delivering Reference Property based on such
increased number of shares.

     (B) If the last day of the applicable Observation Period related to Notes surrendered
for exchange is on or following the third scheduled Trading Day preceding the Effective Date
of such Fundamental Change, the Company will satisfy the Exchange Obligation with respect to
each $1,000 principal amount of Notes tendered for exchange as described in Section 8.01(a)
(based on the Exchange Rate as increased by the Additional Shares pursuant to Section
8.01(g) above) on the later to occur of (x) the Effective Date of the Fundamental Change and
(y) the third Trading Day immediately following the last day of the applicable Observation
Period.

          (c) Before any Holder of a Note shall be entitled to exchange the same as set forth above,
such Holder shall (1) in the case of a Global Note, comply with the procedures of the Depositary in
effect at that time and, if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 4.01(b) and Section
8.02(i) and, if required, pay all taxes or duties, if any, and (2) in the case of a Note issued in
certificated form, (A) complete and manually sign and deliver an irrevocable written notice to the
Exchange Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (a
“Notice of Exchange”) at the office of the Exchange Agent and shall state in writing therein the
principal amount of Notes to be exchanged and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock, if any, to be
delivered upon settlement of the Exchange Obligation to be registered, (B) surrender such Notes,
duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer
documents), at the office of the Exchange Agent, (C) if required, pay funds equal to interest
payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
Section 4.01(b) and Section 8.02(i), and (D) if required, pay all taxes or duties, if any. A Note
shall be deemed to have been exchanged immediately prior to the close of business on the date (the
“Exchange Date”) that the Holder has complied with the requirements set forth in this Section
8.02(c).

     No Notice of Exchange with respect to any Notes may be tendered by a Holder thereof if such
Holder has also tendered a Put Right Repurchase Notice or a Fundamental Change Repurchase Notice
and not validly withdrawn such Put Right Repurchase Notice or Fundamental Change Repurchase Notice
in accordance with the applicable provisions of Section 9.01 or 9.02, as the case may be.

     If more than one Note shall be surrendered for exchange at one time by the same Holder, the
Exchange Obligation with respect to such Notes, if any, that shall be payable upon exchange shall
be computed on the basis of the aggregate principal amount of the Notes (or specified portions
thereof to the extent permitted thereby) so surrendered.

          (d) Delivery of the amounts owing in satisfaction of the Exchange Obligation shall be made by
the Company in no event later than the date specified in Section 8.02(a), except to the extent
specified in Section 8.02(b). The Company shall make such delivery by paying the cash amount owed
to the Exchange Agent or to the Holder of the Note surrendered for exchange, or such Holder’s
nominee or nominees, and by issuing, or causing to be issued, and delivering to

C-20 

 

the Exchange Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a
book-entry transfer through the Depositary for the number of full shares of Common Stock to which
such Holder shall be entitled as part of such Exchange Obligation (together with any cash in lieu
of fractional shares).

          (e) In case any Note shall be surrendered for partial exchange, the Company shall execute and
the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note
so surrendered, without charge to such Holder, a new Note or Notes in authorized denominations in
an aggregate principal amount equal to the unexchanged portion of the surrendered Notes.

          (f) If a Holder submits a Note for exchange, the Company shall pay all stamp and other duties,
if any, which may be imposed by the United States or any political subdivision thereof or taxing
authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon
the exchange. However, the Holder shall pay any such tax that is due because the Holder requests
any shares of Common Stock to be issued in a name other than the Holder’s name. The Exchange Agent
may refuse to deliver the certificates representing the shares of Common Stock being issued in a
name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax which
will be due because the shares are to be issued in a name other than the Holder’s name. Nothing
herein shall preclude any tax withholding required by law or regulations.

          (g) Except as provided in Section 8.04, no adjustment shall be made for dividends on any
shares issued upon the exchange of any Note as provided in this Article.

          (h) Upon the exchange of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any
exchange of Notes effected through any Exchange Agent other than the Trustee.

          (i) Upon exchange, a Noteholder will not receive any separate cash payment for accrued and
unpaid interest, except as set forth below. The Company’s settlement of its Exchange Obligation as
described above shall be deemed to satisfy its obligation to pay the principal amount of the Note
and accrued and unpaid interest to, but not including, the Exchange Date. As a result, accrued and
unpaid interest to, but not including, the Exchange Date shall be deemed to be paid in full rather
than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are
exchanged after the close of business on a Record Date, Holders of such Notes as of the close of
business on the Record Date will receive the interest payable on such Notes on the corresponding
Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the
period from the close of business on any regular Record Date to the opening of business on the
corresponding Interest Payment Date must be accompanied by payment of an amount equal to the
interest payable on the Notes so exchanged; provided, however, that no such payment need be made
(1) if the Company has called the Notes for redemption or (2) to the extent of any overdue interest
existing at the time of exchange with respect to such Note, (3) to Notes surrendered for exchange
in connection with a Fundamental Change in which the Company has specified a Fundamental Change
Repurchase Date that is after a Record Date and on or prior to the next Interest Payment Date, or
(4) to Notes surrendered

C-21 

 

for exchange after 5:00 p.m., New York City time on the Record Date immediately preceding the
Maturity Date. Except as described above, no payment or adjustment will be made for accrued
interest on exchanged Notes.

          (j) The Person in whose name the certificate for any shares of Common Stock issued upon
exchange is registered shall be treated as a stockholder of record on and after the Exchange Date;
provided, however, that no surrender of Notes on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the Person or Persons entitled to receive
the shares of Common Stock upon such exchange as the record holder or holders of such shares of
Common Stock on such date, but such surrender shall be effective to constitute the Person or
Persons entitled to receive such shares of Common Stock as the record holder or holders thereof for
all purposes at the close of business on the next succeeding day on which such stock transfer books
are open; such exchange shall be at the Exchange Rate in effect on the date that such Notes shall
have been surrendered for exchange, as if the stock transfer books of the Company had not been
closed. Upon exchange of Notes, such Person shall no longer be a Noteholder.

          (k) No fractional shares of Common Stock shall be issued upon exchange of any Note or Notes.
If more than one Note shall be surrendered for exchange at one time by the same Holder, the number
of full shares that shall be issued upon exchange thereof shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof) so surrendered. Instead of
any fractional share of Common Stock that would otherwise be issued upon exchange of any Note or
Notes (or specified portions thereof), the Company shall pay a cash adjustment in respect of such
fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction
of the Last Reported Sale Price of the Common Stock on the last day of the applicable Observation
Period.

          (l) Reserved.

     Section 8.03 Reserved.

     Section 8.04 Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to
time by the Company as follows:

          (a) In case Parent shall issue Common Stock as a dividend or distribution to holders of the
outstanding Common Stock, or shall effect a subdivision into a greater number of shares of Common
Stock or combination into a lesser number of shares of Common Stock, the Exchange Rate shall be
adjusted based on the following formula:

	 	 	 

	 

	 	where
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to the Ex-Date for such dividend or distribution or the
effective date of such share split or combination, as the case may be;

C-22 

 

	 	 	 

	ER' =

	 	the Exchange Rate in effect as of the Ex-Date for such dividend or distribution or the effective date of such
share split or combination, as the case may be;
	 
	 	 
	OS0 =

	 	the number of shares of Common Stock outstanding immediately prior to such event; and
	 
	 	 
	OS' =

	 	the number of shares of Common Stock outstanding immediately after such event.

Such adjustment shall become effective immediately after 9:00 a.m., New York City time, on the
Business Day following the record date fixed for such determination. If any dividend or
distribution of the type described in this Section 8.04(a) is declared but not so paid or made, or
the outstanding shares of Common Stock are not subdivided or combined, as the case may be, the
Exchange Rate shall be immediately readjusted, effective as of the date the Board of Directors
determines not to pay such dividend or distribution, or subdivide or combine the outstanding shares
of Common Stock, as the case may be, to the Exchange Rate that would then be in effect if such
dividend, distribution, subdivision or combination had not been declared.

          (b) In case Parent shall issue to all or substantially all holders of its outstanding Common
Stock any rights, warrants or convertible securities entitling them (for a period expiring within
sixty (60) calendar days after the issuance thereof) to subscribe for or purchase shares of Common
Stock at a price per share less than the Last Reported Sale Price of the Common Stock on the
Business Day immediately preceding the date of announcement of such issuance, the Exchange Rate
shall be adjusted based on the following formula:

	 	 	 

	 

	 	where
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to the Ex-Date for such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect as of the Ex-Date for such distribution;
	 
	 	 
	OS0 =

	 	the number of shares of Common Stock outstanding immediately prior to such event;
	 
	 	 
	X =

	 	the total number of shares of Common Stock issuable pursuant to such rights, warrants or convertible
securities; and
	 
	 	 
	Y =

	 	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, warrants
or convertible securities divided by the average of the Last Reported Sale Prices per share of Common Stock
over the ten consecutive Trading Day period ending on the Business Day immediately preceding the record date
(or, if later, the Ex-Date relating to such distribution) for the issuance of such rights, warrants or
convertible securities.

Such adjustment shall be successively made whenever any such rights, warrants or convertible
securities are issued and shall become effective immediately after 9:00 a.m., New York City time,
on the Business Day following the date fixed for such determination. If such rights,

C-23 

 

warrants or convertible securities are not so exercised prior to their expiration, the Exchange
Rate shall again be adjusted to be the Exchange Rate that would then be in effect if such record
date for such distribution had not been fixed.

     In determining whether any rights, warrants or convertible securities entitle the holder
thereof to subscribe for or purchase shares of Common Stock at a price per share less than the Last
Reported Sale Price of the Common Stock on the Business Day immediately preceding the date of
announcement of such issuance, and in determining the aggregate offering price of such shares of
Common Stock, there shall be taken into account any consideration received by Parent for such
rights, warrants or convertible securities and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of
Trustees.

          (c) In case Parent shall distribute to all or substantially all holders of its Common Stock
shares of Capital Stock, evidences of its indebtedness or other assets or property of Parent
(including securities, but excluding dividends and distributions covered by Section 8.04(a),
Section 8.04(b) or Section 8.04(d) and distributions described below in this paragraph (c) with
respect to Spin-Offs) (any of such shares of Capital Stock, indebtedness, or other asset or
property hereinafter in this Section 8.04(c) called the “Distributed Property”), then, in each such
case the Exchange Rate shall be adjusted based on the following formula:

	 	 	 

	 

	 	where
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to the Ex-Date for such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect as of the Ex-Date for such distribution;
	 
	 	 
	SP0 =

	 	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period
ending on the Business Day immediately preceding the record date for such distribution (or, if earlier, the
Ex-Date relating to such distribution); and
	 
	 	 
	FMV =

	 	the fair market value (as determined by the Board of Trustees) of the Distributed Property distributed with
respect to each outstanding share of Common Stock on the record date for such distribution (or, if earlier,
the Ex-Date relating to such distribution).

Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the
Business Day following the date fixed for the determination of stockholders entitled to receive
such distribution; provided that if the then fair market value (as so determined) of the portion of
the Distributed Property so distributed applicable to one share of Common Stock is equal to or
greater than SP0 as set forth above, in lieu of the foregoing adjustment, adequate provision shall
be made so that each Noteholder shall have the right to receive, for each $1,000 principal amount
of Notes upon exchange, the amount of Distributed Property such Holder

C-24 

 

would have received had such Holder owned a number of shares of Common Stock equal to the Exchange
Rate on the record date. If such dividend or distribution is not so paid or made, the Exchange
Rate shall again be adjusted to be the Exchange Rate that would then be in effect if such dividend
or distribution had not been declared. If the Board of Trustees determines the fair market value
of any distribution for purposes of this Section 8.04(c) by reference to the actual or when issued
trading market for any securities, it must in doing so consider the prices in such market over the
same period used in determining SP0 above.

     With respect to an adjustment pursuant to this Section 8.04(c) where there has been a payment
of a dividend or other distribution on the Common Stock in shares of Capital Stock, or similar
equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”), unless the
Company distributes such shares of Capital Stock or equity interests to each Noteholder on the same
basis as such Noteholder would have received had it exchanged its Notes solely into shares of
Common Stock immediately prior to such dividend or distribution, the Exchange Rate in effect
immediately before 5:00 p.m., New York City time, on the Record Date fixed for determination of
stockholders entitled to receive the distribution will be increased based on the following formula:

	 	 	 

	 

	 	where
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect immediately after such distribution;
	 
	 	 
	FMV0 =

	 	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to
holders of shares of Common Stock applicable to one share of Common Stock over the first ten consecutive
Trading Day period after the effective date of the Spin-Off; and
	 
	 	 
	MP0 =

	 	the average of the Last Reported Sale Prices of the Common Stock over the first ten consecutive Trading Day
period after the effective date of the Spin-Off.

Such adjustment shall occur on the tenth Trading Day from, and including, the effective date of the
Spin-Off; provided that in respect of any exchange within the ten Trading Days following any
Spin-Off, references within this paragraph (c) to ten days shall be deemed replaced with such
lesser number of Trading Days as have elapsed between such Spin-Off and the Exchange Date in
determining the applicable Exchange Rate.

     Rights or warrants distributed by Parent to all holders of Common Stock, entitling the holders
thereof to subscribe for or purchase shares of Common Stock (either initially or under certain
circumstances), which rights or warrants, until the occurrence of a specified event or events
(“Trigger Event”): (i) are deemed to be transferred with such shares of Common Stock; (ii) are not
exercisable; and (iii) are also issued in respect of future issuances of shares of
Common Stock, shall be deemed not to have been distributed for purposes of this Section 8.04

C-25 

 

(and no adjustment to the Exchange Rate under this Section 8.04 will be required) until the
occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to
have been distributed and an appropriate adjustment (if any is required) to the Exchange Rate shall
be made under this Section 8.04(c). If any such right or warrant, including any such existing
rights or warrants distributed prior to the date of this Annex C of the Twelfth Supplemental
Indenture, are subject to events, upon the occurrence of which such rights or warrants become
exercisable to purchase different securities, evidences of indebtedness or other assets, then the
date of the occurrence of any and each such event shall be deemed to be the date of distribution
and record date with respect to new rights or warrants with such rights (and a termination or
expiration of the existing rights or warrants without exercise by any of the holders thereof). In
addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any
Trigger Event or other event (of the type described in the preceding sentence) with respect thereto
that was counted for purposes of calculating a distribution amount for which an adjustment to the
Exchange Rate under this Section 8.04 was made, (1) in the case of any such rights or warrants that
shall all have been redeemed or repurchased without exercise by any holders thereof, the Exchange
Rate shall be readjusted upon such final redemption or repurchase to give effect to such
distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to
the per share redemption or repurchase price received by a holder or holders of Common Stock with
respect to such rights or warrants (assuming such holder had retained such rights or warrants),
made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the
case of such rights or warrants that shall have expired or been terminated without exercise by any
holders thereof, the Exchange Rate shall be readjusted as if such rights and warrants had not been
issued.

     For purposes of this Section 8.04(c), Section 8.04(a) and Section 8.04(b), any dividend or
distribution to which this Section 8.04(c) is applicable that also includes shares of Common Stock
to which Section 8.04(a) applies or rights or warrants to subscribe for or purchase shares of
Common Stock to which Section 8.04(a) or Section 8.04(b) applies (or both), shall be deemed instead
to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of Capital
Stock other than such shares of Common Stock or rights or warrants to which Section 8.04(c) applies
(and any Exchange Rate adjustment required by this Section 8.04(c) with respect to such dividend or
distribution shall then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights or warrants (and any further Exchange Rate adjustment
required by Section 8.04(a) and Section 8.04(b) with respect to such dividend or distribution shall
then be made), except (A) the record date of such dividend or distribution shall be substituted as
“the record date” and “the date fixed for such determination” within the meaning of Section 8.04(a)
and Section 8.04(b) and (B) any shares of Common Stock included in such dividend or distribution
shall not be deemed “outstanding immediately prior to such event” within the meaning of Section
8.04(a).

          (d) In case Parent shall pay a dividend or make a distribution consisting exclusively of cash
to all or substantially all holders of its Common Stock to the extent that the aggregate of all
such cash dividends or distributions paid in any quarter exceeds the Dividend Threshold Amount for
such quarter, the Exchange Rate shall be adjusted based on the following formula:

C-26 

 

	 	 	 

	 

	 	where
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect immediately prior to the Ex-Date for such distribution;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect as of the Ex-Date for such distribution;
	 
	 	 
	SP0 =

	 	the average of the Last Reported Sale Prices of the Common Stock over the period of ten consecutive Trading
Days ending the Business Day immediately preceding the record date (as defined in clause (f) of this Section)
for such distribution (or, if earlier, the Ex-Date relating to such distribution);
	 
	 	 
	T =

	 	the dividend threshold amount (“Dividend Threshold Amount”), which amount shall initially be $1.1593 per
quarter and which shall be appropriately adjusted from time to time for any stock dividends on, or
subdivisions or combinations of, Common Stock; provided, that if an Exchange Rate adjustment is required to be
made as a result of a distribution that is not a quarterly dividend either in whole or in part, the Dividend
Threshold Amount shall be deemed to be zero; and
	 
	 	 
	C =

	 	the amount in cash per share that Parent distributes to holders of Common Stock.

Such adjustment shall become effective immediately after 5:00 p.m., New York City time, on the
record date for such dividend or distribution; provided that if the portion of the cash so
distributed applicable to one share of Common Stock is equal to or greater than SP0 above, in lieu
of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have
the right to receive upon exchange of a Note (or any portion thereof) the amount of cash such
Holder would have received had such Holder owned a number of shares equal to the Exchange Rate on
the record date. If such dividend or distribution is not so paid or made, the Exchange Rate shall
again be adjusted to be the Exchange Rate that would then be in effect if such dividend or
distribution had not been declared.

     For the avoidance of doubt, for purposes of this Section 8.04(d), in the event of any
reclassification of the Common Stock, as a result of which the Notes become exchangeable into more
than one class of Common Stock, if an adjustment to the Exchange Rate is required pursuant to this
Section 8.04(d), references in this Section to one share of Common Stock or Last Reported Sale
Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit
consisting of the number of shares of each class of Common Stock into which the Notes are then
exchangeable equal to the number of shares of such class issued in respect of one share of Common
Stock in such reclassification. The above provisions of this paragraph shall similarly apply to
successive reclassifications.

          (e) In case Parent or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for all or any portion of the shares of Common Stock, to the extent that the cash
and value of any other consideration included in the payment per share of Common Stock exceeds the
Last Reported Sale Price of the Common Stock on the Trading Day next

C-27 

 

succeeding the last date on which tenders or exchanges may be made pursuant to such tender or
exchange offer (as it may be amended), the Exchange Rate shall be increased based on the following
formula:

	 	 	 

	 

	 	where
	 
	 	 
	ER0 =

	 	the Exchange Rate in effect on the date such tender or exchange offer expires;
	 
	 	 
	ER' =

	 	the Exchange Rate in effect on the day next succeeding the date such tender or exchange offer expires;
	 
	 	 
	AC =

	 	the aggregate value of all cash and any other consideration (as determined by the Board of Trustees) paid or
payable for shares purchased in such tender or exchange offer;
	 
	 	 
	OS0 =

	 	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer
expires;
	 
	 	 
	OS' =

	 	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer
expires; and
	 
	 	 
	SP =

	 	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period
commencing on the Trading Day next succeeding the date such tender or exchange offer expires,

such adjustment to become effective immediately prior to the opening of business on the day
following the last date on which tenders or exchanges may be made pursuant to such tender or
exchange offer. If Parent is obligated to purchase shares pursuant to any such tender or exchange
offer, but Parent is permanently prevented by applicable law from effecting all or any such
purchases or all or any portion of such purchases are rescinded, the Exchange Rate shall again be
adjusted to be the Exchange Rate that would then be in effect if such tender or exchange offer had
not been made or had only been made in respect of the purchases that had been effected. No
adjustment to the Exchange Rate will be made if the application of the foregoing formulae would
result in a decrease in the Exchange Rate.

          (f) For purposes of this Section 8.04 the term “record date” shall mean, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock have the
right to receive any cash, securities or other property or in which the shares of Common Stock (or
other applicable securities) are exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of stockholders entitled to receive
such cash, securities or other property (whether such date is fixed by the Board of Directors or by
statute, contract or otherwise).

          (g) In addition to those required by clauses (a), (b), (c), (d), and (e) of this Section 8.04,
and to the extent permitted by applicable law and subject to the applicable rules of the New York
Stock Exchange, the Company from time to time may increase the Exchange Rate

C-28 

 

by any amount for a period of at least 20 days if the Board of Trustees determines that such
increase would be in the Company’s best interest. In addition, the Company may also (but is not
required to) increase the Exchange Rate to avoid or diminish any income tax to holders of Common
Stock or rights to purchase shares of Common Stock in connection with any dividend or distribution
of shares (or rights to acquire shares) or similar event. Whenever the Exchange Rate is increased
pursuant to the preceding sentence, the Company shall mail to the Holder of each Note at his last
address appearing on the Security Register a notice of the increase at least five days prior to the
date the increased Exchange Rate takes effect, and such notice shall state the increased Exchange
Rate and the period during which it will be in effect.

          (h) All calculations and other determinations under this Article VIII shall be made by the
Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a
share of stock, as the case may be. No adjustment shall be made for Parent’s issuance of shares of
Common Stock or any securities convertible into or exchangeable for shares of Common Stock, or the
right to purchase shares of Common Stock or such convertible or exchangeable securities, other than
as provided in this Section 8.04. No adjustment shall be made to the Exchange Rate unless such
adjustment would require a change of at least 1% in the Exchange Rate then in effect at such time.
The Company shall carry forward any adjustments that are less than 1% of the Exchange Rate and make
such carried forward adjustments, regardless of whether the aggregate adjustment is less than 1%
within one year of the first such adjustment carried forward, upon a Fundamental Change, upon any
call of the Notes for redemption or upon maturity.

          (i) Whenever the Exchange Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee and any Exchange Agent other than the Trustee an Officers’ Certificate setting
forth the Exchange Rate after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. The Trustee and Exchange Agent may conclusively rely on the accuracy of
the Exchange Rate adjustment provided by the Company. Unless and until a Responsible Officer of
the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Exchange Rate and may assume without inquiry that the last
Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting
forth the adjusted Exchange Rate and the date on which each adjustment becomes effective and shall
mail such notice of such adjustment of the Exchange Rate to the Holder of each Note at his last
address appearing on the Security Register, within thirty (30) days of the effective date of such
adjustment. Failure to deliver such notice shall not affect the legality or validity of any such
adjustment.

          (j) For purposes of this Section 8.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of Parent but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

     Notwithstanding the foregoing provisions of this Section 8.04, in no event will the total
number of Common Stock issuable upon exchange exceed 7.1015 per $1,000 principal amount of Notes
(subject to adjustment in the same manner or as set forth in clauses (a), (b) and (c) of this
Section 8.04).

C-29 

 

     Section 8.05 Sufficient Shares to be Delivered. To the extent the Company elects to deliver
shares of Common Stock, and subject to Section 8.02(k), the Company shall provide, free from
preemptive rights, sufficient shares of Common Stock to provide for exchange of the Notes from time
to time as such Notes are presented for exchange.

     Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale. If any of the
following events occur, namely (i) any reclassification or change of the outstanding Common Stock
(other than a change in par value, or from par value to no par value, or from no par value to par
value, or as a result of a split, subdivision or combination), (ii) any consolidation, merger or
combination of Parent with another Person, or (iii) any sale or conveyance of all or substantially
all of the property and assets of Parent to any other Person, in either case as a result of which
holders of Common Stock shall be entitled to receive cash, securities or other property or assets
with respect to or in exchange for such shares of Common Stock (any such event a “Merger Event”),
then:

          (a) the Company or the successor or purchasing Person, as the case may be, shall execute with
the Trustee a supplemental indenture (which, as evidenced in an Opinion of Counsel delivered to the
Trustee, shall comply with the Trust Indenture Act as in force at the date of execution of such
supplemental indenture if such supplemental indenture is then required to so comply) providing for
the exchange and settlement of the Notes as set forth in this Annex C of the Twelfth Supplemental
Indenture. Such supplemental indenture shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article and the Trustee
may conclusively rely on the determination by the Company of the equivalency of such adjustments.
If, in the case of any Merger Event, the Reference Property includes shares of stock or other
securities and assets of a corporation other than the successor or purchasing corporation, as the
case may be, in such reclassification, change, consolidation, merger, combination, sale or
conveyance, then such supplemental indenture shall also be executed by such other corporation and
shall contain such additional provisions to protect the interests of the Holders of the Notes as
the Board of Trustees shall reasonably consider necessary by reason of the foregoing, including to
the extent required by the Board of Trustees and practicable the provisions providing for the
repurchase rights set forth in Article IX herein.

     In the event the Company shall execute a supplemental indenture pursuant to this Section 8.06,
the Company shall, in addition to the Officers’ Certificate and Opinion of Counsel required by
Section 102 of the Base Indenture, file with the Trustee an Officers’ Certificate briefly stating
the kind or amount of cash, securities or property or asset that will constitute the Reference
Property after any such Merger Event, any adjustment to be made with respect thereto, and the
Trustee shall promptly mail notice thereof to all Noteholders.

          (b) Notwithstanding the provisions of Section 8.02(a) and Section 8.02(b), and subject to the
provisions of Section 8.01, at the effective time of such Merger Event, the right to exchange each
$1,000 principal amount of Notes will be changed to a right to exchange such Note by reference to
the kind and amount of cash, securities or other property or assets that a holder of a number of
shares of Common Stock equal to the Exchange Rate immediately prior to such transaction would have
owned or been entitled to receive (the “Reference Property”) such that from and after the effective
time of such transaction, a Noteholder will be entitled

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thereafter to exchange its Notes, subject to the successor’s right to deliver cash, shares of
Common Stock or common stock of such successor or a combination of cash and shares of Common Stock
as set forth in Section 8.02(b), into cash (up to the aggregate principal amount thereof) and, in
lieu of the shares of Common Stock otherwise deliverable, the same type (and in the same
proportion) of Reference Property, based on the Daily Settlement Amounts of Reference Property in
an amount equal to the applicable Exchange Rate, as described under Section 8.02(b). For purposes
of determining the constitution of Reference Property, the type and amount of consideration that a
holder of Common Stock would have been entitled to in the case of reclassifications,
consolidations, mergers, sales or conveyance of assets or other transactions that cause the Common
Stock to be converted into the right to receive more than a single type of consideration
(determined based in part upon any form of stockholder election) will be deemed to be the weighted
average of the types and amounts of consideration received by the holders of shares of Common Stock
that affirmatively make such an election. Parent shall not become a party to any such transaction
unless its terms are consistent with the preceding. None of the foregoing provisions shall affect
the right of a Holder of Notes to exchange its Notes in accordance with the provisions of Article
VIII hereof prior to the effective date.

          (c) The Company shall cause notice of the execution of such supplemental indenture to be
mailed to each Noteholder, at his address appearing on the Security Register, within thirty (30)
days after execution thereof. Failure to deliver such notice shall not affect the legality or
validity of such supplemental indenture.

          (d) The above provisions of this Section shall similarly apply to successive Merger Events.

     Section 8.07 Certain Covenants. The Company covenants that all shares of Common Stock
delivered upon exchange of Notes will be fully paid and non-assessable by Parent and free from all
taxes, liens and charges with respect to the issue thereof.

     Section 8.08 Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at
any time be under any duty or responsibility to any Noteholder to determine the Exchange Rate or
whether any facts exist which may require any adjustment of the Exchange Rate, or with respect to
the nature or extent or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same.
The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any shares of Common Stock, or of any securities or property,
which may at any time be issued or delivered upon the exchange of any Note; and the Trustee and any
other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any
Exchange Agent shall be responsible for any failure of the Company to transfer or deliver any
shares of Common Stock or share certificates or other securities or property or cash upon the
surrender of any Note for the purpose of exchange or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article.

     Without limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent
shall be under any responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 8.06 relating either to the kind or

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amount of shares of stock or securities or property (including cash) receivable by Noteholders
upon the exchange of their Notes after any event referred to in such Section 8.06 or to any
adjustment to be made with respect thereto, but, subject to the provisions of Article Six of the
Base Indenture, may accept as conclusive evidence of the correctness of any such provisions, and
shall be protected in relying upon, the Officers’ Certificate with respect thereto.

     Section 8.09 Notice to Holders Prior to Certain Actions.

     In case:

          (a) Parent shall declare a dividend (or any other distribution) on its Common Stock that would
require an adjustment in the Exchange Rate pursuant to Section 8.04; or

          (b) Parent shall authorize the granting to all of the holders of its Common Stock of rights or
warrants to subscribe for or purchase any share of any class or any other rights or warrants;

          (c) of any reclassification of the Common Stock (other than a subdivision or combination of
its outstanding Common Stock, or a change in par value, or from par value to no par value, or from
no par value to par value), or of any consolidation or merger to which Parent is a party and for
which approval of any stockholders of Parent is required, or of the sale or transfer of all or
substantially all of the assets of Parent; or

          (d) of the voluntary or involuntary dissolution, liquidation or winding-up of Parent,

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at his
address appearing on the Security Register as promptly as possible but in any event at least thirty
(30) days prior to the applicable date specified in clause (x) or (y) below, as the case may be, a
notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution or rights or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be
determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding-up.

     Section 8.10 Stockholder Rights Plans. Upon exchange of the Notes, the Holders shall receive,
in addition to any shares of Common Stock issuable upon such exchange, the associated rights issued
under any future stockholder rights plan Parent adopts unless, prior to exchange, the rights have
separated from the shares of Common Stock, expired, terminated or been redeemed or converted in
accordance with such rights plan. If, and only if, the Holders receive rights under such
stockholder rights plans as described in the preceding sentence upon exchange of their

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Notes, then no other adjustment pursuant to this Article VIII shall be made in connection with
such stockholder rights plans.

     Section 8.11 Ownership Limit. Notwithstanding any other provision of this Annex C of the
Twelfth Supplemental Indenture or the Notes, no Holder of Notes (or beneficial owner of Notes)
shall be entitled to exchange such Notes for shares of Common Stock to the extent that receipt of
such shares would cause such Holder (or beneficial owner of Notes) (together with such Holder’s (or
beneficial owner’s) affiliates) to exceed the applicable ownership limit contained in the articles
of incorporation of Parent.

ARTICLE IX

REPURCHASE OF NOTES AT OPTION OF HOLDERS

     Section 9.01 Repurchase of Securities at Option of the Holder on Specified Dates.

          (a) The provisions of Article Thirteen of the Base Indenture shall not be applicable to the
Notes.

          (b) Each Noteholder shall have the right, at such Holder’s option, to require the Company to
repurchase all of such Holder’s Notes or any portion thereof that is a multiple of $1,000 principal
amount, for cash on May 15, 2013, May 15, 2018, May 15, 2023, May 15, 2028 and May 15, 2033 (each,
a “Put Right Repurchase Date”) at a repurchase price per Note equal to 100% of the aggregate
principal amount of the Notes being repurchased, together with any accrued and unpaid interest up
to, but not including, such Put Right Repurchase Date (the “Put Right Repurchase Price”).

     Repurchases of Notes by the Company pursuant to this Section 9.01 shall be made, at the option
of the Holder thereof, upon:

     (i) delivery to the Trustee (or other Paying Agent appointed by the Company) by the
Holder of a written notice of purchase (a “Put Right Repurchase Notice”) in the form set
forth on the reverse of the Note at any time from the opening of business on the date that
is 25 Business Days prior to the applicable Put Right Repurchase Date until the close of
business on the fifth Business Day prior to such Put Right Repurchase Date stating:

     (A) if certificated, the certificate numbers of the Notes to be delivered for
repurchase;

     (B) the portion of the principal amount of the Notes to be repurchased, which must be
$1,000 or an integral multiple thereof, and

     (C) that the Notes are to be repurchased as of the applicable Put Right Repurchase Date
pursuant to the terms and conditions specified in the Notes and in this Annex C of the
Twelfth Supplemental Indenture, and

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     (ii) delivery of such Note to the Paying Agent prior to, on or after the Put Right
Repurchase Date (together with all necessary endorsements) at the offices of the Paying
Agent, such delivery being a condition to receipt by the Holder of the Put Right Repurchase
Price therefor, which shall be so paid pursuant to this Section 9.01 only if the Note so
delivered to the Paying Agent shall conform in all respects to the description thereof in
the related Put Right Repurchase Notice, as determined by the Company.

     The Company shall repurchase from the Holder thereof, pursuant to this Section 9.01, a portion
of a Note if the principal amount of such portion is $1,000 or an integral multiple of $1,000.
Provisions of this Annex C of the Twelfth Supplemental Indenture that apply to the repurchase of
all of a Note also apply to the repurchase of such portion of such Note.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.01
shall be consummated by the delivery of the consideration to be received by the Holder promptly
following the later of the Put Right Repurchase Date and the time of delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Put Right Repurchase Notice or written notice of withdrawal thereof in
accordance with the provisions of Section 9.01(e).

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

          (c) In connection with any purchase of Notes pursuant to this Section 9.01, the Company shall
give written notice of the Put Right Repurchase Date to the Holders (the “Company Put Right
Notice”).

     The Company Put Right Notice shall be sent by first-class mail to the Trustee and to each
Holder (and to each beneficial owner as required by applicable law) that has delivered a Put Right
Repurchase Notice within ten Business Days of receipt of such Put Right Repurchase Notice, or, if a
shorter period, at least two Business Days prior to any Put Right Repurchase Date (the “Company Put
Right Notice Date”). Each Company Put Right Notice shall include a form of Put Right Repurchase
Notice to be completed by a Noteholder and shall state:

     (i) the Put Right Repurchase Price and the Exchange Price;

     (ii) the name and address of the Paying Agent and the Exchange Agent;

     (iii) that Notes as to which a Put Right Repurchase Notice has been given may be
exchanged in accordance with Article VIII hereof only if the applicable Put Right

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Repurchase Notice has been withdrawn in accordance with the terms of this Annex C of
the Twelfth Supplemental Indenture;

     (iv) that Notes must be surrendered to the Paying Agent to collect payment;

     (v) that the Put Right Repurchase Price for any Note as to which a Put Right Repurchase
Notice has been given and not withdrawn will be paid promptly following the later of the Put
Right Repurchase Date and the time of surrender of such Note as described in subclause (iv)
above;

     (vi) the procedures the Holder must follow to exercise rights under this Section and a
brief description of those rights;

     (vii) briefly, the exchange rights of the Notes;

     (viii) the procedures for withdrawing a Put Right Repurchase Notice (including pursuant
to the terms of Section 9.01(e));

     (ix) that, unless the Company defaults in making payment on Notes for which a Put Right
Repurchase Notice has been submitted, interest on the Notes in respect of which a Put Right
Repurchase Notice has been delivered and not withdrawn will cease to accrue on the Put Right
Repurchase Date; and

     (x) the CUSIP number of the Notes.

     If any of the Notes are to be redeemed in the form of a Global Note, the Company shall modify
such notice to the extent necessary to accord with the procedures of the Depositary applicable to
redemptions.

     At the Company’s request, the Trustee shall give such Company Put Right Notice in the
Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of
such Company Put Right Notice shall be prepared by the Company.

          (d) Upon receipt by the Trustee (or other Paying Agent appointed by the Company) of the Put
Right Repurchase Notice specified in Section 9.01(a), the Holder of the Note in respect of which
such Put Right Repurchase Notice was given shall (unless such Put Right Repurchase Notice is
withdrawn as specified in Section 9.01(e)) thereafter be entitled to receive solely the Put Right
Repurchase Price with respect to such Note. Such Put Right Repurchase Price shall be paid to such
Holder, subject to receipt of funds by the Paying Agent, promptly following the later of (x) the
Put Right Repurchase Date with respect to such Note (provided the conditions in Section 9.01(a)
have been satisfied) and (y) the time of delivery of such Note to the Paying Agent by the Holder
thereof in the manner required by Section 9.01(a). Notes in respect of which a Put Right
Repurchase Notice has been given by the Holder thereof may not be exchanged pursuant to Article
VIII hereof on or after the date of the delivery of such Put Right Repurchase Notice, unless such
Put Right Repurchase Notice has first been validly withdrawn as specified in Section 9.01(e).

C-35 

 

          (e) A Put Right Repurchase Notice may be withdrawn by means of a written notice of withdrawal
delivered to the office of the Paying Agent in accordance with the Put Right Repurchase Notice at
any time prior to 10:00 A.M. New York City time on the fourth Business Day prior to the Put Right
Repurchase Date specifying:

     (i) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes,

     (ii) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted, and

     (iii) the principal amount, if any, of such Notes that remains subject to the original
Put Right Repurchase Notice, which portion must be in principal amounts of $1,000 or an
integral multiple of $1,000;

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

     A written notice of withdrawal of a Put Right Repurchase Notice shall be in the form set forth
in the preceding paragraph.

     Upon receipt of a written notice of withdrawal, the Paying Agent shall promptly return to the
Holders thereof any Notes in respect of which a Put Right Repurchase Notice has been withdrawn in
accordance with the provisions of Section 9.01(f).

          (f) There shall be no repurchase of any Notes pursuant to this Section 9.01 if there has
occurred (prior to, on or after, as the case may be, the giving, by the Holders of such Notes, of
the required Put Right Repurchase Notice) and is continuing an Event of Default with respect to
Notes (other than a default in the payment of the Put Right Repurchase Price with respect to such
Notes). The Paying Agent will promptly return to the respective Holders thereof any Notes held by
it during the continuance of an Event of Default with respect to Notes (other than a default in the
payment of the Put Right Repurchase Price with respect to such Notes), in which case, upon such
return, the Put Right Repurchase Notice with respect thereto shall be deemed to have been
withdrawn.

          (g) Prior to 11:00 a.m. (local time in The City of New York) on the Put Right Repurchase Date,
the Company shall deposit with the Trustee (or other Paying Agent appointed by the Company or if
the Company is acting as its own Paying Agent, set aside, segregate and hold in trust in accordance
with the terms of the Base Indenture as modified by this Annex C of the Twelfth Supplemental
Indenture) an amount (in immediately available funds if deposited on such Business Day) sufficient
to pay the aggregate Put Right Repurchase Price of all the Notes or portions thereof which are to
be purchased as of the Put Right Repurchase Date. The manner in which the deposit required by this
Section 9.01(g) is made by the Company shall be at the option of the Company; provided that such
deposit shall be made in a manner such that the Trustee or a Paying Agent shall have immediately
available funds on the Put Right Repurchase Date.

     If the Trustee (or other Paying Agent appointed by the Company) holds, in accordance with the
terms hereof, money sufficient to pay the Put Right Repurchase Price of any Note, then,

C-36 

 

on the Put Right Repurchase Date, such Note will cease to be Outstanding and the rights of the
Holder in respect thereof shall terminate (other than the right to receive the Put Right Repurchase
Price as aforesaid).

     To the extent that the aggregate amount of cash deposited by the Company pursuant to this
Section 9.01(g) exceeds the aggregate Put Right Repurchase Price of the Notes or portions thereof
that the Company is obligated to purchase, then promptly after the Put Right Repurchase Date the
Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the Company.

     Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change.

          (a) If a Fundamental Change occurs at any time, then each Noteholder shall have the right, at
such Holder’s option, to require the Company to repurchase all of such Holder’s Notes or any
portion thereof that is a multiple of $1,000 principal amount, for cash on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty (20)
Business Days and not more than thirty-five (35) Business Days after the date of the Fundamental
Change Company Notice (as defined below) at a repurchase price equal to 100% of the principal
amount thereof, together with accrued and unpaid interest thereon to, but excluding, the
Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”).

     Repurchases of Notes under this Section 9.02 shall be made, at the option of the Holder
thereof, upon:

     (i) delivery to the Trustee (or other Paying Agent appointed by the Company) by a
Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth on the reverse of the Note prior to the close of business on the Fundamental
Change Repurchase Date; and

     (ii) delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent
appointed by the Company) at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements) at the Corporate Trust Office of the
Trustee (or other Paying Agent appointed by the Company) in the Borough of Manhattan or the
City of Boston, such delivery being a condition to receipt by the Holder of the Fundamental
Change Repurchase Price therefor; provided that such Fundamental Change Repurchase Price
shall be so paid pursuant to this Section 9.02 only if the Note so delivered to the Trustee
(or other Paying Agent appointed by the Company) shall conform in all respects to the
description thereof in the related Fundamental Change Repurchase Notice.

The Fundamental Change Repurchase Notice shall state:

     (A) if certificated, the certificate numbers of Notes to be delivered for repurchase;

     (B) the portion of the principal amount of Notes to be repurchased, which must be
$1,000 or an integral multiple thereof; and

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     (C) that the Notes are to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this Annex C of the Twelfth Supplemental Indenture.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.02
shall be consummated by the delivery of the consideration to be received by the Holder promptly
following the later of the Fundamental Change Repurchase Date and the time of the book-entry
transfer or delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal
thereof in accordance with the provisions of Section 9.02(c).

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

          (b) On or before the twentieth day after the occurrence of any Fundamental Change, the Company
shall provide to all Holders of record of the Notes and the Trustee and Paying Agent a notice (the
“Fundamental Change Company Notice”) of the occurrence of such Fundamental Change and of the
repurchase right at the option of the Holders arising as a result thereof. Such mailing shall be
by first class mail. Simultaneously with providing such Fundamental Change Company Notice, the
Company shall publish a notice containing the information included therein once in a newspaper of
general circulation in The City of New York or publish such information on the Company’s website or
through such other public medium as the Company may use at such time.

     Each Fundamental Change Company Notice shall specify:

     (i) the events causing the Fundamental Change;

     (ii) the date of the Fundamental Change;

     (iii) that the Holder must exercise the repurchase right on or prior to the close of
business on the Fundamental Change Repurchase Date;

     (iv) the Fundamental Change Repurchase Price;

     (v) the Fundamental Change Repurchase Date;

     (vi) the name and address of the Paying Agent and the Exchange Agent;

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     (vii) the applicable Exchange Rate and any adjustments to the applicable Exchange Rate;

     (viii) that the Notes with respect to which a Fundamental Change Repurchase Notice has
been delivered by a Holder may be exchanged only if the Holder withdraws the Fundamental
Change Repurchase Notice in accordance with the terms of this Annex C of the Twelfth
Supplemental Indenture; and

     (ix) the procedures that Holders must follow to require the Company to repurchase their
Notes.

     No failure of the Company to give the foregoing notices and no defect therein shall limit the
Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 9.02.

          (c) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the Trustee and Paying Agent in accordance with the Fundamental Change
Company Notice at any time prior to the close of business on the Business Day prior to the
Fundamental Change Repurchase Date, specifying:

     (i) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted;

     (ii) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes; and

     (iii) the principal amount, if any, of such Notes that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or an integral multiple of $1,000; provided, however, that if the Notes are not in
certificated form, the notice must comply with appropriate procedures of the Depositary.

          (d) On or prior to 11:00 a.m. (local time in The City of New York) on the second Business Day
following the Fundamental Change Repurchase Date, the Company will deposit with the Trustee (or
other Paying Agent appointed by the Company or if the Company is acting as its own Paying Agent,
set aside, segregate and hold in trust in accordance with the Base Indenture as modified by this
Annex C of the Twelfth Supplemental Indenture) an amount of money sufficient to repurchase on the
Fundamental Change Repurchase Date all of the Notes to be repurchased on such date at the
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or
other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not
withdrawn) prior to the close of business on the Fundamental Change Repurchase Date will be made
promptly after the later of (x) the Fundamental Change Repurchase Date with respect to such Note
(provided the Holder has satisfied the conditions to the payment of the Fundamental Change
Repurchase Price in Section 9.02), and (y) the time of book-entry transfer or the delivery of such
Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the
manner required by Section 9.02 by mailing checks for the amount payable to the Holders of such
Notes entitled thereto as they shall appear in the Security Register, provided, however, that
payments to the

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Depositary shall be made by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand
by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase
Price.

          (e) If the Trustee (or other Paying Agent appointed by the Company) holds money or securities
sufficient to repurchase on the Fundamental Change Repurchase Date all the Notes or portions
thereof that are to be purchased as of the second Business Day following the Fundamental Change
Repurchase Date, then on and after the Fundamental Change Repurchase Date (i) such Notes will cease
to be Outstanding, (ii) interest will cease to accrue on such Notes, and (iii) all other rights of
the Holders of such Notes will terminate, whether or not book-entry transfer of the Notes has been
made or the Notes have been delivered to the Trustee or Paying Agent, other than the right to
receive the Fundamental Change Repurchase Price upon delivery of the Notes.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 10.01 Ratification of Base Indenture. Except as expressly modified or amended hereby,
the Base Indenture continues in full force and effect and is in all respects confirmed, ratified
and preserved and the provisions thereof shall be applicable to the Notes and this Annex C of the
Twelfth Supplemental Indenture. Without limiting the generality of the foregoing, the Notes shall
have the benefit of Article Three of the Second Supplemental Indenture to the Base Indenture in
accordance with its terms.

     Section 10.02 Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements of the Company contained in this Annex C of the Twelfth Supplemental
Indenture shall bind its successors and assigns whether so expressed or not.

     Section 10.03 Official Acts by Successor Corporation. Any act or proceeding by any provision
of this Annex C of the Twelfth Supplemental Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the like board, committee or officer of any corporation or entity
that shall at the time be the lawful sole successor of the Company.

     Section 10.04 Addresses for Notices, Etc. Any notice or demand which by any provision of this
Annex C of the Twelfth Supplemental Indenture is required or permitted to be given or served by the
Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or
made, for all purposes if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed (until another address is filed by the Company
with the Trustee) to ProLogis, 4545 Airport Way, Denver, Colorado 80239, Attention: General
Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to U.S. Bank
National Association, 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate
Trust Services/ProLogis.

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     The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications.

     Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail,
postage prepaid, at his address as it appears on the Security Register and shall be sufficiently
given to him if so mailed within the time prescribed.

     Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect
its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it.

     Section 10.05 Governing Law. THIS ANNEX C OF THE TWELFTH SUPPLEMENTAL INDENTURE AND EACH NOTE
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
ENTERED INTO AND TO BE PERFORMED THEREIN.

     Section 10.06 Non-Business Day. Section 113 of the Base Indenture shall also apply to any
Fundamental Change Purchase Date, Put Right Repurchase Date or Exchange Date in respect of the
Notes.

     Section 10.07 Benefits of Indenture. Nothing in this Annex C of the Twelfth Supplemental
Indenture or in the Notes, expressed or implied, shall give to any person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Security Registrar and their successors
hereunder, the Noteholders, any benefit or any legal or equitable right, remedy or claim under this
Annex C of the Twelfth Supplemental Indenture.

     Section 10.08 Table of Contents, Headings, Etc. The table of contents and the titles and
headings of the articles and sections of this Annex C of the Twelfth Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.

     Section 10.09 Execution in Counterparts. This Annex C of the Twelfth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

     Section 10.10 Trustee . The Trustee makes no representations as to the validity or
sufficiency of this Annex C of the Twelfth Supplemental Indenture. The statements and recitals
herein are deemed to be those of the Company and not of the Trustee.

     Section 10.11 Further Instruments and Acts. Upon request of the Trustee, the Company and
Parent will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Annex C of the
Twelfth Supplemental Indenture.

     Section 10.12 Waiver of Jury Trial. EACH OF THE COMPANY, PARENT AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED

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BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

     Section 10.13 Force Majeure. In no event shall the Trustee or Exchange Agent be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

C-42 

 

SCHEDULE A

Share Price

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effective Date	 	$140.82	 	$145.61	 	$151.21	 	$156.81	 	$162.41	 	$168.01	 	$173.61	 	$179.21	 	$190.41	 	$201.61	 	$212.81	 	$224.01	 	$246.42	 	$268.82
	May 20, 2011
	 	 	1.2446	 	 	 	1.0353	 	 	 	0.8923	 	 	 	0.7672	 	 	 	0.6578	 	 	 	0.5623	 	 	 	0.4790	 	 	 	0.4065	 	 	 	0.2887	 	 	 	0.2004	 	 	 	0.1350	 	 	 	0.0872	 	 	 	0.0295	 	 	 	0.0044	 
	May 20, 2012
	 	 	1.2446	 	 	 	1.0108	 	 	 	0.7954	 	 	 	0.6614	 	 	 	0.5468	 	 	 	0.4491	 	 	 	0.3662	 	 	 	0.2961	 	 	 	0.1878	 	 	 	0.1129	 	 	 	0.0630	 	 	 	0.0312	 	 	 	0.0021	 	 	 	0.0000	 
	May 20, 2013
	 	 	1.2446	 	 	 	1.0108	 	 	 	0.7564	 	 	 	0.5202	 	 	 	0.3003	 	 	 	0.0951	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

C-Sch A-1 

 

EXHIBIT A

[FORM OF FACE OF NOTE]

[Include only for Global Notes]

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

C-Exh A-1 

 

PROLOGIS

2.625% Convertible Senior Notes due 2038

			
	 	 	 
	No.                     
	 	$                     

CUSIP No. 743410 AS1

     PROLOGIS, a real estate investment trust organized and existing under the laws of the State of
Maryland (herein called the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE &
CO.], or registered assigns, the principal sum of [___] ($[___]) or such other principal amount as
shall be set forth on the Schedule I hereto on May 15, 2038.

     This Security shall bear interest at the rate of 2.625% per year from May 7, 2008, or from the
most recent date to which interest had been paid or provided. Interest is payable semi-annually in
arrears on each May 15 and November 15, commencing May 15, 2008, to Holders of record at the close
of business on the preceding May 1 and November 1, respectively. Interest payable on each Interest
Payment Date shall equal the amount of interest accrued from, and including the immediately
preceding Interest Payment Date (or from and including May 7, 2008, if no interest has been paid
hereon) to but excluding such Interest Payment Date.

     Payment of the principal and interest, on this Security will be made at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, City of New York or the
City of Boston, or elsewhere as provided in the Indenture, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that at the option of the Company, payment of interest, may be made by
(i) check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) transfer to an account of the Person entitled thereto located inside the
United States; provided further, however, that, with respect to any Holder of Securities with an
aggregate principal amount in excess of $1,000,000, at the application of such Holder in writing to
the Company, interest on such Holder’s Securities shall be paid by wire transfer in immediately
available funds to such Holder’s account in the United States supplied by such Holder from time to
time to the Trustee and Paying Agent (if different from the Trustee) not later than the applicable
record date.

     Reference is made to the further provisions of this Security set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Security the right to convert
this Security into cash, Common Shares of the Company or a combination of cash and Common Shares on
the terms and subject to the limitations referred to on the reverse hereof and as more fully
specified in the Indenture. Such further provisions shall for all purposes have the same effect as
though fully set forth at this place.

     This Security shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of the State of New York
applicable to contracts entered into and to be performed therein.

C-Exh A-2

 

     This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

[Remainder of page intentionally left blank]

C-Exh A-3

 

     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

 	 
	 	By:  	 	 
	 	 	Name:  	[___] 	 
	 	 	Title:  	[___] 	 

Attest

	 	 	 	 	 
	 	 	 
	By:  	 	 
	 	Name:  	[___] 	 
	 	Title:  	[___] 	 
	 

Dated: [_____], 20[__]

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
successor trustee

	 	 	 	 	 
	BY:  	
 	 
	 	Authorized Officer 	 
	 	 	 	 
	 

C-Exh A-4

 

[FORM OF REVERSE OF NOTE]

PROLOGIS

2.625% Convertible Senior Notes due 2038

     This Security is one of a duly authorized issue of Securities of the Company, designated as
its 2.625% Convertible Senior Notes due 2038 (herein called the “Securities”), issued under and
pursuant to an Indenture dated as of March 1, 1995, as supplemented with respect to the Securities
by the Second Supplemental Indenture, dated as of November 2, 2005 and the Sixth Supplemental
Indenture, dated as of May 7, 2008 (as so supplemented, herein called the “Indenture”), between the
Company and U.S. Bank National Association (herein called the “Trustee”), to which Indenture and
all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders of the Securities. Additional Securities may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used
but not defined herein shall have the meanings ascribed to them in the Indenture.

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of and interest on all Securities may be declared, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

     Prior to May 20, 2013, the Company may not redeem the Securities except to preserve the
Company’s status as a real estate investment trust as described in Section 3.01 of the Sixth
Supplemental Indenture. Subject to the terms and conditions of the Indenture, on or after May 20,
2013, the Company shall have the right to redeem the Securities, in whole or from time to time in
part, at a price equal to 100% of the principal amount of the Securities being redeemed, plus
accrued and unpaid interest. Any such redemption shall be upon at least 30 days’ and no more than
60 days’ notice to Holders of the Securities.

     Subject to the terms and conditions of the Indenture, the Company will make all payments and
deliveries in respect of the Fundamental Change Repurchase Price, the Put Right Repurchase Price,
the Redemption Price and the principal amount on the Maturity Date, as the case may be, to the
Holder who surrenders a Security to a Paying Agent to collect such payments in respect of the
Security. The Company will pay cash amounts in money of the United States that at the time of
payment is legal tender for payment of public and private debts.

     The Indenture contains provisions permitting the Company and the Trustee in certain
circumstances, without the consent of the Holders of the Securities, and in other circumstances,
with the consent of the Holders of not less than a majority in principal amount of the Securities
at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the provisions of the
Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; provided, however, that no such supplemental indenture shall make any of the
changes set forth in Section 6.02 of the Sixth Supplemental Indenture, without the consent of each
Holder of an Outstanding Security affected thereby. It is also provided in the Indenture

C-Exh A-5

 

that, prior to any declaration accelerating the maturity of the Securities, the Holders of a
majority in principal amount of the Securities at the time Outstanding may on behalf of the Holders
of all of the Securities waive any past default or Event of Default under the Indenture and its
consequences except as provided in the Indenture. Any such consent or waiver by the Holder of this
Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such
Holder and upon all future Holders and owners of this Security and any Securities which may be
issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is
made upon this Security or such other Securities.

     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 and accrued and unpaid interest on this Security at the place, at the respective
times, at the rate and in the lawful money herein prescribed.

     The Securities are issuable in registered form without coupons in denominations of $1,000
principal amount and integral multiples thereof. At the office or agency of the Company referred
to on the face hereof, and in the manner and subject to the limitations provided in the Indenture,
without payment of any service charge but with payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration or exchange of
Securities, Securities may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations.

     The Securities are not subject to redemption through the operation of any sinking fund.

     Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Securities or any portion thereof
(in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to 100% of the principal amount of the Securities such holder elects to
require the Company to repurchase, together with accrued and unpaid interest to but excluding the
Fundamental Change Repurchase Date. The Company or, at the written request of the Company, the
Trustee shall mail to all Holders of record of the Securities a notice of the occurrence of a
Fundamental Change and of the repurchase right arising as a result thereof on or before the
twentieth day after the occurrence of any Fundamental Change.

     On May 15, 2013, May 15, 2018, May 15, 2023, May 15, 2028 and May 15, 2033, the Holder has the
right, at such Holder’s option, to require the Company to repurchase all of such Holder’s
Securities or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) at
a price equal to 100% of the principal amount of the Securities such Holder elects to require the
Company to repurchase, together with accrued and unpaid interest to but excluding the Put Right
Repurchase Date. Holders shall submit their Securities for repurchase to the Paying Agent at any
time from the opening of business on the date that is 25 Business Days prior to the applicable Put
Right Repurchase Date until the close of business on the fifth Business Day prior to the Put Right
Repurchase Date.

     Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, on
and after February 15, 2013, or earlier upon the occurrence of certain conditions specified in the
Indenture and prior to the close of business on the Trading Day immediately preceding the

C-Exh A-6

 

Maturity Date, to convert any Securities or portion thereof which is $1,000 or an integral
multiple thereof, into cash, Common Shares or a combination of cash and Common Shares, at the
option of the Company as provided in the Sixth Supplemental Indenture, in each case at the
Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the
Indenture, upon surrender of this Security, together with a Notice of Conversion, a form of which
is attached to this Security, as provided in the Indenture and this Security, to the Company at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of
New York or the City of Boston or elsewhere as provided in the Indenture, and, unless the shares
issuable on conversion are to be issued in the same name as this Security, duly endorsed by, or
accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the
Holder or by his duly authorized attorney. The initial Conversion Rate is 13.1203 shares for each
$1,000 principal amount of Securities. No fractional Common Shares will be issued upon any
conversion, but an adjustment in cash will be paid to the Holder, as provided in the Indenture, in
respect of any fraction of a share which would otherwise be issuable upon the surrender of any
Security or Securities for conversion. No adjustment shall be made for dividends or any shares
issued upon conversion of such Security except as provided in the Indenture.

     Upon due presentment for registration of transfer of this Security at the office or agency of
the Company in the Borough of Manhattan, City of New York or the City of Boston, a new Security or
Securities of authorized denominations for an equal aggregate principal amount will be issued to
the transferee in exchange thereof, subject to the limitations provided in the Indenture, without
charge except for any tax, assessments or other governmental charge imposed in connection
therewith.

     The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and
any Security Registrar may deem and treat the registered Holder hereof as the absolute owner of
this Security (whether or not this Security shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof, or on account
hereof, for the conversion hereof and for all other purposes, and neither the Company nor the
Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor
any Security Registrar shall be affected by any notice to the contrary. All payments made to or
upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and
discharge liability for monies payable on this Security.

     No recourse for the payment of the principal of, or accrued and unpaid interest on, this
Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in the Indenture or any indenture
supplemental thereto or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer, trustee,
director or subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

C-Exh A-7

 

     Terms used in this Security and defined in the Indenture are used herein as therein defined.

     Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TENANT (=tenants by the entireties), JT TEN (joint tenants with right of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform gift to Minors
Act).

C-Exh A-8

 

Schedule I

PROLOGIS

2.625% Convertible Senior Notes due 2038

No.                    

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Notation Explaining	 	 	Authorized	 
	 	 	 	 	 	 	Principal Amount	 	 	Signature of Trustee	 
	Date	 	Principal Amount	 	 	Recorded	 	 	or Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

C-Exh A-9

 

Schedule I

FORM OF CONVERSION NOTICE

To: PROLOGIS

     The undersigned registered owner of this Security hereby exercises the option to convert this
Security, or the portion hereof (which is $1,000 principal amount or an integral multiple thereof)
below designated, into cash, Common Shares, or a combination of cash and shares of Common Shares,
in accordance with the terms of the Indenture referred to in this Security, and directs that the
shares issuable and deliverable upon such conversion, if any, together with any check in payment of
the cash in respect of the remaining Conversion Obligation (as defined in the Indenture) and for
fractional shares and any Securities representing any unconverted principal amount hereof, be
issued and delivered to the registered holder hereof unless a different name has been indicated
below. If shares or any portion of this Security not converted are to be issued in the name of a
person other than the undersigned, the undersigned will pay all transfer taxes payable with respect
thereto. Any amount required to be paid to the undersigned on account of interest accompanies this
Security.

Dated:                                         

	 	 	 

	 

	 	 
	 

	 	Signature(s)
	 
	 	 
	 
	 	 
	Signature Guarantee
	 	 
	 
	 	 
	Signature(s) must be guaranteed by an
eligible Guarantor Institution
(banks, stock brokers, savings and
loan associations and credit unions)
with membership in an approved
signature guarantee medallion program
pursuant to Rule 17Ad-15 under the
Securities Exchange Act of 1934, as
amended, if Common Shares are to be
issued, or Securities to be
delivered, other than to and in the
name of the registered holder.
	 	 

C-Exh A-10

 

	 	 	 

	Fill in for registration of shares if
to be issued, and Securities if to be
delivered, other than to and in the
name of the registered holder:
	 	 
	 
	 	 
	 
	 	 
	(Name)
	 	 
	 
	 	 
	 
	 	 
	(Street Address)
	 	 
	 
	 	 
	 
	 	 
	(City, State and Zip Code)
	 	 
	 
	 	 
	 
	 	 
	Please print name and address
	 	 
	 
	 	 
	 

	 	Principal amount to be converted (if less than
all): $___,000
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	Social Security or Other Taxpayer Identification Number
	 
	 	 
	 

	 	 

C-Exh A-11

 

FORM OF PUT RIGHT REPURCHASE NOTICE

To: PROLOGIS

     The undersigned hereby requests and instructs the Company to repay the entire principal amount
of this Security, or a portion hereof (which is $1,000 principal amount or an integral multiple
thereof) below designated, on ___in accordance with the terms of the Indenture referred to in this
Security at the Put Right Repurchase Price, to the registered holder hereof.

	 	 	 

	Dated:                                                             
	 	 
	 
	 	 
	 

	 	Signature(s)
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	Social Security or Other Taxpayer
Identification Number Principal amount to be
repaid (if less than all): $___,000
	 
	 	 
	 

	 	NOTICE:
	 
	 	 
	 

	 	The above signatures of the holder(s) hereof
must correspond with the name as written upon
the face of the Security in every particular
without alteration or enlargement or any
change whatever.

C-Exh A-12

 

FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE

To: PROLOGIS

     The undersigned registered owner of this Security hereby acknowledges receipt of a notice from
ProLogis, to be known as Prologis (the “Company”), as to the occurrence of a Fundamental Change
with respect to the Company and requests and instructs the Company to repay the entire principal
amount of this Security, or the portion thereof (which is $1,000 principal amount or an integral
multiple thereof) below designated, in accordance with the terms of the Indenture referred to in
this Security, to the registered holder hereof.

	 	 	 

	Dated:                                                             
	 	 
	 
	 	 
	 

	 	Signature(s)
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	Social Security or Other Taxpayer
Identification Number Principal amount to be
repaid (if less than all): $___,000
	 
	 	 
	 

	 	NOTICE:
	 
	 	 
	 

	 	The above signatures of the holder(s) hereof
must correspond with the name as written upon
the face of the Security in every particular
without alteration or enlargement or any
change whatever.

C-Exh A-13

 

FORM OF ASSIGNMENT AND TRANSFER

     For value received            hereby sell(s), assign(s) and transfer(s) unto (Please
insert social security or Taxpayer Identification Number of assignee) the within Security, and
hereby irrevocably constitutes and appoints            attorney to transfer the said
Security on the books of the Company, with full power of substitution in the premises.

	 	 	 

	Dated:                                                             
	 	 
	 
	 	 
	Signature(s)
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	Signature Guarantee
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	Signature(s) must be guaranteed by an
eligible Guarantor Institution
(banks, stock brokers, savings and
loan associations and credit unions)
with membership in an approved
signature guarantee medallion program
pursuant to Rule 17Ad-15 under the
Securities Exchange Act of 1934, as
amended, if Common Shares are to be
issued, or Securities to be
delivered, other than to and in the
name of the registered holder.

	 	 

NOTICE: The signature on the conversion notice, the option to elect repurchase upon a Fundamental
Change, the Put Right Notice, or the assignment must correspond with the name as written upon the
face of the Security in every particular without alteration or enlargement or any change whatever.

C-Exh A-14

 

ANNEX D

3.25% Convertible Senior Notes due 2015

Originally issued March 16, 2010

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE  I DEFINITIONS
	 	 	1	 
	Section 1.01 Relation to Base Indenture
	 	 	1	 
	Section 1.02 Definitions
	 	 	1	 
	ARTICLE II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 	5	 
	Section 2.01 Designation and Amount
	 	 	5	 
	Section 2.02 Form of Notes
	 	 	5	 
	Section 2.03 Date and Denomination of Notes; Payments of Interest
	 	 	6	 
	Section 2.04 Intentionally Omitted
	 	 	7	 
	Section 2.05 Execution, Authentication and Delivery of Notes
	 	 	7	 
	Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary
	 	 	7	 
	Section 2.07 Additional Notes; Repurchases
	 	 	8	 
	Section 2.08 No Sinking Fund
	 	 	8	 
	Section 2.09 Ranking
	 	 	8	 
	ARTICLE III REDEMPTION
	 	 	8	 
	Section 3.01 Right to Redeem
	 	 	8	 
	Section 3.02 Selection of Notes to be Redeemed
	 	 	9	 
	Section 3.03 Notice of Redemption
	 	 	9	 
	ARTICLE IV PARTICULAR COVENANTS OF THE COMPANY
	 	 	9	 
	Section 4.01 Payment of Principal and Interest
	 	 	9	 
	Section 4.02 Maintenance of Office or Agency for Exchange Agent
	 	 	10	 
	Section 4.03 Intentionally Omitted
	 	 	10	 
	Section 4.04 Intentionally Omitted
	 	 	10	 
	Section 4.05 Exclusion of Certain Provisions From Base Indenture
	 	 	10	 
	ARTICLE V DEFAULTS AND REMEDIES
	 	 	10	 
	Section 5.01 Events of Default
	 	 	10	 
	Section 5.02 Article Five of Base Indenture
	 	 	11	 
	ARTICLE VI SUPPLEMENTAL INDENTURES
	 	 	11	 
	Section 6.01 Supplemental Indentures Without Consent of Noteholders
	 	 	11	 
	Section 6.02 Modification and Amendment with Consent of Noteholders
	 	 	11	 

D-i

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 6.03 Effect of Supplemental Indentures
	 	 	11	 
	Section 6.04 Article Nine of Base Indenture
	 	 	12	 
	ARTICLE VII CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	12	 
	Section 7.01 Company May Consolidate, Etc. on Certain Terms
	 	 	12	 
	ARTICLE VIII EXCHANGE OF NOTES
	 	 	12	 
	Section 8.01 Exchange Privilege
	 	 	12	 
	Section 8.02 Exchange Procedures
	 	 	13	 
	Section 8.03 Reserved
	 	 	16	 
	Section 8.04 Adjustment of Exchange Rate
	 	 	16	 
	Section 8.05 Sufficient Shares to be Delivered
	 	 	24	 
	Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale
	 	 	24	 
	Section 8.07 Certain Covenants
	 	 	25	 
	Section 8.08 Responsibility of Trustee
	 	 	25	 
	Section 8.09 Notice to Holders Prior to Certain Actions
	 	 	26	 
	Section 8.10 Stockholder Rights Plans
	 	 	27	 
	Section 8.11 Ownership Limit
	 	 	27	 
	ARTICLE IX REPURCHASE OF NOTES AT OPTION OF HOLDERS
	 	 	27	 
	Section 9.01 Intentionally Omitted
	 	 	27	 
	Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change
	 	 	27	 
	ARTICLE X MISCELLANEOUS PROVISIONS
	 	 	30	 
	Section 10.01 Ratification of Base Indenture
	 	 	30	 
	Section 10.02 Provisions Binding on Company’s Successors
	 	 	31	 
	Section 10.03 Official Acts by Successor Corporation
	 	 	31	 
	Section 10.04 Addresses for Notices, Etc
	 	 	31	 
	Section 10.05 Governing Law
	 	 	31	 
	Section 10.06 Non-Business Day
	 	 	31	 
	Section 10.07 Benefits of Indenture
	 	 	31	 
	Section 10.08 Table of Contents, Headings, Etc
	 	 	32	 
	Section 10.09 Execution in Counterparts
	 	 	32	 

D-ii

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 10.10 Trustee
	 	 	32	 
	Section 10.11 Further Instruments and Acts
	 	 	32	 
	Section 10.12 Waiver of Jury Trial
	 	 	32	 
	Section 10.13 Force Majeure
	 	 	32	 

D-iii

 

3.25% Convertible Senior Notes due 2015

ARTICLE I

DEFINITIONS

          Section 1.01 Relation to Base Indenture. This Annex D of the Twelfth Supplemental Indenture
constitutes an integral part of the Base Indenture.

          Section 1.02 Definitions. For all purposes of this Tenth Supplemental Indenture, except as
otherwise expressly provided for or unless the context otherwise requires:

               (a) Capitalized terms used but not defined herein shall have the respective meanings assigned
to them in the Base Indenture;

               (b) Terms defined both herein and in the Base Indenture shall have the meanings assigned to
them herein;

               (c) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Annex D of the Twelfth Supplemental Indenture; and

               (d) All other terms used in this Annex D of the Twelfth Supplemental Indenture, which are
defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise requires) shall have
the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in
force at the date of the execution of this Annex D of the Twelfth Supplemental Indenture. The
words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Annex D of the
Twelfth Supplemental Indenture as a whole and not to any particular Article, Section or other
subdivision. The terms defined in this Article include the plural as well as the singular.

     “Additional Shares” shall have the meaning specified in Section 8.01(g).

     “Board of Directors” means the board of directors of Parent or, if Parent shall be succeeded
by a corporation pursuant to Article VII, the board of directors of Parent’s corporate successor or
any committee of such applicable board of directors duly authorized to act generally or in any
particular respect hereunder.

     “Board of Trustees” means the board of trustees of the Company or, if the Company shall be
succeeded by a corporation pursuant to Article VII, the board of trustees or directors of the
Company’s corporate successor or any committee of such applicable board duly authorized to act
generally or in any particular respect hereunder.

     “Business Day” means any day, other than a Saturday or Sunday, or legal holidays on which
banks in The City of New York or The City of Boston are not required or authorized by law or
executive order to be closed.

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     “close of business” means 5:00 p.m. (New York City time).

     “Change of Control” shall be deemed to occur upon the consummation of any transaction or event
(whether by means of an exchange offer, liquidation, tender offer, consolidation, merger,
combination, reclassification, recapitalization or otherwise) in connection with which more than
50% of the shares of Common Stock are exchanged for, exchanged into, acquired for or constitutes
solely the right to receive, consideration which is not at least 90% common stock (or American
Depositary Shares representing shares of common stock) that is: (a) listed on, or immediately
after the consummation of such transaction or event, will be listed on, a United States national
securities exchange or (b) approved, or immediately after such transaction or event will be
approved, for listing or quotation on any United States system of automated dissemination of
quotations of securities prices.

     “Common Stock” means, subject to Section 8.06, the common stock of Parent, par value $0.01 per
share, at the date of the Twelfth Supplemental Indenture or shares of any class or classes
resulting from any reclassification or reclassifications thereof and that have no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of Parent and that are not subject to redemption by Parent;
provided that if at any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares
of all such classes resulting from all such reclassifications.

     “Company” means ProLogis (to be known as Prologis), a Maryland real estate investment trust,
and subject to the provisions of Article VII, shall include its successors and assigns.

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the person specified in the Base Indenture as the Depositary with respect to such Notes,
until a successor shall have been appointed and become such pursuant to the applicable provisions
of this Annex D of the Twelfth Supplemental Indenture, and thereafter, “Depositary” shall mean or
include such successor.

     “Distributed Property” shall have the meaning specified in Section 8.04(c).

     “Dividend Threshold Amount” shall have the meaning specified in Section 8.04(d).

     “Effective Date” shall have the meaning specified in Section 8.01(g)(1).

     “Event of Default” means, with respect to the Notes, any event specified in Section 5.01,
continued for the period of time, if any, and after the giving of notice, if any, therein
designated.

     “Ex-Date” means, with respect to any issuance or distribution on the Common Stock or any other
equity security, the first date on which the shares of Common Stock or such other equity security
trade on the applicable exchange or in the applicable market, regular way, without the right to
receive such issuance or distribution.

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     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     “Exchange Agent” shall mean the Trustee or any successor office or agency where the Notes may
be surrendered for exchange.

     “Exchange Date” shall have the meaning specified in Section 8.02(c).

     “Exchange Obligation” shall have the meaning specified in Section 8.01(a).

     “Exchange Price” means as of any date $1,000 divided by the Exchange Rate as of such date.

     “Exchange Rate” shall have the meaning specified in Section 8.01(a).

     “Fundamental Change” means a Change of Control or a Termination of Trading.

     “Fundamental Change Company Notice” shall have the meaning specified in Section 9.02(b).

     “Fundamental Change Repurchase Date” shall have the meaning specified in Section 9.02(a).

     “Fundamental Change Repurchase Notice” shall have the meaning specified in Section 9.02(a)(i).

     “Fundamental Change Repurchase Price” shall have the meaning specified in Section 9.02(a).

     “Global Note” shall have the meaning specified in Section 2.06(e).

     “interest” means, when used with reference to the Notes, any interest payable under the terms
of the Notes.

     “Interest Payment Date” means March 15 and September 15 of each year, beginning on September
15, 2010.

     “Last Reported Sale Price” means, with respect to the shares of Common Stock or any other
security for which a Last Reported Sale Price must be determined, on any date, the closing sale
price per share of the Common Stock or unit of such other security (or, if no closing sale price is
reported, the average of the last bid and last ask prices or, if more than one in either case, the
average of the average last bid and the average last ask prices) on such date as reported in
composite transactions for the principal U.S. securities exchange on which the Common Stock or such
other security is traded. If the Common Stock or such other security are not listed for trading on
a United States national or regional securities exchange on the relevant date, the Last Reported
Sale Price shall be the last quoted bid price per share of Common Stock or such other security in
the over-the-counter market on the relevant date, as reported by the National Quotation Bureau or
similar organization. If the shares of Common Stock or such other security

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are not so quoted, the Last Reported Sale Price shall be the average of the mid-point of the
last bid and ask prices per share of Common Stock or such other security on the relevant date from
each of at least three nationally recognized independent investment banking firms selected from
time to time by the Board of Trustees for that purpose. The Last Reported Sale Price shall be
determined without reference to extended or after-hours trading.

     “Market Disruption Event” means the occurrence or existence for more than a one-half hour
period in the aggregate on any scheduled Trading Day for the Common Stock of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts
relating to the Common Stock, and such suspension or limitation occurs or exists at any time before
1:00 p.m. (New York City time) on such day.

     “Maturity Date” means March 15, 2015.

     “Noteholder” or “Holder” or “holder,” as applied to any Note, or other similar terms (but
excluding the term “beneficial holder”), means any person in whose name at the time a particular
Note is registered on the Security Register.

     “Notice of Exchange” shall have the meaning specified in Section 8.02(c).

     “opening of business” means 9:00 a.m. (New York City time).

     “Parent” means Prologis, Inc., a Maryland corporation and, subject to the provisions of
Article VII, shall include its successors and assigns.

     “Predecessor Note” of any particular Note means every previous Note evidencing all or a
portion of the same debt as that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 306 of the Base Indenture in lieu of
a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, destroyed
or stolen Note that it replaces.

     “Record Date,” with respect to the payment of interest on any Interest Payment Date, shall
have the meaning specified in Section 2.03.

     “Reference Property” shall have the meaning specified in Section 8.06(b).

     “Reorganization Event” shall have the meaning specified in Section 8.06.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

     “Spin-Off” shall have the meaning specified in Section 8.04(c).

     “Stock Price” means the price paid per share of Common Stock in connection with a Fundamental
Change pursuant to which Additional Shares shall be added to the Exchange Rate as set forth in
Section 8.01(g) hereof, which shall be equal to (i) if holders of shares of Common Stock receive
only cash in such Fundamental Change, the cash amount paid per share of

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Common Stock and (ii) in all other cases, the average of the Last Reported Sale Prices of the
Common Stock over the five consecutive Trading Day period ending on the Trading Day preceding the
Effective Date of the Fundamental Change.

     “Termination of Trading” shall be deemed to occur if the Common Stock, or any Common Stock (or
American Depositary Receipts in respect of Common Stock) into which the Notes are exchangeable
pursuant to the terms of this Annex D of the Twelfth Supplemental Indenture, are not listed for
trading on any of the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select
Market (or any of their respective successors).

     “Trading Day” means a day during which (i) trading in Common Stock generally occurs, (ii)
there is no Market Disruption Event and (iii) a Last Reported Sale Price of the Common Stock (other
than a Last Reported Sale Price referred to in the next to last sentence of such definition) is
available for such day; provided that if the shares of Common Stock are not admitted for trading or
quotation on or by any exchange, bureau or other organization referred to in the definition of Last
Reported Sale Price (excluding the next to last sentence of that definition), Trading Day shall
mean any Business Day.

     “Trigger Event” shall have the meaning specified in Section 8.04(c).

     “Underwriters” means Citigroup Global Markets Inc., Barclays Capital Inc., Deutsche Bank
Securities Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, RBC Capital
Markets Corporation, Daiwa Securities America Inc., ING Financial Markets LLC, Mitsubishi UFJ
Securities (USA), Inc., Scotia Capital (USA) Inc. and Credit Agricole Securities (USA) Inc.

     “Underwriting Agreement” means that certain Underwriting Agreement relating to the Notes,
dated March 9, 2010, between the Company and the Underwriters.

ARTICLE II

ISSUE, DESCRIPTION, EXECUTION, 

REGISTRATION AND EXCHANGE OF NOTES

          Section 2.01 Designation and Amount. The Notes shall be designated as the “3.25% Convertible
Senior Notes due 2015.” The aggregate principal amount of Notes that may be authenticated and
delivered under this Annex D of the Twelfth Supplemental Indenture is initially limited to
$460,000,000, subject to Section 2.07 and except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section
2.06, Section 8.02 and Section 9.02 hereof and Section 306 and Section 906 of to the Base
Indenture.

          Section 2.02 Form of Notes. The Notes and the Trustee’s certificate of authentication to be
borne by such Notes shall be substantially in the form set forth in Exhibit A.

     Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with

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the provisions of this Annex D of the Twelfth Supplemental Indenture, or as may be required by
the Depositary, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation
system on which the Notes may be listed or designated for issuance, or to conform to usage or to
indicate any special limitations or restrictions to which any particular Notes are subject.

     A Global Note shall represent such principal amount of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of
Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
Outstanding Notes represented thereby may from time to time be increased or reduced to reflect
repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with this
Annex D of the Twelfth Supplemental Indenture. Payment of principal and accrued and unpaid
interest on a Global Note shall be made to the Holder of such Note on the date of payment, unless a
Record Date or other means of determining Holders eligible to receive payment is provided for
herein.

     The terms and provisions contained in the form of Note attached as Exhibit A hereto are
incorporated herein and shall constitute, and are hereby expressly made, a part of this Annex D of
the Twelfth Supplemental Indenture and to the extent applicable, the Company and the Trustee, by
their execution and delivery of this Annex D of the Twelfth Supplemental Indenture, expressly agree
to such terms and provisions and to be bound thereby.

          Section 2.03 Date and Denomination of Notes; Payments of Interest. The Notes shall be
issuable in registered form without coupons in denominations of $1,000 principal amount and
integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of the form of Note attached as Exhibit A hereto.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day
months.

     The Person in whose name any Note (or its Predecessor Note) is registered on the Security
Register at the close of business on any Record Date with respect to any Interest Payment Date
shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be
payable at the office of the Company maintained by the Company for such purposes in the Borough of
Manhattan, City of New York, which shall initially be an office or agency of the Trustee. The
Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of
the Person entitled thereto as it appears in the Security Register (or upon written application by
such Person to the Security Registrar not later than the relevant record date, by wire transfer in
immediately available funds to such Person’s account within the United States, if such Person is
entitled to interest on an aggregate principal in excess of $1,000,000) or (ii) on any Global Note
by wire transfer of immediately available funds to the account of the Depositary or its nominee.
The term “Record Date” with respect to any Interest Payment Date shall mean the March 1 or
September 1 preceding the applicable March 15 or September 15 Interest Payment Date, respectively.

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          Section 2.04 Intentionally Omitted.

          Section 2.05 Execution, Authentication and Delivery of Notes. Section 303 of the Base
Indenture shall be applicable to the Notes.

          Section 2.06 Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary.

               (a) The Company shall provide for the registration of the Notes and of transfers of the Notes
in the Security Register. Upon surrender for registration of transfer of any Note to the Security
Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount.

     Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes
which the Noteholder making the exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding.

     All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Security Registrar or any
co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or his
attorney-in-fact duly authorized in writing.

     No service charge shall be charged to the Noteholder for any exchange or registration of
transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax, assessments or other governmental charges that may be imposed in connection therewith.

     None of the Company, the Trustee, the Security Registrar or any co-registrar shall be required
to exchange or register a transfer of (a) any Notes surrendered for exchange or, if a portion of
any Note is surrendered for exchange, such portion thereof surrendered for exchange or (b) any
Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with
Article IX hereof.

     All Notes issued upon any registration of transfer or exchange of Notes in accordance with
this Annex D of the Twelfth Supplemental Indenture shall be the valid, binding and legal
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Annex D of the Twelfth Supplemental Indenture as the Notes surrendered upon such registration of
transfer or exchange.

               (b) Intentionally Omitted.

               (c) Intentionally Omitted.

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               (d) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this instrument or under applicable law
with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by, the terms of this instrument, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

               (e) So long as the Notes are eligible for book-entry settlement with the Depositary, unless
otherwise required by law, all Notes shall be represented by one or more Notes in global form
(each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary.
The transfer and exchange of beneficial interests in a Global Note, which does not involve the
issuance of a definitive Note, shall be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Annex D of the Twelfth Supplemental Indenture (including the
restrictions on transfer set forth herein) and the procedures of the Depositary therefor.

          Section 2.07 Additional Notes; Repurchases. The Company may, without the consent of the
Noteholders and notwithstanding Section 2.01, issue additional Notes hereunder with the same terms
and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate
principal amount, which will form the same series with the Notes initially issued hereunder,
provided that no such additional Notes may be issued unless fungible with the Notes initially
issued hereunder for U.S. federal income tax purposes. The Company may also from time to time
repurchase the Notes in open market purchases by tender at any price or by private agreement
without prior notice to Noteholders.

          Section 2.08 No Sinking Fund. The provisions of Article Twelve of the Base Indenture shall
not be applicable to the Notes. No sinking fund is provided for the Notes.

          Section 2.09 Ranking. The Notes constitute a senior general obligation of the Company,
ranking equally with other existing and future senior and unsubordinated indebtedness of the
Company and ranking senior in right of payment to any future indebtedness of the Company that is
expressly made subordinate to the Notes by the terms of such indebtedness.

ARTICLE III

REDEMPTION

          Section 3.01 Right to Redeem.

               (a) Notwithstanding any provision of the Base Indenture, as modified by this Annex D of the
Twelfth Supplemental Indenture, to the contrary, the Company may redeem the Notes prior to March
15, 2015, in whole, in order to preserve Parent’s status as a real estate investment trust under
the Code.

               (b) Intentionally Omitted.

               (c) Any redemption of Notes shall be at a Redemption Price equal to 100% of the principal
amount of the Notes being redeemed, plus accrued and unpaid interest;

D-8

 

provided, however, that the Company may deduct and withhold from such Redemption Price any
amount required to be deducted and withheld under applicable law.

          Section 3.02 Selection of Notes to be Redeemed.

               (a) The provisions of Section 1103 of the Base Indenture shall govern the selection of Notes
to be redeemed by the Trustee.

               Section 3.03 Notice of Redemption. The provisions of Section 1104 of the Base Indenture shall
govern notices of redemption of the Notes; provided, however, that in addition to the information
specified in Section 1104 of the Base Indenture, notices of redemption of the Notes shall also
state:

               (a) the then-current Exchange Price;

               (b) the name and address of the Exchange Agent; and

               (c) that Holders who wish to exchange Notes must surrender such Notes for exchange no later
than the close of business on the second Business Day immediately preceding the Redemption Date and
must satisfy the other requirements set forth herein.

ARTICLE IV

PARTICULAR COVENANTS OF THE COMPANY

          Section 4.01 Payment of Principal and Interest.

               (a) Sections 307 and 1001 of the Base Indenture shall apply to the Notes; provided, however,
that, with respect to any Noteholder with an aggregate principal amount in excess of $1,000,000, at
the application of such Holder in writing to the Security Registrar not later than the relevant
record date, accrued and unpaid interest on such Holder’s Notes shall be paid by wire transfer in
immediately available funds to such Holder’s account in the United States supplied by such Holder
from time to time to the Trustee and Paying Agent (if different from Trustee); provided further
that payment of accrued and unpaid interest made to the Depositary shall be paid by wire transfer
in immediately available funds in accordance with such wire transfer instructions and other
procedures provided by the Depositary from time to time.

               (b) Except as otherwise provided in this Section 4.01(b), a Holder of any Notes at the close
of business on a Record Date shall be entitled to receive interest on such Notes on the
corresponding Interest Payment Date. A Holder of any Notes as of a Record Date that are exchanged
after the close of business on such Record Date and prior to the opening of business on the
corresponding Interest Payment Date shall be entitled to receive interest on the principal amount
of such Notes, notwithstanding the exchange of such Notes prior to such Interest Payment Date.
However, a Holder that surrenders any Notes for exchange between the close of business on a Record
Date and the opening of business on the corresponding Interest Payment Date shall be required to
pay the Company an amount equal to the interest payable by the Company with respect to such Notes
on such Interest Payment Date at the time such Holder

D-9

 

surrenders such Notes for exchange, provided, however, that this sentence shall not apply to a
Holder that exchanges Notes:

               (i) in respect of which the Company has given notice of redemption pursuant to Section
3.03 on a Redemption Date that is after the relevant Record Date and on or prior to the
relevant Interest Payment Date; or

               (ii) to the extent of any overdue interest, if any overdue interest exists at the time
of exchange with respect to such Notes;

               (iii) in connection with a Fundamental Change in which the Company has specified a Fundamental
Change Repurchase Date that is after a Record Date and on or prior to the next Interest Payment
Date; or

               (iv) after 5:00 p.m., New York City time on the Record Date immediately preceding the Maturity
Date.

Accordingly, a Holder that exchanges Notes under any of the circumstances described in clauses (i),
(ii), (iii) or (iv) above will not be required to pay to the Company an amount equal to the
interest payable by the Company with respect to such Notes on the relevant Interest Payment Date.

          Section 4.02 Maintenance of Office or Agency for Exchange Agent. If at any time the Exchange
Agent is not the Trustee or an office or agency designated or appointed by the Trustee, the Company
will give prompt written notice to the Trustee of the location of such Exchange Agent. If at any
time the Company shall fail to maintain an office or agency for the Exchange Agent, presentations,
surrenders, notices and demands related to exchanges of Notes may be made or served at the
Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan, the City
of New York, initially located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention:
Corporate Trust Division.

          Section 4.03 Intentionally Omitted.

          Section 4.04 Intentionally Omitted.

          Section 4.05 Exclusion of Certain Provisions From Base Indenture. Section 1004, Section 1006,
Section 1007 and Section 1011 of the Base Indenture shall not apply to the Notes. Section 1002,
Section 1003, Section 1005, Section 1008, Section 1009 (as amended by Section 2.2 of the Second
Supplemental Indenture to the Base Indenture), Section 1010 and Section 1012 of the Base Indenture
shall be applicable to the Notes.

ARTICLE V

DEFAULTS AND REMEDIES

          Section 5.01 Events of Default. The provisions of Section 501(2) and Section 501(3) of the
Base Indenture shall not be applicable to the Notes. As contemplated under Section 301 and Section
501(9) of the Base Indenture, the following events, in addition to

D-10

 

the events described in clauses (1), (4), (5) (as amended by the Ninth Supplemental Indenture to
the Base Indenture), (6) (as amended by the Ninth Supplemental Indenture to the Base Indenture),
(7) and (8) of Section 501 of the Base Indenture, shall be Events of Default with respect to the
Notes:

               (a) default in the payment of principal or premium, if any, of any Note when due and payable
on the Maturity Date, upon redemption, repurchase, declaration or otherwise;

               (b) failure by the Company to comply with its obligation to exchange the Notes into Common
Stock upon exercise of a Holder’s exchange right, and such failure continues for a period of ten
days; or

               (c) failure by the Company to issue a Fundamental Change Company Notice in accordance with
Section 9.02 when due, and such failure continues for a period of two days.

          Section 5.02 Article Five of Base Indenture. Except as amended by Section 5.01 hereof, all of
the provisions of Article Five of the Base Indenture shall be applicable to the Notes.

ARTICLE VI

SUPPLEMENTAL INDENTURES

          Section 6.01 Supplemental Indentures Without Consent of Noteholders. The provisions of
Section 901 of the Base Indenture shall be applicable to the Notes.

          Section 6.02 Modification and Amendment with Consent of Noteholders. Section 902 of the Base
Indenture shall be applicable to the Notes. As contemplated by Sections 301 and 902 of the Base
Indenture, no supplemental indenture shall, without the consent of the Holder of each Outstanding
Note affected thereby:

               (a) make any change that adversely affects the exchange rights of any Notes;

               (b) reduce the Fundamental Change Repurchase Price or Redemption Price of any Note, or amend
or modify in any manner adverse to Noteholders the Company’s obligation to make such payments or
Article III or Article IX of this Annex D of the Twelfth Supplemental Indenture, whether through an
amendment or waiver of provisions in the covenants, definitions or otherwise.

          Section 6.03 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, the Base Indenture and this Annex D of the Twelfth Supplemental
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a
part of this Annex D of the Twelfth Supplemental Indenture for all purposes; and every Holder of
Notes theretofore or thereafter authenticated and delivered hereunder and of any coupon
appertaining thereto shall be bound thereby.

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          Section 6.04 Article Nine of Base Indenture. Except as amended by this Article VI, all of the
provisions of Article Nine of the Base Indenture shall be applicable to the Notes.

ARTICLE VII

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

          Section 7.01 Company May Consolidate, Etc. on Certain Terms. Article Eight of the Base
Indenture shall be applicable to the Notes.

ARTICLE VIII

EXCHANGE OF NOTES

          Section 8.01 Exchange Privilege.

               (a) Subject to the conditions described in Section 8.11 hereof, and upon compliance with the
provisions of this Article VIII, a Holder of Notes shall have the right, at such Holder’s option,
to exchange all or any portion (if the portion to be exchanged is $1,000 principal amount or an
integral multiple thereof) of such Note at any time prior to the close of business on the scheduled
Trading Day immediately preceding the Maturity Date at a rate (the “Exchange Rate”) of 25.8244
shares of Common Stock (subject to adjustment by the Company as provided in Section 8.04) per
$1,000 principal amount of Notes (the “Exchange Obligation”) under the circumstances and during the
periods set forth below.

               (b) Intentionally Omitted.

               (c) Intentionally Omitted.

               (d) In the event that the Company has delivered a notice of redemption in accordance with
Section 1104 of the Base Indenture and Section 3.03 of this Annex D of the Twelfth Supplemental
Indenture to the Holders of Notes, a Holder of Notes may exchange Notes at any time prior to the
close of business on the second Business Day immediately preceding the corresponding Redemption
Date; provided, however, that a Holder who has already delivered a Fundamental Change Repurchase
Notice with respect to a Note may not exchange such Note until the Holder has withdrawn the
Fundamental Change Repurchase Notice in accordance with the terms of the Note and this Annex D of
the Twelfth Supplemental Indenture.

               (e) Intentionally Omitted.

               (f) Intentionally Omitted.

               (g) (1) If a Noteholder elects to exchange Notes in connection with a Fundamental Change, the
Exchange Rate applicable to each $1,000 principal amount of Notes so exchanged shall be increased
by an additional number of shares of Common Stock (the “Additional Shares”) as described below.
Settlement of Notes tendered for exchange to which Additional Shares shall be added to the Exchange
Rate as provided in this subsection shall be

D-12

 

settled pursuant to Section 8.02 below, as applicable.
For purposes of this Section 8.01(g), an
exchange shall be deemed to be “in connection with” a Fundamental Change to the extent that
the related exchange notice is delivered during the time period beginning on the 30th Trading Day
prior to the anticipated Effective Date of such Fundamental Change and ending on the related
Fundamental Change Repurchase Date, inclusive. Such exchange notice shall indicate that the Holder
of Notes has elected to exchange Notes in connection with a Fundamental Change; provided, however,
that the failure to so indicate shall not in any way affect the Exchange Obligation or the right of
such Holder to receive Additional Shares in connection with such exchange. The Company shall give
notice to all record Noteholders and the Trustee and issue a press release of the Fundamental
Change no later than 30 scheduled Trading Days prior to the anticipated effective date of the
Fundamental Change.

               (i) The number of Additional Shares by which the Exchange Rate will be increased shall
be determined by reference to the table attached as Schedule A hereto, based on the date on
which the Fundamental Change occurs or becomes effective (the “Effective Date”), and the
Stock Price; provided, that if the Stock Price is between two Stock Price amounts in the
table or the Effective Date is between two Effective Dates in the table, the number of
Additional Shares shall be determined by a straight-line interpolation between the number of
Additional Shares set forth for the next higher and next lower Stock Price amounts and the
two nearest Effective Dates, as applicable, based on a 365-day year; provided further that
if (1) the Stock Price is greater than $89.61 per share of Common Stock (subject to
adjustment in the same manner as set forth in Section 8.04), no Additional Shares will be
added to the Exchange Rate, and (2) the Stock Price is less than $30.02 per share of Common
Stock (subject to adjustment in the same manner as set forth in Section 8.04), no Additional
Shares will be added to the Exchange Rate. Notwithstanding the foregoing, in no event will
the total number of shares of Common Stock issuable upon exchange exceed 33.3134 per $1,000
principal amount of Notes (subject to adjustment in the same manner as set forth in clauses
(a), (b) and (c) of Section 8.04).

               (ii) The Stock Prices set forth in the first row of the table in Schedule A hereto
shall be adjusted as of any date on which the Exchange Rate of the Notes is adjusted. The
adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate in effect
immediately prior to the adjustment giving rise to the Stock Price adjustment and the
denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares
within the table shall be adjusted in the same manner as the Exchange Rate as set forth in
Section 8.04 (other than by operation of an adjustment to the Exchange Rate by adding
Additional Shares).

          Section 8.02 Exchange Procedures.

               (a) (1) The Company shall settle its Exchange Obligations entirely in shares of Common Stock.
In satisfying its Exchange Obligations, the Company shall deliver a number of shares of Common
Stock equal to (i) the aggregate principal amount of Notes to be exchanged divided by $1,000,
multiplied by (ii) the applicable Exchange Rate (which shall include any increases to reflect any
Additional Shares that such Holder is entitled to receive

D-13

 

pursuant to Section 8.01(g) above). The
Company shall deliver such shares of Common Stock,
together with any cash in lieu of fractional shares of Common Stock as set forth pursuant to
clause (k) below, on the third Business Day immediately following the applicable Exchange Date.
Notwithstanding the preceding sentence, if any calculation required in order to determine the
number of shares of Common Stock to be delivered by the Company in respect of a particular exchange
is based upon data that will not be available to the Company on the applicable Exchange Date, the
Company shall be entitled to delay settlement of that exchange until the third Business Day after
the relevant data become available.

               (b) Intentionally Omitted.

               (c) Before any Holder of a Note shall be entitled to exchange the same as set forth above,
such Holder shall (1) in the case of a Global Note, comply with the procedures of the Depositary in
effect at that time and, if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 4.01(b) and Section
8.02(i) and, if required, pay all taxes or duties, if any, and (2) in the case of a Note issued in
certificated form, (A) complete and manually sign and deliver an irrevocable written notice to the
Exchange Agent in the form on the reverse of such certificated Note (or a facsimile thereof) (a
“Notice of Exchange”) at the office of the Exchange Agent and shall state in writing therein the
principal amount of Notes to be exchanged and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon
settlement of the Exchange Obligation to be registered, (B) surrender such Notes, duly endorsed to
the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the
office of the Exchange Agent, (C) if required, pay funds equal to interest payable on the next
Interest Payment Date to which such Holder is not entitled as set forth in Section 4.01(b) and
Section 8.02(i), and (D) if required, pay all taxes or duties, if any. A Note shall be deemed to
have been exchanged immediately prior to the close of business on the date (the “Exchange Date”)
that the Holder has complied with the requirements set forth in this Section 8.02(c).

     No Notice of Exchange with respect to any Notes may be tendered by a Holder thereof if such
Holder has also tendered a Fundamental Change Repurchase Notice and not validly withdrawn such
Fundamental Change Repurchase Notice in accordance with the applicable provisions of Section 9.02.

     If more than one Note shall be surrendered for exchange at one time by the same Holder, the
Exchange Obligation with respect to such Notes, if any, that shall be payable upon exchange shall
be computed on the basis of the aggregate principal amount of the Notes (or specified portions
thereof to the extent permitted thereby) so surrendered.

               (d) Delivery of the amounts owing in satisfaction of the Exchange Obligation shall be made by
the Company in no event later than the date specified in Section 8.02(a). The Company shall make
such delivery by issuing, or causing to be issued, and delivering to the Exchange Agent or to such
Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the
Depositary for the number of full shares of Common Stock to which such Holder shall be entitled as
part of such Exchange Obligation (together with any cash in lieu of fractional shares).

D-14

 

               (e) In case any Note shall be surrendered for partial exchange, the Company shall execute and
the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note
so surrendered, without charge to such Holder, a new Note or Notes in authorized denominations in
an aggregate principal amount equal to the unexchanged portion of the surrendered Notes.

               (f) If a Holder submits a Note for exchange, the Company shall pay all stamp and other duties,
if any, which may be imposed by the United States or any political subdivision thereof or taxing
authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon
the exchange. However, the Holder shall pay any such tax that is due because the Holder requests
any shares of Common Stock to be issued in a name other than the Holder’s name. The Exchange Agent
may refuse to deliver the certificates representing the shares of Common Stock being issued in a
name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax which
will be due because the shares are to be issued in a name other than the Holder’s name. Nothing
herein shall preclude any tax withholding required by law or regulations.

               (g) Except as provided in Section 8.04, no adjustment shall be made for dividends on any
shares issued upon the exchange of any Note as provided in this Article.

               (h) Upon the exchange of an interest in a Global Note, the Trustee, or the Custodian at the
direction of the Trustee, shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Company shall notify the Trustee in writing of any
exchange of Notes effected through any Exchange Agent other than the Trustee.

               (i) Upon exchange, a Noteholder will not receive any separate cash payment for accrued and
unpaid interest, except as set forth below. The Company’s settlement of its Exchange Obligation as
described above shall be deemed to satisfy its obligation to pay the principal amount of the Note
and accrued and unpaid interest to, but not including, the Exchange Date. As a result, accrued and
unpaid interest to, but not including, the Exchange Date shall be deemed to be paid in full rather
than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are
exchanged after the close of business on a Record Date, Holders of such Notes as of the close of
business on the Record Date will receive the interest payable on such Notes on the corresponding
Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the
period from the close of business on any regular Record Date to the opening of business on the
corresponding Interest Payment Date must be accompanied by payment of an amount equal to the
interest payable on the Notes so exchanged; provided, however, that no such payment need be made
(1) if the Company has called the Notes for redemption or (2) to the extent of any overdue interest
existing at the time of exchange with respect to such Note, (3) to Notes surrendered for exchange
in connection with a Fundamental Change in which the Company has specified a Fundamental Change
Repurchase Date that is after a Record Date and on or prior to the next Interest Payment Date, or
(4) to Notes surrendered for exchange after 5:00 p.m., New York City time on the Record Date
immediately preceding the Maturity Date. Except as described above, no payment or adjustment will
be made for accrued interest on exchanged Notes.

D-15

 

               (j) The Person in whose name the certificate for any shares of Common Stock issued upon
exchange is registered shall be treated as a stockholder of record on and after the Exchange Date;
provided, however, that no surrender of Notes on any date when the stock transfer books of the
Company shall be closed shall be effective to constitute the Person or Persons entitled to receive
the shares of Common Stock upon such exchange as the record holder or holders of such shares of
Common Stock on such date, but such surrender shall be effective to constitute the Person or
Persons entitled to receive such shares of Common Stock as the record holder or holders thereof for
all purposes at the close of business on the next succeeding day on which such stock transfer books
are open; such exchange shall be at the Exchange Rate in effect on the date that such Notes shall
have been surrendered for exchange, as if the stock transfer books of the Company had not been
closed. Upon exchange of Notes, such Person shall no longer be a Noteholder.

               (k) No fractional shares of Common Stock shall be issued upon exchange of any Note or Notes.
If more than one Note shall be surrendered for exchange at one time by the same Holder, the number
of full shares that shall be issued upon exchange thereof shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof) so surrendered. Instead of
any fractional share of Common Stock that would otherwise be issued upon exchange of any Note or
Notes (or specified portions thereof), the Company shall pay a cash adjustment in respect of such
fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction
of the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the
Exchange Date.

               (l) Reserved.

          Section 8.03 Reserved.

          Section 8.04 Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to
time by the Company as follows:

               (a) In case Parent shall issue Common Stock as a dividend or distribution to holders of the
outstanding Common Stock, or shall effect a subdivision into a greater number of shares of Common
Stock or combination into a lesser number of shares of Common Stock, the Exchange Rate shall be
adjusted based on the following formula:

     where

	 	ER0 	= 	the Exchange Rate in effect immediately prior to the Ex-Date for
such dividend or distribution or the effective date of such share split or
combination, as the case may be;
	 
	 	ER'	= 	the Exchange Rate in effect as of the Ex-Date for such dividend or
distribution or the effective date of such share split or combination, as the
case may be;

D-16

 

	 	OS0 	= 	the number of shares of Common Stock outstanding immediately prior
to such event; and
	 
	 	OS¢ 	= 	the number of shares of Common Stock outstanding immediately after such
event.

Such adjustment shall become effective immediately after 9:00 a.m., New York City time, on the
Business Day following the record date fixed for such determination. If any dividend or
distribution of the type described in this Section 8.04(a) is declared but not so paid or made, or
the outstanding shares of Common Stock are not subdivided or combined, as the case may be, the
Exchange Rate shall be immediately readjusted, effective as of the date the Board of Trustees
determines not to pay such dividend or distribution, or subdivide or combine the outstanding shares
of Common Stock, as the case may be, to the Exchange Rate that would then be in effect if such
dividend, distribution, subdivision or combination had not been declared.

               (b) In case Parent shall issue to all or substantially all holders of its outstanding Common
Stock any rights, warrants or convertible securities entitling them (for a period expiring within
sixty (60) calendar days after the issuance thereof) to subscribe for or purchase shares of Common
Stock at a price per share less than the Last Reported Sale Price of the Common Stock on the
Business Day immediately preceding the date of announcement of such issuance, the Exchange Rate
shall be adjusted based on the following formula:

     where

	 	ER0 	= 	the Exchange Rate in effect immediately prior to the Ex-Date for
such distribution;
	 
	 	ER¢ 	= 	the Exchange Rate in effect as of the Ex-Date for such distribution;
	 
	 	OS0 	= 	the number of shares of Common Stock outstanding immediately prior
to such event;
	 
	 	X 	= 	the total number of shares of Common Stock issuable pursuant
to
such rights, warrants or convertible securities; and
	 
	 	Y 	= 	the number of shares of Common Stock equal to the aggregate
price payable to exercise such rights, warrants or convertible securities
divided by the average of the Last Reported Sale Prices per share of Common
Stock over the ten consecutive Trading Day period ending on the Business Day
immediately preceding the record date (or, if later, the Ex-Date relating to
such distribution) for the issuance of such rights, warrants or convertible
securities.

Such adjustment shall be successively made whenever any such rights, warrants or convertible
securities are issued and shall become effective immediately after 9:00 a.m., New York City time,
on the Business Day following the date fixed for such determination. If such rights,

D-17

 

warrants or convertible securities are not so exercised prior to their expiration, the Exchange
Rate shall again be adjusted to be the Exchange Rate that would then be in effect if such record
date for such distribution had not been fixed.

     In determining whether any rights, warrants or convertible securities entitle the holder
thereof to subscribe for or purchase shares of Common Stock at a price per share less than the Last
Reported Sale Price of the Common Stock on the Business Day immediately preceding the date of
announcement of such issuance, and in determining the aggregate offering price of such shares of
Common Stock, there shall be taken into account any consideration received by Parent for such
rights, warrants or convertible securities and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of
Trustees.

               (c) In case Parent shall distribute to all or substantially all holders of its Common Stock
shares of Capital Stock, evidences of its indebtedness or other assets or property of Parent
(including securities, but excluding dividends and distributions covered by Section 8.04(a),
Section 8.04(b) or Section 8.04(d) and distributions described below in this paragraph (c) with
respect to Spin-Offs) (any of such shares of Capital Stock, indebtedness, or other asset or
property hereinafter in this Section 8.04(c) called the “Distributed Property”), then, in each such
case the Exchange Rate shall be adjusted based on the following formula:

     where

	 	ER0 	= 	the Exchange Rate in effect immediately prior to the Ex-Date for
such distribution;
	 
	 	ER¢ 	= 	the Exchange Rate in effect as of the Ex-Date for such distribution;
	 
	 	SP0 	= 	the average of the Last Reported Sale Prices of the Common Stock
over the ten consecutive Trading Day period ending on the Business Day
immediately preceding the record date for such distribution (or, if earlier,
the Ex-Date relating to such distribution); and
	 
	 	FMV 	= 	the fair market value (as determined by the Board of
Trustees) of the Distributed Property distributed with respect to each
outstanding share of Common Stock on the record date for such distribution (or,
if earlier, the Ex-Date relating to such distribution).

Such adjustment shall become effective immediately prior to 9:00 a.m., New York City time, on the
Business Day following the date fixed for the determination of stockholders entitled to receive
such distribution; provided that if the then fair market value (as so determined) of the portion of
the Distributed Property so distributed applicable to one share of Common Stock is

D-18

 

equal to or greater than SP0 as set forth above, in lieu of the foregoing adjustment,
adequate provision shall be made so that each Noteholder shall have the right to receive, for each
$1,000 principal amount of Notes upon exchange, the amount of Distributed Property such Holder
would have received had such Holder owned a number of shares of Common Stock equal to the Exchange
Rate on the record date. If such dividend or distribution is not so paid or made, the Exchange Rate
shall again be adjusted to be the Exchange Rate that would then be in effect if such dividend or
distribution had not been declared. If the Board of Trustees determines the fair market value of
any distribution for purposes of this Section 8.04(c) by reference to the actual or when issued
trading market for any securities, it must in doing so consider the prices in such market over the
same period used in determining SP0 above.

     With respect to an adjustment pursuant to this Section 8.04(c) where there has been a payment
of a dividend or other distribution on the Common Stock in shares of Capital Stock, or similar
equity interest, of or relating to a Subsidiary or other business unit (a “Spin-Off”), unless the
Company distributes such shares of Capital Stock or equity interests to each Noteholder on the same
basis as such Noteholder would have received had it exchanged its Notes solely into shares of
Common Stock immediately prior to such dividend or distribution, the Exchange Rate in effect
immediately before 5:00 p.m., New York City time, on the Record Date fixed for determination of
stockholders entitled to receive the distribution will be increased based on the following formula:

     where

	 	ER0 	= 	the Exchange Rate in effect immediately prior to such distribution;
	 
	 	ER¢ 	= 	the Exchange Rate in effect immediately after such distribution;
	 
	 	FMV0 	= 	the average of the Last Reported Sale Prices of the Capital Stock
or similar equity interest distributed to holders of shares of Common Stock
applicable to one share of Common Stock over the first ten consecutive Trading
Day period after the effective date of the Spin-Off; and
	 
	 	MP0 	= 	the average of the Last Reported Sale Prices of the Common Stock
over the first ten consecutive Trading Day period after the effective date of
the Spin-Off.

Such adjustment shall occur on the tenth Trading Day from, and including, the effective date of the
Spin-Off; provided that in respect of any exchange within the ten Trading Days following any
Spin-Off, references within this paragraph (c) to ten days shall be deemed replaced with such
lesser number of Trading Days as have elapsed between such Spin-Off and the Exchange Date in
determining the applicable Exchange Rate.

     Rights or warrants distributed by Parent to all holders of Common Stock, entitling the holders
thereof to subscribe for or purchase shares of Common Stock (either initially or under

D-19

 

certain circumstances), which rights or warrants, until the occurrence of a specified event or
events (“Trigger Event”): (i) are deemed to be transferred with such shares of Common Stock; (ii)
are not exercisable; and (iii) are also issued in respect of future issuances of shares of Common
Stock, shall be deemed not to have been distributed for purposes of this Section 8.04 (and no
adjustment to the Exchange Rate under this Section 8.04 will be required) until the occurrence of
the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been
distributed and an appropriate adjustment (if any is required) to the Exchange Rate shall be made
under this Section 8.04(c). If any such right or warrant, including any such existing rights or
warrants distributed prior to the date of this Annex D of the Twelfth Supplemental Indenture, are
subject to events, upon the occurrence of which such rights or warrants become exercisable to
purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and record
date with respect to new rights or warrants with such rights (and a termination or expiration of
the existing rights or warrants without exercise by any of the holders thereof). In addition, in
the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event
or other event (of the type described in the preceding sentence) with respect thereto that was
counted for purposes of calculating a distribution amount for which an adjustment to the Exchange
Rate under this Section 8.04 was made, (1) in the case of any such rights or warrants that shall
all have been redeemed or repurchased without exercise by any holders thereof, the Exchange Rate
shall be readjusted upon such final redemption or repurchase to give effect to such distribution or
Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share
redemption or repurchase price received by a holder or holders of Common Stock with respect to such
rights or warrants (assuming such holder had retained such rights or warrants), made to all holders
of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights
or warrants that shall have expired or been terminated without exercise by any holders thereof, the
Exchange Rate shall be readjusted as if such rights and warrants had not been issued.

     For purposes of this Section 8.04(c), Section 8.04(a) and Section 8.04(b), any dividend or
distribution to which this Section 8.04(c) is applicable that also includes shares of Common Stock
to which Section 8.04(a) applies or rights or warrants to subscribe for or purchase shares of
Common Stock to which Section 8.04(a) or Section 8.04(b) applies (or both), shall be deemed instead
to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of Capital
Stock other than such shares of Common Stock or rights or warrants to which Section 8.04(c) applies
(and any Exchange Rate adjustment required by this Section 8.04(c) with respect to such dividend or
distribution shall then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights or warrants (and any further Exchange Rate adjustment
required by Section 8.04(a) and Section 8.04(b) with respect to such dividend or distribution shall
then be made), except (A) the record date of such dividend or distribution shall be substituted as
“the record date” and “the date fixed for such determination” within the meaning of Section 8.04(a)
and Section 8.04(b) and (B) any shares of Common Stock included in such dividend or distribution
shall not be deemed “outstanding immediately prior to such event” within the meaning of Section
8.04(a).

               (d) In case Parent shall pay a dividend or make a distribution consisting exclusively of cash
to all or substantially all holders of its Common Stock to the extent that the aggregate of all
such cash dividends or distributions paid in any quarter exceeds

D-20

 

the Dividend Threshold Amount for such quarter, the Exchange Rate shall be adjusted based on
the following formula:

     where

	 	ER0 	= 	the Exchange Rate in effect immediately prior to the Ex-Date for
such distribution;
	 
	 	ER¢ 	= 	the Exchange Rate in effect as of the Ex-Date for such distribution;
	 
	 	SP0 	= 	the average of the Last Reported Sale Prices of the Common Stock
over the period of ten consecutive Trading Days ending the Business Day
immediately preceding the record date (as defined in clause (f) of this
Section) for such distribution (or, if earlier, the Ex-Date relating to such
distribution);
	 
	 	T 	= 	the dividend threshold amount (“Dividend Threshold Amount”),
which amount shall initially be $0.3360 per quarter and which shall be
appropriately adjusted from time to time for any stock dividends on, or
subdivisions or combinations of, Common Stock; provided, that if an Exchange
Rate adjustment is required to be made as a result of a distribution that is
not a quarterly dividend either in whole or in part, the Dividend Threshold
Amount shall be deemed to be zero; and
	 
	 	C 	= 	the amount in cash per share that Parent distributes to
holders of Common Stock.

Such adjustment shall become effective immediately after 5:00 p.m., New York City time, on the
record date for such dividend or distribution; provided that if the portion of the cash so
distributed applicable to one share of Common Stock is equal to or greater than SP0
above, in lieu of the foregoing adjustment, adequate provision shall be made so that each
Noteholder shall have the right to receive upon exchange of a Note (or any portion thereof) the
amount of cash such Holder would have received had such Holder owned a number of shares equal to
the Exchange Rate on the record date. If such dividend or distribution is not so paid or made, the
Exchange Rate shall again be adjusted to be the Exchange Rate that would then be in effect if such
dividend or distribution had not been declared.

     For the avoidance of doubt, for purposes of this Section 8.04(d), in the event of any
reclassification of the Common Stock, as a result of which the Notes become exhangeable into more
than one class of Common Stock, if an adjustment to the Exchange Rate is required pursuant to this
Section 8.04(d), references in this Section to one share of Common Stock or Last Reported Sale
Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit
consisting of the number of shares of each class of Common Stock into which the Notes are then
exchangeable equal to the number of shares of such class issued in respect of one

D-21

 

share of Common Stock in such reclassification. The above provisions of this paragraph shall
similarly apply to successive reclassifications.

               (e) In case Parent or any of its Subsidiaries makes a payment in respect of a tender offer or
exchange offer for all or any portion of the shares of Common Stock, to the extent that the cash
and value of any other consideration included in the payment per share of Common Stock exceeds the
Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on
which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be
amended), the Exchange Rate shall be increased based on the following formula:

     where

	 	ER0 	= 	the Exchange Rate in effect on the date such tender or exchange
offer expires;
	 
	 	ER¢ 	= 	the Exchange Rate in effect on the day next succeeding the date such
tender or exchange offer expires;
	 
	 	AC 	= 	the aggregate value of all cash and any other consideration
(as determined by the Board of Trustees) paid or payable for shares purchased
in such tender or exchange offer;
	 
	 	OS0 	= 	the number of shares of Common Stock outstanding immediately prior
to the date such tender or exchange offer expires;
	 
	 	OS¢ 	= 	the number of shares of Common Stock outstanding immediately after the
date such tender or exchange offer expires; and
	 
	 	SP¢ 	= 	the average of the Last Reported Sale Prices of the Common Stock over
the ten consecutive Trading Day period commencing on the Trading Day next
succeeding the date such tender or exchange offer expires,

such adjustment to become effective immediately prior to the opening of business on the day
following the last date on which tenders or exchanges may be made pursuant to such tender or
exchange offer. If Parent is obligated to purchase shares pursuant to any such tender or exchange
offer, but Parent is permanently prevented by applicable law from effecting all or any such
purchases or all or any portion of such purchases are rescinded, the Exchange Rate shall again be
adjusted to be the Exchange Rate that would then be in effect if such tender or exchange offer had
not been made or had only been made in respect of the purchases that had been effected. No
adjustment to the Exchange Rate will be made if the application of the foregoing formulae would
result in a decrease in the Exchange Rate.

D-22

 

               (f) For purposes of this Section 8.04 the term “record date” shall mean, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock have the
right to receive any cash, securities or other property or in which the shares of Common Stock (or
other applicable securities) are exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of stockholders entitled to receive
such cash, securities or other property (whether such date is fixed by the Board of Directors or by
statute, contract or otherwise).

               (g) In addition to those required by clauses (a), (b), (c), (d), and (e) of this Section 8.04,
and to the extent permitted by applicable law and subject to the applicable rules of the New York
Stock Exchange, the Company from time to time may increase the Exchange Rate by any amount for a
period of at least 20 days if the Board of Trustees determines that such increase would be in the
Company’s best interest. In addition, the Company may also (but is not required to) increase the
Exchange Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase
shares of Common Stock in connection with any dividend or distribution of shares (or rights to
acquire shares) or similar event. Whenever the Exchange Rate is increased pursuant to the
preceding sentence, the Company shall mail to the Holder of each Note at his last address appearing
on the Security Register a notice of the increase at least five days prior to the date the
increased Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and
the period during which it will be in effect.

               (h) All calculations and other determinations under this Article VIII shall be made by the
Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a
share of stock, as the case may be. No adjustment shall be made for Parent’s issuance of shares of
Common Stock or any securities convertible into or exchangeable for shares of Common Stock, or the
right to purchase shares of Common Stock or such convertible or exchangeable securities, other than
as provided in this Section 8.04. No adjustment shall be made to the Exchange Rate unless such
adjustment would require a change of at least 1% in the Exchange Rate then in effect at such time.
The Company shall carry forward any adjustments that are less than 1% of the Exchange Rate and make
such carried forward adjustments, regardless of whether the aggregate adjustment is less than 1%
within one year of the first such adjustment carried forward, upon a Fundamental Change, upon any
call of the Notes for redemption or upon maturity.

               (i) Whenever the Exchange Rate is adjusted as herein provided, the Company shall promptly file
with the Trustee and any Exchange Agent other than the Trustee an Officers’ Certificate setting
forth the Exchange Rate after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. The Trustee and Exchange Agent may conclusively rely on the accuracy of
the Exchange Rate adjustment provided by the Company. Unless and until a Responsible Officer of
the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Exchange Rate and may assume without inquiry that the last
Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting
forth the adjusted Exchange Rate and the date on which each adjustment becomes effective and shall
mail such notice of such adjustment of the Exchange Rate to the Holder of each Note at his last
address appearing on the

D-23

 

Security Register, within thirty (30) days of the effective date of such adjustment. Failure
to deliver such notice shall not affect the legality or validity of any such adjustment.

               (j) For purposes of this Section 8.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of Parent but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

     Notwithstanding the foregoing provisions of this Section 8.04, in no event will the total
number of shares of Common Stock issuable upon exchange exceed 33.3134 per $1,000 principal amount
of Notes (subject to adjustment in the same manner or as set forth in clauses (a), (b) and (c) of
this Section 8.04).

          Section 8.05 Sufficient Shares to be Delivered. To the extent the Company elects to deliver
shares of Common Stock, and subject to Section 8.02(k), the Company shall provide, free from
preemptive rights, sufficient shares of Common Stock to provide for exchange of the Notes from time
to time as such Notes are presented for exchange.

          Section 8.06 Effect of Reclassification, Consolidation, Merger or Sale. If any of the
following events occur, namely (i) any reclassification or change of the outstanding Common Stock
(other than a change in par value, or from par value to no par value, or from no par value to par
value, or as a result of a split, subdivision or combination), (ii) any consolidation, merger or
combination of Parent with another Person, or (iii) any sale or conveyance of all or substantially
all of the property and assets of Parent to any other Person, in each case as a result of which
holders of Common Stock shall be entitled to receive stock, other securities or other property,
assets or cash (or any combination thereof) with respect to or in exchange for such shares of
Common Stock (any such event a “Reorganization Event”), then:

          (a) the Company or the successor or purchasing Person, as the case may be, shall execute with
the Trustee a supplemental indenture (which, as evidenced in an Opinion of Counsel delivered to the
Trustee, shall comply with the Trust Indenture Act as in force at the date of execution of such
supplemental indenture if such supplemental indenture is then required to so comply) providing for
the exchange and settlement of the Notes as set forth in this Annex D of the Twelfth Supplemental
Indenture. Such supplemental indenture shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article and the Trustee
may conclusively rely on the determination by the Company of the equivalency of such adjustments.
If, in the case of any Reorganization Event, the Reference Property includes shares of stock or
other securities and assets of a corporation other than the successor or purchasing corporation, as
the case may be, in such reclassification, change, consolidation, merger, combination, sale or
conveyance, then such supplemental indenture shall also be executed by such other corporation and
shall contain such additional provisions to protect the interests of the Holders of the Notes as
the Board of Trustees shall reasonably consider necessary by reason of the foregoing, including to
the extent required by the Board of Trustees and practicable the provisions providing for the
repurchase rights set forth in Article IX herein.

D-24

 

     In the event the Company shall execute a supplemental indenture pursuant to this Section 8.06,
the Company shall, in addition to the Officers’ Certificate and Opinion of Counsel required by
Section 102 of the Base Indenture, file with the Trustee an Officers’ Certificate briefly stating
the kind or amount of cash, securities or property or asset that will constitute the Reference
Property after any such Reorganization Event, any adjustment to be made with respect thereto, and
the Trustee shall promptly mail notice thereof to all Noteholders.

          (b) Notwithstanding the provisions of Section 8.02(a), and subject to the provisions of
Section 8.01, at the effective time of such Reorganization Event, the right to exchange each $1,000
principal amount of Notes will be changed to a right to exchange such Note by reference to the kind
and amount of stock, other securities or other property, assets or cash (or any combination
thereof) that such holder of Notes would have owned immediately after such Reorganization Event if
such holder had exchanged their Notes immediately prior to such Reorganization Event (the
“Reference Property”). For purposes of the foregoing, where a Reorganization Event involves
consideration based upon any form of stockholder election, the consideration will be deemed to be
the weighted average of the types and amounts of consideration received by the holders of shares of
Common Stock that affirmatively make such an election. Parent shall not become a party to any such
transaction unless its terms are consistent with the preceding. None of the foregoing provisions
shall affect the right of a Holder of Notes to exchange its Notes in accordance with the provisions
of Article VIII hereof prior to the effective date of a Reorganization Event. For the avoidance of
doubt, adjustments to the Exchange Rate set forth under Section 8.04 do not apply to distributions
to the extent that the right to exchange Notes has been changed into the right to exchange into
Reference Property.

          (c) The Company shall cause notice of the execution of such supplemental indenture to be
mailed to each Noteholder, at his address appearing on the Security Register, within thirty (30)
days after execution thereof. Failure to deliver such notice shall not affect the legality or
validity of such supplemental indenture.

          (d) The above provisions of this Section shall similarly apply to successive Reorganization
Events.

          Section 8.07 Certain Covenants. The Company covenants that all shares of Common Stock
delivered upon exchange of Notes will be fully paid and non-assessable by Parent and free from all
taxes, liens and charges with respect to the issue thereof.

          Section 8.08 Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at
any time be under any duty or responsibility to any Noteholder to determine the Exchange Rate or
whether any facts exist which may require any adjustment of the Exchange Rate, or with respect to
the nature or extent or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same.
The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any shares of Common Stock, or of any securities or property,
which may at any time be issued or delivered upon the exchange of any Note; and the Trustee and any
other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any
Exchange Agent shall be responsible for any failure of the Company to transfer or deliver any
shares of Common Stock or

D-25

 

share certificates or other securities or property or cash upon the surrender of any Note for
the purpose of exchange or to comply with any of the duties, responsibilities or covenants of the
Company contained in this Article.

     Without limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent
shall be under any responsibility to determine the correctness of any provisions contained in any
supplemental indenture entered into pursuant to Section 8.06 relating either to the kind or amount
of shares of stock or securities or property (including cash) receivable by Noteholders upon the
exchange of their Notes after any event referred to in such Section 8.06 or to any adjustment to be
made with respect thereto, but, subject to the provisions of Article Six of the Base Indenture, may
accept as conclusive evidence of the correctness of any such provisions, and shall be protected in
relying upon, the Officers’ Certificate with respect thereto.

          Section 8.09 Notice to Holders Prior to Certain Actions.

     In case:

          (a) Parent shall declare a dividend (or any other distribution) on its Common Stock that would
require an adjustment in the Exchange Rate pursuant to Section 8.04; or

          (b) Parent shall authorize the granting to all of the holders of its Common Stock of rights or
warrants to subscribe for or purchase any share of any class or any other rights or warrants;

          (c) of any reclassification of the Common Stock (other than a subdivision or combination of
its outstanding Common Stock, or a change in par value, or from par value to no par value, or from
no par value to par value), or of any consolidation or merger to which Parent is a party and for
which approval of any stockholders of Parent is required, or of the sale or transfer of all or
substantially all of the assets of Parent; or

          (d) of the voluntary or involuntary dissolution, liquidation or winding-up of Parent,

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at his
address appearing on the Security Register as promptly as possible but in any event at least thirty
(30) days prior to the applicable date specified in clause (x) or (y) below, as the case may be, a
notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution or rights or warrants, or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be
determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange their
shares of Common Stock for securities or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding-up.

D-26

 

          Section 8.10 Stockholder Rights Plans. Upon exchange of the Notes, the Holders shall receive,
in addition to any shares of Common Stock issuable upon such exchange, the associated rights issued
under any future stockholder rights plan Parent adopts unless, prior to exchange, the rights have
separated from the shares of Common Stock, expired, terminated or been redeemed or converted in
accordance with such rights plan. If, and only if, the Holders receive rights under such
stockholder rights plans as described in the preceding sentence upon exchange of their Notes, then
no other adjustment pursuant to this Article VIII shall be made in connection with such stockholder
rights plans.

          Section 8.11 Ownership Limit. Notwithstanding any other provision of this Annex D of the
Twelfth Supplemental Indenture or the Notes (a) no Holder of Notes (or beneficial owner of Notes)
shall be entitled to exchange such Notes for shares of Common Stock to the extent that receipt of
such shares would cause such Holder (or beneficial owner of Notes) (together with such Holder’s (or
beneficial owner’s) affiliates) to exceed the applicable ownership limit contained in the articles
of incorporation of Parent and (b) no Holder of Notes (or beneficial owner of Notes) shall have any
right to receive cash or other consideration in lieu of Common Stock upon exchange of the Notes to
the extent such exchange would otherwise cause (if fully exchanged into Common Stock) such Holder
(together with such Holder’s Affiliates) to exceed such ownership limit; provided that any such
Holder shall be entitled to receive on the same basis as other Holders cash paid upon redemption or
a repurchase upon a Fundamental Change.

ARTICLE IX

REPURCHASE OF NOTES AT OPTION OF HOLDERS

          Section 9.01 Intentionally Omitted.

          Section 9.02 Repurchase at Option of Holders Upon a Fundamental Change.

               (a) If a Fundamental Change occurs at any time, then each Noteholder shall have the right, at
such Holder’s option, to require the Company to repurchase all of such Holder’s Notes or any
portion thereof that is a multiple of $1,000 principal amount, for cash on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty (20)
Business Days and not more than thirty-five (35) Business Days after the date of the Fundamental
Change Company Notice (as defined below) at a repurchase price equal to 100% of the principal
amount thereof, together with accrued and unpaid interest thereon to, but excluding, the
Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”).

     Repurchases of Notes under this Section 9.02 shall be made, at the option of the Holder
thereof, upon:

               (i) delivery to the Trustee (or other Paying Agent appointed by the Company) by a
Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth on the reverse of the Note prior to the close of business on the Fundamental
Change Repurchase Date; and

D-27

 

               (ii) delivery or book-entry transfer of the Notes to the Trustee (or other Paying Agent
appointed by the Company) at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements) at the Corporate Trust Office of the
Trustee (or other Paying Agent appointed by the Company) in the Borough of Manhattan, such
delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase
Price therefor; provided that such Fundamental Change Repurchase Price shall be so paid
pursuant to this Section 9.02 only if the Note so delivered to the Trustee (or other Paying
Agent appointed by the Company) shall conform in all respects to the description thereof in
the related Fundamental Change Repurchase Notice.

     The Fundamental Change Repurchase Notice shall state:

               (A) if certificated, the certificate numbers of Notes to be delivered for
repurchase;

               (B) the portion of the principal amount of Notes to be repurchased, which must
be $1,000 or an integral multiple thereof; and

               (C) that the Notes are to be repurchased by the Company pursuant to the
applicable provisions of the Notes and this Annex D of the Twelfth Supplemental
Indenture.

     Any repurchase by the Company contemplated pursuant to the provisions of this Section 9.02
shall be consummated by the delivery of the consideration to be received by the Holder promptly
following the later of the Fundamental Change Repurchase Date and the time of the book-entry
transfer or delivery of the Note.

     The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company
of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal
thereof in accordance with the provisions of Section 9.02(c).

     Any Note that is to be repurchased only in part shall be surrendered to the Trustee (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a
new Note or Notes, containing identical terms and conditions, each in an authorized denomination in
aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal
of the Note so surrendered.

               (b) On or before the twentieth day after the occurrence of any Fundamental Change, the Company
shall provide to all Holders of record of the Notes and the Trustee and Paying Agent a notice (the
“Fundamental Change Company Notice”) of the occurrence of such Fundamental Change and of the
repurchase right at the option of the Holders arising as a result thereof. Such mailing shall be
by first class mail. Simultaneously with providing such Fundamental Change Company Notice, the
Company shall publish a notice containing the information included therein once in a newspaper of
general circulation in The

D-28

 

City of New York or publish such information on the Company’s website or through such other
public medium as the Company may use at such time.

     Each Fundamental Change Company Notice shall specify:

               (i) the events causing the Fundamental Change;

               (ii) the date of the Fundamental Change;

               (iii) that the Holder must exercise the repurchase right on or prior to the close of
business on the Fundamental Change Repurchase Date;

               (iv) the Fundamental Change Repurchase Price;

               (v) the Fundamental Change Repurchase Date;

               (vi) the name and address of the Paying Agent and the Exchange Agent;

               (vii) the applicable Exchange Rate and any adjustments to the applicable Exchange Rate;

               (viii) that the Notes with respect to which a Fundamental Change Repurchase Notice has
been delivered by a Holder may be exchanged only if the Holder withdraws the Fundamental
Change Repurchase Notice in accordance with the terms of this Annex D of the Twelfth
Supplemental Indenture; and

               (ix) the procedures that Holders must follow to require the Company to repurchase their
Notes.

     No failure of the Company to give the foregoing notices and no defect therein shall limit the
Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 9.02.

               (c) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the Trustee and Paying Agent in accordance with the Fundamental Change
Company Notice at any time prior to the close of business on the Business Day prior to the
Fundamental Change Repurchase Date, specifying:

               (i) the principal amount of the Notes with respect to which such notice of withdrawal
is being submitted;

               (ii) if certificated Notes have been issued, the certificate numbers of the withdrawn
Notes; and

               (iii) the principal amount, if any, of such Notes that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or an integral multiple of $1,000;

D-29

 

provided, however, that if the Notes are not in certificated form, the notice must comply with
appropriate procedures of the Depositary.

               (d) On or prior to 11:00 a.m. (local time in The City of New York) on the second Business Day
following the Fundamental Change Repurchase Date, the Company will deposit with the Trustee (or
other Paying Agent appointed by the Company or if the Company is acting as its own Paying Agent,
set aside, segregate and hold in trust in accordance with the Base Indenture as modified by this
Annex D of the Twelfth Supplemental Indenture) an amount of money sufficient to repurchase on the
Fundamental Change Repurchase Date all of the Notes to be repurchased on such date at the
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or
other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not
withdrawn) prior to the close of business on the Fundamental Change Repurchase Date will be made
promptly after the later of (x) the Fundamental Change Repurchase Date with respect to such Note
(provided the Holder has satisfied the conditions to the payment of the Fundamental Change
Repurchase Price in Section 9.02), and (y) the time of book-entry transfer or the delivery of such
Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the
manner required by Section 9.02 by mailing checks for the amount payable to the Holders of such
Notes entitled thereto as they shall appear in the Security Register, provided, however, that
payments to the Depositary shall be made by wire transfer of immediately available funds to the
account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Fundamental Change
Repurchase Price.

               (e) If the Trustee (or other Paying Agent appointed by the Company) holds money or securities
sufficient to repurchase on the Fundamental Change Repurchase Date all the Notes or portions
thereof that are to be purchased as of the second Business Day following the Fundamental Change
Repurchase Date, then on and after the Fundamental Change Repurchase Date (i) such Notes will cease
to be Outstanding, (ii) interest will cease to accrue on such Notes, and (iii) all other rights of
the Holders of such Notes will terminate, whether or not book-entry transfer of the Notes has been
made or the Notes have been delivered to the Trustee or Paying Agent, other than the right to
receive the Fundamental Change Repurchase Price upon delivery of the Notes.

               (f) The provisions of Article Thirteen of the Base Indenture shall not be applicable to the
Notes.

ARTICLE X

MISCELLANEOUS PROVISIONS

          Section 10.01 Ratification of Base Indenture. Except as expressly modified or amended hereby,
the Base Indenture continues in full force and effect and is in all respects confirmed, ratified
and preserved and the provisions thereof shall be applicable to the Notes and this Annex D of the
Twelfth Supplemental Indenture. Without limiting the generality of the foregoing, the Notes shall
have the benefit of Article Three of the Second Supplemental Indenture to the Base Indenture in
accordance with its terms.

D-30

 

          Section 10.02 Provisions Binding on Company’s Successors. All the covenants, stipulations,
promises and agreements of the Company contained in this Annex D of the Twelfth Supplemental
Indenture shall bind its successors and assigns whether so expressed or not.

          Section 10.03 Official Acts by Successor Corporation. Any act or proceeding by any provision
of this Annex D of the Twelfth Supplemental Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the like board, committee or officer of any corporation or entity
that shall at the time be the lawful sole successor of the Company.

          Section 10.04 Addresses for Notices, Etc. Any notice or demand which by any provision of this
Annex D of the Twelfth Supplemental Indenture is required or permitted to be given or served by the
Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or
made, for all purposes if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed (until another address is filed by the Company
with the Trustee) to ProLogis, 4545 Airport Way, Denver, Colorado 80239, Attention: General
Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to U.S. Bank
National Association, 100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate
Trust Services/ProLogis.

     The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications.

     Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail,
postage prepaid, at his address as it appears on the Security Register and shall be sufficiently
given to him if so mailed within the time prescribed.

     Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect
its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it.

          Section 10.05 Governing Law. THIS ANNEX D OF THE TWELFTH SUPPLEMENTAL INDENTURE AND EACH NOTE
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
ENTERED INTO AND TO BE PERFORMED THEREIN.

          Section 10.06 Non-Business Day. Section 113 of the Base Indenture shall also apply to any
Fundamental Change Purchase Date or Exchange Date in respect of the Notes.

          Section 10.07 Benefits of Indenture. Nothing in this Annex D of the Twelfth Supplemental
Indenture or in the Notes, expressed or implied, shall give to any person, other than the parties
hereto, any Paying Agent, any authenticating agent, any Security Registrar and their successors
hereunder, the Noteholders, any benefit or any legal or equitable right, remedy or claim under this
Annex D of the Twelfth Supplemental Indenture.

D-31

 

          Section 10.08 Table of Contents, Headings, Etc. The table of contents and the titles and
headings of the articles and sections of this Annex D of the Twelfth Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.

          Section 10.09 Execution in Counterparts. This Annex D of the Twelfth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

          Section 10.10 Trustee. The Trustee makes no representations as to the validity or sufficiency
of this Annex D of the Twelfth Supplemental Indenture. The statements and recitals herein are
deemed to be those of the Company and not of the Trustee.

          Section 10.11 Further Instruments and Acts. Upon request of the Trustee, the Company and
Parent will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Annex D of the
Twelfth Supplemental Indenture.

          Section 10.12 Waiver of Jury Trial. EACH OF THE COMPANY, PARENT AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

          Section 10.13 Force Majeure. In no event shall the Trustee or Exchange Agent be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or
caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

D-32

 

SCHEDULE A

Share Price

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Effective Date	 	$30.02	 	$33.60	 	$39.20	 	$44.80	 	$50.40	 	$56.00	 	$61.60	 	$67.20	 	$72.80	 	$78.41	 	$84.01	 	$89.61
	March 15, 2012
	 	 	7.4890	 	 	 	5.5791	 	 	 	3.2283	 	 	 	1.8584	 	 	 	1.0561	 	 	 	0.5852	 	 	 	0.3098	 	 	 	0.1507	 	 	 	0.0624	 	 	 	0.0177	 	 	 	0.0000	 	 	 	0.0000	 
	March 15, 2013
	 	 	7.4890	 	 	 	5.2539	 	 	 	2.8142	 	 	 	1.4675	 	 	 	0.7374	 	 	 	0.3488	 	 	 	0.1475	 	 	 	0.0494	 	 	 	0.0078	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	March 15, 2014
	 	 	7.4890	 	 	 	4.6911	 	 	 	2.0996	 	 	 	0.8440	 	 	 	0.2940	 	 	 	0.0788	 	 	 	0.0092	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	March 15, 2015
	 	 	7.4890	 	 	 	3.9356	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

D-Sch A-1

 

EXHIBIT A

[FORM OF FACE OF NOTE]

[Include only for Global Notes]

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

D-Exh A-1

 

PROLOGIS

3.25% Convertible Senior Notes due 2015

			
	No. _____
	 	$ ____________
	 	 	 
	CUSIP No. 743410 AY8	 	 

     PROLOGIS, a real estate investment trust organized and existing under the laws of the State of
Maryland (herein called the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE &
CO.], or registered assigns, the principal sum of [____] ($[____]) or such other principal amount
as shall be set forth on the Schedule I hereto on March 15, 2015.

          This Security shall bear interest at the rate of 3.25% per year from March 16, 2010, or from
the most recent date to which interest had been paid or provided. Interest is payable
semi-annually in arrears on each March 15 and September 15, commencing September 15, 2010, to
Holders of record at the close of business on the preceding March 1 and September 1, respectively.
Interest payable on each Interest Payment Date shall equal the amount of interest accrued from, and
including the immediately preceding Interest Payment Date (or from and including March 16, 2010, if
no interest has been paid hereon) to but excluding such Interest Payment Date.

     Payment of the principal and interest, on this Security will be made at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, City of New York, or
elsewhere as provided in the Indenture, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company, payment of interest, may be made by (i) check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or
(ii) transfer to an account of the Person entitled thereto located inside the United States;
provided further, however, that, with respect to any Holder of Securities with an aggregate
principal amount in excess of $1,000,000, at the application of such Holder in writing to the
Company, interest on such Holder’s Securities shall be paid by wire transfer in immediately
available funds to such Holder’s account in the United States supplied by such Holder from time to
time to the Trustee and Paying Agent (if different from the Trustee) not later than the applicable
record date.

     Reference is made to the further provisions of this Security set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Security the right to convert
this Security into Common Shares of the Company on the terms and subject to the limitations
referred to on the reverse hereof and as more fully specified in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place.

D-Exh A-2

 

     This Security shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of the State of New York
applicable to contracts entered into and to be performed therein.

     This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

[Remainder of page intentionally left blank]

     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

 	 
	 	By:  	 	 
	 	 	Name:  	[_____] 	 
	 	 	Title:  	[_____] 	 

	 	 	 	 	 
	Attest

 	 
	By:  	 	 
	 	Name:  	[_____] 	 
	 	Title:  	[_____] 	 
	 

Dated: [_____], 20[__]

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 successor trustee

	 	 	 	 	 
	BY:	 	 
	 	Authorized Officer 	 
	 	 
	 	 	 
	 

D-Exh A-3

 

[FORM OF REVERSE OF NOTE]

PROLOGIS

3.25% Convertible Senior Notes due 2015

     This Security is one of a duly authorized issue of Securities of the Company, designated as
its 3.25% Convertible Senior Notes due 2015 (herein called the “Securities”), issued under and
pursuant to an Indenture dated as of March 1, 1995, as supplemented with respect to the Securities
by the Second Supplemental Indenture, dated as of November 2, 2005, the Ninth Supplemental
Indenture, dated as of October 1, 2009 and the Tenth Supplemental Indenture, dated as of March 16,
2010 (as so supplemented, herein called the “Indenture”), between the Company and U.S. Bank
National Association (herein called the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders
of the Securities. Additional Securities may be issued in an unlimited aggregate principal amount,
subject to certain conditions specified in the Indenture. Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Indenture.

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of and interest on all Securities may be declared, and upon said
declaration shall become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

     Prior to March 15, 2015, the Company may not redeem the Securities except to preserve the
Company’s status as a real estate investment trust as described in Section 3.01 of the Tenth
Supplemental Indenture. Any such redemption shall be upon at least 30 days’ and no more than 60
days’ notice to Holders of the Securities.

     Subject to the terms and conditions of the Indenture, the Company will make all payments and
deliveries in respect of the Fundamental Change Repurchase Price, the Redemption Price and the
principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Security
to a Paying Agent to collect such payments in respect of the Security. The Company will pay cash
amounts in money of the United States that at the time of payment is legal tender for payment of
public and private debts.

     The Indenture contains provisions permitting the Company and the Trustee in certain
circumstances, without the consent of the Holders of the Securities, and in other circumstances,
with the consent of the Holders of not less than a majority in principal amount of the Securities
at the time Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the provisions of the
Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; provided, however, that no such supplemental indenture shall make any of the
changes set forth in Section 6.02 of the Tenth Supplemental Indenture, without the consent of each
Holder of an Outstanding Security affected thereby. It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of the Securities, the Holders of a majority in
principal amount of the Securities at the time Outstanding may on behalf of the Holders of all of
the Securities waive any past default or Event of Default under the Indenture and its

D-Exh A-4

 

consequences except as provided in the Indenture. Any such consent or waiver by the Holder of
this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon
such Holder and upon all future Holders and owners of this Security and any Securities which may be
issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is
made upon this Security or such other Securities.

     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 and accrued and unpaid interest on this Security at the place, at the respective
times, at the rate and in the lawful money herein prescribed.

     The Securities are issuable in registered form without coupons in denominations of $1,000
principal amount and integral multiples thereof. At the office or agency of the Company referred
to on the face hereof, and in the manner and subject to the limitations provided in the Indenture,
without payment of any service charge but with payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration or exchange of
Securities, Securities may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations.

     The Securities are not subject to redemption through the operation of any sinking fund.
Section 1004, Section 1006, Section 1007 and Section 1011 of the Indenture shall not apply to the
Securities.

     Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Securities or any portion thereof
(in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to 100% of the principal amount of the Securities such holder elects to
require the Company to repurchase, together with accrued and unpaid interest to but excluding the
Fundamental Change Repurchase Date. The Company or, at the written request of the Company, the
Trustee shall mail to all Holders of record of the Securities a notice of the occurrence of a
Fundamental Change and of the repurchase right arising as a result thereof on or before the
twentieth day after the occurrence of any Fundamental Change.

     Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, at
any time prior to the close of business on the Trading Day immediately preceding the Maturity Date,
to convert any Securities or portion thereof which is $1,000 or an integral multiple thereof, into
Common Shares at the Conversion Rate specified in the Indenture, as adjusted from time to time as
provided in the Indenture, upon surrender of this Security, together with a Notice of Conversion, a
form of which is attached to this Security, as provided in the Indenture and this Security, to the
Company at the office or agency of the Company maintained for that purpose in the Borough of
Manhattan, City of New York or elsewhere as provided in the Indenture, and, unless the shares
issuable on conversion are to be issued in the same name as this Security, duly endorsed by, or
accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the
Holder or by his duly authorized attorney. The initial Conversion Rate is 57.8503 shares for each
$1,000 principal amount of Securities. No fractional Common Shares will be issued upon any
conversion, but an adjustment in cash will be paid to the Holder, as provided in the Indenture, in
respect of any fraction of a share which would otherwise be

D-Exh A-5

 

issuable upon the surrender of any Security or Securities for conversion. No adjustment shall
be made for dividends or any shares issued upon conversion of such Security except as provided in
the Indenture.

     Upon due presentment for registration of transfer of this Security at the office or agency of
the Company in the Borough of Manhattan, City of New York, a new Security or Securities of
authorized denominations for an equal aggregate principal amount will be issued to the transferee
in exchange thereof, subject to the limitations provided in the Indenture, without charge except
for any tax, assessments or other governmental charge imposed in connection therewith.

     The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and
any Security Registrar may deem and treat the registered Holder hereof as the absolute owner of
this Security (whether or not this Security shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof, or on account
hereof, for the conversion hereof and for all other purposes, and neither the Company nor the
Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor
any Security Registrar shall be affected by any notice to the contrary. All payments made to or
upon the order of such registered Holder shall, to the extent of the sum or sums paid, satisfy and
discharge liability for monies payable on this Security.

     No recourse for the payment of the principal of, or accrued and unpaid interest on, this
Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in the Indenture or any indenture
supplemental thereto or in any Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer, trustee,
director or subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

     Terms used in this Security and defined in the Indenture are used herein as therein defined.

     Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TENANT (=tenants by the entireties), JT TEN (joint tenants with right of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform gift to Minors
Act).

D-Exh A-6

 

PROLOGIS

3.25% Convertible Senior Notes due 2015

     No. ____________

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Notation Explaining	 	 	 	 
	 	 	 	 	 	 	Principal Amount	 	 	Authorized Signature of	 
	Date	 	Principal Amount	 	 	Recorded	 	 	Trustee or Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

D-Exh A-7

 

FORM OF CONVERSION NOTICE

To: PROLOGIS

     The undersigned registered owner of this Security hereby exercises the option to convert this
Security, or the portion hereof (which is $1,000 principal amount or an integral multiple thereof)
below designated, into Common Shares in accordance with the terms of the Indenture referred to in
this Security, and directs that the shares issuable and deliverable upon such conversion together
with any check in payment of the cash in respect of fractional shares and any Securities
representing any unconverted principal amount hereof, be issued and delivered to the registered
holder hereof unless a different name has been indicated below. If shares or any portion of this
Security not converted are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be
paid to the undersigned on account of interest accompanies this Security.

	 	 	 

	Dated: ___________________
	 	 
	 
	 	 
	 

	 	 
	 

	 	Signature(s)
	 
	 	 
	 
	 	 
	Signature Guarantee
	 	 
	 
	 	 
	Signature(s) must be guaranteed by an eligible
Guarantor Institution (banks, stock brokers,
savings and loan associations and credit unions)
with membership in an approved signature guarantee
medallion program pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934, as amended,
if Common Shares are to be issued, or Securities
to be delivered, other than to and in the name of
the registered holder.
	 	 

D-Exh A-8

 

	 	 	 

	Fill in for registration of shares if to be
issued, and Securities if to be delivered, other
than to and in the name of the registered holder:
	 	 
	 
	 	 
	 
	 	 
	(Name)
	 	 
	 
	 	 
	 
	 	 
	(Street Address)
	 	 
	 
	 	 
	 
	 	 
	(City, State and Zip Code)
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	Please print name and address
	 	 
	 
	 	 
	 

	 	Principal amount to be converted (if less
than all): $____,000
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	Social Security or Other Taxpayer Identification Number
	 
	 	 
	 

	 	 

D-Exh A-9

 

FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE

     To: PROLOGIS

     The undersigned registered owner of this Security hereby acknowledges receipt of a notice from
ProLogis, to be known as Prologis (the “Company”), as to the occurrence of a Fundamental Change
with respect to the Company and requests and instructs the Company to repay the entire principal
amount of this Security, or the portion thereof (which is $1,000 principal amount or an integral
multiple thereof) below designated, in accordance with the terms of the Indenture referred to in
this Security, to the registered holder hereof.

	 	 	 
	Dated: ____________________
	 	 
	 
	 	 
	 

	 	Signature(s)
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	Social Security or Other Taxpayer
Identification Number Principal amount to
be repaid (if less than all): $____,000 

NOTICE:
	 

	 	
The above signatures of the holder(s) hereof
must correspond with the name as written
upon the face of the Security in every particular
without alteration or enlargement or any
change whatever.

D-Exh A-10

 

FORM OF ASSIGNMENT AND TRANSFER

     For value received ______________ hereby sell(s), assign(s) and transfer(s) unto _____________
(Please insert social security or Taxpayer Identification Number of assignee) the within Security,
and hereby irrevocably constitutes and appoints ____________ attorney to transfer the said Security
on the books of the Company, with full power of substitution in the premises.

	 	 	 

	Dated: ___________________
	 	 
	 
	 	 
	 
	 	 
	Signature(s)
	 	 
	 
	 	 
	 
	 	 
	Signature Guarantee

	 	 
	 
	 	 
	Signature(s) must be guaranteed by an eligible
Guarantor Institution (banks, stock brokers,
savings and loan associations and credit unions)
with membership in an approved signature guarantee
medallion program pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934, as amended,
if Common Shares are to be issued, or Securities
to be delivered, other than to and in the name of
the registered holder.
	 	 

NOTICE: The signature on the conversion notice, the option to elect repurchase upon a Fundamental
Change or the assignment must correspond with the name as written upon the face of the Security in
every particular without alteration or enlargement or any change whatever.

D-Exh A-11exv10w1

Exhibit 10.1

 

 

CUSIP Number: 74340YAA7

GLOBAL SENIOR CREDIT AGREEMENT

Dated as of June 3, 2011

among

PROLOGIS, L.P. (f/k/a AMB Property, L.P.),

as a Borrower and a Guarantor,

CERTAIN AFFILIATE BORROWERS, as Borrowers,

PROLOGIS, INC. (f/k/a AMB Property Corporation), as a Guarantor,

BANK OF AMERICA, N.A.,

as Global Administrative Agent, U.S. Funding Agent, U.S. Swing Line Lender and a U.S. L/C

Issuer,

THE ROYAL BANK OF SCOTLAND plc,

as Euro Funding Agent,

THE ROYAL BANK OF SCOTLAND N.V.,

as Euro Swing Line Lender and a Euro L/C Issuer,

SUMITOMO MITSUI BANKING CORPORATION,

as Yen Funding Agent and a Yen L/C Issuer,

and

The Other Lenders Party Hereto

J.P. MORGAN CHASE BANK, N.A.,

THE ROYAL BANK OF SCOTLAND plc

and

SUMITOMO MITSUI BANKING CORPORATION,

as Global Co-Syndication Agents,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

J.P. MORGAN SECURITIES LLC

and

RBS SECURITIES INC.,

as Global Lead Arrangers and Global Book Runners

for the U.S. Tranche and the Euro Tranche

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

J.P. MORGAN SECURITIES LLC,

RBS SECURITIES INC.

and

SUMITOMO MITSUI BANKING CORPORATION,

as Global Lead Arrangers and Global Book Runners

for the Yen Tranche

 

 

Global Senior Credit Agreement

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND INTERPRETATION
	 	 	1	 
	Section 1.1 Defined Terms
	 	 	1	 
	Section 1.2 Other Interpretive Provisions
	 	 	48	 
	Section 1.3 Accounting Terms
	 	 	49	 
	Section 1.4 Exchange Rates; Currency Equivalents
	 	 	50	 
	Section 1.5 Change of Currency
	 	 	50	 
	Section 1.6 Times of Day
	 	 	51	 
	Section 1.7 Determination of Letter of Credit Amounts and Whether a Letter of Credit is Outstanding
	 	 	51	 
	 
	 	 	 	 
	ARTICLE II U.S. COMMITMENTS AND U.S. CREDIT EXTENSIONS
	 	 	51	 
	Section 2.1 U.S. Committed Loans
	 	 	51	 
	Section 2.2 U.S. Fronting Loans
	 	 	52	 
	Section 2.3 U.S. Committed Borrowings, Conversions and Continuations of U.S. Committed Loans
	 	 	55	 
	Section 2.4 U.S. Letters of Credit
	 	 	57	 
	Section 2.5 U.S. Swing Line Loans
	 	 	57	 
	Section 2.6 U.S. Prepayments
	 	 	60	 
	 
	 	 	 	 
	ARTICLE III EURO COMMITMENTS AND EURO CREDIT EXTENSIONS
	 	 	61	 
	Section 3.1 Euro Committed Loans
	 	 	61	 
	Section 3.2 Euro Fronting Loans
	 	 	62	 
	Section 3.3 Euro Committed Borrowings, Conversions and Continuations of Euro Committed Loans
	 	 	65	 
	Section 3.4 Euro Letters of Credit
	 	 	66	 
	Section 3.5 Euro Swing Line Loans
	 	 	67	 
	Section 3.6 Euro Prepayments.
	 	 	70	 
	 
	 	 	 	 
	ARTICLE IV YEN COMMITMENTS AND YEN CREDIT EXTENSION
	 	 	71	 
	Section 4.1 Yen Committed Loans
	 	 	71	 
	Section 4.2 Yen Fronting Loans
	 	 	72	 
	Section 4.3 Yen Committed Borrowings, Conversions and Continuations of Yen Committed Loans
	 	 	74	 
	Section 4.4 Yen Letters of Credit
	 	 	76	 
	Section 4.5 Yen Prepayments
	 	 	77	 
	 
	 	 	 	 
	ARTICLE V GENERAL PROVISIONS APPLICABLE TO LETTERS OF CREDIT
	 	 	78	 
	Section 5.1 Limitations on Obligations to Issue Letters of Credit
	 	 	78	 
	Section 5.2 Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit
	 	 	79	 
	Section 5.3 Drawings and Reimbursements; Funding of Participations
	 	 	81	 
	Section 5.4 Repayment of Participations
	 	 	83	 
	Section 5.5 Borrower Obligations Absolute
	 	 	84	 
	Section 5.6 Role of L/C Issuer
	 	 	84	 

-i-

 

	 	 	 	 	 
	 	 	Page	 
	Section 5.7 Cash Collateral
	 	 	85	 
	Section 5.8 Applicability of ISP
	 	 	86	 
	Section 5.9 Letter of Credit Fees
	 	 	86	 
	Section 5.10 Fronting Fee and Documentary and Processing Charges Payable to each L/C Issuer
	 	 	86	 
	Section 5.11 Conflict with Issuer Documents
	 	 	87	 
	Section 5.12 Letters of Credit Issued for Eligible Affiliate
	 	 	87	 
	Section 5.13 U.S. Bond L/Cs
	 	 	87	 
	Section 5.14 Reduction and Reinstatement of U.S. Bond L/Cs
	 	 	88	 
	 
	 	 	 	 
	ARTICLE VI GENERAL PROVISIONS APPLICABLE TO LOANS
	 	 	89	 
	Section 6.1 Minimum Amounts for Committed Borrowings, Conversions or Continuations and Prepayments
	 	 	89	 
	Section 6.2 Termination or Reduction of Commitments and Removal of a Borrower
	 	 	90	 
	Section 6.3 Repayment of Loans
	 	 	91	 
	Section 6.4 Interest
	 	 	91	 
	Section 6.5 Fees
	 	 	93	 
	Section 6.6 Computation of Interest and Fees
	 	 	93	 
	Section 6.7 Evidence of Debt and Promissory Note
	 	 	94	 
	Section 6.8 Payments Generally; Global Administrative Agent’s Clawback
	 	 	94	 
	Section 6.9 Sharing of Payments
	 	 	98	 
	Section 6.10 Extension of Maturity Date
	 	 	100	 
	Section 6.11 Additional Affiliate Borrowers
	 	 	100	 
	Section 6.12 Reallocation of Commitments
	 	 	102	 
	Section 6.13 Increase in Commitments
	 	 	104	 
	Section 6.14 Establishment of Supplemental Tranche
	 	 	105	 
	Section 6.15 Defaulting Lenders
	 	 	106	 
	 
	 	 	 	 
	ARTICLE VII TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	108	 
	Section 7.1 Taxes
	 	 	108	 
	Section 7.2 Illegality
	 	 	111	 
	Section 7.3 Inability to Determine Rates
	 	 	112	 
	Section 7.4 Increased Costs Generally
	 	 	113	 
	Section 7.5 Compensation for Losses
	 	 	114	 
	Section 7.6 Mitigation Obligations; Replacement of Lenders
	 	 	116	 
	Section 7.7 Qualified Lender Status
	 	 	116	 
	Section 7.8 Survival
	 	 	117	 
	 
	 	 	 	 
	ARTICLE VIII CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	 	 	117	 
	Section 8.1 Conditions of Initial Credit Extension
	 	 	117	 
	Section 8.2 Conditions to all Credit Extensions
	 	 	118	 

-ii-

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE IX REPRESENTATIONS AND WARRANTIES
	 	 	119	 
	Section 9.1 Existence, Qualification and Power; Compliance with Laws
	 	 	119	 
	Section 9.2 Authorization; No Contravention
	 	 	120	 
	Section 9.3 Governmental Authorization; Other Consents
	 	 	120	 
	Section 9.4 Binding Effect
	 	 	120	 
	Section 9.5 Financial Statements
	 	 	120	 
	Section 9.6 Litigation
	 	 	121	 
	Section 9.7 No Default
	 	 	121	 
	Section 9.8 Ownership of Property
	 	 	121	 
	Section 9.9 Environmental Compliance
	 	 	121	 
	Section 9.10 Taxes
	 	 	121	 
	Section 9.11 Pension Law Compliance
	 	 	121	 
	Section 9.12 Margin Regulations; Investment Company Act
	 	 	122	 
	Section 9.13 Disclosure
	 	 	122	 
	Section 9.14 Compliance with Laws
	 	 	123	 
	Section 9.15 Dutch Banking Act
	 	 	123	 
	Section 9.16 Solvency
	 	 	123	 
	Section 9.17 Plan Assets
	 	 	123	 
	Section 9.18 REIT Status
	 	 	123	 
	 
	 	 	 	 
	ARTICLE X AFFIRMATIVE COVENANTS
	 	 	123	 
	Section 10.1 Financial Statements
	 	 	123	 
	Section 10.2 Certificates; Other Information
	 	 	124	 
	Section 10.3 Notices
	 	 	125	 
	Section 10.4 Payment of Obligations
	 	 	126	 
	Section 10.5 Preservation of Existence, Etc
	 	 	126	 
	Section 10.6 Maintenance of Properties
	 	 	126	 
	Section 10.7 Maintenance of Insurance
	 	 	126	 
	Section 10.8 Compliance with Laws
	 	 	126	 
	Section 10.9 Books and Records
	 	 	127	 
	Section 10.10 Inspection Rights
	 	 	127	 
	Section 10.11 Use of Proceeds
	 	 	127	 
	Section 10.12 REIT Status
	 	 	127	 
	Section 10.13 Guaranties
	 	 	127	 
	Section 10.14 Claims Pari Passu
	 	 	127	 
	 
	 	 	 	 
	ARTICLE XI NEGATIVE COVENANTS
	 	 	127	 
	Section 11.1 Secured Indebtedness
	 	 	128	 
	Section 11.2 Fundamental Changes
	 	 	128	 
	Section 11.3 Restricted Payments
	 	 	128	 
	Section 11.4 Change in Nature of Business
	 	 	129	 
	Section 11.5 Transactions with Affiliates
	 	 	129	 
	Section 11.6 Negative Pledge Agreements; Burdensome Agreements
	 	 	129	 

-iii-

 

	 	 	 	 	 
	 	 	Page	 
	Section 11.7 Use of Proceeds
	 	 	130	 
	Section 11.8 Financial Covenants
	 	 	130	 
	 
	 	 	 	 
	ARTICLE XII EVENTS OF DEFAULT AND REMEDIES
	 	 	130	 
	Section 12.1 Events of Default
	 	 	130	 
	Section 12.2 Remedies Upon Event of Default
	 	 	133	 
	 
	 	 	 	 
	ARTICLE XIII AGENTS
	 	 	134	 
	Section 13.1 Appointment and Authority
	 	 	134	 
	Section 13.2 Rights as a Lender
	 	 	134	 
	Section 13.3 Exculpatory Provisions
	 	 	135	 
	Section 13.4 Reliance by Agents
	 	 	135	 
	Section 13.5 Delegation of Duties
	 	 	136	 
	Section 13.6 Resignation of Global Administrative Agent
	 	 	136	 
	Section 13.7 Resignation of Funding Agents
	 	 	137	 
	Section 13.8 Non-Reliance on Agents and Other Lenders
	 	 	138	 
	Section 13.9 No Other Duties, Etc.
	 	 	138	 
	Section 13.10 Global Administrative Agent May File Proofs of Claim
	 	 	138	 
	Section 13.11 Security Agency Agreement
	 	 	139	 
	Section 13.12 Release of Old Prologis Guaranty
	 	 	139	 
	 
	 	 	 	 
	ARTICLE XIV MISCELLANEOUS
	 	 	140	 
	Section 14.1 Amendments, Etc.
	 	 	140	 
	Section 14.2 Notices; Effectiveness; Electronic Communication
	 	 	142	 
	Section 14.3 No Waiver; Cumulative Remedies
	 	 	144	 
	Section 14.4 Expenses; Indemnity; Damage Waiver
	 	 	145	 
	Section 14.5 Payments Set Aside
	 	 	147	 
	Section 14.6 Successors and Assigns
	 	 	147	 
	Section 14.7 Treatment of Certain Information; Confidentiality
	 	 	151	 
	Section 14.8 Right of Setoff
	 	 	152	 
	Section 14.9 Interest Rate Limitation
	 	 	152	 
	Section 14.10 Counterparts; Integration; Effectiveness
	 	 	152	 
	Section 14.11 Severability
	 	 	153	 
	Section 14.12 Replacement of Lenders
	 	 	153	 
	Section 14.13 Additional Fronting Lenders; Change in Fronting Commitments
	 	 	153	 
	Section 14.14 GOVERNING LAW; JURISDICTION; ETC
	 	 	154	 
	Section 14.15 Waiver of Jury Trial
	 	 	155	 
	Section 14.16 USA Patriot Act Notice
	 	 	155	 
	Section 14.17 Know Your Customers
	 	 	155	 
	Section 14.18 TMK Representation
	 	 	156	 
	Section 14.19 Time of the Essence
	 	 	156	 
	Section 14.20 Judgment Currency
	 	 	156	 

-iv-

 

	 	 	 	 	 
	 	 	Page	 
	Section 14.21 Acknowledgment of Borrowers
	 	 	157	 
	Section 14.22 ENTIRE AGREEMENT
	 	 	157	 
	Section 14.23 Termination of Existing Credit Agreements and Security Agency Agreement
	 	 	157	 
	Section 14.24 No Fiduciary Duty
	 	 	158	 
	 
	 	 	 	 
	ARTICLE XV GUARANTIES
	 	 	159	 
	Section 15.1 The Guaranties
	 	 	159	 
	Section 15.2 Insolvency
	 	 	159	 
	Section 15.3 Absolute and Unconditional Guaranty
	 	 	159	 
	Section 15.4 Independent Obligation
	 	 	160	 
	Section 15.5 Authorization
	 	 	160	 
	Section 15.6 Reliance
	 	 	161	 
	Section 15.7 Subordination
	 	 	161	 
	Section 15.8 Waivers
	 	 	162	 
	Section 15.9 Nature of Liability
	 	 	162	 

-v-

 

SCHEDULES

	 	1.1	 	Mandatory Cost Formulae
	 
	 	2.1	 	Commitments, Applicable Global Percentages and Applicable Tranche Percentages

	 	(a)	 	U.S. Lenders
	 
	 	(b)	 	Euro Lenders
	 
	 	(c)	 	Yen Lenders

	 	2.2	 	Fronting Lender Commitments
	 
	 	2.3	 	Initial Borrowers

	 	(a)	 	Initial U.S. Borrowers
	 
	 	(b)	 	Initial Euro Borrowers
	 
	 	(c)	 	Initial Yen Borrowers

	 	2.4	 	Existing Letters of Credit

	 	(a)	 	U.S. Existing Letters of Credit
	 
	 	(b)	 	Euro Existing Letters of Credit
	 
	 	(c)	 	Yen Existing Letters of Credit

	 	6.12	 	Pre-Approved Reallocations
	 
	 	8.1	 	Opinions
	 
	 	9.6	 	Litigation
	 
	 	9.9	 	Environmental Matters
	 
	 	14.2	 	Global Administrative Agent’s Office; Certain Addresses for Notices

-vi-

 

EXHIBITS

	 	 	 
	Form of	 	 
	A-1

	 	U. S. Committed Loan Notice
	A-2

	 	Euro Committed Loan Notice
	A-3

	 	Yen Committed Loan Notice
	B-1

	 	U.S. Swing Line Loan Notice
	B-2

	 	Euro Swing Line Notice
	C

	 	Compliance Certificate
	D

	 	Assignment and Assumption
	E

	 	Old Prologis Guaranty
	F

	 	Supplemental Addendum
	G

	 	Borrower’s Accession Agreement
	H

	 	Joinder Agreement
	I

	 	Increase Certificate

-vii-

 

GLOBAL SENIOR CREDIT AGREEMENT

     This GLOBAL SENIOR CREDIT AGREEMENT is entered into as of June 3, 2011, among PROLOGIS, L.P.
(f/k/a AMB Property, L.P.), a Delaware limited partnership (“Prologis”), Initial Affiliate
Borrowers, each Eligible Affiliate that becomes a borrower hereunder pursuant to Section
6.11 (individually, an “Additional Affiliate Borrower” and collectively,
“Additional Affiliate Borrowers”), PROLOGIS, INC. (f/k/a AMB Property Corporation), as a
guarantor, Lenders (defined below), BANK OF AMERICA, N.A., as Global Administrative Agent, U.S.
Funding Agent, U.S. Swing Line Lender and a U.S. L/C Issuer, THE ROYAL BANK OF SCOTLAND plc, as
Euro Funding Agent, THE ROYAL BANK OF SCOTLAND N.V., as Euro Swing Line Lender and a Euro L/C
Issuer, and SUMITOMO MITSUI BANKING CORPORATION, as Yen Funding Agent and a Yen L/C Issuer.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I

DEFINITIONS AND INTERPRETATION

     Section 1.1 Defined Terms.

     As used in this Agreement, the following terms shall have the meanings set forth below:

     “ABR Rate” means the greater of (a) the Japanese Prime Rate and (b) the Daily Floating
Yen Eurocurrency Rate. If at any time any rate described above is not available, then the
applicable ABR Rate shall be determined by reference to the rate or rates, as applicable, that are
available.

     “ABR Rate Loan” means a Yen Committed Loan denominated in Yen bearing interest at the
ABR Rate.

     “Additional Affiliate Borrower” has the meaning specified in the introductory
paragraph hereto.

     “Additional Tranche” has the meaning specified in Section 6.11.2.

     “Adjusted EBITDA” means, for the Companies on a consolidated basis, net earnings
before Preferred Dividends, plus amounts that have been deducted, and minus amounts that have been
added, for the following (without duplication):

     (a) Non-recurring losses (gains) from Dispositions of assets (excluding Dispositions to
any Property Fund and Dispositions to third parties in connection with the Companies’
development business);

     (b) Losses (gains) resulting from foreign currency exchange effects of settlement of
Indebtedness and mark-to-market adjustments associated with (i) intercompany Indebtedness
between Prologis and any of its Consolidated Subsidiaries and Unconsolidated Affiliates,
(ii) third party Indebtedness of Prologis and its

1

 

Consolidated Subsidiaries and (iii) Swap Contracts (other than those entered into for
purely speculative purposes);

     (c) Arrangement fees, amendment fees and costs incurred in connection with the
negotiation, documentation and/or closing of this Agreement and any amendment, supplement or
other modification hereto;

     (d) Losses and charges from extraordinary, non-recurring and other unusual items
(including, without limitation, fees and costs incurred in connection with the negotiation,
documentation and/or closing of each capital market offering, debt financing or amendments
thereto, redemption or exchange of Indebtedness, business combination, acquisition, merger,
disposition, recapitalization and consent solicitation);

     (e) Losses (gains) from early extinguishment of Indebtedness; and

     (f) Losses (earnings) attributable to Unconsolidated Affiliates;

plus Allowed Unconsolidated Affiliate Earnings, plus all amounts deducted in
calculating net earnings for Interest Expense (including cash and non-cash amounts), minority
interests, provisions for taxes based on income (including deferred income taxes), provisions for
unrealized gains and losses, depreciation and amortization and the effect of any other non-cash
item. Notwithstanding the above, non-cash losses (gains) and any non-cash impairment of
Investments, intangible assets, including goodwill, or other assets shall be added back to (in the
case of write-downs, impairment charges and losses) or deducted from (in the case of gains)
Adjusted EBITDA to the extent deducted (added) in the calculation of net earnings or Adjusted
EBITDA (but without duplication).

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by Global Administrative Agent or the applicable Funding Agent.

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

     “Affiliate Borrowers” means, collectively, each Initial Affiliate Borrower and each
Additional Affiliate Borrower; and “Affiliate Borrower” means any of the Affiliate
Borrowers.

     “Agent Indemnitee” has the meaning specified in Section 14.4.4.

     “Agents” means, collectively, Global Administrative Agent, the Funding Agents and,
prior to the Security Agency Agreement Release Date, Collateral Agent; and “Agent” means
any of the Agents.

     “Aggregate Tranche Commitments” means, collectively, the U.S. Aggregate Commitments,
the Euro Aggregate Commitments, the Yen Aggregate Commitments and each Supplemental Aggregate
Commitment; and “Aggregate Tranche Commitment” means any of the Aggregate Tranche
Commitments.

2

 

     “Agreement” means this Global Senior Credit Agreement.

     “Allocating Lender” has the meaning specified in Section 6.12.1.

     “Allowed Unconsolidated Affiliate Earnings” means distributions (excluding
extraordinary or non-recurring distributions) received in cash from Unconsolidated Affiliates.

     “Alternative Currencies” means (a) for the U.S. Tranche, each of Euro, Sterling, Yen
and Canadian Dollars, (b) for the Euro Tranche, each of Dollars, Sterling and Yen, (c) for the Yen
Tranche, each of Dollars, Euro and Sterling, and (d) for each Supplemental Tranche, each
alternative currency set forth in the Supplemental Addendum.

     “Applicable Global Percentage” means with respect to any Lender at any time, the
percentage (carried out to the ninth decimal place) of the Dollar Equivalent of the total Aggregate
Tranche Commitments represented by the Dollar Equivalent of such Lender’s Commitments at such time.
If the commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C
Credit Extensions have been terminated pursuant to Section 12.2 or if the Aggregate Tranche
Commitments have expired, then the Applicable Global Percentage of such Lender shall be the
percentage (carried out to the ninth decimal place) of the Dollar Equivalent of the Total Global
Outstandings held by such Lender (with the aggregate amount of such Lender’s risk participation and
funded participation in L/C Obligations, Fronting Loans and Swing Line Loans being deemed “held” by
such Lender for purposes of this definition).

     “Applicable Margin” means (a) at any time prior to the earlier of (x) October 3, 2011,
and (y) the date on which Prologis has a long term unsecured senior debt rating from at least two
of S&P, Moody’s and Fitch, a percentage per annum equal to (i) with respect to the Facility Fee,
0.300%, (ii) with respect to Eurocurrency Rate Loans, Substitute Rate Loans and the Letter of
Credit Fee, 1.400% and (iii) with respect to Base Rate Loans, ABR Rate Loans and Money Market Rate
Loans, 0.400% and (b) at any time thereafter, with respect to the applicable Borrowings, the
applicable percentage per annum set forth in the table below opposite the applicable ratings of
Prologis, determined in accordance with the following: If Prologis has all three of such ratings,
then the Applicable Margin will be based on the higher of the S&P Rating and the Moody’s Rating.
If Prologis has only two of such ratings, then the Applicable Margin will be based upon the higher
of such ratings. If Prologis has only one or none of such ratings, then the highest Applicable
Margin will apply.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Base Rate	 	 	 	 
	 	 	 	 	 	 	Loans/ ABR	 	Eurocurrency	 	 
	 	 	 	 	 	 	Rate Loans/	 	Rate Loans/	 	 
	 	 	 	 	 	 	Money	 	Substitute Rate	 	 
	Moody’s	 	S&P	 	Fitch	 	Market Rate	 	Loans/ Letter of	 	Facility
	Rating	 	Rating	 	Rating	 	Loans	 	Credit Fees	 	Fee
	Less than Baa3 or not rated
	 	Less than BBB- or not rated	 	Less than BBB- or not rated	 	 	1.05	%	 	 	2.05	%	 	 	0.450	%
	Baa3
	 	BBB-	 	BBB-	 	 	0.650	%	 	 	1.650	%	 	 	0.350	%

3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Base Rate	 	 	 	 
	 	 	 	 	 	 	Loans/ ABR	 	Eurocurrency	 	 
	 	 	 	 	 	 	Rate Loans/	 	Rate Loans/	 	 
	 	 	 	 	 	 	Money	 	Substitute Rate	 	 
	Moody’s	 	S&P	 	Fitch	 	Market Rate	 	Loans/ Letter of	 	Facility
	Rating	 	Rating	 	Rating	 	Loans	 	Credit Fees	 	Fee
	Baa2
	 	BBB	 	BBB	 	 	0.400	%	 	 	1.400	%	 	 	0.300	%
	Baa1
	 	BBB+	 	BBB+	 	 	0.250	%	 	 	1.250	%	 	 	0.250	%
	A3 or better
	 	A- or better	 	A- or better	 	 	0.175	%	 	 	1.175	%	 	 	0.225	%

Each change in the Applicable Margin shall be effective commencing on the fifth Business Day
following the earlier to occur of (A) Global Administrative Agent’s receipt of notice from General
Partner or Prologis, as required by Section 10.3(e), of an applicable change in the Moody’s
Rating, the S&P Rating or the Fitch Rating and (B) Global Administrative Agent’s actual knowledge
of an applicable change in the Moody’s Rating, the S&P Rating or the Fitch Rating.

     “Applicable Time” means, with respect to any borrowings and payments in any currency,
the local time in the place of settlement for such currency as may be determined by Global
Administrative Agent, the applicable Funding Agent or the applicable L/C Issuer, as the case may
be, to be necessary for timely settlement on the relevant date in accordance with normal banking
procedures in the place of payment.

     “Applicable Tranche Lender” means, with respect to any Tranche, a Lender under such
Tranche.

     “Applicable Tranche Percentage” means:

     (a) with respect to any U.S. Lender at any time, the percentage (carried out to the
ninth decimal place) of the U.S. Aggregate Commitments represented by such U.S. Lender’s
U.S. Commitment at such time. If the commitment of each U.S. Lender to make U.S. Loans and
the obligation of each U.S. L/C Issuer to make U.S. L/C Credit Extensions have been
terminated pursuant to Section 6.2.1 or 12.2 or if the U.S. Aggregate
Commitments have expired, then the Applicable Tranche Percentage of such U.S. Lender shall
be the percentage (carried out to the ninth decimal place) of the U.S. Total Outstandings
represented by such U.S. Lender’s U.S. Credit Exposure. The Applicable Tranche Percentage
of each U.S. Lender as of the Closing Date is set forth opposite the name of such U.S.
Lender on Schedule 2.1.

     (b) with respect to any Euro Lender at any time, the percentage (carried out to the
ninth decimal place) of the Euro Aggregate Commitments represented by such Euro Lender’s
Euro Commitment at such time. If the commitment of each Euro Lender to make Euro Loans and
the obligation of each Euro L/C Issuer to make Euro L/C Credit

4

 

Extensions have been
terminated pursuant to Section 6.2.1 or 12.2 or if the Euro
Aggregate Commitments have expired, then the Applicable Tranche Percentage of such Euro
Lender shall be the percentage (carried out to the ninth decimal place) of the Euro Total
Outstandings represented by such Euro Lender’s Euro Credit Exposure. The Applicable Tranche
Percentage of each Euro Lender as of the Closing Date is set forth opposite the name of such
Euro Lender on Schedule 2.1.

     (c) with respect to any Yen Lender at any time, the percentage (carried out to the
ninth decimal place) of the Yen Aggregate Commitments represented by such Yen Lender’s Yen
Commitment at such time. If the commitment of each Yen Lender to make Yen Committed Loans
and the obligation of each Yen L/C Issuer to make Yen L/C Credit Extensions have been
terminated pursuant to Section 6.2.1 or 12.2 or if the Yen Aggregate
Commitments have expired, then the Applicable Tranche Percentage of such Yen Lender shall be
the percentage (carried out to the ninth decimal place) of the Yen Total Outstandings
represented by such Yen Lender’s Yen Credit Exposure. The Applicable Tranche Percentage of
each Yen Lender as of the Closing Date is set forth opposite the name of such Yen Lender on
Schedule 2.1.

     (d) with respect to each Supplemental Tranche, the percentage set forth in the
applicable Supplemental Addendum, as adjusted from time to time in accordance with this
Agreement.

     “Arrangers” means, collectively, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
RBS Securities Inc., J.P. Morgan Securities LLC and Sumitomo Mitsui Banking Corporation, each in
its capacity as a global lead arranger and a global book runner under the Loan Documents.

     “Assignee Group” means two or more Qualified Institutions that are Affiliates of one
another.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and a Qualified Institution (with the consent of any party whose consent is required by
Section 14.6.2), and accepted by Global Administrative Agent and the applicable Funding
Agent, in substantially the form of Exhibit D or any other form approved by Global
Administrative Agent and the applicable Funding Agent.

     “Auto-Extension Letter of Credit” has the meaning set forth in Section 5.2.3.

     “Availability Period” means the period from the Closing Date to the earliest of (a)
for purposes of all Tranches, the Maturity Date, (b) for purposes of all Tranches, the date of
termination of all the Aggregate Tranche Commitments pursuant to Section 6.2.1, (c) for
purposes of any Tranche, the date of termination of the Aggregate Tranche Commitments for such
Tranche pursuant to Section 6.2.1, and (d) for purposes of all Tranches, the date of
termination of the commitment of each Lender to make Loans and of the obligation of each L/C Issuer
to make L/C Credit Extensions pursuant to Section 12.2.

5

 

     “Available Tranches” means, collectively, the U.S. Tranche, the Euro Tranche, the Yen
Tranche and each Supplemental Tranche; and “Available Tranche” means any of the Available
Tranches.

     “Bank of America” means Bank of America, N.A. and its successors.

     “Base Rate” means, with respect to Committed Loans denominated in Dollars for any day,
a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of
1%, (b) the rate of interest in effect for such day as publicly announced from time to time by U.S.
Funding Agent as its “prime rate” and (c) the Daily Floating Eurocurrency Rate. If at any time any
rate described above is not available, then the Base Rate shall be determined by reference to the
rate or rates, as applicable, that are available. The “prime rate” is a rate set by U.S. Funding
Agent based upon various factors including U.S. Funding Agent’s costs and desired return, general
economic conditions and other factors, and is used as a reference point for pricing some loans,
which may be priced at, above or below such announced rate. Any change in such rate announced by
U.S. Funding Agent shall take effect at the opening of business on the day specified in the public
announcement of such change.

     “Base Rate Committed Loan” means any Committed Loan that is a Base Rate Loan.

     “Base Rate Loan” means a Loan that bears interest based on the Base Rate. All Base
Rate Loans shall be denominated in Dollars.

     “Bond Documents” means (a) when used in connection with any U.S. Bond L/C, the Bonds
or other evidences of indebtedness with respect to which such U.S. Bond L/C has been issued as
credit support, together with any remarketing agreement, trust indenture, purchase agreement,
purchased bond custody agreement, funding agreement, pledge agreement, loan agreement and other
documents executed pursuant to or in connection with such bonds or other evidences of indebtedness,
and (b) in all other cases, collectively, all Bond Documents as defined in the preceding clause
(a) relating to U.S. Bond L/Cs then outstanding.

     “Bond Purchase Drawing” has the meaning specified in Section 5.14.

     “Bond Rights” has the meaning specified in Section 5.14.2.

     “Bonds” means revenue bonds issued by any Person for the purpose of financing,
directly or indirectly, the development, operation, construction or maintenance of infrastructure
and housing projects involving any Company, or which projects are related to any Company’s business
activities in the region in which the projects are being developed, and for which any Company has
obtained credit support in the form of a U.S. Bond L/C for such revenue bonds.

     “Borrowers” means, collectively, Prologis and Affiliate Borrowers; and
“Borrower” means any one of the Borrowers.

     “Borrower Accession Agreement” means a Borrower Accession Agreement substantially in
the form of Exhibit G.

     “Borrower Materials” has the meaning specified in Section 10.2.

6

 

     “Borrowing” means any Committed Borrowing or any Swing Line Borrowing, as the context
may require.

     “Business Day” means:

     (a) any day other than (i) a Saturday or Sunday, (ii) with respect to any Tranche, a
day on which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the jurisdiction where the Funding Agent’s Office for such Tranche is located or
(iii) with respect to the Yen Tranche, a day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, New York City, New York; and

     (b) (i) if such day relates to any interest rate settings as to a Eurocurrency Rate
Loan denominated in Dollars, any fundings, disbursements, settlements and payments in
Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to
be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, any
such day on which dealings in deposits in Dollars are conducted by and between banks in the
London interbank eurodollar market;

     (ii) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Euro, any fundings, disbursements, settlements and payments in Euro in
respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, a TARGET Day;

     (iii) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in a currency other than Dollars or Euro, any such day on which dealings in
deposits in the relevant currency are conducted by and between banks in the London, Tokyo or
other applicable offshore interbank market for such currency; and

     (iv) if such day relates to any fundings, disbursements, settlements and payments in a
currency other than Dollars or Euro in respect of a Eurocurrency Rate Loan denominated in a
currency other than Dollars or Euro, or any other dealings in any currency other than
Dollars or Euro to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan (other than any interest rate settings), any such day on which banks
are open for foreign exchange business in the principal financial center of the country of
such currency.

     “Canadian Dollars” and the symbol “Cdn$” mean the lawful currency of Canada.

     “Capital Expenditures” means, for any period, an amount equal to $0.10 per square foot
on (a) after the date following the Merger on which Prologis or General Partner has filed a Form
10-Q or 10-K with the SEC, the portfolio square footage as most recently reported on a Form 10-Q or
10-K of Prologis or General Partner and (b) prior to the date specified in (a) above, the aggregate
of the portfolio square footage most recently reported on a Form 10-Q or 10-K filed with the SEC by
or on behalf of each of Old Prologis and Prologis.

7

 

     “Capital Lease” means any capital lease or sublease that has been (or under GAAP
should be) capitalized on the balance sheet of the lessee.

     “Capitalization Rate” means the percentage rates set forth below:

     (a) 6.0% with respect to all Properties located in Japan; and

     (b) 7.25% with respect to all Properties not located in Japan.

     “Cash Collateralize” means, with respect to each Tranche that has a Letter of Credit
subfacility, to pledge and deposit with or deliver to the applicable Funding Agent, for the benefit
of the L/C Issuers of such Tranche and Lenders of such Tranche, as collateral for the L/C
Obligations of such Tranche, cash or deposit account balances in the applicable currency of the
applicable Letter of Credit pursuant to documentation in form and substance satisfactory to the
applicable Funding Agent (which documents are hereby consented to by such Lenders). Derivatives of
such term have corresponding meanings.

     “Cash Equivalents” means (a) direct obligations of the United States of America or any
agency thereof, or obligations fully guaranteed by the United States of America or any agency
thereof; provided that such obligations mature within one year of the date of acquisition
thereof, (b) commercial paper rated “A-1” (or higher) according to S&P or “P-1” (or higher)
according to Moody’s and, in each case, maturing not more than 180 days from the date of
acquisition thereof, (c) time deposits with, and certificates of deposit and bankers’ acceptances
issued by, any Lender or any other United States bank having capital surplus and undivided profits
aggregating at least $1,000,000,000, and (d) mutual funds whose investments are substantially
limited to the foregoing.

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the
administration, interpretation or application thereof by any Governmental Authority or (c) the
making or issuance of any request, guideline or directive (whether or not having the force of law)
by any Governmental Authority; provided that, notwithstanding anything herein to the
contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States
regulatory authorities, in each case pursuant to Basel III, in each case shall be deemed to be a
“Change in Law,” regardless of the date enacted, adopted, promulgated or issued.

     “Change of Control” means an event or series of events by which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or
its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other
fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or
group shall be deemed to have “beneficial ownership” of all securities that such person or
group has the right to acquire (such right, an “option

8

 

right”), whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of
25% or more of the equity securities of General Partner entitled to vote for members of the
board of directors or equivalent governing body of General
Partner on a fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right);

     (b) during any period of 12 consecutive months, a majority of the members of the board
of directors or other equivalent governing body of General Partner cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body
was approved by individuals referred to in clause (i) above constituting at the time
of such election or nomination at least a majority of that board or equivalent governing
body or (iii) whose election or nomination to that board or other equivalent governing body
was approved by individuals referred to in clauses (i) and (ii) above
constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body (excluding, in the case of both clause (ii) and clause
(iii), any individual whose initial nomination for, or assumption of office as, a member
of that board or equivalent governing body occurs as a result of an actual or threatened
solicitation of proxies or consents for the election or removal of one or more directors by
any person or group other than a solicitation for the election of one or more directors by
or on behalf of the board of directors);

     (c) any Person or two or more Persons acting in concert shall have acquired by contract
or otherwise the power to exercise, directly or indirectly, a controlling influence over the
management or policies of General Partner, or control over the equity securities of General
Partner entitled to vote for members of the board of directors or equivalent governing body
of General Partner on a fully-diluted basis (and taking into account all such securities
that such Person or group has the right to acquire pursuant to any option right)
representing 25% or more of the combined voting power of such securities; or

     (d) General Partner shall cease to (i) be the sole general partner of Prologis, or (ii)
own, directly or indirectly, more than 50% of the Equity Interests of Prologis.

     “Closing Date” means the first date all the conditions precedent in Section
8.1 are satisfied or waived in accordance with Section 14.1.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral Agent” means Bank of America, in its capacity as Collateral Agent under
the Security Agency Agreement and any related document, or any successor in such capacity.

     “Commitment” means a Lender’s commitment under any Tranche.

     “Committed Borrowings” means, collectively, U.S. Committed Borrowings, Euro Committed
Borrowings, Yen Committed Borrowings and each Supplemental Committed Borrowing; and “Committed
Borrowing” means any one of the foregoing.

9

 

     “Committed Loan Notices” means, collectively, the U.S. Committed Loan Notice, the Euro
Committed Loan Notice, the Yen Committed Loan Notice and each Supplemental
Committed Loan Notice; and “Committed Loan Notice” means any one of the Committed Loan
Notices.

     “Committed Loans” means, collectively, the U.S. Committed Loans, the Euro Committed
Loans, the Yen Committed Loans and each Supplemental Committed Loan; and “Committed Loan”
means any one of the Committed Loans.

     “Companies” means General Partner and its Consolidated Subsidiaries; provided
that for purposes of Sections 9.2, 9.6, 9.7, 9.14, 9.17 and
12.1, “Companies” shall also include each Borrower that is not a Consolidated
Subsidiary; and “Company” means any one of the Companies.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
C.

     “Consolidated Leverage Ratio” means, as of any date, the ratio of (a) all Indebtedness
of the Companies, on a consolidated basis, to (b) Total Asset Value; provided that for
purposes of calculating the Consolidated Leverage Ratio, (i) total Indebtedness of the Companies
shall be adjusted by deducting therefrom an amount equal to the lesser of (A) total Indebtedness
that by its terms is scheduled to mature on or before the date that is 24 months from the date of
calculation and (B) Unrestricted Cash of the Companies and (ii) Total Asset Value shall be adjusted
by deducting therefrom the amount by which total Indebtedness is adjusted under clause (i).

     “Consolidated Subsidiary” means, with respect to any Person (a “Parent”), any
other Person in which such Parent directly or indirectly holds an Equity Interest and that would be
consolidated in the preparation of consolidated financial statements of such Parent in accordance
with GAAP. Any reference herein or in any other Loan Document to a “Consolidated Subsidiary”
shall, unless otherwise specified, be a reference to a Consolidated Subsidiary of General Partner.

     “Consolidated Tangible Net Worth” means, for the Companies, on a consolidated basis,
as of any date, (a) Total Assets (excluding intangible assets of the Companies), minus (b)
all Liabilities.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Credit Extension” means the making of a Borrowing (but not a continuation or
conversion thereof) or an L/C Credit Extension.

10

 

     “Credit Parties” means, collectively, each Agent, each Lender, each L/C Issuer, each
Swing Line Lender and each Fronting Lender.

     “Customary Recourse Exceptions” means, with respect to any Non-Recourse Debt,
exclusions from the exculpation provisions with respect to such Non-Recourse Debt for fraud,
misapplication of cash, environmental claims, breach of representations or warranties, failure to
pay taxes and insurance, and other circumstances customarily excluded by institutional lenders from
exculpation provisions and/or included in separate indemnification agreements in non-recourse
financings of real estate.

     “Daily Floating Eurocurrency Rate” means, as of any date of determination, the per
annum rate of interest equal to BBA LIBOR (as defined in clause (a) of the definition of
“Eurocurrency Rate”), as published by Reuters (or another commercially available source providing
quotations of BBA LIBOR as reasonably selected by Global Administrative Agent from time to time) at
approximately 11:00 a.m. London time on the date of determination (or, if such day is not a
Business Day, on the immediately preceding Business Day) for Dollar deposits being delivered in the
London interbank market for a term of one month commencing on that day.

     “Daily Floating Yen Eurocurrency Rate” means, as of any date of determination, the
Eurocurrency Rate applicable to Eurocurrency Rate Loans denominated in Yen under the Yen Tranche
with a term of one month commencing on the date of determination (or, if such day is not a Business
Day, on the immediately preceding Business Day).

     “Debt Service” means, for any Person for any period, the sum of the cash
portion of Interest Expense (excluding, to the extent included therein, amortized fees previously
paid in cash) plus any regularly scheduled principal payments on Indebtedness; provided
that Debt Service shall not include Excluded Debt Service.

     “Debtor Relief Laws” means Title 11 of the United States Code and all other applicable
state or federal liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting rights of
creditors generally.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time or both, would be an Event of Default.

     “Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Base Rate or ABR Rate, as applicable, plus
(ii) the Applicable Margin, if any, applicable to Base Rate Loans and ABR Rate Loans, plus
(iii) 2% per annum; provided that with respect to a Eurocurrency Rate Loan, a Substitute
Rate Loan, a Money Market Rate Loan and a Supplemental Rate Loan, if any, the Default Rate shall be
an interest rate equal to the interest rate (including any Applicable Margin and any Mandatory
Cost) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect
to Letter of Credit Fees, a rate equal to the Applicable Margin plus 2% per annum.

11

 

     “Defaulting Lender” means any Lender that: (a) has failed to fund any Loan (including
any portion of any applicable Fronting Loan), any participation in L/C Obligations or any
participation in a Swing Line Loan within two Business Days of the date required to be funded
by it hereunder, unless such failure has been cured; (b) has notified any Borrower, Global
Administrative Agent, any Funding Agent, any L/C Issuer or any other Lender in writing that it does
not intend to comply with any of its funding obligations hereunder (unless such notice has been
withdrawn and the effect of such notice has been cured) or has made a public statement to that
effect (unless such statement has been retracted); (c) has failed, within three Business Days after
written request by Global Administrative Agent or Prologis, to confirm in writing to Global
Administrative Agent and Prologis that it will comply with the terms of this Agreement relating to
its obligations to fund prospective Loans (including any portion of an applicable Fronting Loan),
participations in L/C Obligations or participations in Swing Line Loans, unless such failure has
been cured; (d) has otherwise failed to pay to Global Administrative Agent, any Funding Agent, any
L/C Issuer or any other Lender any other amount (other than a de minimus amount) required to be
paid by it hereunder within three Business Days of the date when due, unless the subject of a good
faith dispute or such failure has been cured; or (e) has, or has a direct or indirect parent
company that has, (i) become the subject of a bankruptcy or insolvency proceeding, (ii) had a
receiver, conservator, trustee or custodian appointed for it, or (iii) taken any action in
furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of
the ownership or acquisition of any Equity Interest in such Lender or any direct or indirect parent
company thereof by a Governmental Authority, so long as the ownership or acquisition of such Equity
Interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contract or agreement made with such Lender.

     “Designated Borrower” means (a) with respect to the General Partner Guaranty, all
Borrowers, and (b) with respect to the Prologis Guaranty, all Borrowers other than Prologis.

     “Designated Senior Debt” has the meaning specified in the Security Agency Agreement.

     “Disposition” or “Dispose” means the sale, transfer, license, lease,
contribution or other disposition (including any sale and leaseback transaction, but excluding
charitable contributions) of any property by any Person, including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.

     “Disqualified Stock” means any Equity Interests of a Person that by its terms (or by
the terms of any Equity Interests into which it is convertible or for which it is exchangeable or
exercisable) (a) matures or is subject to mandatory redemption, pursuant to a sinking fund
obligation or otherwise on or prior to the Maturity Date, (b) is convertible into or exchangeable
or exercisable for a Liability or Disqualified Stock on or prior to the Maturity Date, (c) is
redeemable on or prior to the Maturity Date at the option of the holder of such Equity Interests or
(d) otherwise requires any payments by such Person on or prior to the Maturity Date.

     “Dollar” and “$” mean lawful money of the United States.

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     “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in
Dollars, such amount, and (b) with respect to any amount denominated in any Foreign Currency,
the equivalent amount thereof in Dollars as determined by Global Administrative Agent, the
applicable Funding Agent or the applicable L/C Issuer, as the case may be, at such time on the
basis of the Spot Rate (as of the most recent Revaluation Date) for the purchase of Dollars with
such Foreign Currency.

     “Domestic Borrower” means, with respect to each Tranche, a Borrower under such Tranche
that is not a Foreign Borrower under such Tranche.

     “Dutch Banking Act” means the Act on the Supervision of the Financial Markets dated
September 28, 2006 (Wet op het Financieel Toezicht).

     “Dutch Borrower” means any Borrower that is organized under the Laws of The
Netherlands.

     “Eligible Affiliate” means any Person in which Prologis directly or indirectly holds
an Equity Interest.

     “Eligible Qualified Institution” means a Qualified Institution that meets the
following requirements: (a) to the extent that a Lender is a Qualified Lender with respect to an
outstanding Loan in which a Fronting Lender has funded a portion of such Loan, then an “Eligible
Qualified Institution” with respect to the assignment of such Loan by such Qualified Lender is a
Qualified Lender; and (b) such Qualified Institution is able to make the representations set forth
in Section 7.1.5(a) with respect to the applicable Tranche; provided that “Eligible
Qualified Institution” shall not include any Company or any Affiliate of any Company.

     “EMU” means the European economic and monetary union in accordance with the Treaty of
Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the
Amsterdam Treaty of 1998.

     “EMU Legislation” means the legislative measures of the European Council for the
introduction of, changeover to or operation of a single or unified European currency.

     “Environmental Laws” means all Federal, state, provincial, local and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
Prologis, any other Loan Party or any of their respective Affiliates directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the

13

 

environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “Equity Interests” means, with respect to any Person, all shares of capital stock of
(or other ownership or profit interests in) such Person, all warrants, options or other rights for
the purchase or acquisition from such Person of shares of capital stock of (or other ownership or
profit interests in) such Person, all securities convertible into or exchangeable for shares of
capital stock of (or other ownership or profit interests in) such Person, and all other ownership,
beneficial or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, in each case to the extent then outstanding;
provided that the convertible senior notes of Prologis shall not constitute Equity
Interests unless such notes are converted into capital stock of Prologis.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with Prologis within the meaning of Section 414(b) or (c) of the Code (and Sections
414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

     “ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by Prologis or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by Prologis or any ERISA Affiliate from a Multiemployer
Plan or receipt by Prologis or any ERISA Affiliate of notification that a Multiemployer Plan is in
reorganization; (d) the filing by Prologis or any ERISA Affiliate of a notice of intent to
terminate any Pension Plan, the treatment of a Pension Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; or (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan.

     “Euro” and “EUR” mean the lawful currency of the Participating Member States
introduced in accordance with the EMU Legislation.

     “Euro Aggregate Commitments” means, at any time, the Euro Commitments of all Euro
Qualified Lenders and Euro Non-Qualified Lenders, provided that the Euro Aggregate
Commitments shall not include the Fronting Commitments.

     “Euro Borrower” means each Borrower listed under the heading “Euro Tranche” on
Schedule 2.3 and any other Borrower added to the Euro Tranche pursuant to Section
6.11.

     “Euro Commitment” means, as to each Euro Lender, its obligation to (a) make Euro
Committed Loans to Euro Borrowers pursuant to Section 3.1, (b) purchase participations in
Euro Fronting Loans to the extent such Euro Lender is a Euro Non-Qualified Lender, (c) purchase
participations in Euro L/C Obligations and (d) purchase participations in Euro Swing Line Loans, in
the Euro Equivalent aggregate principal amount at any one time outstanding not to

14

 

exceed the amount
set forth opposite such Euro Lender’s name on the most recent Schedule 2.1, as prepared by
Global Administrative Agent or Euro Funding Agent (or if the applicable
assignment occurred after such preparation, in the most recent Assignment and Assumption to
which such Euro Lender is a party), as such amount may be adjusted from time to time in accordance
with this Agreement.

     “Euro Committed Borrowing” means a borrowing consisting of simultaneous Euro Committed
Loans of the same Type and having the same Interest Period made by each Euro Lender (other than any
applicable Euro Non-Qualified Lender) pursuant to Section 3.1.

     “Euro Committed Loan” has the meaning specified in Section 3.1, and shall
include any Euro Fronting Loan made in connection with a Euro Committed Borrowing.

     “Euro Committed Loan Notice” means a notice of (a) a Euro Committed Borrowing, (b) a
conversion of Euro Committed Loans from one Type to the other or (c) a continuation of Eurocurrency
Rate Loans, pursuant to Section 3.3.1, which, if in writing, shall be substantially in the
form of Exhibit A-2.

     “Euro Credit Exposure” means, for any Euro Lender at any time, the aggregate Euro
Outstanding Amount of all Euro Committed Loans (other than Euro Fronting Loans) of such Euro Lender
plus such Euro Lender’s Applicable Tranche Percentage of the Euro Outstanding Amount of all
Euro L/C Obligations and all Euro Swing Line Loans plus, as to any Euro Non-Qualified
Lenders, the Euro Outstanding Amount of such Euro Lender’s participation in all applicable Euro
Fronting Loans.

     “Euro Credit Extension” means each of the following: (a) a Euro Committed Borrowing,
(b) a Euro Swing Line Borrowing and (c) a Euro L/C Credit Extension.

     “Euro Equivalent” means, at any time, (a) with respect to any amount denominated in
Euro, such amount, and (b) with respect to any amount denominated in any Alternative Currency under
the Euro Tranche, the equivalent amount thereof in Euro as determined by Euro Funding Agent or the
applicable Euro L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (as of
the most recent Revaluation Date) for the purchase of Euro with such Alternative Currency.

     “Euro Existing Letters of Credit” means the letters of credit outstanding on the date
hereof and described on Schedule 2.4(b).

     “Euro Fronting Loan” has the meaning specified in Section 3.2.1.

     “Euro Funding Agent” means RBS plc, in its capacity as Euro funding agent under the
Loan Documents, or any successor Euro funding agent.

     “Euro Funding Agent’s Office” means, with respect to the Euro Tranche, Euro Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 14.2 with
respect to the Euro Tranche, or (subject to Section 14.2.5) such other address or account
with respect to Euro Tranche as Euro Funding Agent may from time to time notify to Prologis, Global
Administrative Agent, the other Funding Agents and Euro Lenders.

15

 

     “Euro L/C Borrowing” means an extension of credit resulting from a drawing under any
Euro Letter of Credit which has not been reimbursed on the date when made or refinanced as a Euro
Committed Borrowing. All Euro L/C Borrowings shall be denominated in Euro or Sterling, as
applicable.

     “Euro L/C Credit Extension” means, with respect to any Euro Letter of Credit, the
issuance thereof, the extension of the expiry date thereof or the increase of the amount thereof.

     “Euro L/C Issuers” means RBS NV, in its individual capacity as a bank issuing Euro
Letters of Credit hereunder, and any other Euro Lender, in its individual capacity, approved by
Global Administrative Agent and Euro Funding Agent to issue Euro Letters of Credit hereunder,
including each issuer of a Euro Existing Letter of Credit; and “Euro L/C Issuer” means any
one of the Euro L/C Issuers.

     “Euro L/C Obligations” means, as of any date of determination, the aggregate amount
available to be drawn under all outstanding Euro Letters of Credit plus the aggregate of
all Euro Unreimbursed Amounts, including all Euro L/C Borrowings.

     “Euro Lender” means each Lender listed on Schedule 2.1(b) and any Person that
becomes a Euro Lender pursuant to Section 6.13, in each case including such Person’s
successors and permitted assigns.

     “Euro Letter of Credit” means any standby letter of credit, bank guaranty, bank bond
or comparable instrument issued under the Euro Tranche (including the Euro Existing Letters of
Credit). Euro Letters of Credit may only be issued in Euro or Sterling.

     “Euro Letter of Credit Sublimit” means an amount equal to the lesser of (a)
EUR 50,000,000 and (b) the Euro Aggregate Commitments. The Euro Letter of Credit Sublimit is part
of, and not in addition to, the Euro Aggregate Commitments.

     “Euro Loan” means an extension of credit by a Euro Lender to a Borrower under
Article III in the form of a Euro Committed Loan or Euro Swing Line Loan.

     “Euro Non-Qualified Lender” means a Euro Lender that is not a Euro Qualified Lender.

     “Euro Outstanding Amount” means: (a) with respect to Euro Committed Loans (other than
Euro Fronting Loans), the aggregate outstanding Euro Equivalent principal amount thereof after
giving effect to any borrowings and repayments of Euro Committed Loans; (b) with respect to Euro
Fronting Loans, the aggregate outstanding Euro Equivalent principal amount thereof after giving
effect to any borrowings and repayments of Euro Fronting Loans; (c) with respect to Euro Swing Line
Loans, the aggregate outstanding Euro Equivalent principal amount thereof after giving effect to
any borrowings and repayments of Euro Swing Line Loans; and (d) with respect to any Euro L/C
Obligations, the aggregate outstanding Euro Equivalent principal amount thereof after giving effect
to any Euro L/C Credit Extension occurring on such date and any other change in the outstanding
amount of the Euro L/C Obligations on such date, including as a result of any reimbursement by any
Euro Borrower of Euro Unreimbursed Amounts.

16

 

     “Euro Qualified Lender” means, as of any date of determination, a Euro Lender that (a)
has committed hereunder to make Euro Committed Loans in the applicable currency requested by a Euro
Borrower to be funded under the Euro Tranche, (b) is capable of making the requested Euro Committed
Loans to the Foreign Borrower requesting such Euro Committed Loan without the imposition of any
withholding taxes and (c) to the extent the applicable Euro Borrower requesting a Euro Committed
Loan is a TMK, is an institution from which such Euro Borrower may, pursuant to the Laws of Japan,
borrow money.

     “Euro Required Lenders” means, as of any date of determination, Euro Lenders having
more than 50% of the Euro Aggregate Commitments or, if the Euro Aggregate Commitments have
terminated, Euro Lenders holding in the aggregate more than 50% of the Euro Total Outstandings
(with the aggregate amount of each Euro Lender’s risk participation and funded participation in
Euro L/C Obligations, Euro Fronting Loans and Euro Swing Line Loans being deemed “held” by such
Euro Lender for purposes of this definition); provided that the Euro Commitment of, and the
portion of the Euro Total Outstandings held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of Euro Required Lenders.

     “Euro Swing Line” means the Euro revolving credit facility made available by Euro
Swing Line Lender pursuant to Section 3.5.

     “Euro Swing Line Borrowing” means a borrowing of a Euro Swing Line Loan pursuant to
Section 3.5.

     “Euro Swing Line Lender” means RBS NV in its capacity as provider of Euro Swing Line
Loans, or any successor Euro swing line lender hereunder.

     “Euro Swing Line Loan” has the meaning specified in Section 3.5.1.

     “Euro Swing Line Loan Notice” means a notice of a Euro Swing Line Borrowing pursuant
to Section 3.5.2, which, if in writing, shall be substantially in the form of Exhibit
B-2.

     “Euro Swing Line Sublimit” means an amount equal to the lesser of (a) EUR
100,000,000 and (b) the Euro Aggregate Commitments. The Euro Swing Line Sublimit is part of, and
not in addition to, the Euro Aggregate Commitments.

     “Euro Total Outstandings” means the aggregate Euro Outstanding Amount of all Euro
Committed Loans (including all Euro Fronting Loans), all Euro Swing Line Loans and all Euro L/C
Obligations.

     “Euro Tranche” means the revolving credit facility described in Article III.

     “Euro Unreimbursed Amount” means any unreimbursed amount under Section 5.3
with respect to a Euro Letter of Credit.

     “Eurocurrency Rate” means, for any Interest Period with respect to:

17

 

     (a) any Eurocurrency Rate Loan under the U.S. Tranche, any Eurocurrency Rate Loan under
the Euro Tranche (other than Euro Loans denominated in Euro) and any Eurocurrency Rate Loan
under the Yen Tranche (other than Yen Committed Loans denominated in Yen), the rate per
annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as
published by Reuters (or another commercially available source providing quotations of BBA
LIBOR as designated by the applicable Funding Agent from time to time) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, for deposits in the relevant currency (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period. If such rate is not
available at such time for any reason, then the “Eurocurrency Rate” for such Interest Period
shall be the rate per annum determined by the applicable Funding Agent to be the rate at
which deposits in the relevant currency for delivery on the first day of such Interest
Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made,
continued or converted by such Funding Agent and with a term equivalent to such Interest
Period would be offered by such Funding Agent’s London Branch (or other appropriate branch
or Affiliate of such Funding Agent) to major banks in the London or other offshore interbank
market for such currency at their request at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period.

     (b) any Eurocurrency Rate Loan denominated in Euro under the Euro Tranche for any
Interest Period, the rate per annum equal to the offered quotation which appears on the
Reuters Screen which displays the rate of the Banking Federation of the European Union for
the Euro (being currently page “EURIBOR01”) for such Interest Period at approximately 11:00
a.m., Brussels time, two Business Days prior to the commencement of such Interest Period for
deposits in the relevant currency (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period or, if such page shall cease to be available,
such other page or such other service for the purpose of displaying an average rate of the
Banking Federation of the European Union as Euro Funding Agent, after consultation with Euro
Lenders and Prologis, shall select. If such rate is not available at such time for any
reason, and Euro Funding Agent has not selected an alternative service on which a quotation
is displayed, then the “Eurocurrency Rate” for such Interest Period shall be the arithmetic
mean (rounded upwards to four decimal places) of the rates (as notified to Euro Funding
Agent) at which each Reference Bank was offering to prime banks in the European interbank
market deposits in Euro for the relevant Interest Period at approximately 11:00 a.m.,
Brussels time, two Business Days prior to the commencement of such Interest Period.

     (c) any Eurocurrency Rate Loans denominated in Yen under the Yen Tranche for any
Interest Period, the rate which appears on the screen display “Reuters Screen TIBM” under
the caption “Average 10 Banks” on the Reuters Service (or such other screen display or
service as may replace it for purposes of displaying Tokyo interbank offered rates of prime
banks for Yen deposits) at approximately 11:00 a.m., Tokyo time, two Business Days prior to
the commencement of such Interest Period, as the rate for deposits in Yen with a maturity
comparable to such Interest Period. If no such rate is available on the Reuters Service (or
such replacement), then the “Eurocurrency Rate” for such Interest Period shall be the
interest rate offered for Yen deposits for a period

18

 

comparable to that Interest Period which appears on the screen display designated as
“Euro-Yen TIBOR” on page 23070 of the Telerate Service published by the Japanese Banking
Association (or such other screen display or service as may replace it for purposes of
displaying Tokyo interbank offered rates of prime banks for Yen deposits). If such rate is
not available on the Reuters Service (or such replacement) or the Telerate Screen (or such
replacement), then the “Eurocurrency Rate” for such Interest Period shall be the rate per
annum at which Yen Funding Agent was offering to leading banks in the Tokyo interbank market
deposits in Yen for a period equal to the applicable Interest Period at approximately 11:00
a.m., Tokyo time, two Business Days prior to the commencement of such Interest Period. If
such rate is not available on the Reuters Service (or such replacement) or the Telerate
Screen (or such replacement) and Yen Funding Agent is unable to provide a rate referred to
in the sentence above, then the “Eurocurrency Rate” for such Interest Period shall be the
rate which is applied by Yen Funding Agent in Japan as its long-term prime lending rate on
the relevant date to its Yen loans with terms exceeding one year to its prime customers in
Japan and which Yen Funding Agent confirms and notifies the applicable Borrower in writing
as such.

     (d) any Supplemental Rate Loan under each Supplemental Tranche, as set forth in the
applicable Supplemental Addendum.

     “Eurocurrency Rate Loan” means any Committed Loan that bears interest at a rate based
on the Eurocurrency Rate.

     “Event of Default” has the meaning specified in Section 12.1.

     “Excluded Debt Service” means, for any period, any regularly scheduled principal
payments on (a) any Indebtedness that pays such Indebtedness in full, but only to the extent that
the amount of such final payment is greater than the scheduled principal payment immediately
preceding such final payment, and (b) any Indebtedness (other than Secured Debt) that is rated at
least Baa3 and BBB-, as the case may be, by at least two of S&P, Moody’s and Fitch.

     “Excluded Taxes” means, with respect to any Agent, any Lender, any L/C Issuer or any
other recipient of any payment to be made by or on account of any obligation of any Borrower
hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized, in which its principal
office is located, in which it is otherwise conducting business (other than as a result of entering
into or receiving payments under this Agreement) and subject to such taxes or, in the case of any
Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by
the United States or any similar tax imposed by any other jurisdiction in which such Borrower is
located, (c) except as provided in the following sentence, in the case of a Foreign Lender (other
than an assignee pursuant to a request by Prologis under Section 14.13), any withholding
tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender
becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign
Lender’s failure or inability (other than as a result of a Change in Law) to comply with
Section 7.1.4, except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional

19

 

amounts from the applicable Borrower with respect to such withholding tax pursuant to
Section 7.1.1 and (d) any Taxes imposed under FATCA. Notwithstanding anything to the
contrary contained in this definition, except with respect to any Taxes imposed under FATCA (for
which the first sentence in this definition controls), (x) prior to the Trigger Date, “Excluded
Taxes” shall not include any withholding tax imposed at any time on payments made by or on
behalf of a Foreign Obligor to any Lender hereunder or under any other Loan Document (regardless of
whether a Fronting Lender was utilized to mitigate any withholding taxes), provided that
such Lender shall have complied with its obligations under Section 7.1.4 and (y) on or
after the Trigger Date, “Excluded Taxes” shall not include any withholding tax imposed at
any time on payments made to any Lender hereunder or under any other Loan Documents (regardless of
whether such Lender has complied with Section 7.1.4). Furthermore, except with respect to
any Taxes imposed under FATCA (for which the first sentence in this definition controls),
“Excluded Taxes” shall not include any withholding tax imposed at any time on payments made
by or on behalf of a Foreign Obligor to any Lender (other than a Fronting Lender acting in such
capacity) with respect to any Loan that such Lender is required to make pursuant to Section
2.2.2(b) or 3.2.2.

     “Exemption Representation” has the meaning specified in Section 7.1.5(a).

     “Existing Credit Agreements” means, collectively, (a) the Fifth Amended and Restated
Revolving Credit Agreement dated as of July 16, 2007 among certain borrowers, AMB Property, L.P.,
as guarantor, certain lenders and Bank of America, as administrative agent, (b) the Fourth Amended
and Restated Revolving Credit Agreement dated as of November 10, 2010 among AMB Property, L.P.,
certain lenders and JPMorgan Chase Bank, N.A., as administrative agent, and (c) the Global Senior
Credit Agreement dated as of October 6, 2005 among Old Prologis, certain other borrowers, Bank of
America, as administrative agent, certain other agents and certain lenders.

     “Existing Indenture” means the Indenture dated as of June 30, 1998 among General
Partner, Prologis and U.S. Bank National Association (as successor in interest to State Street Bank
and Trust Company of California, N.A.), as Trustee.

     “Existing Letters of Credit” means, collectively, the U.S. Existing Letters of Credit,
the Euro Existing Letters of Credit and the Yen Existing Letters of Credit.

     “Extension Effective Date” has the meaning specified in Section 6.10.2.

     “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement
and any regulations or official interpretations thereof.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if such day is not
a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the
immediately preceding Business Day as so published on the next succeeding Business Day, and (b) if
no such rate is so published on such next succeeding Business Day, the

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Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a
whole multiple of 1/100 of 1%) charged to U.S. Funding Agent on such day on such transactions as
determined by U.S. Funding Agent.

     “Fee Letters” means, collectively, the fee letters entered into by and among Prologis
and certain Agents and/or certain Credit Parties.

     “Fitch” means Fitch IBCA, Duff & Phelps, a division of Fitch, Inc. (or any successor
thereof) or, if Fitch no longer publishes ratings, then another ratings agency selected by Prologis
and reasonably acceptable to Global Administrative Agent.

     “Fitch Rating” means the most recently-announced rating from time to time of Fitch
assigned to any class of long-term senior, unsecured debt securities issued by Prologis, as to
which no letter of credit, guaranty or third party credit support is in place, regardless of
whether any such Indebtedness has been issued at the time such rating was issued.

     “Fixed Charge Coverage Ratio” means, as of the last day of any fiscal quarter, the
ratio of (a) (i) Adjusted EBITDA, minus (ii) Capital Expenditures, to (b) the sum
of (i) Debt Service in respect of all Indebtedness, plus (ii) Preferred Dividends, in each
case for the Companies on a consolidated basis and for the four fiscal quarters ending on the date
of determination.

     “Foreign Borrower” means a Borrower that (a) with respect to the U.S. Tranche, (i) is
not organized under the Laws of a jurisdiction of the United States, a State thereof or the
District of Columbia or (ii) is organized under the Laws of a jurisdiction of the United States, a
State thereof or the District of Columbia but is domiciled and operating in another jurisdiction
that results in U.S. Loans to such Borrower being subject to withholding taxes, (b) with respect to
the Euro Tranche, (i) is not organized under the Laws of The Netherlands or (ii) is organized under
the Laws of The Netherlands but is domiciled and operating in another jurisdiction that results in
Euro Loans to such Borrower being subject to withholding taxes, (c) with respect to the Yen
Tranche, (i) is not organized under the Laws of Japan or (ii) is organized under the Laws of Japan
but is domiciled and operating in another jurisdiction that results in Yen Committed Loans to such
Borrower being subject to withholding taxes and (d) with respect to a Supplemental Tranche, (i) is
not organized under the Laws of the applicable Supplemental Primary Location or (ii) is organized
under the Laws of the applicable Supplemental Primary Location but is domiciled and operating in
another jurisdiction that results in Supplemental Loans to such Borrower being subject to
withholding taxes.

     “Foreign Currency” means any currency other than Dollars.

     “Foreign Currency Equivalent” means with respect to an amount denominated in a Primary
Currency of any Tranche, the equivalent in the applicable Alternative Currency of such amount
determined at the Spot Rate for the purchase of such Alternative Currency with the applicable
Primary Currency, as determined by the applicable Funding Agent on the most recent Revaluation Date
applicable to such amount.

     “Foreign Lender” means, with respect to any Borrower, any Lender that is organized
under the Laws of a jurisdiction other than that in which such Borrower is resident for tax

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purposes. For purposes of this definition, the United States, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction.

     “Foreign Obligor” means a Loan Party that (a) with respect to the U.S. Tranche, (i) is
not organized under the Laws of a jurisdiction of the United States, a State thereof or the
District of Columbia or (ii) is organized under the Laws of a jurisdiction of the United States, a
State thereof or the District of Columbia but is domiciled and operating in another jurisdiction
that results in U.S. Loans to such Loan Party being subject to withholding taxes, (b) with respect
to the Euro Tranche, (i) is not organized under the Laws of The Netherlands or (ii) is organized
under the Laws of The Netherlands but is domiciled and operating in another jurisdiction that
results in Euro Loans to such Loan Party being subject to withholding taxes, (c) with respect to
the Yen Tranche, (i) is not organized under the Laws of Japan or (ii) is organized under the Laws
of Japan but is domiciled and operating in another jurisdiction that results in Yen Committed Loans
to such Loan Party being subject to withholding taxes and (d) with respect to a Supplemental
Tranche, (i) is not organized under the Laws of the applicable Supplemental Primary Location or
(ii) is organized under the Laws of the applicable Supplemental Primary Location but is domiciled
and operating in another jurisdiction that results in Supplemental Loans to such Loan Party being
subject to withholding taxes.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Fronting Commitment” means, with respect to any Fronting Lender, the aggregate Dollar
Equivalent amount of Fronting Loans that such Fronting Lender has agreed to make as set forth on
Schedule 2.2, as such amount may be adjusted in accordance with Section 14.13.

     “Fronting Lender Election” means the election by Prologis, in consultation with the
applicable Funding Agent, of one or more Fronting Lenders to make the applicable Fronting Loans;
provided that to the extent Prologis does not make such election as to which Fronting
Lenders fund such Fronting Loan within one Business Day after a request for such information by the
applicable Funding Agent, then such Funding Agent, to the extent that it is a Fronting Lender,
shall fund such Fronting Loan in its capacity as a Fronting Lender; provided,
further, that if such Funding Agent, in its capacity as Fronting Lender, is unable to fund
any portion of such Fronting Loan due to the limitations set forth in Section 2.2.1,
3.2.1 or 4.2.1, as applicable, then the Fronting Loan (or the applicable portion
thereof) shall be funded by the other Fronting Lenders in the order of the Fronting Lenders with
the highest unused Fronting Commitments.

     “Fronting Lenders” means, collectively, the Lenders listed on Schedule 2.2,
and each successor or additional Fronting Lender hereunder, and “Fronting Lender” means any
one of the Fronting Lenders”; provided that, notwithstanding the above, SMBC shall in no event be a
Fronting Lender until the earlier of (i) the date on which it provides written notice to Prologis
and Global Administrative Agent that it has received all approvals necessary to be a Fronting
Lender and (ii) June 18, 2011.

     “Fronting Loans” means, collectively, the U.S. Fronting Loans, the Euro Fronting Loans
and the Yen Fronting Loans; and “Fronting Loan” means any of the Fronting Loans.

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     “Fronting Portion” means, with respect to any Fronting Loan, the portion of such
Fronting Loan that is funded by the applicable Fronting Lender, as determined by the Funding Agent
for the applicable Tranche.

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     “Funding Agents” means, collectively, U.S. Funding Agent, Euro Funding Agent, Yen
Funding Agent and each Supplemental Funding Agent; and “Funding Agent” means any of the
Funding Agents.

     “Funding Agents’ Offices” means, collectively, the U.S. Funding Agent’s Office, the
Euro Funding Agent’s Office, the Yen Funding Agent’s Office and each Supplemental Funding Agent’s
Office; and “Funding Agent’s Office” means any one of the Funding Agents’ Offices.

     “GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

     “General Partner” means Prologis, Inc., a Maryland corporation qualified as a REIT
(formerly known as AMB Property Corporation).

     “General Partner Audited Financial Statements” means the audited consolidated balance
sheet of General Partner (completed under the name “AMB Property Corporation”) for the Fiscal Year
ended December 31, 2010 and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such Fiscal Year, including the notes thereto.

     “General Partner Guaranty” means the Guaranty made by General Partner in favor of
Global Administrative Agent, for the benefit of the Lenders, pursuant to Article XV.

     “Global Administrative Agent” means Bank of America, in its capacity as global
administrative agent under the Loan Documents, or any successor in such capacity.

     “Global Administrative Agent’s Office” means, with respect to any currency, Global
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 14.2
with respect to such currency, or (subject to Section 14.2.5) such other address or account
with respect to such currency as Global Administrative Agent may from time to time notify to
Prologis, the Funding Agents and Lenders.

     “Governmental Authority” means the government of the United States or any other
nation, or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to

23

 

government (including any supra-national bodies such as the European Union or the European
Central Bank).

     “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. Guarantees shall not include contingent
obligations under any Special Limited Contribution Agreement (“SLCA”) in connection with
certain of such Person’s contributions of Properties to Property Funds pursuant to which a Company
is obligated to make additional capital contributions to the respective Property Fund under certain
circumstances unless the obligations under such SLCA are required under GAAP to be included in
“liabilities” on the balance sheet of the Companies. The term “Guarantee” as a verb has a
corresponding meaning.

     “Guaranteed Obligations” means the principal and interest (whether such interest is
allowed as a claim in a bankruptcy proceeding with respect to any Borrower or otherwise) of each
Loan made under this Agreement to any Designated Borrower, together with all other obligations
(including obligations which, but for the automatic stay under Section 362(a) of the United States
Bankruptcy Code, would become due) and liabilities (including indemnities, fees and interest
thereon), direct or indirect, of any Designated Borrower to any Credit Party now existing or
hereafter incurred under, arising out of or in connection with this Agreement or any other Loan
Document, including all costs, expenses and fees, including court costs and reasonable attorneys’
fees, arising in connection with the collection of any Guaranteed Obligations.

     “Guaranties” means the General Partner Guaranty, the Prologis Guaranty and the Old
Prologis Guaranty.

     “Guarantors” means, collectively, General Partner, Prologis and, until such time as
the Old Prologis Guaranty is terminated, Old Prologis, and “Guarantor” means any of the
Guarantors.

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     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Honor Date” has the meaning specified in Section 5.3.1.

     “Increasing Lender” has the meaning specified in Section 6.13.1.

     “Indebtedness” means for any Person, without duplication, all monetary obligations,
excluding trade payables and accrued expenses (including deferred tax liabilities except as
expressly provided below) incurred in the ordinary course of business or for which reserves in
accordance with GAAP or otherwise reasonably acceptable to Global Administrative Agent have been
provided, (a) of such Person (i) for borrowed money, (ii) evidenced by bonds, debentures, notes or
similar instruments, (iii) to pay the deferred purchase price of property or services, except (x)
obligations incurred in the ordinary course of business to pay the purchase price of stock so long
as such obligations are paid within customary settlement terms and (y) obligations to purchase
stock (other than stock of Prologis or any of its Consolidated Subsidiaries or Affiliates) pursuant
to subscription or stock purchase agreements in the ordinary course of business, (iv) arising under
Capital Leases to the extent included on a balance sheet of such Person, (v) arising under Swap
Contracts, excluding interest rate contracts entered into to hedge Indebtedness, net of obligations
owed to such Person under non-excluded Swap Contracts, (vi) arising under any Guarantee of such
Person (other than (x) endorsements in the ordinary course of business of negotiable instruments or
documents for deposit or collection, (y) indemnification obligations and purchase price adjustments
pursuant to acquisition agreements entered into in the ordinary course of business and (z) any
Guarantee of Liabilities of a third party that do not constitute Indebtedness) and (vii) Settlement
Debt or (b) secured by a Lien existing on any property of such Person, whether or not such
obligation shall have been assumed by such Person; provided that the amount of any
Indebtedness under this clause (b) that has not been assumed by such Person shall be equal
to the lesser of the stated amount of such Indebtedness or the fair market value of the property
securing such Indebtedness. The amount of any Indebtedness shall be determined without giving
effect to any mark-to-market increase or decrease resulting from the purchase accounting impact of
corporate or portfolio acquisitions or any mark-to-market remeasurement of the amount of any
Indebtedness denominated in a Foreign Currency. Indebtedness shall not include obligations under
any assessment, performance, bid or surety bond or any similar bonding obligation.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitee” has the meaning specified in Section 14.4.2.

     “Industrial Property” means a Property that is used for manufacturing, processing,
warehousing or retail purposes.

     “Information” has the meaning specified in Section 14.7.

     “Initial Affiliate Borrowers” means the Eligible Affiliates that are listed on
Schedule 2.3.

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     “Interest Expense” means, for any Person for any period, without duplication, (a) such
Person’s “net interest expense” for such period as reported on such Person’s most recent financial
statements plus (b) Restricted Payments of any kind or character with respect to, and other
proceeds paid or payable in respect of, any Disqualified Stock.

     “Interest Payment Date” means, (a) as to any Eurocurrency Rate Loan (including any
Euro Swing Line Loan) or any Substitute Rate Loan (i) the last day of each Interest Period
applicable to such Loan and (ii) the Maturity Date; provided that if any Interest Period
for a Eurocurrency Rate Loan or Substitute Rate Loan exceeds three months, the respective dates
that fall every three months after the beginning of such Interest Period shall also be Interest
Payment Dates; (b) as to any Base Rate Loan, Money Market Rate Loan or ABR Rate Loan, (i) the last
Business Day of each March, June, September and December and (ii) the Maturity Date; and (c) as to
any Supplemental Rate Loan that is not a Eurocurrency Rate Loan, the dates set forth in the
applicable Supplemental Addendum.

     “Interest Period” means (a) as to each Eurocurrency Rate Loan, the period commencing
on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency
Rate Loan and ending on the date seven, fourteen or twenty-one days (to the extent available for
the requested currency) or one, two, three or six months thereafter, as selected by the applicable
Borrower in the applicable Committed Loan Notice, and (b) as to any Substitute Rate Loan, a period
agreed upon by the applicable Borrower and Euro Funding Agent (after consultation with the Lenders)
or, in the absence of such agreement, a period of one month or such lesser period as Euro Funding
Agent deems customary in the relevant market for loans bearing interest based upon a rate similar
to the Substitute Rate; provided that:

     (a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such next succeeding Business
Day falls in another calendar month, in which case such Interest Period shall end on the
immediately preceding Business Day;

     (b) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

     (c) no Interest Period shall extend beyond the Maturity Date.

     “Investment” means any investment in any Person, Property or other asset, whether by
means of stock, purchase, loan, advance, extension of credit, capital contribution or otherwise.
The amount of any Investment shall be determined in accordance with GAAP; provided that the
amount of the Investment in any Property shall be calculated based upon the undepreciated
Investment in such Property.

     “IRS” means the United States Internal Revenue Service.

     “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice (or such later
version thereof as may be in effect at the time of issuance of such Letter of Credit).

26

 

     “Issuer Documents” means, with respect to any Letter of Credit, the applicable Letter
of Credit Application and any other document, agreement and instrument entered into by the
applicable L/C Issuer and the applicable Borrower (or any Eligible Affiliate) or in favor of the
applicable L/C Issuer and relating to any Letter of Credit.

     “Japanese Prime Rate” means, on any day, the per annum rate of interest as publicly
announced by Yen Funding Agent as its “short prime rate” in Japan. The “short prime rate” is a
rate set by Yen Funding Agent based on various factors, including Yen Funding Agent’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above or below such announced rate (it being understood
that the same shall not necessarily be the best rate offered by Yen Funding Agent to its
customers). Any change in such rate announced by Yen Funding Agent shall take effect at the
opening of business on the day specified in the public announcement of such change.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “L/C Advance” means, with respect to each Lender under a particular Tranche, such
Lender’s funding of its participation in any L/C Borrowing under such Tranche in accordance with
its Applicable Tranche Percentage. All U.S. L/C Advances shall be denominated in Dollars. All
Euro L/C Advances shall be denominated in Euro or Sterling, as applicable. All Yen L/C Advances
shall be denominated in Yen.

     “L/C Borrowing” means a Euro L/C Borrowing, a U.S. L/C Borrowing or a Yen L/C
Borrowing, as applicable.

     “L/C Credit Extensions” means, collectively, each U.S. L/C Credit Extension, each Euro
L/C Credit Extension, each Yen L/C Credit Extension and each Supplemental L/C Credit Extensions;
and “L/C Credit Extension” means any one of the L/C Credit Extensions.

     “L/C Issuers” means, collectively, each U.S. L/C Issuer, each Euro L/C Issuer, each
Yen L/C Issuer and each Supplemental L/C Issuer; and “L/C Issuer” means any one of the L/C
Issuers.

     “L/C Obligations” means, collectively, the Dollar Equivalent of all of the U.S. L/C
Obligations, the Euro L/C Obligations, the Yen L/C Obligations and each Supplemental L/C
Obligation.

     “Lenders” means, collectively, U.S. Lenders, Euro Lenders, Yen Lenders and
Supplemental Lenders, and, as the context requires, includes the Fronting Lenders and the Swing
Line Lenders.

27

 

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify Prologis, Global Administrative Agent and Funding Agent for
the Tranche in which Lender has a commitment or outstandings.

     “Letter of Credit Application” means, an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is the one year anniversary
after the Maturity Date; provided that if such day is not a Business Day, the Letter of
Credit Expiration Date shall be the immediately preceding Business Day.

     “Letter of Credit Fee” has the meaning specified in Section 5.9.

     “Letter of Credit Sublimit” means any of the U.S. Letter of Credit Sublimit, the Euro
Letter of Credit Sublimit, the Yen Letter of Credit Sublimit or any Supplemental Letter of Credit
Sublimit.

     “Letters of Credit” means, collectively, the U.S. Letters of Credit, the Euro Letters
of Credit, the Yen Letters of Credit and each Supplemental Letter of Credit; and “Letter of
Credit” means any one of the Letters of Credit.

     “Liabilities” means (without duplication), for any Person, (a) any obligations
required by GAAP to be classified upon such Person’s balance sheet as liabilities (excluding any
deferred tax liabilities and any mark-to-market increase or decrease in debt from the purchase
accounting impact of corporate or portfolio acquisitions and from the re-measurement of
intercompany indebtedness); (b) any liabilities secured (or for which the holder of the liability
has an existing right, contingent or otherwise, to be so secured) by any Lien existing on property
owned or acquired by that Person, whether or not such obligation shall have been assumed by such
Person, provided that the amount of any Liability under this clause (b) that has
not been assumed by such Person shall be equal to the lesser of the stated amount of the
liabilities secured (or entitled to be secured) or the fair market value of the applicable
property; and (c) any Guarantees of such Person of liabilities or obligations of others.

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, priority or other security interest or preferential
arrangement in the nature of a security interest of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing, but excluding the interest of a lessor under an operating
lease).

     “Loan Documents” means this Agreement, each Supplemental Addendum, each Borrower
Accession Agreement, each Issuer Document, the Fee Letters, the Old Prologis Guaranty, the Security
Documents and, prior to the Security Agency Agreement Release Date, the Security Agency Agreement.

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     “Loan Parties” means, collectively, General Partner, Prologis, each Affiliate Borrower
and, so long as the Old Prologis Guaranty is in place, Old Prologis; and “Loan Party” means
any one of the Loan Parties.

     “Loans” means, collectively, all U.S. Loans, all Euro Loans, all Yen Committed Loans
and all Supplemental Loans, if any; and “Loan” means any of the Loans.

     “Mandatory Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.1.

     “Material Acquisition” means, during any 12 month period, the acquisition by any
Company of one or more real property assets (including, without limitation, interests in
participating mortgages in which the interest therein is characterized as equity according to GAAP)
or portfolios of such assets or operating businesses, each of which real property assets,
portfolios of real property assets or operating businesses, as the case may be, individually had a
purchase price of not less than 3% of Total Asset Value and all of which real property assets,
portfolio of real property assets or operating businesses collectively had an aggregate purchase
price of 7.5% or more of Total Asset Value.

     “Material Adverse Effect” means an effect resulting from any circumstance or event or
series of circumstances or events, of whatever nature (but excluding general economic conditions),
which does or could reasonably be expected to, materially and adversely impair (a) the ability of
the Companies, taken as a whole, to perform their respective obligations under the Loan Documents
or (b) the ability of any Credit Party to enforce the Loan Documents.

     “Maturity Date” means June 3, 2015 or, if the Maturity Date is extended in accordance
with the terms of Section 6.10, June 3, 2016.

     “Merger” means, collectively, the series of transactions contemplated by the Merger
Agreement.

     “Merger Agreement” means the Agreement and Plan of Merger dated as of January 30, 2011
by and among AMB Property Corporation, AMB Property, L.P., Prologis and certain Affiliates thereof.

     “Money Market Rate” means, as to any Swing Line Loan made by any Swing Line Lender
pursuant to Sections 2.5 or 3.5 or any Fronting Loan that remains outstanding after
the last day of an Interest Period as contemplated by Section 2.2.5, 3.2.5 or
4.2.5, a rate per annum that shall be determined for each Loan by agreement between
Prologis and the applicable Swing Line Lender or Fronting Lender (but in no event to exceed (a) in
the case of U.S. Swing Line Loan, the Base Rate, or (b) in the case of Euro Swing Line Loans, 1.00%
plus the one-month Eurocurrency Rate for the applicable currency determined two Business
Days prior to the date of the applicable Euro Swing Line Borrowing).

     “Money Market Rate Loan” means any Loan that bears interest at a rate based on the
Money Market Rate.

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     “Moody’s” means Moody’s Investors Service, Inc. (or any successor thereof) or, if
Moody’s no longer publishes ratings, another ratings agency selected by Prologis and reasonably
acceptable to Global Administrative Agent.

     “Moody’s Rating” means the most recently-announced rating from time to time of Moody’s
assigned to any class of long-term senior, unsecured debt securities issued by Prologis, as to
which no letter of credit, guaranty or third party credit support is in place, regardless of
whether any of such Indebtedness has been issued at the time such rating was issued.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA to which Prologis or any ERISA Affiliate makes or is obligated to make, or
during the preceding five plan years has made or been obligated to make, contributions.

     “NOI” means, for any period and any Property, the difference (if positive) between (a)
any rents (including rent with respect to which a tenant received any free rent during such period,
the amount of such free rent as if the same had been paid in cash by such tenant), proceeds (other
than proceeds from Dispositions), expense reimbursements or income received from such Property (but
excluding security or other deposits, late fees, early lease termination or other penalties of a
non-recurring nature), less (b) all costs and expenses (including interest on assessment
bonds) incurred as a result of, or in connection with, the development, operation or leasing of
such Property (but excluding depreciation, amortization, Interest Expense (other than interest on
assessment bonds) and Capital Expenditures).

     “Non-Consenting Lender” means any Lender that, within the preceding 60 days failed to
agree to an amendment, waiver or consent that was (a) requested by Prologis and (b) approved by
Lenders holding at least 40% of the Dollar Equivalent amount of the Aggregate Tranche Commitments
or, if the Aggregate Tranche Commitments have terminated, of the Total Global Outstandings
(calculated in the same manner as in the definition of “Required Lenders”) or if such amendment,
waiver or consent related to a particular Tranche, at least 40% of the Aggregate Tranche Commitment
for such Tranche or, if such Aggregate Tranche Commitment has terminated, of the Total Tranche
Outstandings for such Tranche.

     “Non-Industrial Property” means a Property that is not an Industrial Property.

     “Non-Qualified Lender” means a U.S. Non-Qualified Lender, a Euro Non-Qualified Lender
or a Yen Non-Qualified Lender.

     “Non-Recourse Debt” means Indebtedness with respect to which recourse for payment is
limited to (a) specific Property or Properties encumbered by a Lien securing such Indebtedness so
long as there is no recourse to Prologis or General Partner, or (b) any Consolidated Subsidiary of
Prologis or Unconsolidated Affiliate of Prologis (provided that if an entity is a
partnership, there is no recourse to Prologis or General Partner as a general partner of such
partnership); provided that personal recourse of Prologis or General Partner for any such
Indebtedness for Customary Recourse Exceptions shall not, by itself, prevent such Indebtedness from
being characterized as Non-Recourse Debt. For purposes of the foregoing and for the avoidance of
doubt, (i) if the Indebtedness is partially guaranteed by Prologis or General Partner, then the
portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Debt if it

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otherwise satisfies the requirements in this definition, and (ii) if the liability of Prologis
or General Partner under any such guaranty is itself limited to specific Property or Properties,
then such Indebtedness shall still be Non-Recourse Debt if such Indebtedness otherwise satisfies
the requirements of this definition.

     “Non-U.S. Lender” means any Lender that is not organized under the Laws of a
jurisdiction of the United States, a State thereof or the District of Columbia.

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan
or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of
any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.

     “Old Prologis” means Prologis, a Maryland real estate investment trust, formerly known
as ProLogis.

     “Old Prologis Audited Financial Statements” means the audited consolidated balance
sheet of Old Prologis for the fiscal year ended December 31, 2010 and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such fiscal year,
including the notes thereto.

     “Old Prologis Guaranty” means the Old Prologis Guaranty Agreement substantially in the
form of Exhibit E, executed by Old Prologis in favor of Collateral Agent, for the benefit
of the holders of Designated Senior Debt (including the Obligations), pursuant to which Old
Prologis guaranties the Obligations of each Old Prologis Subsidiary Borrower.

     “Old Prologis Subsidiary Borrower” means, at any time, each Affiliate Borrower that is
at such time a direct or indirect Consolidated Subsidiary of Old Prologis.

     “Organization Documents” means: (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; (c) with respect to
any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity; and (d) with
respect to a TMK, a copy of its articles of incorporation (teikan) and asset liquidation plan
(shisan ryudouka keikaku).

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or

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under any other Loan Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Loan Document.

     “Outstanding Amount” means (a) with respect to all of the outstanding Committed Loans
on any date (other than the Fronting Loans), the Dollar Equivalent amount of the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of such Committed Loans occurring on such date; (b) with respect to Fronting Loans on
any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments of such Fronting Loans occurring on
such date; (c) with respect to the outstanding Swing Line Loans on any date, the Dollar Equivalent
amount of the aggregate outstanding principal amount thereof after giving effect to any borrowings
and prepayments or repayments of such Swing Line Loans occurring on such date; and (d) with respect
to any L/C Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding
amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension
occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of
such date, including as a result of any reimbursements by any Borrower of Unreimbursed Amounts.

     “Overnight Rate” means, for any day, (a) with respect to any amount denominated in
Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the
applicable Agent, the applicable L/C Issuer or the applicable Swing Line Lender, as the case may
be, in accordance with banking industry rules on interbank compensation, and (b) with respect to
any amount denominated in an Alternative Currency under the applicable Tranche, the rate of
interest per annum at which overnight deposits in such Alternative Currency, in an amount
approximately equal to the amount with respect to which such rate is being determined, would be
offered for such day by a branch or Affiliate of U.S. Funding Agent in the applicable offshore
interbank market for such currency to major banks in such interbank market.

     “Participant” has the meaning specified in Section 14.6.4.

     “Participating Member State” means each state so described in any EMU Legislation.

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by Prologis or any ERISA Affiliate or to which Prologis or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any time during the
immediately preceding five plan years.

     “Permitted Liens” means (a) pledges or deposits made to secure payment of worker’s
compensation (or to participate in any fund in connection with worker’s compensation insurance),
unemployment insurance, pensions or social security programs, (b) encumbrances consisting of zoning
restrictions, easements or other restrictions on the use of real property, provided that
such items do not materially impair the use of such property for the purposes intended and none of
which is violated in any material respect by existing or proposed structures

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or land use, (c) Liens for taxes not yet due and payable or being contested in good faith by
appropriate proceedings diligently conducted, and for which reserves in accordance with GAAP or
otherwise reasonably acceptable to Global Administrative Agent have been provided, (d) Liens
imposed by mandatory provisions of law such as for materialmen’s, mechanic’s, warehousemen’s and
other like Liens arising in the ordinary course of business, securing payment of any Liability
whose payment is not yet due, (e) Liens on Properties where the applicable Company or
Unconsolidated Affiliate is insured against such Liens by title insurance or other similar
arrangements satisfactory to Global Administrative Agent, (f) Liens securing assessments or charges
payable to a property owner association or similar entity, which assessments are not yet due and
payable or are being contested in good faith by appropriate proceedings diligently conducted, and
for which reserves in accordance with GAAP or otherwise reasonably acceptable to Global
Administrative Agent have been provided, (g) Liens securing assessment bonds, (h) leases to tenants
of space in Properties that are entered into in the ordinary course of business, (i) any netting or
set-off arrangement entered into by any Company in the normal course of its banking arrangements
for the purpose of netting debit and credit balances or any set-off arrangement that arises by
operation of law as a result of any Company opening a bank account, (j) any title transfer or
retention of title arrangement entered into by any Company in the normal course of its trading
activities on the counterparty’s standard or usual terms, (k) Liens over goods and documents of
title to goods arising out of letter of credit transactions entered into in the ordinary course of
business, (l) Liens securing Settlement Debt in an aggregate amount not at any time exceeding
$250,000,000, (m) Liens that secure the Obligations, (n) Liens that secure senior Indebtedness of
General Partner or Prologis or any of their respective Consolidated Subsidiaries on a pari passu
basis with the Lien described in clause (m), and (o) Liens that secure Indebtedness of a Company to
another Company.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by Prologis or, with respect to any such plan that is subject to Section 412 of
the Code or Title IV of ERISA, any ERISA Affiliate.

     “Platform” has the meaning specified in Section 10.2.

     “Pre-Approved Reallocations” means each of the pre-approved reallocations set forth on
Schedule 6.12. The Pre-Approved Reallocation of any Lender may from time to time be
increased or decreased pursuant to a written agreement executed by Prologis, Global Administrative
Agent and such Lender.

     “Preferred Dividends” means, for the Companies, on a consolidated basis, for any
period, Restricted Payments of any kind or character or other proceeds paid or payable with respect
to any Equity Interests except for common equity (but excluding any Restricted Payments paid or
payable to any Company).

     “Primary Currency” means (a) with respect to the U.S. Tranche, Dollars; (b) with
respect to the Euro Tranche, Euro; (c) with respect to the Yen Tranche, Yen; and (d) with respect
to each Supplemental Tranche, as set forth in the applicable Supplemental Addendum.

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     “Primary Location” has the meaning specified in Section 6.8.2.

     “Prologis” has the meaning specified in the introductory paragraph hereto.

     “Prologis Guaranty” means the Guaranty made by Prologis in favor of Global
Administrative Agent, for the benefit of the Lenders, pursuant to Article XV.

     “Properties” means real estate properties (including land) owned by a Company or an
Unconsolidated Affiliate or any trust of which a Company or an Unconsolidated Affiliate is the sole
beneficiary, and “Property” means any one of the Properties.

     “Property Fund” means an Unconsolidated Affiliate formed or sponsored by Prologis to
hold Properties.

     “Property Fund Borrower” means a Borrower of a Property Fund Loan made pursuant to
this Agreement.

     “Property Fund Loan” means Indebtedness of a Property Fund (which may include Loans
hereunder), the proceeds of which were used to finance the contribution by Prologis or other
Companies of Properties to such Property Fund.

     “Qualified Institution” means (a) a Lender (other than a Defaulting Lender), (b) a
bank, finance company, insurance company or other financial institutions that (i) has (or, in the
case of a bank is a subsidiary of a bank holding company that has) a rating of its senior debt
obligations of not less than BBB+ by S&P or “Baa-1” by Moody’s or a comparable rating by a rating
agency acceptable to Global Administrative Agent and (ii) has total assets in excess of
$10,000,000,000 or (c) any other Person approved by Prologis, Global Administrative Agent and the
applicable Funding Agent.

     “Qualified Institutional Investor” (tekikaku kikan toshika) has the meaning assigned
thereto in Article 2, Paragraph 3, item 1 of the Financial Instruments and Exchange Law (kinyu
shohin torihiki ho) of Japan (Law No. 25 of 1948), Article 10, Paragraph 1 of the regulations
relating to the definitions contained in such Article 2 and further defined in Article 67-14 of the
Special Taxation Measures Law (Law No. 26 of 1957).

     “Qualified Lenders” means any of the U.S. Qualified Lenders, the Euro Qualified
Lenders and the Yen Qualified Lenders.

     “RBS NV” means The Royal Bank of Scotland N.V. and its successors.

     “RBS plc” means The Royal Bank of Scotland plc and its successors.

     “Reallocation Effective Date” has the meaning specified in Section 6.12.2.

     “Recourse Debt” means, for any Person, any Indebtedness that is not Non-Recourse Debt.

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     “Reference Banks” means the principal London offices of RBS plc, Bank of America and
J.P. Morgan Chase Bank, N.A. or any successor to any of the foregoing selected by Euro Funding
Agent (in consultation with Prologis).

     “Register” has the meaning specified in Section 14.6.3.

     “Registered Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of Prologis as prescribed by the Securities Laws.

     “REIT” means a “real estate investment trust” for purposes of the Code.

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

     “Relevant Equivalent” has the meaning specified in Section 5.9.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Request for Credit Extension” means a request hereunder for a Credit Extension.

     “Requested Tranche” has the meaning specified in Section 6.11.1.

     “Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Dollar Equivalent amount of the Aggregate Tranche Commitments or, if the Aggregate
Tranche Commitments have terminated, Lenders holding in the aggregate more than 50% of the Dollar
Equivalent amount of the Total Global Outstandings (with the aggregate amount of each Lender’s risk
participation and funded participation in L/C Obligations, Fronting Loans and Swing Line Loans
being deemed “held” by such Lender for purposes of this definition); provided that the
Commitment of, and the portion of the Total Global Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

     “Responsible Officer” means the chief executive officer, the president, the chief
financial officer, a representative director, any vice president, the treasurer or any assistant
treasurer of a Loan Party. Any document delivered hereunder that is signed by a Responsible
Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Loan Party and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of any
Company, or any payment (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such capital stock or other Equity Interest, or on account of any return of
capital to any Company’s stockholders, partners or members (or the equivalent).

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     “Revaluation Date” means (a) with respect to any Eurocurrency Rate Loan or Substitute
Rate Loan or L/C Obligations denominated in an Alternative Currency, the first Business Day of each
calendar month, and (b) such additional dates as Global Administrative Agent, any Funding Agent or
any L/C Issuer shall reasonably determine or the Required Lenders shall reasonably require.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. (or any successor thereof), or, if S&P no longer publishes ratings, then another
ratings agency selected by Prologis and reasonably acceptable to Global Administrative Agent.

     “S&P Rating” means the most recently-announced rating from time to time of S&P
assigned to any class of long-term senior, unsecured debt securities issued by Prologis, as to
which no letter of credit, guaranty or third party credit support is in place, regardless of
whether any of such Indebtedness has been issued at the time such rating was issued.

     “Same Day Funds” means (a) with respect to disbursements and payments in the Primary
Currency of the applicable Tranche, immediately available funds, and (b) with respect to
disbursements and payments in an Alternative Currency of the applicable Tranche, same day or other
funds as may be determined by the applicable Funding Agent or applicable L/C Issuer, as the case
may be, to be customary in the place of disbursement or payment for the settlement of international
banking transactions in the relevant Alternative Currency.

     “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Secured Debt” means, for any Person, Indebtedness of such Person secured by any Liens
(other than Permitted Liens) in any of such Person’s Properties or other material assets.

     “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the SEC or the Public Company Accounting
Oversight Board.

     “Security Agency Agreement” means the Amended and Restated Security Agency Agreement
dated as of October 6, 2005 among Global Administrative Agent, Bank of America, as Collateral Agent
and certain other holders of Designated Senior Debt, and acknowledged by Prologis.

     “Security Agency Agreement Release Date” means the earlier to occur of (a) the date on
which the Security Agency Agreement is terminated and (b) the date on which there is no Designated
Senior Debt.

     “Security Documents” means with respect to each U.S. Bond L/C, the trust indenture
entered into in connection with such U.S. Bond L/C, and such other agreements and documents
delivered by the Issuer (as defined in the applicable U.S. Bond L/C) and the applicable Trustee,
pursuant to which such Issuer’s interest in the Trust Estate, Revenues (each as defined in the

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applicable trust indenture) and similar items and, upon payment in full of the applicable
Bonds, such Trustee’s interest in the applicable Bond Documents, are assigned to a collateral agent
as security for payment of such Bonds.

     “Settlement Debt” means, for any Person, tax liabilities of such Person payable in
installments in connection with a settlement agreement with the relevant taxing authority.

     “Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of Prologis and its Consolidated Subsidiaries as of that date.

     “Short Term Affiliate Borrower” means any Affiliate Borrower that (a) will not request
any Committed Loans, (b) assumes only Outstanding Amounts of another Borrower and (c) repays such
Outstanding Amounts within 30 days after it assumes such Outstanding Amounts.

     “SMBC” means Sumitomo Mitsui Banking Corporation, and it successors.

     “Solvent” means, as to a Person, that (a) the aggregate fair market value of its
assets exceeds its Liabilities, (b) it has sufficient cash flow to enable it to pay its Liabilities
as they mature and (c) it does not have unreasonably small capital to conduct its businesses.

     “Specified Type” has the meaning specified in Section 5.3.1.

     “Spot Rate” for a currency means the rate that appears on the relevant screen page on
Bloomberg’s (Screen FXC) for cross currency rates with respect to such currency two Business Days
prior to the date on which the foreign exchange computation is made; provided that if such
page ceases to be available, such other page for the purpose of displaying cross currency rates as
Global Administrative Agent, the applicable Funding Agent or the applicable L/C Issuer, as
applicable, may determine, in its reasonable discretion.

     “Stabilized Industrial Properties” means, as of any date, Industrial Properties that
have a Stabilized Occupancy Rate as of the first day of the most recent fiscal quarter of Prologis
for which information is available.

     “Stabilized Occupancy Rate” means, as of any date for any Property, that the
percentage of the rentable area of such Property leased pursuant to bona fide tenant leases,
licenses or other agreements requiring current rent or other similar payments, is at least 90% or
such higher percentage as Prologis requires internally, consistent with past practices, to classify
as a stabilized Property of the relevant type in the relevant market.

     “Sterling” and “£” mean the lawful currency of the United Kingdom.

     “Substitute Rate” means (a) the Applicable Margin plus (b) (in the case of any
Lender that has lent from a Lending Office in the United Kingdom or a Participating Member State)
the Mandatory Cost plus (c) (i) to the extent requested by Euro Funding Agent or Prologis,
a negotiated rate agreed to by Prologis, Euro Funding Agent and each Euro Lender or (ii) to the
extent that a negotiated rate is not requested or agreed to by the applicable parties, the rate per
annum determined by Euro Funding Agent to be the highest (rounded upwards to four decimal places)
of the rates notified by the Reference Banks to Euro Funding Agent before the last day of

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the applicable Interest Period to be those which express as a percentage rate per annum the
cost to each such Reference Bank of funding its Loans from whatever sources it may reasonably
select during such Interest Period.

     “Substitute Rate Loan” means a Euro Committed Loan that bears interest at a rate based
on the Substitute Rate.

     “Supplemental Addendum” has the meaning specified in Section 6.14.2.

     “Supplemental Aggregate Commitments”, “Supplemental Borrowers”,
“Supplemental Commitments”, “Supplemental Committed Borrowing”, “Supplemental
Committed Loan” “Supplemental Committed Loan Notice”, “Supplemental Funding
Agent”, “Supplemental Funding Agent’s Office”, “Supplemental L/C Obligations”,
“Supplemental Lenders”, “Supplemental Letter of Credit”, “Supplemental Letter
of Credit Fee”, “Supplemental Letter of Credit Issuer”, “Supplemental Letter of
Credit Sublimit”, “Supplemental Loans”, “Supplemental Outstanding Amount”,
“Supplemental Rate Loan”, “Supplemental Required Lenders”, “Supplemental Swing
Line Borrowing”, “Supplemental Swing Line Lender”, “Supplemental Swing Line
Loans” and “Supplemental Swing Line Sublimit” have the respective meanings (if any),
with respect to any Supplemental Tranche, as set forth in the applicable Supplemental Addendum.

     “Supplemental Primary Location” means, with respect to any Supplemental Tranche, the
primary jurisdiction of each Supplemental Borrower under such Supplemental Tranche as designated in
the applicable Supplemental Addendum.

     “Supplemental Tranche” has the meaning specified in Section 6.14.1.

     “Supplemental Tranche Effective Date” has the meaning specified in Section
6.14.4.

     “Supplemental Tranche Request” has the meaning specified in Section 6.14.1.

     “Swap Contract” means (a) all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) all transactions of any kind, and the
related confirmations, which are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap

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Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or
other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender).

     “Swing Line Borrowings” means, collectively, U.S. Swing Line Borrowings, Euro Swing
Line Borrowings and each Supplemental Swing Line Borrowing.

     “Swing Line Lenders” means, collectively, U.S. Swing Line Lenders, Euro Swing Line
Lenders and Supplemental Swing Line Lenders; and “Swing Line Lender” means any Swing Line
Lender.

     “Swing Line Loans” means, collectively, the U.S. Swing Line Loans, the Euro Swing Line
Loans and the Supplemental Swing Line Loans; and “Swing Line Loan” means any of the Swing
Line Loans.

     “Swing Line Sublimit” means any of the U.S. Swing Line Sublimit, the Euro Swing Line
Sublimit or any Supplemental Swing Line Sublimit.

     “TARGET Day” means any day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be
operative, such other payment system (if any) determined by Global Administrative Agent to be a
suitable replacement) is open for the settlement of payments in Euro.

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

     “TMK” means a Tokutei Mokuteki Kaisha incorporated in Japan.

     “Total Asset Value” means, as of any date for the Companies on a consolidated basis,
the total (without duplication) of the following:

     (a) the quotient of (i) the sum of the most recent fiscal quarter’s NOI from
Stabilized Industrial Properties multiplied by four, divided by (ii) the applicable
Capitalization Rate; provided that, notwithstanding the foregoing, (A) any
Investments in Stabilized Industrial Properties acquired from Property Funds less than 24
months prior to such date of determination shall be included at 100% of the undepreciated
book value of such Property and (B) any other Investments in Stabilized Industrial
Properties acquired less than 12 months prior to such date of determination shall be
included at 100% of the undepreciated book value of such Property; plus

     (b) for any Transition Property, the greater of (i) the quotient of (a) the most
recent fiscal quarter’s NOI from such Property multiplied by four divided by (b) the
applicable Capitalization Rate or (ii) 100% of the undepreciated book value of such
Property; plus

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     (c) the amount of all other Investments in Properties under construction,
Non-Industrial Properties, notes receivable backed by real estate and Properties subject
to a ground lease with a Person that is not an Affiliate of Prologis, as lessee, each on
an undepreciated book basis; plus

     (d) the book value of raw land; plus

     (e) the book value of the Companies’ Investments in Unconsolidated Affiliates; plus

     (f) the product of (A) management fee income of the Companies (prior to deduction of
amortization related to investment management contracts) for the most recent fiscal
quarter multiplied by (B) four, multiplied by (C) eight; plus

     (g) the value, if positive, of the Companies’ Swap Contracts, excluding interest rate
contracts entered into to hedge Indebtedness, net of obligations owing by the Companies
under non-excluded Swap Contracts; plus

     (h) to the extent not included in clauses (a) through (g) above, (i)
restricted funds that are held in escrow pending the completion of tax-deferred exchange
transactions involving operating Properties, (ii) infrastructure costs related to projects
that a Company is developing on behalf of others, (iii) costs incurred related to future
development projects, including purchase options on land, (iv) the corporate office
buildings of Prologis and its Subsidiaries and (v) earnest money deposits associated with
potential acquisitions; plus

     (i) cash and Cash Equivalents; minus

     (j) the amount, if any, by which the amount in clause (e) above exceeds 15%
of the sum of clauses (a) through (i) above.

For the avoidance of doubt, with respect to each of clauses (b) through (j) (other
than clause (f)) above, impairments pursuant to GAAP shall be included.

     “Total Assets” means, for any Person as of any date, (a) such Person’s total assets,
plus (b) accumulated depreciation with respect to such assets.

     “Total Global Outstandings” means the aggregate Outstanding Amount of all Loans and
all L/C Obligations.

     “Total Tranche Outstandings” means, as applicable, the U.S. Total Outstandings, the
Euro Total Outstandings, the Yen Total Outstandings or any Supplemental Outstanding Amount.

     “Tranche Required Lenders” means, as applicable, the U.S. Required Lenders, the Euro
Required Lenders, the Yen Required Lenders or any Supplemental Required Lenders.

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     “Tranches” means, collectively, the U.S. Tranche, the Euro Tranche, the Yen Tranche
and each Supplemental Tranche; and “Tranche” means any of the Tranches.

     “Transition Properties” means, as of any date, Industrial Properties that have been
completed but are not Stabilized Industrial Properties.

     “Trigger Date” (a) prior to the Security Agency Agreement Release Date, has the
meaning specified in the Security Agency Agreement, and (b) at all times thereafter, means the
earliest to occur of: (i) the date on which the Obligations have been accelerated in accordance
with the terms hereof; (ii) the date that is ten Business Days after the date on which any
principal of any Loan becomes due and payable in accordance with the terms hereof, other than as a
result of an acceleration thereof (but only if the same remains outstanding on such date); and
(iii) the date on which an Event of Default described in Section 12.1.6 occurs;
provided that the Trigger Date shall not occur as a result of such an Event of Default if
such Event of Default pertains to a Borrower other than Prologis and, within ten Business Days of
the occurrence of such Event of Default, Required Lenders notify Prologis that such Event of
Default does not result in the occurrence of the Trigger Date.

     “Trigger Event” means occurrence of any of the following events: (a) the acceleration
of the Obligations pursuant to Section 12.2 (unless such acceleration has been rescinded in
accordance with the terms hereof); (b) any Event of Default under Section 12.1.6 with
respect to General Partner or Prologis; and (c) the occurrence and continuance of any other Event
of Default and receipt by Global Administrative Agent of notice (which has not been rescinded) from
Tranche Required Lenders under any Tranche demanding that all payments be subject to the sharing
arrangements described in Section 6.9.2.

     “Trustee” means any Trustee designated as the beneficiary of a U.S. Bond L/C.

     “Type” means (a) with respect to a U.S. Committed Loan, its character as a Base Rate
Loan or a Eurocurrency Rate Loan, (b) with respect to a Euro Committed Loan, its character as a
Eurocurrency Rate Loan or a Substitute Rate Loan, and (d) with respect to a Yen Committed Loan, its
character as a Eurocurrency Rate Loan, Base Rate Loan (for a Dollar denominated Yen Committed Loan)
or ABR Rate Loan (for a Yen denominated Yen Committed Loan).

     “Unconsolidated Affiliate” means any Person in which Prologis directly or indirectly
holds Equity Interests but which is not consolidated under GAAP with Prologis on the consolidated
financial statements of Prologis.

     “Unencumbered Capital Expenditures” means, for any period, the total for such period
of the Capital Expenditures associated with all Unencumbered Properties (except for Unencumbered
Properties where the tenant is responsible for capital expenditures).

     “Unencumbered Debt Service” means, for any period, the total for such period of all
Debt Service in respect of all Unsecured Debt of the Companies.

     “Unencumbered Debt Service Coverage Ratio” means, as of the last day of any fiscal
quarter, the ratio of (a) Unencumbered NOI minus Unencumbered Capital Expenditures to (b)

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Unencumbered Debt Service, in each case for the four fiscal quarters ending on the date of
determination.

     “Unencumbered NOI” means, for any period, the total for such period of (a) the NOI of
all Unencumbered Properties; provided that this clause (a) shall not include any
NOI that is subject to any Lien (other than Permitted Liens); plus (b) the management fees
of the Companies that are not subject to any Lien (other than Permitted Liens) less related
expenses; plus (c) Allowed Unconsolidated Affiliate Earnings that are not subject to any
Lien (other than Permitted Liens); minus (d) the amount, if any, by which the sum of the
amounts of clauses (b) and (c) above exceeds 40% of the sum of the amounts of
clauses (a), (b) and (c) above.

     “Unencumbered Property” means any Property that is (a) owned directly or indirectly by
a Company, (b) not subject to a Lien that secures Indebtedness of any Person (other than Permitted
Liens) and (c) not subject to any negative pledge that would prohibit any pledge of such asset to
Global Administrative Agent; provided that the provisions of Section 1013 of the Existing
Indenture, and any similar requirement for the grant of an equal and ratable lien in connection
with a pledge of any asset to Global Administrative Agent, shall not constitute a negative pledge.

     “Unfunded Euro Swing Line Amount” has the meaning specified in Section
3.5.3(c).

     “Unfunded U.S. Swing Line Amount” has the meaning specified in Section
2.5.3(c).

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amounts” means, collectively, the U.S. Unreimbursed Amount, the Euro
Unreimbursed Amounts and the Yen Unreimbursed Amounts.

     “Unrestricted Cash” means cash and Cash Equivalents that are not subject to any
pledge, lien or control agreement, less (a) $10,000,000, (b) amounts normally and customarily set
aside by Prologis for operating capital and interest reserves and (c) amounts placed with third
parties as deposits or security for contractual obligations.

     “Unsecured Debt” means, for any Person, Indebtedness of such Person that is not
Secured Debt.

     “U.S. Aggregate Commitments” means, at any time, all of the U.S. Commitments of U.S.
Qualified Lenders and U.S. Non-Qualified Lenders; provided that the U.S. Aggregate
Commitments shall not include the Fronting Commitments.

     “U.S. Bond L/Cs” means all U.S. Letters of Credit issued by any U.S. L/C Issuer at the
request of a Domestic Borrower under the U.S. Tranche, for the benefit of any Company, in support
of the Bonds issued by any issuer of tax-exempt bonds, which U.S. Letters of Credit satisfy the
conditions set forth in Section 5.13.1, and renewals or extensions thereof.

     “U.S. Borrower” means each Borrower listed under the heading “U.S. Tranche” on
Schedule 2.3(a) and any other Borrower added to the U.S. Tranche pursuant to Section
6.11.

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     “U.S. Commitment” means, as to each U.S. Lender, its obligation to (a) make U.S.
Committed Loans to U.S. Borrowers pursuant to Section 2.1, (b) purchase participations in
U.S. Fronting Loans to the extent such U.S. Lender is a U.S. Non-Qualified Lender, (c) purchase
participations in U.S. L/C Obligations and (d) purchase participations in U.S. Swing Line Loans, in
the Dollar Equivalent aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such U.S. Lender’s name on the most recent Schedule 2.1(a), as
prepared by Global Administrative Agent or U.S. Funding Agent (or if the applicable assignment
occurred after such preparation, in the most recent Assignment and Assumption to which such U.S.
Lender is a party), as such amount may be adjusted from time to time in accordance with this
Agreement.

     “U.S. Committed Borrowing” means a borrowing consisting of simultaneous U.S. Committed
Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period
made by each U.S. Lender (other than the applicable U.S. Non-Qualified Lenders) pursuant to
Section 2.1.

     “U.S. Committed Loan” has the meaning specified in Section 2.1, and shall
include any U.S. Fronting Loans made in connection with a U.S. Committed Borrowing.

     “U.S. Committed Loan Notice” means a notice of (a) a U.S. Committed Borrowing, (b) a
conversion of U.S. Committed Loans from one Type to the other or (c) a continuation of Eurocurrency
Rate Loans, pursuant to Section 2.3.1, which, if in writing, shall be substantially in the
form of Exhibit A-1.

     “U.S. Credit Exposure” means, for any U.S. Lender at any time, the aggregate U.S.
Outstanding Amount of all U.S. Committed Loans (other than U.S. Fronting Loans) of such U.S. Lender
plus such U.S. Lender’s Applicable Tranche Percentage of the U.S. Outstanding Amount of all
U.S. L/C Obligations and all U.S. Swing Line Loans plus, as to any U.S. Non-Qualified
Lenders, the U.S. Outstanding Amount of such U.S. Lender’s participation in all applicable U.S.
Fronting Loans.

     “U.S. Credit Extension” means each of the following: (a) a U.S. Committed Borrowing,
(b) U.S. Swing Line Borrowing and (c) a U.S. L/C Credit Extension.

     “U.S. Existing Letters of Credit” means the letters of credit outstanding on the date
hereof and described on Schedule 2.4(a).

     “U.S. Fronting Loan” has the meaning specified in Section 2.2.1.

     “U.S. Funding Agent” means Bank of America, in its capacity as U.S. funding agent
under the Loan Documents, or any successor thereof.

     “U.S. Funding Agent’s Office” means, with respect to the U.S. Tranche, U.S. Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 14.2 with
respect to the U.S. Tranche, or (subject to Section 14.2.5) such other address or account
with respect to the U.S. Tranche as U.S. Funding Agent may from time to time notify to Prologis,
Global Administrative Agent, the other Funding Agents and U.S. Lenders.

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     “U.S. L/C Borrowing” means an extension of credit resulting from a drawing under any
U.S. Letter of Credit which has not been reimbursed on the date when made or refinanced as a U.S.
Committed Borrowing. All U.S. L/C Borrowings shall be denominated in Dollars.

     “U.S. L/C Credit Extension” means, with respect to any U.S. Letter of Credit, the
issuance thereof, the extension of the expiry date thereof or the increase of the amount thereof.

     “U.S. L/C Issuers” means Bank of America, in its individual capacity as a bank issuing
U.S. Letters of Credit hereunder, and any other U.S. Lender, in its individual capacity, approved
by Global Administrative Agent and U.S. Funding Agent to issue U.S. Letters of Credit hereunder,
including each issuer of a U.S. Existing Letter of Credit; and “U.S. L/C Issuer” means any
one of the U.S. L/C Issuers.

     “U.S. L/C Obligations” means, as of any date of determination, the aggregate amount
available to be drawn under all outstanding U.S. Letters of Credit (including any reinstatement of
or increase in the face amount thereof which may be reflected pursuant to the terms of any U.S.
Bond L/C) plus the aggregate of all U.S. Unreimbursed Amounts, including all U.S. L/C
Borrowings (including all U.S. L/C Borrowings and unpaid reimbursement obligations under any U.S.
Bond L/C).

     “U.S. Lender” means each Lender listed on Schedule 2.1(a) and any Person that
becomes a U.S. Lender pursuant to Section 6.13, in each case including such Person’s
successors and permitted assigns.

     “U.S. Letter of Credit” means any standby letter of credit issued under the U.S.
Tranche (including the U.S. Existing Letters of Credit). U.S. Letters of Credit may only be issued
in Dollars and Canadian Dollars.

     “U.S. Letter of Credit Sublimit” means an amount equal to the lesser of (a)
$150,000,000 and (b) the U.S. Aggregate Commitments. The U.S. Letter of Credit Sublimit is part of,
and not in addition to, the U.S. Commitments.

     “U.S. Loan” means an extension of credit by a Lender to a Borrower under Article
II in the form of a U.S. Committed Loan or U.S. Swing Line Loan.

     “U.S. Non-Qualified Lender” means a U.S. Lender that is not a U.S. Qualified Lender.

     “U.S. Outstanding Amount” means: (a) with respect to U.S. Committed Loans (other than
U.S. Fronting Loans), the aggregate outstanding Dollar Equivalent principal amount thereof after
giving effect to any borrowings and repayments of U.S. Committed Loans; (b) with respect to U.S.
Fronting Loans, the aggregate outstanding Dollar Equivalent principal amount thereof after giving
effect to any borrowings and repayments of U.S. Fronting Loans; (c) with respect to U.S. Swing Line
Loans, the aggregate outstanding Dollar Equivalent principal amount thereof after giving effect to
any borrowings and repayments of U.S. Swing Line Loans; and (d) with respect to any U.S. L/C
Obligations, the aggregate outstanding Dollar Equivalent principal amount thereof after giving
effect to any U.S. L/C Credit Extension occurring on such date and any other change in the
outstanding amount of the U.S. L/C Obligations on such date, including as a result of any
reimbursement by any U.S. Borrower of U.S. Unreimbursed Amounts.

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     “U.S. Qualified Lender” means, as of any date of determination, a U.S. Lender that (a)
has committed hereunder to make U.S. Committed Loans in the applicable currency requested by a U.S.
Borrower to be funded under the U.S. Tranche, (b) is capable of making the requested U.S. Committed
Loans to the Foreign Borrower requesting such U.S. Committed Loan without the imposition of any
withholding taxes and (c) to the extent the U.S. Borrower requesting U.S. Committed Loans is a TMK,
is an institution from which such U.S. Borrower may, pursuant to the Laws of Japan, borrow money.

     “U.S. Required Lenders” means, as of any date of determination, U.S. Lenders having
more than 50% of the U.S. Aggregate Commitments or, if the U.S. Aggregate Commitments have
terminated, U.S. Lenders holding in the aggregate more than 50% of the U.S. Total Outstandings
(with the aggregate amount of each U.S. Lender’s risk participation and funded participation in
U.S. L/C Obligations, U.S. Fronting Loans and U.S. Swing Line Loans being deemed “held” by such
U.S. Lender for purposes of this definition); provided that the U.S. Commitment of, and the
portion of the U.S. Total Outstandings held or deemed held by, any Defaulting Lender shall be
excluded for purposes of making a determination of U.S. Required Lenders.

     “U.S. Swing Line” means the U.S. revolving credit facility made available by U.S.
Swing Line Lender pursuant to Section 2.5.

     “U.S. Swing Line Borrowing” means a borrowing of a U.S. Swing Line Loan pursuant to
Section 2.5.

     “U.S. Swing Line Lender” means Bank of America, in its capacity as provider of U.S.
Swing Line Loans, or any successor in such capacity.

     “U.S. Swing Line Loan” has the meaning specified in Section 2.5.1.

     “U.S. Swing Line Loan Notice” means a notice of a U.S. Swing Line Borrowing pursuant
to Section 2.5.2, which, if in writing, shall be substantially in the form of Exhibit
B-1.

     “U.S. Swing Line Sublimit” means an amount equal to the lesser of (a)
$100,000,000 and (b) the U.S. Aggregate Commitments. The U.S. Swing Line Sublimit is part of, and
not in addition to, the U.S. Aggregate Commitments.

     “U.S. Total Outstandings” means the aggregate U.S. Outstanding Amount of all U.S.
Committed Loans (including all U.S. Fronting Loans), all U.S. Swing Line Loans and all U.S. L/C
Obligations.

     “U.S. Tranche” means the U.S. credit facility described in Article II hereof.

     “U.S. Unreimbursed Amount” means any unreimbursed amounts under Section 5.3
with respect to a U.S. Letter of Credit.

     “Wholly-owned” when used in connection with any Consolidated Subsidiary of any Person
shall mean a Consolidated Subsidiary of which all of the issued and outstanding shares of

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Equity Interests shall be owned by such Person or one or more of its Wholly-owned Consolidated
Subsidiaries.

     “Yen” and “¥” mean the lawful currency of Japan.

     “Yen Aggregate Commitments” means, at any time, all of the Yen Commitments of Yen
Qualified Lenders and Yen Non-Qualified Lenders, provided that the Yen Aggregate
Commitments shall not include the Fronting Commitments.

     “Yen Borrower” means each Borrower listed under the heading “Yen Tranche” on
Schedule 2.3(c) and any other Borrower added to the Yen Tranche pursuant to Section
6.11.

     “Yen Commitment” means, as to each Yen Lender, its obligation to (a) make Yen
Committed Loans to Yen Borrowers pursuant to Section 4.1, (b) purchase participations in
Yen Fronting Loans to the extent such Yen Lender is a Yen Non-Qualified Lender and (c) purchase
participations in Yen L/C Obligations, in the Yen Equivalent aggregate principal amount at any one
time outstanding not to exceed the amount set forth opposite such Yen Lender’s name on the most
recent Schedule 2.1(c), prepared by Global Administrative Agent or Yen Funding Agent (or if
the applicable assignment occurred after such preparation, in the most recent Assignment and
Assumption to which such Yen Lender is a party), as such amount may be adjusted from time to time
in accordance with this Agreement.

     “Yen Committed Borrowing” means a borrowing consisting of simultaneous Yen Committed
Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period
made by each Yen Lender (other than the applicable Yen Non-Qualified Lenders) pursuant to
Section 4.1.

     “Yen Committed Loan” has the meaning specified in Section 4.1, and shall
include any Yen Fronting Loans made in connection with a Yen Committed Borrowing.

     “Yen Committed Loan Notice” means a notice of (a) a Yen Committed Borrowing, (b) a
conversion of Yen Committed Loans from one Type to the other or (c) a continuation of Eurocurrency
Rate Loans, pursuant to Section 4.3.1, which, if in writing, shall be substantially in the
form of Exhibit A-3.

     “Yen Credit Exposure” means, for any Yen Lender at any time, the aggregate Yen
Outstanding Amount of all Yen Committed Loans (other than Yen Fronting Loans) of such Yen Lender
plus such Yen Lender’s Applicable Tranche Percentage of the Yen Outstanding Amount of all
Yen L/C Obligations plus, as to any Yen Non-Qualified Lenders, the Yen Outstanding Amount
of such Yen Lender’s participation in all applicable Yen Fronting Loans.

     “Yen Credit Extension” means each of the following: (a) a Yen Committed Borrowing, and
(b) a Yen L/C Credit Extension.

     “Yen Equivalent” means, at any time, (a) with respect to any amount denominated in
Yen, such amount, and (b) with respect to any amount denominated in any Alternative Currency under
the Yen Tranche, the equivalent amount thereof in Yen as determined by Yen Funding Agent or the
applicable Yen L/C Issuer, as the case may be, at such time on the basis of the Spot

46

 

Rate (as of the most recent Revaluation Date) for the purchase of Yen with such Alternative
Currency.

     “Yen Existing Letters of Credit” means the letters of credit outstanding on the date
hereof and described on Schedule 2.4(c).

     “Yen Fronting Loan” has the meaning specified in Section 4.2.1.

     “Yen Funding Agent” means SMBC, in its capacity as Yen funding agent under the Loan
Documents, or any successor in such capacity.

     “Yen Funding Agent’s Office” means, with respect to the Yen Tranche, Yen Funding
Agent’s Office address and, as appropriate, account as set forth on Schedule 14.2 with
respect to the Yen Tranche, or (subject to Section 14.2.5) such other address or account
with respect to the Yen Tranche as Yen Funding Agent may from time to time notify to Prologis,
Global Administrative Agent, the other Funding Agents and Yen Lenders.

     “Yen L/C Borrowing” means an extension of credit resulting from a drawing under any
Yen Letter of Credit which has not been reimbursed on the date when made or refinanced as a Yen
Committed Borrowing. All Yen L/C Borrowings shall be denominated in Yen.

     “Yen L/C Credit Extension” means, with respect to any Yen Letter of Credit, the
issuance thereof, the extension of the expiry date thereof or the increase of the amount thereof.

     “Yen L/C Issuers” means SMBC, in its individual capacity as a bank issuing Letters of
Credit hereunder, and any other Yen Lender, in its individual capacity, approved by Global
Administrative Agent and Yen Funding Agent to issue Yen Letters of Credit hereunder, including each
issuer of a Yen Existing Letter of Credit; and “Yen L/C Issuer” means any one of Yen L/C
Issuers.

     “Yen L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Yen Letters of Credit plus the aggregate of all
Yen Unreimbursed Amounts, including all Yen L/C Borrowings.

     “Yen Lender” means each Lender listed on Schedule 2.1(c) and any Person that
becomes a Yen Lender pursuant to Section 6.13, in each case including such Person’s
successors and permitted assigns; provided that such Person and its permitted successors or
assigns in each case is (a) an institution from which a TMK may, pursuant to the Laws of Japan,
borrow money and (b) a Qualified Institutional Investor.

     “Yen Letter of Credit” means any standby letter of credit issued under the Yen Tranche
(including the Yen Existing Letters of Credit). Yen Letters of Credit may only be issued in Yen.

     “Yen Letter of Credit Sublimit” means an amount equal to the lesser of (a)
¥2,150,000,000 and (b) the Yen Aggregate Commitments. The Yen Letter of Credit Sublimit is part
of, and not in addition to, the Yen Aggregate Commitments.

     “Yen Non-Qualified Lender” means a Yen Lender that is not a Yen Qualified Lender.

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     “Yen Outstanding Amount” means: (a) with respect to Yen Committed Loans (other than
Yen Fronting Loans), the aggregate outstanding Yen Equivalent principal amount thereof after giving
effect to any borrowings and repayments of Yen Committed Loans; (b) with respect to Yen Fronting
Loans, the aggregate outstanding Yen Equivalent principal amount thereof after giving effect to any
borrowings and repayments of Yen Fronting Loans; and (c) with respect to any Yen L/C Obligations,
the aggregate outstanding Yen Equivalent principal amount thereof after giving effect to any Yen
L/C Credit Extension occurring on such date and any other change in the outstanding amount of the
Yen L/C Obligations on such date, including as a result of any reimbursement by any Yen Borrower of
Yen Unreimbursed Amounts.

     “Yen Qualified Lender” means, as of any date of determination, a Yen Lender that (a)
has committed hereunder to make Yen Committed Loans in the applicable currency requested by a Yen
Borrower to be funded under the Yen Tranche, (b) is capable of making the requested Yen Committed
Loans to the applicable Foreign Borrower requesting such Yen Committed Loan without the imposition
of any withholding taxes, and (c) has not provided written notice to Global Administrative Agent
and Yen Funding Agent that it cannot make Yen Committed Loans that are ABR Rate Loans;
provided that if a Bank fails to constitute a Yen Qualified Lender solely because it fails
to meet clause (c), such Bank shall be considered a Yen Qualified Lender for all purposes other
than a request for a Yen Committed Borrowing consisting of ABR Rate Loans.

     “Yen Required Lenders” means, as of any date of determination, Yen Lenders having more
than 50% of the Yen Aggregate Commitments or, if the Yen Aggregate Commitments have terminated, Yen
Lenders holding in the aggregate more than 50% of the Yen Total Outstandings (with the aggregate
amount of each Yen Lender’s risk participation and funded participation in Yen L/C Obligations and
Yen Fronting Loans being deemed “held” by such Yen Lender for purposes of this definition);
provided that the Yen Commitment of, and the portion of the Yen Total Outstandings held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of
Yen Required Lenders.

     “Yen Total Outstandings” means the aggregate Yen Outstanding Amount of all Yen
Committed Loans (including all Yen Fronting Loans) and all Yen L/C Obligations.

     “Yen Tranche” means the Yen credit facility as described in Article IV hereof.

     “Yen Unreimbursed Amount” means any unreimbursed amounts under Section 5.3
with respect to a Yen Letter of Credit.

     Section 1.2 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

     (a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other

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document (including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (iii) the words “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan Document, shall be
construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall
be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document
in which such references appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending, replacing or interpreting such law and any reference
to any law or regulation shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to all
tangible and intangible assets and properties, including cash, securities, accounts and contract
rights.

     (b) In the computation of periods of time from a specified date to a later specified date, the
word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding;” and the word “through” means “to and
including.”

     (c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     Section 1.3 Accounting Terms.

     Section 1.3.1 Generally. All accounting and financial terms not specifically or
completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect
from time to time, applied in a manner consistent with that used in preparing the Audited Financial
Statements, except as otherwise specifically prescribed herein.

     Section 1.3.2 Changes in GAAP. If at any time any change in GAAP would affect the
computation of any financial ratio or requirement set forth in any Loan Document, and either
Prologis or the Required Lenders shall so request, Global Administrative Agent, Lenders and
Prologis shall negotiate in good faith to amend such ratio or requirement to preserve the original
intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (a) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (b) Prologis shall provide to
Global Administrative Agent and each Lender financial statements and other documents required under
this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.

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     Section 1.3.3 Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of the Companies or to the determination of any amount for the
Companies on a consolidated basis or any similar reference shall, in each case, be deemed to
include each variable interest entity that Prologis is required to consolidate pursuant to FASB
Interpretation No. 46 — Consolidation of Variable Interest Entities: an interpretation of ARB No.
51 (January 2003) as if such variable interest entity were a Consolidated Subsidiary as defined
herein. Notwithstanding the foregoing or any other provision of this Agreement or any other Loan
Document, Parkridge Holdings Limited (“Parkridge”) shall not be deemed to be a Consolidated
Subsidiary for any purpose so long as Prologis does not own, directly or indirectly, more than 50%
of the Equity Interests in Parkridge.

     Section 1.3.4 Property Funds. Notwithstanding the foregoing, in the event of a change
in GAAP resulting in Property Funds being treated as Consolidated Subsidiaries under GAAP, such
Property Funds shall continue to be considered Unconsolidated Affiliates.

     Section 1.4 Exchange Rates; Currency Equivalents.

     (a) Global Administrative Agent, the applicable Funding Agent or the applicable L/C Issuer, as
applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating
the Dollar Equivalent amount, the Euro Equivalent amount and the Yen Equivalent amount of Credit
Extensions and any Credit Extensions denominated in the Alternative Currency of each applicable
Tranche. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot
Rates employed in converting any amounts between the applicable currencies until the next
Revaluation Date.

     (b) Wherever in this Agreement in connection with a Committed Borrowing, conversion,
continuation or prepayment of a Eurocurrency Rate Loan, or the issuance, amendment or extension of
a Letter of Credit, or a Swing Line Loan, an amount (such as a required minimum or multiple amount)
is expressed in a Primary Currency of the applicable Tranche, but such Committed Borrowing,
Eurocurrency Rate Loan, Letter of Credit or Swing Line Loan is denominated in an Alternative
Currency, such amount shall be the relevant Foreign Currency Equivalent of such Primary Currency
amount (rounded to the nearest unit of such Foreign Currency, with 0.0001 of a unit being rounded
upward), as determined by the applicable Funding Agent on the applicable Revaluation Date under and
in accordance with the provisions of this Agreement.

     Section 1.5 Change of Currency.

     (a) Each obligation of Borrowers to make a payment denominated in the national currency unit
of any member state of the European Union that adopts the Euro as its lawful currency after the
date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the
EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual
of interest expressed in this Agreement in respect of that currency shall be inconsistent with any
convention or practice in the London interbank market for the basis of accrual of interest in
respect of the Euro, such expressed basis shall be replaced by such convention or practice with
effect from the date on which such member state adopts the Euro as its lawful currency;
provided that if any Committed Borrowing in the currency of such member

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state is outstanding immediately prior to such date, such replacement shall take effect, with
respect to such Committed Borrowing, at the end of the then current Interest Period.

     (b) Each provision of this Agreement shall be subject to such reasonable changes of
construction as Global Administrative Agent (in consultation with any other relevant Agent and, to
the extent a Default does not exist, Prologis) may from time to time specify to be appropriate to
reflect the adoption of the Euro by any member state of the European Union and any relevant market
conventions or practices relating to the Euro.

     (c) Each provision of this Agreement also shall be subject to such reasonable changes of
construction as Global Administrative Agent (in consultation with any other relevant Agent and, to
the extent a Default does not exist, Prologis) may from time to time specify to be appropriate to
reflect a change in currency of any other country and any relevant market conventions or practices
relating to such change in currency.

     Section 1.6 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to
United States Central time (daylight or standard, as applicable).

     Section 1.7 Determination of Letter of Credit Amounts and Whether a Letter of Credit is
Outstanding.

     (a) Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be
deemed to be the Dollar Equivalent for the U.S. Tranche of the stated amount of such U.S. Letter of
Credit in effect at such time; the Euro Equivalent for the Euro Tranche of the stated amount of
such Euro Letter of Credit in effect at such time; and the Yen Equivalent for the Yen Tranche of
the stated amount of such Yen Letter of Credit in effect at such time; provided that with
respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related
thereto, provides for one or more automatic increases in the stated amount thereof, the amount of
such Letter of Credit shall be deemed to be the Dollar Equivalent for the U.S. Tranche, the Euro
Equivalent for the Euro Tranche and the Yen Equivalent for the Yen Tranche of the maximum stated
amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at such time.

     (b) For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn.

ARTICLE II

U.S. COMMITMENTS AND U.S. CREDIT EXTENSIONS

     Section 2.1 U.S. Committed Loans. Subject to the terms and conditions set forth herein, each U.S. Lender severally agrees to
make loans (each such loan, a “U.S. Committed Loan”) to each U.S. Borrower in Dollars or in
one or more Alternative Currencies of the U.S. Tranche, subject to Section 2.2, from time
to time, on any Business Day during the Availability Period, under the U.S. Tranche, in an
aggregate amount not to exceed at any time outstanding the amount of such U.S. Lender’s U.S.
Commitment; provided that after giving effect to any U.S. Committed Borrowing, (a) the U.S.
Total Outstandings shall not exceed the U.S. Aggregate

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Commitments and (b) the U.S. Credit Exposure of any U.S. Lender shall not exceed such U.S.
Lender’s U.S. Commitment. Within the limits of each U.S. Lender’s U.S. Commitment, U.S. Borrowers
may borrow under this Section 2.1, prepay under Section 2.6 and reborrow under this
Section 2.1. U.S. Committed Loans denominated in Dollars may be Base Rate Loans or
Eurocurrency Rate Loans, and U.S. Committed Loans denominated in any Alternative Currency may be
Eurocurrency Rate Loans, as further provided herein.

     Section 2.2 U.S. Fronting Loans.

     Section 2.2.1 U.S. Fronting Loans. Subject to the terms and conditions set forth in
this Section 2.2, upon a request for a U.S. Committed Borrowing in an Alternative Currency
or to a Foreign Borrower in compliance with Section 2.1, each Fronting Lender agrees,
subject to the limitations set forth below, to fund its Fronting Portion of such U.S. Committed
Borrowing in the requested currency on behalf of each applicable U.S. Non-Qualified Lender with
respect to such U.S. Committed Borrowing and in the amount of each such U.S. Non-Qualified Lender’s
Applicable Tranche Percentage for such U.S. Committed Loan (each a “U.S. Fronting Loan”),
notwithstanding the fact that such U.S. Fronting Loan, when aggregated with the U.S. Credit
Exposure of such Fronting Lender, may exceed the amount of such Fronting Lender’s U.S. Commitment;
provided that (a) after giving effect to any U.S. Fronting Loan, the aggregate Dollar
Equivalent amount of all Fronting Loans funded by such Fronting Lender shall not exceed the
Fronting Commitment of such Fronting Lender, and (b) such Fronting Lender shall not be a U.S.
Non-Qualified Lender for purposes of such U.S. Fronting Loan. Immediately upon the making of a
U.S. Fronting Loan on behalf of a U.S. Non-Qualified Lender, such U.S. Non-Qualified Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Fronting
Lender a risk participation in one 100% of such U.S. Fronting Loan. The purchase of such risk
participation in each U.S. Fronting Loan by such U.S. Non-Qualified Lender shall satisfy such U.S.
Non-Qualified Lender’s funding requirements under Section 2.1. Notwithstanding any other
provision herein, no more than five Credit Extensions that utilize U.S. Fronting Loans shall be
made during any calendar month.

     Section 2.2.2 Election of Fronting Lenders. (a) Upon a request for a U.S. Committed
Borrowing in accordance with Section 2.3 in an Alternative Currency, or to a TMK, with
respect to which there are U.S. Non-Qualified Lenders, there shall be a Fronting Lender Election.
If the Fronting Lenders based on the limitations set forth in the proviso to the first sentence of
Section 2.2.1 are unable to fund the entire requested U.S. Fronting Loan in such
Alternative Currency or to such TMK, then the applicable U.S. Borrower may decrease the amount of
the requested U.S. Committed Borrowing within one Business Day after notice by U.S. Funding Agent
of such limitation. If such U.S. Borrower does not reduce its request for a U.S. Committed
Borrowing to an amount equal to or less than the available Fronting Commitment subject to the
limitation set forth in the proviso to the first sentence in Section 2.2.1, then the
requested U.S. Committed Loan shall not be made by U.S. Lenders.

(b) Upon a request for a U.S. Committed Borrowing in accordance with Section 2.3 (other
than in an Alternative Currency) to a Foreign Borrower (other than with respect to a TMK as set
forth in paragraph (a) above) with respect to which there are U.S. Non-Qualified Lenders,
there shall be a Fronting Lender Election. If there are no available Fronting Lenders based on the
limitations set forth in the proviso to the first sentence of Section 2.2.1 to fund the
entire

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requested U.S. Fronting Loan to such Foreign Borrower, then the applicable U.S. Borrower may
decrease the amount of the requested U.S. Committed Borrowing within one Business Day after notice
by U.S. Funding Agent of such limitation. If such U.S. Borrower does not reduce its request for a
U.S. Committed Borrowing to an amount equal to or less than the available Fronting Commitment
subject to the limitation set forth in the proviso to the first sentence in Section 2.2.1,
then (x) the requested U.S. Committed Loan shall be deemed to be reduced to the available Fronting
Commitments and (y) the applicable U.S. Borrower shall be deemed to have requested an additional
U.S. Committed Loan in the amount of the excess of the requested U.S. Committed Loan over the
available Fronting Commitments which shall be made by U.S. Lenders without the utilization of any
Fronting Loans.

     Section 2.2.3 Refinancing of the U.S. Fronting Loans.

     (a) (i) On the Trigger Date, U.S. Funding Agent shall notify each U.S. Non-Qualified Lender of
its obligation to fund its participation in each applicable U.S. Fronting Loan. Each applicable
U.S. Non-Qualified Lender shall make the amount of its participation in each applicable U.S.
Fronting Loan specified in such notice available to U.S. Funding Agent in Same Day Funds for the
account of the applicable Fronting Lender at U.S. Funding Agent’s Office for payments in the same
currency as the applicable U.S. Fronting Loan not later than 1:00 p.m. on the Business Day
specified in such notice.

          (ii) To the extent that a U.S. Non-Qualified Lender that has a risk participation in a U.S.
Fronting Loan assigns all or part of its interest in such risk participation under Section
14.6 to a U.S. Qualified Lender for purposes of such U.S. Fronting Loan, then such U.S.
Qualified Lender shall make the amount of its assigned participation in such U.S. Fronting Loan
available to U.S. Funding Agent in Same Day Funds for the account of the applicable Fronting Lender
at U.S. Funding Agent’s Office for payments in the same currency as the applicable U.S. Fronting
Loan not later than 1:00 p.m. on the third Business Day following the effective date of the
assignment.

     (b) If any applicable U.S. Lender fails to make available to any Fronting Lender any amount
required to be paid by such U.S. Lender pursuant to the foregoing provisions of this Section
2.2.3 by the time specified in Section 2.2.3(a), such Fronting Lender shall be entitled
to recover from such U.S. Lender (acting through U.S. Funding Agent), on demand, such amount in the
same currency as the applicable U.S. Fronting Loan with interest thereon for the period from the
date such payment is required to the date on which such payment is immediately available to such
Fronting Lender at a rate per annum equal to the applicable Overnight Rate from time to time in
effect. A certificate of a Fronting Lender submitted to any applicable U.S. Lender (through U.S.
Funding Agent) with respect to any amount owing under this clause (b) shall be conclusive
absent manifest error.

     (c) Each applicable U.S. Lender’s obligation to purchase and fund risk participations in U.S.
Fronting Loans pursuant to this Section 2.2.3 shall be absolute and unconditional and shall
not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or
other right which such U.S. Lender may have against the applicable Fronting Lender, any U.S.
Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a
Default or (iii) any other occurrence, event or condition, whether or not similar

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to any of the foregoing. No such funding of risk participations shall relieve or otherwise
impair the obligation of any U.S. Borrower to repay any Fronting Lender, together with interest as
provided herein.

     (d) At any time after any U.S. Lender has purchased and funded a risk participation in a U.S.
Fronting Loan, if the applicable Fronting Lender receives any payment on account of such U.S.
Fronting Loan, such Fronting Lender will distribute to such U.S. Lender such payment (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such U.S.
Lender’s participation was funded) in the same funds and currency as those received by such
Fronting Lender.

     (e) If any payment received by any Fronting Lender (and paid to a U.S. Lender) in respect of
principal or interest on any U.S. Fronting Loan is required to be returned by such Fronting Lender
under any of the circumstances described in Section 14.5 (including pursuant to any
settlement entered into by such Fronting Lender in its discretion), such U.S. Lender shall pay to
such Fronting Lender in the applicable currency of such Fronting Loan the amount of such payment in
respect of such U.S. Fronting Loan on demand of U.S. Funding Agent, plus interest thereon
from the date of such demand to the date such amount is returned, at a rate per annum equal to the
applicable Overnight Rate. U.S. Funding Agent will make such demand upon the request of the
applicable Fronting Lender. The obligations of the applicable U.S. Lenders under this clause shall
survive the payment in full of the Obligations and the termination of this Agreement.

     Section 2.2.4 Payments for Account of the applicable Fronting Lender. Notwithstanding
any other provision of this Agreement, until the applicable U.S. Lender funds its risk
participation pursuant to this Section 2.2 to refinance such U.S. Lender’s applicable U.S.
Fronting Loan, all payments made hereunder in respect of the portion of any U.S. Committed Loans
that was funded in part by a Fronting Lender on behalf of such U.S. Lender shall be solely for the
account of the applicable Fronting Lender.

     Section 2.2.5 Defaulting Lender. Notwithstanding the foregoing, no Fronting Lender
shall be required to make a U.S. Fronting Loan on behalf of a U.S. Non-Qualified Lender that is a
Defaulting Lender at the time of the receipt by U.S. Funding Agent of the applicable U.S. Committed
Loan Notice or at any time prior to the funding of such U.S. Fronting Loan. In addition, to the
extent (a) a U.S. Fronting Loan is outstanding, (b) a U.S. Non-Qualified Lender becomes a
Defaulting Lender and (c) the applicable Fronting Lender makes a demand for repayment to the
applicable U.S. Borrower, then such U.S. Borrower shall repay such U.S. Fronting Loan (i) on or
before the earlier of (A) 30 days following receipt of such demand or (B) the fifth day following
the last day of the applicable Interest Period ending after receipt of such demand or (ii) if no
Interest Period is in effect with respect to such U.S. Fronting Loan, within ten days following
receipt of such demand. If any such U.S. Fronting Loan is not repaid in full on the last day of an
Interest Period (if applicable or required under clause (i)(B) above), subject to
Section 6.4.2, such U.S. Fronting Loan shall bear interest at the Money Market Rate plus
the Applicable Margin until such payment is made hereunder.

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     Section 2.3 U.S. Committed Borrowings, Conversions and Continuations of U.S. Committed
Loans.

     Section 2.3.1 Procedures for U.S. Committed Borrowings. Each U.S. Committed
Borrowing, each conversion of U.S. Committed Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans shall be made upon the requesting U.S. Borrower’s
irrevocable notice to U.S. Funding Agent, which may be given by telephone. Each such notice must
be received by U.S. Funding Agent not later than 11:00 a.m. (a) three Business Days prior to the
requested date of any U.S. Committed Borrowing of, conversion to or continuation of Eurocurrency
Rate Loans (other than a U.S. Committed Borrowing denominated in Yen), (b) four Business Days prior
to the requested date of any U.S. Committed Borrowing denominated in Yen or any continuation of
Eurocurrency Rate Loans denominated in Yen and (c) one Business Day prior to the requested date of
any U.S. Committed Borrowing of Base Rate Committed Loans or of any conversion of Eurocurrency Rate
Loans denominated in Dollars to Base Rate Committed Loans. Each telephonic notice by the
requesting U.S. Borrower pursuant to this Section 2.3.1 must be confirmed promptly by
delivery to U.S. Funding Agent of a written U.S. Committed Loan Notice, appropriately completed and
signed by a Responsible Officer of such U.S. Borrower. Each U.S. Committed Borrowing of,
conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount permitted
by Section 6.1.1. Except as provided in Sections 5.3 and 2.5.3, each U.S.
Committed Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount
permitted by Section 6.1.1. Each U.S. Committed Loan Notice (whether telephonic or
written) shall specify (i) the jurisdiction of the applicable U.S. Borrower and whether such
Borrower is a Foreign Borrower, (ii) whether such U.S. Borrower is requesting a U.S. Committed
Borrowing, a conversion of U.S. Committed Loans from one Type to the other, or a continuation of
Eurocurrency Rate Loans, (iii) the requested date of the U.S. Committed Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iv) the principal amount of U.S.
Committed Loans to be borrowed, converted or continued, (v) the Type of U.S. Committed Loans to be
borrowed or to which existing U.S. Committed Loans are to be converted, (vi) if applicable, the
duration of the Interest Period with respect thereto and (vii) the currency of the U.S. Committed
Loans to be borrowed or continued. If the requesting U.S. Borrower fails to specify a currency in
a U.S. Committed Loan Notice requesting a U.S. Committed Borrowing, then the U.S. Committed Loans
so requested shall be made in Dollars. If the requesting U.S. Borrower fails to specify a Type of
U.S. Committed Loan in a U.S. Committed Loan Notice or if the requesting U.S. Borrower fails to
give a timely notice requesting a continuation, then the applicable U.S. Committed Loans shall be
made as, or converted to, Base Rate Loans; provided that in the case of a failure to timely
request a continuation of U.S. Committed Loans denominated in an Alternative Currency of the U.S.
Tranche, such U.S. Committed Loans shall be continued as Eurocurrency Rate Loans in their original
currency with an Interest Period of one month. Any automatic conversion to Base Rate Loans shall
be effective as of the last day of the Interest Period then in effect with respect to the
applicable Eurocurrency Rate Loans. If the requesting U.S. Borrower requests a U.S. Committed
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in any such U.S. Committed
Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month. No U.S. Committed Loan may be converted into or continued as a U.S.
Committed Loan denominated in a different currency, but instead must be repaid in the original
currency of such U.S. Committed Loan and reborrowed in the other currency.

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     Section 2.3.2 Funding of U.S. Committed Loans. Following receipt of a U.S. Committed
Loan Notice, U.S. Funding Agent shall promptly notify each U.S. Lender of the amount and currency
of its Applicable Tranche Percentage of the applicable U.S. Committed Borrowing, and if no timely
notice of a conversion or continuation is provided by the applicable U.S. Borrower, U.S. Funding
Agent shall notify each U.S. Lender of the details of any automatic conversion to Base Rate Loans
or continuation of U.S. Committed Loans denominated in a currency other than Dollars, in each case
as described in Section 2.3.1. In the case of a U.S. Committed Borrowing, each U.S.
Qualified Lender and the applicable Fronting Lender, if any, shall make the amount of its U.S.
Committed Loan available to U.S. Funding Agent in Same Day Funds at U.S. Funding Agent’s Office for
the applicable currency not later than 1:00 p.m., in the case of any U.S. Committed Loan
denominated in Dollars, and not later than the Applicable Time specified by U.S. Funding Agent in
the case of any U.S. Committed Loan in an Alternative Currency under the U.S. Tranche, in each case
on the Business Day specified in the applicable U.S. Committed Loan Notice. Upon satisfaction of
the applicable conditions set forth in Section 8.2 (and, if such U.S. Committed Borrowing
is the initial Credit Extension, Section 8.1), U.S. Funding Agent shall make all funds so
received available to the applicable U.S. Borrower in like funds as received by U.S. Funding Agent
either by (a) crediting the account of such U.S. Borrower on the books of U.S. Funding Agent with
the amount of such funds or (b) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) U.S. Funding Agent by such U.S. Borrower;
provided that if, on the date the U.S. Committed Loan Notice with respect to such U.S.
Committed Borrowing denominated in Dollars is given by such U.S. Borrower, such U.S. Borrower has
outstanding U.S. L/C Borrowings, then the proceeds of such U.S. Committed Borrowing, first,
shall be applied to the payment in full of such U.S. L/C Borrowings, and, second, shall be
made available to the applicable U.S. Borrower as provided above.

     Section 2.3.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest
Period for such Eurocurrency Rate Loan. During the existence of a Default, the U.S. Required
Lenders may, at their option, by notice to the U.S. Borrowers (which notice may be revoked at the
option of the U.S. Required Lenders notwithstanding any provision of Section 14.1) declare
that (a) no U.S. Loans denominated in Dollars may be requested as, converted to or continued as
Eurocurrency Rate Loans, and (b) no U.S. Loans denominated in an Alternative Currency may be
requested or continued as Eurocurrency Rate Loans, other than as Eurocurrency Rate Loan with an
Interest Period of one month.

     Section 2.3.4 Notice of Rates. U.S. Funding Agent shall promptly notify the
applicable U.S. Borrower and U.S. Lenders of the interest rate applicable to any Interest Period
for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate
Loans are outstanding, U.S. Funding Agent shall notify the applicable U.S. Borrower and U.S.
Lenders of any change in U.S. Funding Agent’s “prime rate” used in determining the Base Rate
promptly following the public announcement of such change.

     Section 2.3.5 Number of Interest Periods. After giving effect to all U.S. Committed
Borrowings, all conversions of U.S. Committed Loans from one Type to the other, and all
continuations of U.S. Committed Loans as the same Type, there shall not be more than 12 Interest
Periods in effect with respect to U.S. Committed Loans.

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     Section 2.4 U.S. Letters of Credit. Subject to the terms and conditions set forth herein, (a) each U.S. L/C Issuer agrees, in
reliance upon the agreements of U.S. Lenders set forth in this Section 2.4 and Article
V, (i) from time to time on any Business Day during the Availability Period, to issue U.S.
Letters of Credit denominated in Dollars or Canadian Dollars for the account of any U.S. Borrower
or any Eligible Affiliate, and to amend or extend U.S. Letters of Credit previously issued by it,
in accordance with Section 5.2, and (ii) to honor drawings under the applicable U.S.
Letters of Credit; and (b) U.S. Lenders severally agree to participate in U.S. Letters of Credit
issued for the account of any U.S. Borrower or any Eligible Affiliates and any drawings thereunder;
provided that after giving effect to any U.S. L/C Credit Extension with respect to any U.S.
Letter of Credit, (x) the U.S. Total Outstandings shall not exceed the U.S. Aggregate Commitments,
(y) the U.S. Credit Exposure of any U.S. Lender shall not exceed such U.S. Lender’s U.S. Commitment
and (z) the U.S. Outstanding Amount of the U.S. L/C Obligations shall not exceed the U.S. Letter of
Credit Sublimit. Within the foregoing limits, any U.S. Borrower’s ability to obtain U.S. Letters
of Credit shall be fully revolving, and accordingly each U.S. Borrower may, during the foregoing
period, obtain U.S. Letters of Credit to replace U.S. Letters of Credit that have expired or that
have been drawn upon and reimbursed. All U.S. Existing Letters of Credit that were originally
issued for the account of a Person that is not a U.S. Borrower shall, immediately upon the
effectiveness hereof, be deemed to have been issued pursuant hereto for the account of the
applicable U.S. Borrower identified as the “Account Obligor” on Schedule 2.4(a) (which U.S.
Borrower hereby assumes all U.S. L/C Obligations with respect to such U.S. Existing Letter of
Credit), and from and after the Closing Date shall be subject to and governed by the terms and
conditions hereof.

     Section 2.5 U.S. Swing Line Loans.

     Section 2.5.1 The U.S. Swing Line. Subject to the terms and conditions set forth
herein, U.S. Swing Line Lender agrees, in reliance upon the agreements of the other U.S. Lenders
set forth in this Section 2.5, to make loans in Dollars (each such loan, a “U.S. Swing
Line Loan”) to any Domestic Borrower under the U.S. Tranche from time to time on any Business
Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the
amount of the U.S. Swing Line Sublimit, notwithstanding the fact that such U.S. Swing Line Loans,
when aggregated with the Applicable Tranche Percentage of the U.S. Outstanding Amount of U.S.
Committed Loans and U.S. L/C Obligations of the U.S. Lender acting as U.S. Swing Line Lender, may
exceed the amount of such U.S. Lender’s U.S. Commitment; provided that after giving effect
to any U.S. Swing Line Loan, (a) the U.S. Total Outstandings shall not exceed the U.S. Aggregate
Commitments and (b) the U.S. Credit Exposure of any U.S. Lender shall not exceed such U.S. Lender’s
U.S. Commitment, and provided, further, that no U.S. Borrower shall use the
proceeds of any U.S. Swing Line Loan to refinance any other outstanding U.S. Swing Line Loan.
Within the foregoing limits, each Domestic Borrower may borrow under this Section 2.5,
prepay under Section 2.6 and reborrow under this Section 2.5. Each U.S. Swing Line
Loan shall be a Money Market Rate Loan. Immediately upon the making of a U.S. Swing Line Loan,
each U.S. Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from U.S. Swing Line Lender a risk participation in such U.S. Swing Line Loan in an amount equal to
the product of such U.S. Lender’s Applicable Tranche Percentage times the amount of such
U.S. Swing Line Loan. Notwithstanding the foregoing, (i) no U.S. Swing Line Loan shall be made to
any Foreign Borrower under the U.S. Tranche and (ii) U.S. Swing Line Lender shall have no
obligation to

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make any U.S. Swing Line Loan if any U.S. Lender has failed to fund any amount required under
Section 2.5.3, unless such failure has been cured, or is at the time of making any U.S.
Swing Line Loan a Defaulting Lender, unless U.S. Swing Line Lender has entered into arrangements
satisfactory to U.S. Swing Line Lender, in its sole discretion, with the applicable Borrower or
such U.S. Lender to eliminate U.S. Swing Line Lender’s risk with respect to such U.S. Lender.

     Section 2.5.2 Borrowing Procedures. Each U.S. Swing Line Borrowing shall be made upon
the requesting U.S. Borrower’s irrevocable notice to U.S. Swing Line Lender and U.S. Funding Agent,
which may be given by telephone. Each such notice must be received by U.S. Swing Line Lender and
U.S. Funding Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (a)
the amount to be borrowed, which shall be a minimum of $500,000, and (b) the requested borrowing
date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by
delivery to U.S. Swing Line Lender and U.S. Funding Agent of a written U.S. Swing Line Loan Notice,
appropriately completed and signed by a Responsible Officer of the requesting U.S. Borrower.
Promptly after receipt by U.S. Swing Line Lender of any telephonic U.S. Swing Line Loan Notice,
U.S. Swing Line Lender will confirm with U.S. Funding Agent (by telephone or in writing) that it
has also received such U.S. Swing Line Loan Notice and, if not, U.S. Swing Line Lender will notify
U.S. Funding Agent (by telephone or in writing) of the contents thereof. Unless U.S. Swing Line
Lender has received notice (by telephone or in writing) from Global Administrative Agent, U.S.
Funding Agent (including at the request of any U.S. Lender) or any Credit Party prior to 2:00 p.m.
on the date of the proposed U.S. Swing Line Borrowing (i) directing U.S. Swing Line Lender not to
make such U.S. Swing Line Loan as a result of the limitations set forth in the proviso to the first
sentence of Section 2.5.1 or (ii) that one or more of the applicable conditions specified
in Article VIII is not then satisfied, then, subject to the terms and conditions hereof,
U.S. Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such U.S.
Swing Line Loan Notice, make the amount of its U.S. Swing Line Loan available to the requesting
U.S. Borrower.

     Section 2.5.3 Refinancing of U.S. Swing Line Loans.

     (a) U.S. Swing Line Lender at any time in its sole and absolute discretion may request, on
behalf of the applicable U.S. Borrower (which hereby irrevocably authorizes U.S. Swing Line Lender
to so request on its behalf), that each U.S. Lender make a Base Rate Committed Loan in an amount
equal to such U.S. Lender’s Applicable Tranche Percentage of the amount of the U.S. Swing Line
Loans then outstanding. Such request shall be made in writing (which written request shall be
deemed to be a U.S. Committed Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.3, without regard to the minimum and multiples specified therein
for the principal amount of Base Rate Committed Loans, but subject to the unutilized portion of the
U.S. Aggregate Commitments and the conditions set forth in Section 8.2. U.S. Swing Line
Lender shall furnish such U.S. Borrower with a copy of the applicable U.S. Committed Loan Notice
promptly after delivering such notice to U.S. Funding Agent. Each U.S. Lender shall make an amount
equal to its Applicable Tranche Percentage of the amount specified in such U.S. Committed Loan
Notice available to U.S. Funding Agent in Same Day Funds for the account of U.S. Swing Line Lender
at U.S. Funding Agent’s Office for Dollar-denominated payments not later than 12:00 noon on the day
specified in such U.S. Committed Loan Notice, whereupon, subject to Section 2.5.3(b), each
U.S. Lender that so makes

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funds available shall be deemed to have made a Base Rate Committed Loan to such U.S. Borrower
in such amount. U.S. Funding Agent shall remit the funds so received to U.S. Swing Line Lender.

     (b) If for any reason any U.S. Swing Line Loan cannot be refinanced by a U.S. Committed
Borrowing in accordance with Section 2.5.3(a), the request for Base Rate Committed Loans
submitted by U.S. Swing Line Lender as set forth herein shall be deemed to be a request by U.S.
Swing Line Lender that each U.S. Lender fund its risk participation in the relevant U.S. Swing Line
Loan and each U.S. Lender’s payment to U.S. Funding Agent for the account of U.S. Swing Line Lender
pursuant to Section 2.5.3(a) shall be deemed payment in respect of such participation.

     (c) If any U.S. Lender fails to make available to U.S. Funding Agent for the account of U.S.
Swing Line Lender any amount (the “Unfunded U.S. Swing Line Amount”) required to be paid by
such U.S. Lender pursuant to the foregoing provisions of this Section 2.5.3 by the time
specified in Section 2.5.3(a), (i) U.S. Swing Line Lender shall be entitled to recover from
such U.S. Lender (acting through U.S. Funding Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such payment is
immediately available to U.S. Swing Line Lender at a rate per annum equal to the applicable
Overnight Rate from time to time in effect; and (ii) for the avoidance of doubt, the Unfunded U.S.
Swing Line Amount shall become due and payable on the date specified in Section 6.3(b)(i).
A certificate of U.S. Swing Line Lender submitted to any U.S. Lender (through U.S. Funding Agent)
with respect to any amount owing under this clause (c) shall be conclusive absent manifest
error.

     (d) Each U.S. Lender’s obligation to make U.S. Committed Loans or to purchase and fund risk
participations in U.S. Swing Line Loans pursuant to this Section 2.5.3 shall be absolute
and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right which any Lender may have against U.S. Swing Line
Lender, any U.S. Borrower or any other Person for any reason whatsoever, (ii) the occurrence or
continuance of a Default or (iii) any other occurrence, event or condition, whether or not similar
to any of the foregoing; provided that each U.S. Lender’s obligation to make U.S. Committed
Loans pursuant to this Section 2.5.3 is subject to the conditions set forth in Section
8.2. No such funding of risk participations shall relieve or otherwise impair the obligation
of any U.S. Borrower to repay U.S. Swing Line Loans, together with interest as provided herein.

     Section 2.5.4 Repayment of Participations.

     (a) At any time after any U.S. Lender has purchased and funded a risk participation in a U.S.
Swing Line Loan, if U.S. Swing Line Lender receives any payment on account of such U.S. Swing Line
Loan, U.S. Swing Line Lender will distribute to such U.S. Lender its Applicable Tranche Percentage
of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of
time during which such U.S. Lender’s risk participation was funded) in the same funds as those
received by U.S. Swing Line Lender.

     (b) If any payment received by U.S. Swing Line Lender in respect of principal or interest on
any U.S. Swing Line Loan is required to be returned by U.S. Swing Line Lender

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under any of the circumstances described in Section 14.5 (including pursuant to any
settlement entered into by U.S. Swing Line Lender in its discretion), each U.S. Lender shall pay to
U.S. Swing Line Lender its Applicable Tranche Percentage thereof on demand of U.S. Funding Agent,
plus interest thereon from the date of such demand to the date such amount is returned, at
a rate per annum equal to the applicable Overnight Rate. U.S. Funding Agent will make such demand
upon the request of U.S. Swing Line Lender. The obligations of U.S. Lenders under this clause
shall survive the payment in full of the Obligations and the termination of this Agreement.

     Section 2.5.5 Interest for Account of U.S. Swing Line Lender. U.S. Swing Line Lender
shall be responsible for invoicing the applicable U.S. Borrowers for interest on the U.S. Swing
Line Loans. Until a U.S. Lender funds its Base Rate Committed Loan or risk participation pursuant
to this Section 2.5 to refinance such U.S. Lender’s Applicable Tranche Percentage of any
U.S. Swing Line Loan, interest in respect of such U.S. Lender’s Applicable Tranche Percentage shall
be solely for the account of U.S. Swing Line Lender.

     Section 2.5.6 Payments Directly to U.S. Swing Line Lender. Each U.S. Borrower shall
make all payments of principal and interest in respect of the U.S. Swing Line Loans directly to
U.S. Swing Line Lender.

     Section 2.6 U.S. Prepayments.

     Section 2.6.1 Prepayments of Committed Loans. Each U.S. Borrower may, upon notice to
U.S. Funding Agent, at any time or from time to time voluntarily prepay U.S. Committed Loans in
whole or in part without premium or penalty; provided that (a) such notice must be received
by U.S. Funding Agent, not later than 11:00 a.m. (i) three Business Days prior to any date of
prepayment of Eurocurrency Rate Loans and (ii) on the date of prepayment of any Base Rate Committed
Loans; and (b) any prepayment of U.S. Committed Loans shall be in a principal amount permitted by
Section 6.1.2 or, if less, the entire principal amount thereof then outstanding;
provided that if U.S. Lenders have made any U.S. Committed Loans pursuant to Section
2.5.3 or 5.3.2, then the applicable U.S. Borrower may make a prepayment in any other
amount so long as, after giving effect thereto, the aggregate principal amount of all Base Rate
Committed Borrowings is in the principal amount of $1,000,000 or a higher integral multiple of
$100,000. Each such notice shall specify the date and amount of such prepayment and the Type(s) of
Committed Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest
Period(s) of such Eurocurrency Rate Loans. U.S. Funding Agent will promptly notify each U.S.
Lender and each Fronting Lender, as applicable, of its receipt of each such notice, and of the
amount of such U.S. Lender’s Applicable Tranche Percentage of such prepayment. If such notice is
given by such U.S. Borrower, then such U.S. Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amount required pursuant to Section 7.5. Subject to
Sections 2.2.4 and 6.8.3, each such prepayment shall be applied to the U.S.
Committed Loans of U.S. Lenders in accordance with their respective Applicable Tranche Percentages.

     Section 2.6.2 Prepayments of Swing Line Loans. The applicable U.S. Borrower may, upon
notice to U.S. Swing Line Lender (with a copy to U.S. Funding Agent), at any time or

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from time to time, voluntarily prepay any U.S. Swing Line Loans in whole or in part without
premium or penalty; provided that (a) such notice must be received by U.S. Swing Line
Lender and U.S. Funding Agent not later than 12:00 noon on the date of the prepayment and (b) any
such prepayment shall be in a minimum principal amount of $500,000. Each such notice shall specify
the date and amount of such prepayment. If such notice is given by such U.S. Borrower, such U.S.
Borrower shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein.

     Section 2.6.3 Prepayments Due to Currency Fluctuations. U.S. Funding Agent shall
calculate the Dollar Equivalent of the U.S. Total Outstandings (but only with respect to
Eurocurrency Rate Loans denominated in an Alternative Currency) on each applicable Revaluation
Date. If on the Revaluation Date that occurs on the first Business Day of each calendar month, or
such other times as U.S. Funding Agent may determine in its reasonable discretion, such calculation
reflects that, as of such Revaluation Date, the Dollar Equivalent of the U.S. Total Outstandings
exceeds an amount equal to 105% of the U.S. Aggregate Commitments then in effect, then, within
three Business Days after notice of such calculation from U.S. Funding Agent to Prologis, U.S.
Borrowers shall prepay U.S. Loans and/or Cash Collateralize U.S. L/C Obligations in an aggregate
amount sufficient to reduce the U.S. Total Outstandings as of such date of payment to an amount
not exceeding 100% of the U.S. Aggregate Commitments then in effect; provided that solely
for purposes of measuring compliance with this Section 2.6.3, the amount of Cash Collateral
delivered to U.S. Funding Agent under this Section 2.6.3 shall be deemed to have reduced
the U.S. Total Outstandings. Subject to Section 2.2.4, each such prepayment shall be
applied to the U.S. Committed Loans of U.S. Lenders in accordance with their respective Applicable
Tranche Percentages.

     Section 2.6.4 Other Prepayments. If at any time the Dollar Equivalent of the U.S.
Total Outstandings exceeds the U.S. Aggregate Commitments then in effect and such excess is not due
to a currency exchange fluctuation covered under Section 2.6.3, then, within two Business
Days after notice from U.S. Funding Agent to Prologis, U.S. Borrowers shall prepay the U.S. Loans
and/or Cash Collateralize the U.S. L/C Obligations in an aggregate amount sufficient to reduce the
Dollar Equivalent of such U.S. Total Outstandings as of such date of payment to an amount not to
exceed the U.S. Aggregate Commitments then in effect, without regard to any minimum or multiples
specified in Section 6.1.2 with respect to prepayments. Subject to Section 2.2.4,
each such prepayment shall be applied to the U.S. Committed Loans of U.S. Lenders in accordance
with their respective Applicable Tranche Percentages.

ARTICLE III

EURO COMMITMENTS AND EURO CREDIT EXTENSIONS

     Section 3.1 Euro Committed Loans. Subject to the terms and conditions set forth herein, each Euro Lender severally agrees to
make loans (each such loan, a “Euro Committed Loan”) to each Euro Borrower in Euro or in
one or more Alternative Currencies of the Euro Tranche, subject to Section 3.2, from time
to time, on any Business Day during the Availability Period, under the Euro Tranche, in an
aggregate amount not to exceed at any time outstanding the amount of such Euro Lender’s Euro
Commitment; provided that after giving effect to any Euro Committed Borrowing, (a) the Euro
Total Outstandings shall not exceed the Euro Aggregate Commitments and (b) the Euro Credit Exposure
of any Euro Lender shall not exceed

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such Euro Lender’s Euro Commitment. Within the limits of each Euro Lender’s Euro Commitment,
Euro Borrowers may borrow under this Section 3.1, prepay under Section 3.6 and
reborrow under this Section 3.1. Euro Committed Loans may be Eurocurrency Rate Loans or,
solely upon the occurrence of an event described in Section 7.2 or 7.3, Substitute
Rate Loans, as further provided herein.

     Section 3.2 Euro Fronting Loans.

     Section 3.2.1 Euro Fronting Loans. Subject to the terms and conditions set forth in
this Section 3.2, upon a request for a Euro Committed Borrowing in an Alternative Currency
or to a Foreign Borrower in compliance with Section 3.1, each Fronting Lender agrees,
subject to the limitations set forth below, to fund its Fronting Portion of such Euro Committed
Borrowing in the requested currency on behalf of each applicable Euro Non-Qualified Lender with
respect to such Euro Committed Borrowing and in the amount of each such Euro Non-Qualified Lender’s
Applicable Tranche Percentage for such Euro Committed Loan (each a “Euro Fronting Loan”),
notwithstanding the fact that such Euro Fronting Loan, when aggregated with the Euro Credit
Exposure of such Fronting Lender, may exceed the amount of such Fronting Lender’s Euro Commitment;
provided that (a) after giving effect to any Euro Fronting Loan, the aggregate Dollar
Equivalent amount of all Fronting Loans funded by such Fronting Lender shall not exceed the
Fronting Commitment of such Fronting Lender and (b) such Fronting Lender shall not be a Euro
Non-Qualified Lender with respect to such Euro Fronting Loan. Immediately upon the making of a
Euro Fronting Loan on behalf of a Euro Non-Qualified Lender, such Euro Non-Qualified Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Fronting
Lender a risk participation in 100% of such Euro Fronting Loan. The purchase of such risk
participation in each Euro Fronting Loan by such Euro Non-Qualified Lender shall satisfy such Euro
Non-Qualified Lender’s funding requirements under Section 3.1. Notwithstanding any other
provision herein, no more than five Credit Extensions that utilize Euro Fronting Loans shall be
made during any calendar month.

     Section 3.2.2 Election of Fronting Lenders. (a) Upon a request for a Euro Committed
Borrowing in accordance with Section 3.3 in an Alternative Currency, or to a TMK, with
respect to which there are Euro Non-Qualified Lenders, there shall be a Fronting Lender Election.
If the Fronting Lenders based on the limitations set forth in the proviso to the first sentence of
Section 3.2.1 are unable to fund the entire requested Euro Fronting Loan in such
Alternative Currency or to such TMK, then the applicable Euro Borrower may decrease the amount of
the requested Euro Committed Borrowing within one Business Day after notice by Euro Funding Agent
of such limitation. If such Euro Borrower does not reduce its request for a Euro Committed
Borrowing to an amount equal to or less than the available Fronting Commitment subject to the
limitation set forth in the proviso to the first sentence in Section 3.2.1, then the
requested Euro Committed Loan shall not be made by Euro Lenders.

     (b) Upon a request for a Euro Committed Borrowing (other than in an Alternative Currency) in
accordance with Section 3.3 to a Foreign Borrower (other than a TMK as set forth in
paragraph (a) above) with respect to which there are Euro Non-Qualified Lenders, there
shall be a Fronting Lender Election. If the Fronting Lenders based on the limitations set forth in
the proviso to the first sentence of Section 3.2.1 are unable to fund the entire requested
Euro Fronting Loan to such Foreign Borrower, then the applicable Euro Borrower may decrease the

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amount of the requested Euro Committed Borrowing within one Business Day after notice by Euro
Funding Agent of such limitation. If such Euro Borrower does not reduce its request for a Euro
Committed Borrowing to an amount equal to or less than the available Fronting Commitment subject to
the limitation set forth in the proviso to the first sentence in Section 3.2.1, then (x)
the requested Euro Committed Loan shall be deemed to be reduced to the available Fronting
Commitments and (y) the applicable Euro Borrower shall be deemed to have requested an additional
Euro Committed Loan in the amount of the excess of the requested Euro Committed Loan over the
available Fronting Commitments which shall be made by Euro Lenders without the utilization of any
Fronting Loans.

     Section 3.2.3 Refinancing of the Euro Fronting Loans.

     (a) (i) On the Trigger Date, Euro Funding Agent shall notify each Euro Non-Qualified Lender of
its obligation to fund its participation in each applicable Euro Fronting Loan. Each applicable
Euro Non-Qualified Lender shall make the amount of its participation in each applicable Euro
Fronting Loan specified in such notice available to Euro Funding Agent in Same Day Funds for the
account of the applicable Fronting Lender at Euro Funding Agent’s Office for payments in the same
currency as the applicable Euro Fronting Loan not later than 10:00 a.m., Brussels time, on the
Business Day specified in such notice.

          (ii) To the extent that a Euro Non-Qualified Lender that has a risk participation in a Euro
Fronting Loan assigns all or part of its interest in such risk participation under Section
14.6 to a Euro Qualified Lender for purposes of such Euro Fronting Loan, then such Euro
Qualified Lender shall make the amount of its assigned participation in such Euro Fronting Loan
available to Euro Funding Agent in Same Day Funds for the account of the applicable Fronting Lender
at Euro Funding Agent’s Office for payments in the same currency as the applicable Euro Fronting
Loan not later than 1:00 p.m., Brussels time, on the third Business Day following the effective
date of the assignment.

     (b) If any applicable Euro Lender fails to make available to any Fronting Lender any amount
required to be paid by such Euro Lender pursuant to the foregoing provisions of this Section
3.2.3 by the time specified in Section 3.2.3(a), such Fronting Lender shall be entitled
to recover from such Euro Lender (acting through Euro Funding Agent), on demand, such amount in the
same currency as the applicable Euro Fronting Loan with interest thereon for the period from the
date such payment is required to the date on which such payment is immediately available to such
Fronting Lender at a rate per annum equal to the applicable Overnight Rate from time to time in
effect. A certificate of a Fronting Lender submitted to any applicable Euro Lender (through Euro
Funding Agent) with respect to any amount owing under this clause (b) shall be conclusive
absent manifest error.

     (c) Each applicable Euro Lender’s obligation to purchase and fund risk participations in Euro
Fronting Loans pursuant to this Section 3.2.3 shall be absolute and unconditional and shall
not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or
other right which such Euro Lender may have against the applicable Fronting Lender, any Euro
Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a
Default or (iii) any other occurrence, event or condition, whether or not similar to any of the
foregoing. No such funding of risk participations shall relieve or otherwise impair

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the obligation of any Euro Borrower to repay any Fronting Lender, together with interest as
provided herein.

     (d) At any time after any Euro Lender has purchased and funded a risk participation in a Euro
Fronting Loan, if the applicable Fronting Lender receives any payment on account of such Euro
Fronting Loan, such Fronting Lender will distribute to such Euro Lender such payment (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such Euro
Lender’s participation was funded) in the same funds and currency as those received by such
Fronting Lender.

     (e) If any payment received by any Fronting Lender (and paid to a Euro Lender) in respect of
principal or interest on any Euro Fronting Loan is required to be returned by such Fronting Lender
under any of the circumstances described in Section 14.5 (including pursuant to any
settlement entered into by such Fronting Lender in its discretion), such Euro Lender shall pay to
such Fronting Lender in the applicable currency of such Euro Fronting Loan the amount of such
payment in respect of such Euro Fronting Loan on demand of Euro Funding Agent, plus
interest thereon from the date of such demand to the date such amount is returned, at a rate per
annum equal to the applicable Overnight Rate. Euro Funding Agent will make such demand upon the
request of the applicable Fronting Lender. The obligations of Euro Lenders under this clause shall
survive the payment in full of the Obligations and the termination of this Agreement.

     Section 3.2.4 Payments for Account of the Applicable Fronting Lender. Notwithstanding
any other provision of this Agreement, until the applicable Euro Lender funds its risk
participation pursuant to this Section 3.2 to refinance such Euro Lender’s applicable Euro
Fronting Loan, all payments made hereunder in respect of the portion of any Euro Committed Loan
that was funded in part by a Fronting Lender on behalf of such Euro Lender shall be solely for the
account of the applicable Fronting Lender.

     Section 3.2.5 Defaulting Lender. Notwithstanding the foregoing, no Fronting Lender
shall be required to make a Euro Fronting Loan on behalf of a Euro Non-Qualified Lender that is a
Defaulting Lender at the time of the receipt by Euro Funding Agent of the applicable Euro Committed
Loan Notice or at any time prior to the funding of such Euro Fronting Loan. In addition, to the
extent (a) a Euro Fronting Loan is outstanding, (b) a Euro Non-Qualified Lender becomes a
Defaulting Lender and (c) the applicable Fronting Lender makes a demand for repayment to the
applicable Euro Borrower, then such Euro Borrower shall repay such Euro Fronting Loan (i) on or
before the earlier of (A) 30 days following receipt of such demand or (B) the fifth day following
the last day of the applicable Interest Period ending after receipt of such demand or (ii) if no
Interest Period is in effect with respect to such Euro Fronting Loan, within ten days following
receipt of such demand. If any such Euro Fronting Loan is not repaid in full on the last day of an
Interest Period (if applicable or required under clause (i)(B) above), subject to
Section 6.4.2, such Euro Fronting Loan shall bear interest at the Money Market Rate plus
the Applicable Margin until such payment is made hereunder.

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     Section 3.3 Euro Committed Borrowings, Conversions and Continuations of Euro Committed Loans.

     Section 3.3.1 Procedures for Euro Committed Borrowings. Each Euro Committed
Borrowing, each conversion of Euro Committed Loans from one Type to the other and each continuation
of Eurocurrency Rate Loans shall be made upon the requesting Euro Borrower’s irrevocable written
notice to Euro Funding Agent. Each such notice must be received by Euro Funding Agent not later
than 10:00 a.m., Brussels time, three Business Days prior to the requested date of any Euro
Committed Borrowing of, or continuation of, Eurocurrency Rate Loans. Each Euro Committed Loan
Notice must be in writing and appropriately completed and signed by a Responsible Officer of such
Euro Borrower. Each Euro Committed Borrowing of, conversion to or continuation of Eurocurrency
Rate Loans shall be in a principal amount permitted by Section 6.1.1. Each Euro Committed
Loan Notice shall be in writing and shall specify (i) the jurisdiction of the applicable Euro
Borrower and whether such Borrower is a Foreign Borrower, (ii) whether the applicable Euro Borrower
is requesting a Euro Committed Borrowing, a conversion of Euro Committed Loans from one Type to the
other, or a continuation of Eurocurrency Rate Loans, (iii) the requested date of the Euro Committed
Borrowing or continuation, as the case may be (which shall be a Business Day), (iv) the principal
amount of Euro Committed Loans to be borrowed or continued, (v) the Type of Euro Committed Loans to
be borrowed, (vi) if applicable, the duration of the Interest Period with respect thereto and (vii)
the currency of the Euro Committed Loans to be borrowed or continued. If the requesting Euro
Borrower fails to specify a currency in a Euro Committed Loan Notice requesting a Borrowing, then
the Committed Loans so requested shall be made in Euro. If the requesting Euro Borrower fails to
specify a Type of Euro Committed Loan in a Euro Committed Loan Notice or if the requesting Euro
Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable
Euro Committed Loans shall be continued as Eurocurrency Rate Loans in their original currency with
an Interest Period of one month. If the requesting Euro Borrower requests a Euro Committed
Borrowing of, or continuation of, Eurocurrency Rate Loans in any such Euro Committed Loan Notice,
but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of
one month. No Euro Committed Loan may be continued as a Euro Committed Loan denominated in a
different currency, but instead must be repaid in the original currency of such Euro Committed Loan
and reborrowed in the other currency.

     Section 3.3.2 Funding of Euro Committed Loans. Following receipt of a Euro Committed
Loan Notice, Euro Funding Agent shall promptly notify each Euro Lender of the amount (and currency)
of its Applicable Tranche Percentage of the applicable Euro Committed Borrowings, and if no timely
notice of a continuation is provided by the applicable Euro Borrower, Euro Funding Agent shall
notify each Euro Lender of the details of any automatic continuations, in each case as described in
Section 3.3.1. In the case of a Euro Committed Borrowing, each Euro Qualified Lender and
the applicable Fronting Lender, if any, shall make the amount of its Euro Committed Loan available
to Euro Funding Agent in Same Day Funds at Euro Funding Agent’s Office for the applicable currency
not later than 10:00 a.m., Brussels time, in the case of any Euro Committed Loan denominated in any
Euro or Sterling, and not later than the Applicable Time specified by Euro Funding Agent in the
case of any Euro Committed Loan in an Alternative Currency, other than Sterling, under the Euro
Tranche, in each case on the Business Day specified in the applicable Euro Committed Loan Notice.
Upon satisfaction of the applicable conditions set forth in Section 8.2 (and, if such Euro
Committed Borrowing is the initial Credit Extension, Section 8.1), Euro Funding Agent shall
make all funds so received available to the applicable Euro Borrower in like funds as received by
Euro Funding Agent either

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by (a) crediting the account of such Euro Borrower on the books of Euro
Funding Agent with the
amount of such funds or (b) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) Euro Funding Agent by such Euro Borrower;
provided that if, on the date a Euro Committed Loan Notice, with respect to a Euro
Committed Borrowing denominated in Euro or Sterling is given by the requesting Euro Borrower, such
Borrower has outstanding Euro L/C Borrowings denominated in such currency of such Borrowing, then
the proceeds of such Euro Committed Borrowing, first, shall be applied to the payment in
full of such Euro L/C Borrowings, and, second, shall be made available to the requesting
Euro Borrower as provided above.

     Section 3.3.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan may be continued only on the last day of an Interest Period for
such Eurocurrency Rate Loan. During the existence of a Default, the Euro Required Lenders may at
their option, by notice to the Euro Borrowers (which notice may be revoked at the option of Euro
Required Lenders notwithstanding any provision of Section 14.1) declare that no Euro Loans
may be requested or continued as Eurocurrency Rate Loans, other than as Eurocurrency Rate Loan with
an Interest Period of one month.

     Section 3.3.4 Notice of Rates. Euro Funding Agent shall promptly notify each
applicable Euro Borrower and Euro Lender of the interest rate applicable to any Interest Period for
Eurocurrency Rate Loans upon determination of such interest rate.

     Section 3.3.5 Number of Interest Periods. After giving effect to all Euro Committed
Borrowings and all continuations of Euro Committed Loans as the same Type, there shall not be more
than 12 Interest Periods in effect with respect to Euro Committed Loans.

     Section 3.4 Euro Letters of Credit. Subject to the terms and conditions set forth herein, (a) each Euro L/C Issuer agrees, in
reliance upon the agreements of Euro Lenders set forth in this Section 3.4 and Article
V, (i) from time to time on any Business Day during the Availability Period, to issue Euro
Letters of Credit denominated in Euro or Sterling for the account of any Euro Borrower or any
Eligible Affiliate, and to amend or extend Euro Letters of Credit previously issued by it, in
accordance with Section 5.2, and (ii) to honor drawings under the applicable Euro Letters
of Credit; and (b) Euro Lenders severally agree to participate in Euro Letters of Credit issued for
the account of any Euro Borrower or any Eligible Affiliates and any drawings thereunder;
provided that after giving effect to any Euro L/C Credit Extension with respect to any Euro
Letter of Credit, (x) the Euro Total Outstandings shall not exceed the Euro Aggregate Commitments,
(y) the Euro Credit Exposure of any Euro Lender shall not exceed such Euro Lender’s Euro Commitment
and (z) the Euro Outstanding Amount of the Euro L/C Obligations shall not exceed the Euro Letter of
Credit Sublimit. Within the foregoing limits, any Euro Borrower’s ability to obtain Euro Letters
of Credit shall be fully revolving, and accordingly each Euro Borrower may, during the foregoing
period, obtain Euro Letters of Credit to replace Euro Letters of Credit that have expired or that
have been drawn upon and reimbursed. All Euro Existing Letters of Credit that were originally
issued for the account of a Person that is not a Euro Borrower shall, immediately upon the
effectiveness hereof, be deemed to have been issued pursuant hereto for the account of the
applicable Euro Borrower identified as the “Account Obligor” on Schedule 2.4(b) (which Euro
Borrower hereby assumes all Euro L/C Obligations

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with respect to such Euro Existing Letter of
Credit), and from and after the Closing Date shall be subject to and governed by the terms and
conditions hereof.

     Section 3.5 Euro Swing Line Loans.

     Section 3.5.1 The Euro Swing Line. Subject to the terms and conditions set forth
herein, Euro Swing Line Lender agrees, in reliance upon the agreements of the other Euro Lenders
set forth in this Section 3.5, to make loans in Euro or Sterling (each such loan, a
“Euro Swing Line Loan”) to any Domestic Borrower under the Euro Tranche from time
to time on any Business Day during the Availability Period in an aggregate amount not to exceed at
any time outstanding the amount of the Euro Swing Line Sublimit, notwithstanding the fact that such
Euro Swing Line Loans, when aggregated with the Applicable Tranche Percentage of the Euro
Outstanding Amount of Euro Committed Loans and Euro L/C Obligations of Euro Lender acting as Euro
Swing Line Lender, may exceed the amount of such Euro Lender’s Euro Commitment; provided
that after giving effect to any Euro Swing Line Loan, (i) the Euro Total Outstandings shall not
exceed the Euro Aggregate Commitments and (ii) the Euro Credit Exposure of any Euro Lender shall
not exceed such Euro Lender’s Euro Commitment, and provided, further, that no Euro
Borrower shall use the proceeds of any Euro Swing Line Loan to refinance any other outstanding Euro
Swing Line Loan. Within the foregoing limits, each Euro Borrower may borrow under this Section
3.5, prepay under Section 3.6 and reborrow under this Section 3.5. Each Euro
Swing Line Loan shall be a Money Market Rate Loan. Immediately upon the making of a Euro Swing
Line Loan, each Euro Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from Euro Swing Line Lender a risk participation in such Euro Swing Line Loan in an
amount equal to the product of such Euro Lender’s Applicable Tranche Percentage times the
amount of such Euro Swing Line Loan. Notwithstanding the foregoing, (i) no Euro Swing Line Loan
shall be made to any Foreign Borrower under the Euro Tranche and (ii) Euro Swing Line Lender shall
have no obligation to make any Euro Swing Line Loan if any Euro Lender has failed to fund any
amount required under Section 3.5.3, unless such failure has been cured, or is at the time
of making any Euro Swing Line Loan a Defaulting Lender, unless Euro Swing Line Lender has entered
into arrangements satisfactory to Euro Swing Line Lender, in its sole discretion, with the
applicable Borrower or such Euro Lender to eliminate Euro Swing Line Lender’s risk with respect to
such Euro Lender.

     Section 3.5.2 Borrowing Procedures. Each Euro Swing Line Borrowing shall be made upon
the requesting Euro Borrower’s irrevocable notice to Euro Swing Line Lender and Euro Funding Agent,
which may only be given by written notice. Each such notice must be received by Euro Swing Line
Lender and Euro Funding Agent not later than 10:00 a.m., Brussels time, on the requested borrowing
date, and shall specify (a) the amount to be borrowed, which shall be a minimum of EUR 500,000 for
a Euro denominated Euro Swing Line Loan and £500,000 for a Sterling denominated Euro Swing Line
Loan and (b) the requested borrowing date, which shall be a Business Day. Each such written Euro
Swing Line Loan Notice shall be appropriately completed and signed by a Responsible Officer of the
requesting Euro Borrower. Promptly after receipt by Euro Swing Line Lender of any written Euro
Swing Line Loan Notice, Euro Swing Line Lender will confirm with Euro Funding Agent (by telephone
or in writing) that it has also received such Euro Swing Line Loan Notice and, if not, Euro Swing
Line Lender will notify Euro Funding Agent (in writing) of the contents thereof. Unless Euro Swing
Line Lender has received notice (in writing) from Global Administrative Agent, Euro Funding Agent

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(including at the request of any Euro Lender) or any Credit Party prior to 2:00 p.m. (Brussels
time) on the date of the proposed Euro Swing Line Borrowing (i) directing Euro Swing Line Lender
not to make such Euro Swing Line Loan as a result of the limitations set forth in the
proviso to the first sentence of Section 3.5.1 or (ii) that one or more of the
applicable conditions specified in Article VIII is not then satisfied, then, subject to the
terms and conditions hereof, Euro Swing Line Lender will, not later than 3:00 p.m. (Brussels time)
on the borrowing date specified in such Euro Swing Line Loan Notice, make the amount of its Euro
Swing Line Loan available to the requesting Euro Borrower.

     Section 3.5.3 Refinancing of Euro Swing Line Loans.

     (a) Euro Swing Line Lender at any time in its sole and absolute discretion may request, on
behalf of the applicable Euro Borrower (which hereby irrevocably authorizes Euro Swing Line Lender
to so request on its behalf), that each Euro Lender make a Eurocurrency Rate Loan with an Interest
Period of one month denominated in Euro or Sterling, as applicable, in an amount equal to such Euro
Lender’s Applicable Tranche Percentage of the amount of the Euro Swing Line Loans then outstanding.
Such request shall be made in writing (which written request shall be deemed to be a Euro
Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section
3.3, without regard to the minimum and multiples specified therein for the principal amount of
Eurocurrency Rate Loans, but subject to the unutilized portion of the Euro Aggregate Commitments
and the conditions set forth in Section 8.2. Euro Swing Line Lender shall furnish to such
Euro Borrower with a copy of the applicable Euro Committed Loan Notice promptly after delivering
such notice to Euro Funding Agent. To the extent that the Euro Swing Line Loan is denominated in
Sterling and there are Euro Non-Qualified Lenders with respect to Sterling, then Euro Funding Agent
may elect a Fronting Lender in accordance with Section 3.2. Furthermore, to the extent
that there are no available Fronting Lenders, then such Euro Swing Line Loan shall be converted to
Euro based on the Euro Equivalent amount of such Euro Swing Line Loan and refinanced as a
Eurocurrency Rate Loan in Euro with an Interest Period of one month. Each Euro Qualified Lender
shall make an amount equal to its Applicable Tranche Percentage of the amount specified in such
Euro Committed Loan Notice available to Euro Funding Agent, and the applicable Fronting Lender, if
any, shall make available the Euro Fronting Loan in accordance with Section 3.2, in each
case in Same Day Funds for the account of Euro Swing Line Lender at Euro Funding Agent’s Office for
Euro or Sterling denominated payments, as applicable, not later than 1:00 p.m. (Brussels time) on
the day specified in such Euro Committed Loan Notice, whereupon, subject to Section
3.5.3(b), each Euro Lender and each Fronting Lender that so makes funds available shall be
deemed to have made a Eurocurrency Rate Loan with an Interest Period of one month to such Euro
Borrower in such amount and in Euro or Sterling, as applicable. Euro Funding Agent shall remit the
funds so received to Euro Swing Line Lender.

     (b) If for any reason any Euro Swing Line Loan cannot be refinanced by such a Euro Committed
Borrowing in accordance with Section 3.5.3(a), the request for a Eurocurrency Rate Loan
with an Interest Period of one month submitted by Euro Swing Line Lender as set forth herein shall
be deemed to be a request by Euro Swing Line Lender that each Euro Lender fund its risk
participation in the relevant Euro Swing Line Loan; provided that to the extent that a Euro
Swing Line Loan is denominated in Sterling and there are Euro Non-Qualified Lenders with respect to
Sterling, then the aggregate amount of the Euro Swing Line Loan shall be

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converted to Euro based on
the Euro Equivalent amount of such Euro Swing Line Loan and shall bear interest at the Default Rate
for a Eurocurrency Rate Loan with an Interest Period of one month, and each Euro Lender shall make
a payment in satisfaction of its participation obligations
under this Section 3.5.3 in Euro. Each Euro Lender’s payment to Euro Funding Agent
for the account of Euro Swing Line Lender pursuant to Section 3.5.3(a) shall be deemed
payment in respect of such participation.

     (c) If any Euro Lender fails to make available directly to Euro Funding Agent or purchase a
risk participation in the applicable Euro Fronting Loan for the account of Euro Swing Line Lender
any amount (the “Unfunded Euro Swing Line Amount”) required to be paid by such Euro Lender
pursuant to the foregoing provisions of this Section 3.5.3 by the time specified in
Section 3.5.3(a), (i) Euro Swing Line Lender shall be entitled to recover from such Euro
Lender (acting through Euro Funding Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is immediately
available to Euro Swing Line Lender at a rate per annum equal to the applicable Overnight Rate from
time to time in effect, and (ii) for the avoidance of doubt, the Unfunded Euro Swing Line Amount
shall become due and payable on the date specified in Section 6.3(b)(i). A certificate of
Euro Swing Line Lender submitted to any Euro Lender (through Euro Funding Agent) with respect to
any amounts owing under this clause (c) shall be conclusive absent manifest error.

     (d) Each Euro Lender’s obligation to make Euro Committed Loans, to purchase risk
participations in Euro Fronting Loans pursuant to this Section 3.5.3 or to purchase and
fund risk participations in Euro Swing Line Loans pursuant to this Section 3.5.3 shall be
absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right which such Euro Lender may have against Euro Swing
Line Lender, any Euro Borrower or any other Person for any reason whatsoever, (ii) the occurrence
or continuance of a Default or (iii) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided that each Euro Lender’s obligation to make Euro
Committed Loans pursuant to this Section 3.5.3 is subject to the conditions set forth in
Section 8.2. No such funding of risk participations shall relieve or otherwise impair the
obligation of any Euro Borrower to repay Euro Swing Line Loans, together with interest as provided
herein.

     Section 3.5.4 Repayment of Participations.

     (a) At any time after any Euro Lender has purchased and funded a risk participation in a Euro
Swing Line Loan, if Euro Swing Line Lender receives any payment on account of such Euro Swing Line
Loan, Euro Swing Line Lender will distribute to such Euro Lender its Applicable Tranche Percentage
of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of
time during which such Euro Lender’s risk participation was funded) in the same funds as those
received by Euro Swing Line Lender.

     (b) If any payment received by Euro Swing Line Lender in respect of principal or interest on
any Euro Swing Line Loan is required to be returned by Euro Swing Line Lender under any of the
circumstances described in Section 14.5 (including pursuant to any settlement entered into
by Euro Swing Line Lender in its discretion), each Euro Lender shall pay to Euro Swing Line Lender
its Applicable Tranche Percentage thereof on demand of Euro Funding Agent, plus interest
thereon from the date of such demand to the date such amount is returned, at

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a rate per annum equal
to the applicable Overnight Rate. Euro Funding Agent will make such demand upon the request of
Euro Swing Line Lender. The obligations of Euro Lenders under
this clause shall survive the payment in full of the Obligations and the termination of this
Agreement.

     Section 3.5.5 Interest for Account of Euro Swing Line Lender. Euro Swing Line Lender
shall be responsible for invoicing the applicable Euro Borrowers for interest on the Euro Swing
Line Loans. Until a Euro Lender funds its Euro Committed Loan or risk participation pursuant to
Section 3.5.3 to refinance such Euro Lender’s Applicable Tranche Percentage of any Euro
Swing Line Loan, interest in respect of such Euro Lender’s Applicable Tranche Percentage shall be
solely for the account of Euro Swing Line Lender.

     Section 3.5.6 Payments Directly to Euro Swing Line Lender. Each Euro Borrower shall
make all payments of principal and interest in respect of the Euro Swing Line Loans directly to
Euro Swing Line Lender.

     Section 3.6 Euro Prepayments.

     Section 3.6.1 Prepayments of Committed Loans. Each Euro Borrower may, upon notice to
Euro Funding Agent, at any time or from time to time voluntarily prepay Euro Committed Loans in
whole or in part without premium or penalty; provided that (a) such notice must be received
by Euro Funding Agent not later than 10:00 a.m., Brussels time, (i) three Business Days prior to
any date of prepayment of Eurocurrency Rate Loans and (ii) on the date of prepayment of any
Substitute Rate Loans; and (b) any prepayment of Eurocurrency Rate Loans shall be in a principal
amount permitted by Section 6.1.2 or, if less, the entire principal amount thereof then
outstanding, provided that if Euro Lenders have made any Euro Committed Loans pursuant to
Section 3.5.3 or 5.3.2, then the applicable Euro Borrower may make a prepayment in
any other amount so long as, after giving effect thereto, the aggregate principal amount of all
Eurocurrency Rate Loans is in the principal Euro Equivalent amount of EUR 1,000,000 or a higher
integral multiple of EUR 100,000. Each such notice shall specify the date and amount of such
prepayment and the Type(s) of Euro Committed Loans to be prepaid and, if Eurocurrency Rate Loans
are to be prepaid, the Interest Period(s) of such Eurocurrency Rate Loans. Euro Funding Agent will
promptly notify each Euro Lender of its receipt of each such notice, and of the amount of such Euro
Lender’s Applicable Tranche Percentage of such prepayment. If such notice is given by such Euro
Borrower, then such Euro Borrower shall make such prepayment and the payment amount specified in
such notice shall be due and payable on the date specified therein. Any prepayment of a
Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amount required pursuant to Section 7.5. Subject to Sections
3.2.4 and 6.8.3, each such prepayment shall be applied to the Euro Committed Loans of
Euro Lenders in accordance with their respective Applicable Tranche Percentages.

     Section 3.6.2 Prepayments of Swing Line Loans. The applicable Euro Borrower may, upon
notice to Euro Swing Line Lender (with a copy to Euro Funding Agent), at any time or from time to
time, voluntarily prepay any Euro Swing Line Loans in whole or in part without premium or penalty;
provided that (a) such notice must be received by Euro Swing Line Lender and Euro Funding
Agent not later than 10:00 a.m., Brussels time, on the date of the prepayment,

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and (b) any such
prepayment shall be in a minimum principal amount of EUR 500,000 for Euro denominated Euro Swing
Line Loans and £500,000 for Sterling denominated Swing Line Loans.
Each such notice shall specify the date and amount of such prepayment. If such notice is
given by such Euro Borrower, such Euro Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein.

     Section 3.6.3 Prepayments Due to Currency Fluctuations. Euro Funding Agent shall
calculate the Euro Equivalent of the Euro Total Outstandings (but only with respect to Eurocurrency
Rate Loans denominated in an Alternative Currency) on each Revaluation Date. If on the Revaluation
Date that occurs on the first Business Day of each calendar month, or such other times as Euro
Funding Agent may determine in its reasonable discretion, such calculation reflects that, as of
such Revaluation Date, the Euro Equivalent of the Euro Total Outstandings exceeds an amount equal
to 105% of the Euro Aggregate Commitments then in effect, then, within three Business Days after
notice of such calculation from Euro Funding Agent to Prologis, Euro Borrowers shall prepay the
Euro Loans and/or Cash Collateralize the Euro L/C Obligations in an aggregate amount sufficient to
reduce the Euro Equivalent of such Euro Total Outstandings as of such date of payment to an amount
not to exceed 100% of the Euro Aggregate Commitments then in effect, provided that solely
for purposes of measuring compliance with this Section 3.6.3, the amount of Cash Collateral
delivered to Euro Funding Agent under this Section 3.6.3 shall be deemed to have reduced
the Euro Total Outstandings. Subject to Section 3.2.4, each such prepayment shall be
applied to the Euro Committed Loans of Euro Lenders in accordance with their respective Applicable
Tranche Percentages.

     Section 3.6.4 Other Prepayments. If, on any date other than the Maturity Date, the
Euro Equivalent of the Euro Total Outstandings exceeds the Euro Aggregate Commitments then in
effect and such excess is not due to a currency exchange fluctuation covered under Section
3.6.3, then, within two Business Days after notice from Euro Funding Agent to Prologis, Euro
Borrowers shall prepay the Euro Loans and/or Cash Collateralize the Euro L/C Obligations in an
aggregate amount sufficient to reduce the Euro Equivalent of such Euro Total Outstandings as of
such date of payment to an amount not to exceed the Euro Aggregate Commitments then in effect,
without regard to any minimum or multiples specified in Section 6.1.2 with respect to
prepayments. Subject to Section 3.2.4, each such prepayment shall be applied to the Euro
Committed Loans of Euro Lenders in accordance with their respective Applicable Tranche Percentages.

ARTICLE IV

YEN COMMITMENTS AND YEN CREDIT EXTENSION

     Section 4.1 Yen Committed Loans. Subject to the terms and conditions set forth herein, each Yen Lender severally agrees to
make loans (each such loan, a “Yen Committed Loan”) to each Yen Borrower, subject to
Section 4.2, in Yen or in one or more Alternative Currencies of the Yen Tranche from time
to time, on any Business Day during the Availability Period, under the Yen Tranche, in an aggregate
amount not to exceed at any time outstanding the amount of such Yen Lender’s Yen Commitment;
provided that after giving effect to any Yen Committed Borrowing, (a) the Yen Total
Outstandings shall not exceed the Yen Aggregate Commitments and (b) the Yen Credit Exposure of any
Yen Lender shall not exceed such Yen Lender’s Yen Commitment, provided, further,
that any Yen Committed Loan denominated in

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Yen may only be made to a Yen Borrower organized under
the Laws of Japan or Prologis Japan Finance Incorporated (Delaware). Within the limits of each Yen
Lender’s Yen Commitment,
Yen Borrowers may borrow under this Section 4.1, prepay under Section 4.5 and
reborrow under this Section 4.1. Yen Committed Loans may be Base Rate Loans (if
denominated in Dollars), ABR Rate Loans (if denominated in Yen) or Eurocurrency Rate Loans, as
further provided herein.

     Section 4.2 Yen Fronting Loans.

     Section 4.2.1 Yen Fronting Loans. Subject to the terms and conditions set forth in
this Section 4.2, upon a request for a Yen Committed Borrowing in an Alternative Currency,
consisting of ABR Rate Loans or to a Foreign Borrower in compliance with Section 4.1, each
Fronting Lender agrees, subject to the limitations set forth below, to fund its Fronting Portion of
such Yen Committed Borrowing in the requested currency on behalf of each applicable Yen
Non-Qualified Lender with respect to such Yen Committed Borrowing and in the amount of each such
Yen Non-Qualified Lender’s Applicable Tranche Percentage for such Yen Committed Loan (each a
“Yen Fronting Loan”), notwithstanding the fact that such Yen Fronting Loan, when aggregated
with the Applicable Tranche Percentage of the Yen Credit Exposure of such Fronting Lender may
exceed the amount of such Fronting Lender’s Yen Commitment; provided that (a) after giving
effect to any Yen Fronting Loan, the aggregate Dollar Equivalent amount of all Fronting Loans
funded by such Fronting Lender shall not exceed the Fronting Commitment of such Fronting Lender and
(b) such Fronting Lender shall not be a Yen Non-Qualified Lender with respect to such Yen Fronting
Loan. Immediately upon the making of a Yen Fronting Loan on behalf of a Yen Non-Qualified Lender,
such Yen Non-Qualified Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from such Fronting Lender a risk participation in 100% of such Yen Fronting Loan. The
purchase of such risk participation in each Yen Fronting Loan by such Yen Non-Qualified Lender
shall satisfy such Yen Non-Qualified Lender’s funding requirements under Section 4.1.
Notwithstanding any other provision herein, no more than five Credit Extensions that utilize Yen
Fronting Loans shall be made during any calendar month.

     Section 4.2.2 Election of Fronting Lenders. Upon a request for a Yen Committed
Borrowing in accordance with Section 4.3 in an Alternative Currency, consisting of ABR Rate
Loans or for a Foreign Borrower with respect to which there are Yen Non-Qualified Lenders, there
shall be a Fronting Lender Election. If the Fronting Lenders based on the limitations set forth in
the proviso to the first sentence of Section 4.2.1 are unable to fund the entire requested
Yen Fronting Loan, then the applicable Yen Borrower may decrease the amount of the requested Yen
Committed Borrowing within one Business Day after notice by Yen Funding Agent of such limitation.
If such Yen Borrower does not reduce its request for a Yen Committed Borrowing to an amount equal
to or less than the available Fronting Commitment subject to the limitation set forth the proviso
to the first sentence in Section 4.2.1, then the requested Yen Committed Loan shall not be
made by Yen Lenders.

     Section 4.2.3 Refinancing of the Yen Fronting Loans.

     (a) (i) On the Trigger Date, Yen Funding Agent shall notify each Yen Non-Qualified Lender of
its obligation to fund its participation in each applicable Yen Fronting Loan.

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Each applicable Yen
Non-Qualified Lender shall make the amount of its participation in each applicable Yen Fronting
Loan specified in such notice available to Yen Funding Agent in Same
Day Funds for the account of the applicable Fronting Lender at Yen Funding Agent’s Office for
payments in the same currency as the applicable Yen Fronting Loan not later than 1:00 p.m., Tokyo
time, on the Business Day specified in such notice.

          (ii) To the extent that a Yen Non-Qualified Lender that has a risk participation in a Yen
Fronting Loan assigns all or part of its interest in such risk participation under Section
14.6 to a Yen Qualified Lender for purposes of such Yen Fronting Loan, then such Yen Qualified
Lender shall make the amount of its assigned participation in such Yen Fronting Loan available to
Yen Funding Agent in Same Day Funds for the account of the applicable Fronting Lender at Yen
Funding Agent’s Office for payments in the same currency as the applicable Yen Fronting Loan not
later than 1:00 p.m., Tokyo time, on the third Business Day following the effective date of the
assignment.

     (b) If any applicable Yen Lender fails to make available to any Fronting Lender any amount
required to be paid by such Yen Lender pursuant to the foregoing provisions of this Section
4.2.3 by the time specified in Section 4.2.3(a), the applicable Fronting Lender shall
be entitled to recover from such Yen Lender (acting through Yen Funding Agent), on demand, such
amount with interest thereon for the period from the date such payment is required to the date on
which such payment is immediately available to such Fronting Lender at a rate per annum equal to
the applicable Overnight Rate from time to time in effect. A certificate of a Fronting Lender
submitted to any applicable Yen Lender (through Yen Funding Agent) with respect to any amount owing
under this clause (b) shall be conclusive absent manifest error.

     (c) Each applicable Yen Lender’s obligation to purchase and fund risk participations in Yen
Fronting Loans pursuant to this Section 4.2.3 shall be absolute and unconditional and shall
not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or
other right which such Yen Lender may have against the applicable Fronting Lender, any Yen Borrower
or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or
(iii) any other occurrence, event or condition, whether or not similar to any of the foregoing. No
such funding of risk participations shall relieve or otherwise impair the obligation of any Yen
Borrower to repay any Fronting Lender, together with interest as provided herein.

     (d) At any time after any Yen Lender has purchased and funded a risk participation in a Yen
Fronting Loan, if the applicable Fronting Lender receives any payment on account of such Fronting
Loan, such Fronting Lender will distribute to such Yen Lender such payment (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such Yen Lender’s risk
participation was funded) in the same funds and currency as those received by the applicable
Fronting Lender.

     (e) If any payment received by any Fronting Lender (and paid to a Yen Lender) in respect of
principal or interest on any Yen Fronting Loan is required to be returned by such Fronting Lender
under any of the circumstances described in Section 14.5 (including pursuant to any
settlement entered into by such Fronting Lender in its discretion), such Yen Lender shall pay to
such Fronting Lender in the applicable currency of such Yen Fronting Loan the amount of

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such
payment in respect of such Yen Fronting Loan on demand of Yen Funding Agent, plus interest
thereon from the date of such demand to the date such amount is returned, at a rate per
annum equal to the applicable Overnight Rate. Yen Funding Agent will make such demand upon
the request of the applicable Fronting Lender. The obligations of Yen Lenders under this clause
shall survive the payment in full of the Obligations and the termination of this Agreement.

     Section 4.2.4 Payments for Account of the applicable Fronting Lender. Notwithstanding
any other provision of this Agreement, until a Yen Lender funds its risk participation pursuant to
this Section 4.2 to refinance such Yen Lender’s applicable Yen Fronting Loan, all payments
made hereunder in respect of the portion of any Yen Committed Loans that was funded in part by a
Fronting Lender on behalf of such Yen Lender shall be solely for the account of the applicable
Fronting Lender.

     Section 4.2.5 Defaulting Lender. Notwithstanding the foregoing, no Fronting Lender
shall be required to make a Yen Fronting Loan on behalf of a Yen Non-Qualified Lender that is a
Defaulting Lender at the time of the receipt by Yen Funding Agent of the applicable Yen Committed
Loan Notice or at any time prior to the funding of such Yen Fronting Loan. In addition, to the
extent (a) a Yen Fronting Loan is outstanding, (b) a Yen Non-Qualified Lender becomes a Defaulting
Lender and (c) the applicable Fronting Lender makes a demand for repayment to the applicable Yen
Borrower, then such Yen Borrower shall repay such Yen Fronting Loan (i) on or before the earlier of
(A) 30 days following receipt of such demand or (B) the fifth day following the last day of the
applicable Interest Period ending after receipt of such demand or (ii) if no Interest Period is in
effect with respect to such Yen Fronting Loan, within ten days following receipt of such demand.
If any such Yen Fronting Loan is not repaid in full on the last day of an Interest Period (if
applicable or required under clause (i)(B) above), subject to Section 6.4.2, such
Yen Fronting Loan shall bear interest at the Money Market Rate plus the Applicable Margin until
such payment is made hereunder.

     Section 4.3 Yen Committed Borrowings, Conversions and Continuations of Yen Committed Loans.

     Section 4.3.1 Procedures for Yen Committed Borrowings. Each Yen Committed Borrowing,
each conversion of Yen Committed Loans from one Type to the other and each continuation of
Eurocurrency Rate Loans shall be made upon the requesting Yen Borrower’s irrevocable notice to Yen
Funding Agent, which may be given by telephone. Each such notice must be received by Yen Funding
Agent not later than 11:00 a.m., Tokyo time, (a) three Business Days prior to the requested date of
any Yen Committed Borrowing of, conversion to or continuation of Eurocurrency Rate Loans and (b)
two Business Days prior to the date of any Yen Committed Borrowing of Base Rate Committed Loans or
ABR Rate Loans. Each telephonic notice by the requesting Yen Borrower pursuant to this Section
4.3 must be confirmed promptly by delivery to Yen Funding Agent of a written Yen Committed Loan
Notice, appropriately completed and signed by a Responsible Officer of such Yen Borrower. Each Yen
Committed Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a
principal amount permitted by Section 6.1.1, and except as provided in Section 5.3,
each Yen Committed Borrowing of or conversion to Base Rate Committed Loans or ABR Rate Loans shall
be in a principal amount permitted by Section 6.1.1. Each Yen Committed Loan Notice
(whether telephonic or written) shall specify (i) the jurisdiction of the applicable Yen Borrower
and

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whether such Borrower is a Foreign Borrower, (ii) whether the applicable Yen Borrower is
requesting a Yen Committed Borrowing, a conversion of Yen Committed Loans from one Type
to the other, or a continuation of Eurocurrency Rate Loans, (iii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iv) the
principal amount of Yen Committed Loans to be borrowed, converted or continued, (v) the Type of Yen
Committed Loans to be borrowed or to which existing Yen Committed Loans are to be converted, (vi)
if applicable, the duration of the Interest Period with respect thereto and (vii) the currency of
the Yen Committed Loans to be borrowed or converted. If the requesting Yen Borrower fails to
specify a currency in a Yen Committed Loan Notice requesting a Yen Committed Borrowing, then the
Yen Committed Loans so requested shall be made in Yen. If the requesting Yen Borrower fails to
specify a Type of Yen Committed Loan in a Yen Committed Loan Notice or fails to give a timely
notice requesting a conversion or continuation, then (A) if the applicable Yen Committed Loans are
denominated in Dollars, such Yen Committed Loans shall be made as, or converted to, Base Rate
Loans; (B) if the applicable Yen Committed Loans are denominated in Yen, such Yen Committed Loans
shall be made as, or converted to, ABR Rate Loans; and (C) if the applicable Yen Committed Loans
are denominated in a currency other than Dollars or Yen, such Yen Committed Loans shall be made in
the currency requested or, in the case of a continuation, continued in the same currency, as
Eurocurrency Rate Loans with an Interest Period of one month. Any automatic conversion to Base
Rate Loans or ABR Rate Loan, as applicable, shall be effective as of the last day of the Interest
Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the requesting
Yen Borrower requests a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in
any such Yen Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to
have specified an Interest Period of one month. No Yen Committed Loan may be converted into or
continued as a Yen Committed Loan denominated in a different currency, but instead must be repaid
in the original currency of such Yen Committed Loan and reborrowed in the other currency.

     Section 4.3.2 Funding of Yen Committed Loans. Following receipt of a Yen Committed
Loan Notice, Yen Funding Agent shall promptly notify each Yen Lender of the amount (and currency)
of its Applicable Tranche Percentage of the applicable Yen Committed Borrowings, and if no timely
notice of a conversion or continuation is provided by the applicable Yen Borrower, Yen Funding
Agent shall notify each Yen Lender of the details of any automatic conversion to Base Rate Loans or
continuation of Yen Committed Loans denominated in a currency other than Dollars, in each case as
described in the preceding Section. In the case of a Yen Committed Borrowing, each Yen Qualified
Lender and the applicable Fronting Lender, if any, shall make the amount of its Yen Committed Loan
available to Yen Funding Agent in Same Day Funds at Yen Funding Agent’s Office for the applicable
currency not later than 12:00 noon, Tokyo time, in the case of any Yen Committed Loan denominated
in Yen, and not later than the Applicable Time specified by Yen Funding Agent in the case of any
Yen Committed Loan in an Alternative Currency of the Yen Tranche, in each case on the Business Day
specified in the applicable Yen Committed Loan Notice. Upon satisfaction of the applicable
conditions set forth in Section 8.2 (and, if such Yen Committed Borrowing is the initial
Credit Extension, Section 8.1), Yen Funding Agent shall make all funds so received
available to the applicable Yen Borrower in like funds as received by Yen Funding Agent either by
(a) crediting the account of such Yen Borrower on the books of Yen Funding Agent with the amount of
such funds or (b) wire transfer of such funds, in each case in accordance with instructions
provided to (and

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reasonably acceptable to) Yen Funding Agent by the requesting Yen Borrower;
provided that if, on the date a Yen Committed Loan Notice with respect to a Yen Committed
Borrowing
denominated in Yen is given by the requesting Yen Borrower, such Yen Borrower has outstanding
Yen L/C Borrowings, then the proceeds of such Yen Committed Borrowing, first, shall be
applied to the payment in full of such Yen L/C Borrowings, and, second, shall be made
available to the requesting Yen Borrower as provided above.

     Section 4.3.3 Certain Continuations and Conversions. Except as otherwise provided
herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest
Period for such Eurocurrency Rate Loan. During the existence of a Default, the Yen Required
Lenders may at their option, by notice to the Yen Borrowers (which notice may be revoked at the
option of Yen Required Lenders notwithstanding any provision of Section 14.1) declare that
(a) no Yen Committed Loans denominated in Yen or Dollars may be requested as, converted to or
continued as Eurocurrency Rate Loans and (b) no Yen Committed Loans denominated in any other
Alternative Currency may be requested or continued as Eurocurrency Rate Loans, other than as
Eurocurrency Rate Loan with an Interest Period of one month.

     Section 4.3.4 Notice of Rates. Yen Funding Agent shall promptly notify each
applicable Yen Borrower and Yen Lenders of the interest rate applicable to any Interest Period for
Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans
are outstanding, Yen Funding Agent shall notify each applicable Yen Borrower and Yen Lenders of any
change in U.S. Funding Agent’s “prime rate” used in determining the Base Rate for Yen Committed
Loan denominated in Dollars promptly following the public announcement of such change. At any time
that ABR Rate Loans are outstanding, Yen Funding Agent shall notify each applicable Yen Borrower
and Yen Lenders of any change in Yen Funding Agent’s “prime rate” used in determining the ABR Rate
for Yen Committed Loans denominated in Yen promptly following the public announcement of such
change.

     Section 4.3.5 Number of Interest Periods. After giving effect to all Yen Committed
Borrowings, all conversions of Yen Committed Loans from one Type to the other, and all
continuations of Yen Committed Loans as the same Type, there shall not be more than 20 Interest
Periods in effect with respect to Yen Committed Loans.

     Section 4.4 Yen Letters of Credit. Subject to the terms and conditions set forth herein, (a) each Yen L/C Issuer agrees, in
reliance upon the agreements of Yen Lenders set forth in this Section 4.4 and Article
V, (i) from time to time on any Business Day during the Availability Period, to issue Yen
Letters of Credit denominated in Yen for the account of any Yen Borrower or any Eligible Affiliate,
and to amend or extend Yen Letters of Credit previously issued by it, in accordance with
Section 5.2, and (ii) to honor drawings under the applicable Yen Letters of Credit; and (b)
Yen Lenders severally agree to participate in Yen Letters of Credit issued for the account of any
Yen Borrower or any Eligible Affiliates and any drawings thereunder; provided that after
giving effect to any Yen L/C Credit Extension with respect to any Yen Letter of Credit, (x) the Yen
Total Outstandings shall not exceed the Yen Aggregate Commitments, (y) the Yen Credit Exposure of
any Yen Lender shall not exceed such Yen Lender’s Yen Commitment and (z) the Yen Outstanding Amount
of the Yen L/C Obligations shall not exceed the Yen Letter of Credit Sublimit. Within the
foregoing limits, any Yen Borrower’s ability to obtain Yen Letters of Credit shall be fully
revolving, and accordingly each

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Yen Borrower may, during the foregoing period, obtain Yen Letters
of Credit to replace Yen Letters of Credit that have expired or that have been drawn upon and
reimbursed. All Yen
Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and
after the Closing Date shall be subject to and governed by the terms and conditions hereof.

     Section 4.5 Yen Prepayments.

     Section 4.5.1 Prepayments of Yen Committed Loans. Each Yen Borrower may, upon notice
to Yen Funding Agent, at any time or from time to time voluntarily prepay Yen Committed Loans in
whole or in part without premium or penalty; provided that (a) such notice must be received
by Yen Funding Agent not later than 11:00 a.m., Tokyo time, (i) three Business Days prior to any
date of prepayment of Eurocurrency Rate Loans and (ii) two Business Days prior to any date of
prepayment of Base Rate Committed Loans and ABR Rate Loans; and (b) any prepayment of Yen Committed
Loans shall be in a principal amount permitted by Section 6.1.2, or, if less, the entire
principal amount thereof then outstanding; provided that if Yen Lenders have made any Yen
Committed Loans pursuant to 5.3.2, then the applicable Yen Borrower may make a prepayment
in any other amount so long as, after giving effect thereto, the aggregate principal amount of all
ABR Rate Loans is in an integral multiple of ¥100,000,000. Each such notice shall specify the date
and amount of such prepayment and the Type(s) of Yen Committed Loans to be prepaid and, if
Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Yen Committed Loans. Yen
Funding Agent will promptly notify each Yen Lender of its receipt of each such notice and of the
amount of such Yen Lender’s Applicable Tranche Percentage of such prepayment. If such notice is
given by such Yen Borrower, then such Yen Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amount required pursuant to Section 7.5. Subject to
Sections 4.2.4 and 6.8.3, each such prepayment shall be applied to the Yen
Committed Loans of Yen Lenders in accordance with their respective Applicable Tranche Percentages.

     Section 4.5.2 Prepayments due to Currency Fluctuations. Yen Funding Agent shall
calculate the Yen Equivalent of the Yen Total Outstandings on each Revaluation Date (but only with
respect to Eurocurrency Rate Loans denominated in an Alternative Currency). If on the Revaluation
Date that occurs on the first Business Day of each calendar month, or such other times as Yen
Funding Agent may determine in its reasonable discretion, such calculation reflects that, as of
such Revaluation Date, Yen Equivalent of the Yen Total Outstandings exceeds an amount equal to 105%
of the Yen Aggregate Commitments then in effect, then, within three Business Days after notice of
such calculation from Yen Funding Agent to Prologis, Yen Borrowers shall prepay the Yen Committed
Loans and/or Cash Collateralize the Yen L/C Obligations in an aggregate amount sufficient to reduce
the Yen Equivalent of such Yen Total Outstandings as of such date of payment to an amount not to
exceed 100% of the Yen Aggregate Commitments then in effect, provided that solely for
purposes of measuring compliance with this Section 4.5.2, the amount of Cash Collateral
delivered to Yen Funding Agent under this Section 4.5.2 shall be deemed to have reduced the
Yen Total Outstandings. Subject to Section 4.2.4, each such prepayment shall be applied to
the Yen Committed Loans of Yen Lenders in accordance with their respective Applicable Tranche
Percentages.

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     Section 4.5.3 Other Prepayments. If, on any date other than the Maturity Date, the
Yen Equivalent of the Yen Total Outstandings exceeds the Yen Aggregate Commitments then in
effect and such excess is not due to a currency exchange fluctuation covered under Section
4.5.2, then, within two Business Days after notice from Yen Funding Agent to Prologis, Yen
Borrowers shall prepay the Yen Committed Loans and/or Cash Collateralize the Yen L/C Obligations in
an aggregate amount sufficient to reduce the Yen Equivalent of such Yen Total Outstandings as of
such date of payment to an amount not to exceed the Yen Aggregate Commitments then in effect,
without regard to any minimum or multiples specified in Section 6.1.2 with respect to
prepayments. Subject to Section 4.2.4, each such prepayment shall be applied to the Yen
Committed Loans of Yen Lenders in accordance with their respective Applicable Tranche Percentages.

ARTICLE V

GENERAL PROVISIONS APPLICABLE TO LETTERS OF CREDIT

     Section 5.1 Limitations on Obligations to Issue Letters of Credit.

     Section 5.1.1 Prohibited Issuances. No L/C Issuer shall issue any Letter of Credit,
if:

     (a) subject to Section 5.2.3, the expiry date of such requested Letter of Credit would
occur more than 12 months after the date of issuance (or, if applicable, the most recent extension)
thereof, unless the applicable Tranche Required Lenders have approved such expiry date; or

     (b) the expiry date of such requested Letter of Credit would occur after the Letter of Credit
Expiration Date.

     Section 5.1.2 Limitations on Obligations of L/C Issuers. No L/C Issuer shall be under
any obligation to issue any Letter of Credit if:

     (a) any order, judgment or decree of any Governmental Authority or arbitrator shall by its
terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law
applicable to such L/C Issuer or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request
that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any
restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated
hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which such L/C Issuer in
good faith deems material to it;

     (b) the issuance of such Letter of Credit would violate one or more policies of such L/C
Issuer;

     (c) except as otherwise agreed by the applicable Funding Agent and the applicable L/C Issuer,
such Letter of Credit would be in an initial stated amount of less than $100,000 for a U.S. Letter
of Credit denominated in Dollars, Cdn$100,000 for a U.S. Letter of Credit

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denominated in Canadian
Dollars, EUR 100,000 for a Euro Letter of Credit denominated in
Euro, £100,000 for a Euro Letter of Credit denominated in Sterling and ¥100,000,000 for a Yen
Letter of Credit;

     (d) (i) with respect to a U.S. Letter of Credit, such Letter of Credit is to be denominated in
a currency other than Dollars or Canadian Dollars, (ii) with respect to a Euro Letter of Credit,
such Letter of Credit is to be denominated in a currency other than Euro or Sterling, and (iii)
with respect to a Yen Letter of Credit, such Letter of Credit is to be denominated in a currency
other than Yen;

     (e) such Letter of Credit contains any provision for automatic reinstatement of the stated
amount after any drawing thereunder; or

     (f) any Applicable Tranche Lender has failed to fund any amount required under Section
5.3.1 or 5.3.2, unless such failure has been cured, or is at such time a Defaulting
Lender, unless (i) such L/C Issuer has entered into satisfactory arrangements with the applicable
Borrower or such Applicable Tranche Lender to eliminate such L/C Issuer’s risk with respect to such
Lender and/or (ii) Cash Collateral has been provided by the applicable Borrowers in accordance with
Section 5.7.2.

     Section 5.1.3 Limitations on Amendments. No L/C Issuer shall be under any obligation
to renew, extend the expiry date for or increase the amount of any Letter of Credit if (a) such L/C
Issuer would have no obligation at such time to issue such Letter of Credit in its amended form
under the terms hereof or (b) the beneficiary of such Letter of Credit does not accept the proposed
amendment to such Letter of Credit.

     Section 5.1.4 Authorization of L/C Issuers. Each L/C Issuer shall act on behalf of
the Applicable Tranche Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and each L/C Issuer shall have all of the benefits and immunities (a)
provided to Agents in Article XIII with respect to any acts taken or omissions suffered by
such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it
and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used
in Article XIII included such L/C Issuer with respect to such acts or omissions, and (b) as
additionally provided herein with respect to such L/C Issuer.

     Section 5.2 Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters
of Credit.

     Section 5.2.1 Requests for Issuance or Amendment. Each Letter of Credit shall be
issued or amended, as the case may be, upon the request of any Borrower delivered to the applicable
L/C Issuer (with a copy to the applicable Funding Agent) in the form of a Letter of Credit
Application, appropriately completed and signed by a Responsible Officer of such Borrower. Such
Letter of Credit Application must be received by the applicable L/C Issuer and the applicable
Funding Agent not later than 11:00 a.m., Applicable Time, at least three Business Days (or, in each
case, such later date and time as such L/C Issuer and such Funding Agent may both agree in a
particular instance in their sole discretion) prior to the proposed issuance date or date of
amendment, as the case may be. In the case of a request for an initial issuance of a Letter

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of
Credit, the applicable Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the applicable L/C Issuer: (a) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day); (b) the amount thereof; (c) the expiry date
thereof; (d) the name and address of the beneficiary thereof; (e) the documents to be presented by
such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be
presented by such beneficiary in case of any drawing thereunder; (g) in the case of a request for a
U.S. Letter of Credit or a Euro Letter of Credit, the applicable currency thereof; and (h) such
other matters as the applicable L/C Issuer may reasonably require. In the case of a request for an
amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in
form and detail reasonably satisfactory to the applicable L/C Issuer: (i) the Letter of Credit to
be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the
nature of the proposed amendment; and (iv) such other matters as the applicable L/C Issuer may
reasonably require. Additionally, the requesting Borrower shall furnish to the applicable L/C
Issuer and the applicable Funding Agent such other documents and information pertaining to such
requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C
Issuer or Funding Agent may reasonably require.

     Section 5.2.2 Issuance Procedures. Promptly after receipt of any Letter of Credit
Application, the applicable L/C Issuer will confirm with the applicable Funding Agent (by telephone
or in writing) that such Funding Agent has received a copy of such Letter of Credit Application
from the requesting Borrower and, if not, such L/C Issuer will provide such Funding Agent with a
copy thereof. Unless such L/C Issuer has received written notice from Global Administrative Agent,
the applicable Funding Agent or any Credit Party, at least one Business Day prior to the requested
date of issuance or amendment of a Letter of Credit, that one or more applicable conditions
contained in Article VIII shall not then be satisfied, then, subject to the terms and
conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the
account of the requesting Borrower (or the applicable Eligible Affiliate) or enter into the
applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual
and customary business practices. Immediately upon the issuance of each Letter of Credit, each
Applicable Tranche Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount
equal to the product of such Lender’s Applicable Tranche Percentage times the amount of
such Letter of Credit.

     Section 5.2.3 Auto-Extension Letters of Credit. If any Borrower so requests in a
Letter of Credit Application, the applicable L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an
“Auto-Extension Letter of Credit”); provided that any Auto-Extension Letter of
Credit must permit such L/C Issuer to prevent any such extension at least once in each 12 month
period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to
the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such
12 month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise
directed by such L/C Issuer, the applicable Borrower shall not be required to make a specific
request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has
been issued, the Applicable Tranche Lenders shall be deemed to have authorized (but may not
require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to
an expiry date not later than the Letter of Credit Expiration Date; provided that such L/C
Issuer shall not

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permit any such extension if (a) such L/C Issuer has determined that it would not
be permitted, or
would have no obligation, at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of Section 5.1.1(a) or
Section 5.1.1(b) or otherwise), or (b) it has received notice (which may be by telephone or
in writing) on or before the day that is five Business Days before the Non-Extension Notice Date
(1) from Global Administrative Agent or the applicable Funding Agent, that the applicable Tranche
Required Lenders have elected not to permit such extension or (2) from Global Administrative Agent,
the applicable Funding Agent or any Credit Party that one or more of the applicable conditions
specified in Section 8.2 is not then satisfied, and in each such case directing such L/C
Issuer not to permit such extension.

     Section 5.2.4 Notice of Issuance. Promptly after its delivery of any Letter of Credit
or any amendment to a Letter of Credit to an advising bank with respect thereto or to the
beneficiary thereof, the applicable L/C Issuer will also deliver to the applicable Borrower and the
applicable Funding Agent a true and complete copy of such Letter of Credit or amendment.

     Section 5.3 Drawings and Reimbursements; Funding of Participations.

     Section 5.3.1 Procedures Upon Drawing. Upon receipt from the beneficiary of any
Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer
shall notify the applicable Borrower and the applicable Funding Agent thereof. Not later than
10:00 a.m., Applicable Time, on the date of any payment by an L/C Issuer under a Letter of Credit
(each such date, an “Honor Date”), the applicable Borrower shall reimburse such L/C Issuer
through the applicable Funding Agent in an amount equal to the amount of such drawing;
provided that, with respect to a U.S. Letter of Credit denominated in Canadian Dollars, the
applicable Borrower shall reimburse the U.S. L/C Issuer in Dollars in an amount equal to the Dollar
Equivalent amount of such drawing. If the applicable Borrower fails to so reimburse an L/C Issuer
by such time, the applicable Funding Agent shall promptly notify each Applicable Tranche Lender of
the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”) and the
amount of such Applicable Tranche Lender’s Applicable Tranche Percentage thereof. In such event,
the applicable Borrower shall be deemed to have requested a Committed Borrowing of the Specified
Type (as defined below) to be disbursed on the first Business Day after the Honor Date in an amount
equal to the Unreimbursed Amount, without regard to the minimum and multiples specified elsewhere
in this Agreement for the principal amount of a Committed Borrowing, but subject to the amount of
the unutilized portion of the Aggregate Tranche Commitment and the conditions set forth in
Section 8.2 (other than the delivery of a Committed Loan Notice). To the extent that any
Unreimbursed Amount under the Euro Tranche is in Sterling and there are Euro Non-Qualified Lenders
with respect to Sterling, then Euro Funding Agent may elect a Fronting Lender in accordance with
Section 3.2 on behalf of the applicable Euro Borrower (which hereby irrevocably authorizes
Euro Funding Agent to so elect on its behalf); provided that to the extent that there are
no available Fronting Lenders, then such portion of the Unreimbursed Amount shall be converted to
Euro based on the Euro Equivalent amount of such portion and refinanced as a Eurocurrency Rate Loan
in Euro with an Interest Period of one month. Any notice given by an L/C Issuer or a Funding Agent
pursuant to this Section 5.3.1 may be given by telephone if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice. For purposes of the foregoing, “Specified
Type” means (a) with respect to the U.S.

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Tranche, Base Rate Loans; (b) with respect to the Yen Tranche, ABR Rate Loans; and (c) with
respect to the Euro Tranche, a Eurocurrency Rate Loan with an Interest Period of one month.

     Section 5.3.2 Reimbursement via Committed Borrowing. Each Applicable Tranche Lender
(or, in the case of a Euro Letter of Credit, each Euro Qualified Lender and each applicable
Fronting Lender) shall upon receipt of any notice pursuant to Section 5.3.1 make funds
available to the applicable Funding Agent for the account of the applicable L/C Issuer, in the
applicable currency of the applicable Letter of Credit, at such Funding Agent’s Office in an amount
equal to each such Applicable Tranche Lender’s Applicable Tranche Percentage (or, in the case of a
Euro Letter of Credit, each Euro Qualified Lender’s Applicable Tranche Percentage and each
applicable Fronting Lender’s Euro Fronting Loan) of the Unreimbursed Amount not later than 12:00
noon, Applicable Time, on the Business Day specified in such notice by such Funding Agent,
whereupon, subject to the provisions of Section 5.3.3, each Applicable Tranche Lender (or
in the case of a Euro Letter of Credit, the Euro Qualified Lender and the Fronting Lender) that so
makes funds available shall be deemed to have made a Committed Loan to the applicable Borrower in
such amount. The applicable Funding Agent shall remit the funds so received to the applicable L/C
Issuer.

     Section 5.3.3 L/C Borrowings. With respect to any Unreimbursed Amount that is not
fully refinanced by a Committed Borrowing because the conditions set forth in Section 8.2
cannot be satisfied or for any other reason, the applicable Borrower shall be deemed to have
incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount
that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with
interest), in the currency in which payment was made under the applicable Letter of Credit (or with
respect to a U.S Letter of Credit denominated in Canadian Dollars, in Dollars) and shall bear
interest at the Default Rate for the applicable Specified Type; provided that to the extent
that a Euro L/C Borrowing is in Sterling and there are Euro Non-Qualified Lenders with respect to
Sterling, then the aggregate amount of the Euro L/C Borrowing shall be converted to Euro based on
the Euro Equivalent amount of such Euro L/C Borrowing and shall bear interest at the Default Rate
for a Eurocurrency Rate Loan with an Interest Period of one month. In such event, each applicable
Lender’s payment to the applicable Funding Agent for the account of such L/C Issuer pursuant to
this Section 5.3.3 shall be deemed payment in respect of its participation in such L/C
Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation
obligation under this Section 5.3. For the avoidance of doubt, any Committed Borrowing, L/C
Borrowing or L/C Advance with respect to a U.S Letter of Credit denominated in Canadian Dollars
shall be in Dollars and based on the Dollar Equivalent amount thereof.

     Section 5.3.4 Interest Prior to Lender Payments. Until an Applicable Tranche Lender
(and, in the case of the Euro Tranche, a Fronting Lender) funds its Committed Loan or L/C Advance
pursuant to this Section 5.3 to reimburse the applicable L/C Issuer for any amount drawn
under any Letter of Credit, interest in respect of the Committed Loan or L/C Advance to be made by
such Applicable Tranche Lender (or such Fronting Lender) shall be solely for the account of such
L/C Issuer.

     Section 5.3.5 Lender Obligations Unconditional. Each Applicable Tranche Lender’s
(and, if applicable, Fronting Lender’s) obligation to make Committed Loans or L/C Advances or to
purchase risk participations in Fronting Loans in order to reimburse the applicable L/C Issuer

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for amounts drawn under Letters of Credit, as contemplated by this Section 5.3, shall
be absolute and unconditional and shall not be affected by any circumstance, including: (a) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against such
L/C Issuer, any Borrower, any Eligible Affiliate or any other Person for any reason whatsoever; (b)
the occurrence or continuance of a Default or (c) any other occurrence, event or condition, whether
or not similar to any of the foregoing; provided that each such Person’s obligation to make
Committed Loans pursuant to this Section 5.3 is subject to the conditions set forth in
Section 8.2 (other than delivery by the applicable Borrower of a Committed Loan Notice).
No such making of an L/C Advance shall relieve or otherwise impair the obligation of the applicable
Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C
Issuer under any Letter of Credit, together with interest as provided herein.

     Section 5.3.6 Interest on Overdue Amounts. If any Applicable Tranche Lender (or, in
the case of the Euro Tranche, Fronting Lender) fails to make available directly to the applicable
Funding Agent for the account of the applicable L/C Issuer any amount required to be paid by such
Lender (or Fronting Lender) pursuant to the foregoing provisions of this Section 5.3 by the
time specified in Section 5.3.2, such L/C Issuer shall be entitled to recover from such
Person (acting through the applicable Funding Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such payment is
immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate
from time to time in effect. A certificate of an L/C Issuer submitted to any Lender (through the
applicable Funding Agent) with respect to any amount owing under this Section 5.3.6 shall
be conclusive absent manifest error.

     Section 5.4 Repayment of Participations.

     Section 5.4.1 Payments by L/C Issuers. At any time after an L/C Issuer has made a
payment under any Letter of Credit and has received from any Applicable Tranche Lender (or, in the
case of the Euro Tranche, any Fronting Lender) such Person’s L/C Advance in respect of such payment
in accordance with Section 5.3, if the applicable Funding Agent receives for the account of
such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the applicable Borrower or otherwise, including proceeds of Cash Collateral
of the applicable Tranche applied thereto by the applicable Funding Agent), the applicable Funding
Agent will distribute to such Applicable Tranche Lender (or Fronting Lender) its Applicable Tranche
Percentage (or other appropriate percentage) thereof (appropriately adjusted, in the case of
interest payments, to reflect the period of time during which such Person’s L/C Advance was
outstanding) in the same funds as those received by the applicable Funding Agent.

     Section 5.4.2 Disgorgement. If any payment received by the applicable Funding Agent
for the account of any L/C Issuer pursuant to Section 5.4.1 is required to be returned
under any of the circumstances described in Section 14.5 (including pursuant to any
settlement entered into by such L/C Issuer in its discretion), each Applicable Tranche Lender (and,
in the case of the Euro Tranche, each Fronting Lender) shall pay to the applicable Funding Agent
for the account of such L/C Issuer its Applicable Tranche Percentage (or other appropriate
percentage) thereof on demand of the applicable Funding Agent (in each case in the currency in
which such payment originally was made), plus interest thereon from the date of such demand
to the date such amount

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is returned by such Applicable Tranche Lender (or Fronting Lender), at a rate per annum equal
to the applicable Overnight Rate from time to time in effect.

     Section 5.4.3 Survival. The obligations of the Lenders, the Funding Agents, the L/C
Issuers and the Fronting Lenders under this Section 5.4 shall survive the payment in full
of the Obligations and the termination of this Agreement.

     Section 5.5 Borrower Obligations Absolute. The obligation of each Borrower to reimburse the applicable L/C Issuer for each drawing
under each Letter of Credit issued by such L/C Issuer for the account of such Borrower and to repay
each L/C Borrowing incurred by such Borrower shall be absolute, unconditional and irrevocable, and
shall be paid strictly in accordance with the terms of this Agreement under all circumstances,
including the following:

     (a) any lack of validity or enforceability of such Letter of Credit, this Agreement or any
other Loan Document;

     (b) the existence of any claim, counterclaim, setoff, defense or other right that any Borrower
or any Eligible Affiliate may have at any time against any beneficiary or any transferee of such
Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), any L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument
relating thereto, or any unrelated transaction;

     (c) any draft, demand, certificate or other document presented under such Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein
being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of
any document required in order to make a drawing under such Letter of Credit;

     (d) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft
or certificate that does not strictly comply with the terms of such Letter of Credit; or any
payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee
in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or
other representative of or successor to any beneficiary or any transferee of such Letter of Credit,
including any arising in connection with any proceeding under any Debtor Relief Law; or

     (e) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including any other circumstance that might otherwise constitute a defense available to,
or a discharge of, any Borrower or any Eligible Affiliate.

Each Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with such Borrower’s
instructions or other irregularity, such Borrower will promptly notify such L/C Issuer. Each
Borrower shall be conclusively deemed to have waived any such claim against any L/C Issuer and its
correspondents unless such notice is given as aforesaid.

     Section 5.6 Role of L/C Issuer. Each Lender and each Borrower agree that, in paying any drawing under a Letter of Credit,
no L/C Issuer shall have any responsibility to obtain any

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document (other than any sight draft, certificates and documents expressly required by such
Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or
the authority of the Person executing or delivering any such document. No L/C Issuer or Agent or
any of their respective Related Parties or any correspondent, participant or assignee of any L/C
Issuer shall be liable to any Lender for (a) any action taken or omitted in connection herewith at
the request or with the approval of all Lenders, all Applicable Tranche Lenders, the applicable
Tranche Required Lenders or the Required Lenders, as applicable; (b) any action taken or omitted in
the absence of gross negligence or willful misconduct; or (c) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit or Issuer
Document. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or
transferee with respect to its use of any Letter of Credit; provided that this assumption
is not intended to, and shall not, preclude any Borrower pursuing such rights and remedies as it
may have against the beneficiary or transferee at law or under any other agreement. No L/C Issuer
or Agent or any of their respective Related Parties or any correspondent, participant or assignee
of any L/C Issuer shall be liable or responsible for any of the matters described in clauses
(a) through (e) of Section 5.5; provided that anything in such clauses
to the contrary notwithstanding, a Borrower may have a claim against an L/C Issuer, and such L/C
Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as
opposed to consequential or exemplary, damages suffered by such Borrower which it proves were
caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a
sight draft and certificate(s) strictly complying with the terms and conditions of such Letter of
Credit. In furtherance and not in limitation of the foregoing, any L/C Issuer may accept documents
that appear on their face to be in order, without responsibility for further investigation,
regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for
the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or
in part, which may prove to be invalid or ineffective for any reason.

     Section 5.7 Cash Collateral.

     Section 5.7.1 Certain Cash Collateral. Upon the request of the applicable Funding
Agent or Required Lenders (for purposes of clause (a) below) or the applicable Tranche
Required Lenders (for purposes of clause (b) below), (a) during the existence of an Event
of Default or (b) if, as of the Maturity Date, any L/C Obligations under the Available Tranches for
any reason remains outstanding, the applicable Borrower shall, in each case, promptly Cash
Collateralize the then Outstanding Amount of all L/C Obligations of such Borrower under each
applicable Available Tranche, in each case in the same currency as the applicable L/C Obligations.

     Section 5.7.2 Cash Collateral and Defaulting Lender. If any L/C Obligation under any
Tranche exists at the time a Lender is a Defaulting Lender, the applicable Borrower shall, within
one Business Day of delivery of written notice by the applicable Funding Agent, Cash Collateralize
the amount of the Defaulting Lender’s Applicable Tranche Percentage of the L/C Obligations under
such Tranche (after giving effect to Section 6.15.1(d) and any Cash Collateral provided by
the Defaulting Lender or retained pursuant to Section 6.15.1(b)). If a Borrower is
required to provide an amount of Cash Collateral pursuant to this Section 5.7.2, such Cash

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Collateral shall be released and promptly returned to such Borrower from time to time to the
extent the amount deposited shall exceed the Defaulting Lender’s Applicable Tranche Percentage of
the L/C Obligations under such Tranche or if such Lender ceases to be a Defaulting Lender.

     Section 5.7.3 Lien on Cash Collateral. Each Borrower hereby grants to each of (a) the
Funding Agent for the Tranche with respect to which Cash Collateral is being delivered and (b) if
such Cash Collateral is being delivered at any time prior to the Security Agency Agreement Release
Date, Collateral Agent, a lien on and security interest in all such cash, all deposit accounts into
which such cash is deposited, all balances in such accounts and all proceeds of the foregoing;
provided that (i) until the Security Agency Agreement Release Date, such Lien shall be
subject to the terms of the Security Agency Agreement and (ii) on the Security Agency Agreement
Release Date, such Lien shall automatically without any further action of any Person cease to be in
favor of the Collateral Agent and shall thereafter be solely in favor of such Funding Agent. Cash
Collateral shall be maintained in blocked, interest bearing deposit accounts with the applicable
Funding Agent (acting as an agent for Collateral Agent at all times the Collateral Agent has a
security interest therein).

     Section 5.8 Applicability of ISP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower
when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of
Credit), the rules of the ISP shall apply to each Letter of Credit.

     Section 5.9 Letter of Credit Fees. Prologis shall (or shall cause the applicable Borrower to) pay to the applicable Funding
Agent for the account of each Applicable Tranche Lender in accordance with its Applicable Tranche
Percentage, in the Primary Currency for the applicable Tranche, a Letter of Credit fee (the
“Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Margin as in
effect from time to time multiplied by the daily Relevant Equivalent (as defined below)
amount available to be drawn under such Letter of Credit. Letter of Credit Fees shall be (a)
computed on a quarterly basis in arrears and (b) due and payable on the last Business Day of each
March, June, September and December, on the Letter of Credit Expiration Date for each Letter of
Credit, and thereafter on demand. Notwithstanding anything to the contrary contained herein, upon
the request of the Tranche Required Lenders, while any Event of Default exists, all Letter of
Credit Fees shall accrue at the Default Rate. For purposes of the foregoing and of Section
5.10, “Relevant Equivalent” means (i) in the case of the U.S. Letters of Credit, the
Dollar Equivalent, (ii) in the case of the Euro Letters of Credit, the Euro Equivalent, and (iii)
in the case of the Yen Letters of Credit, the Yen Equivalent. Notwithstanding the foregoing or any
other provision of this Agreement, Prologis shall not be required to pay any Letter of Credit Fee
to any Lender for any period during which such Lender is a Defaulting Lender.

     Section 5.10 Fronting Fee and Documentary and Processing Charges Payable to each L/C Issuer. Prologis shall pay directly to the applicable L/C Issuer of each Letter of Credit for its
own account, in the Primary Currency of the Tranche under which such Letter of Credit was issued, a
fronting fee at the rate per annum of 0.125% computed on the Relevant Equivalent (as defined in
Section 5.9) of the daily amount available to be drawn under such Letter of Credit on a
quarterly basis in arrears. Such fronting fee shall be due and payable on the last Business

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Day of each March, June, September and December in respect of the quarterly period then ending
(or portion thereof, in the case of the first payment), on the Letter of Credit Expiration Date for
each Letter of Credit, and thereafter on demand. In addition, Prologis shall pay directly to the
applicable L/C Issuer for its own account, in Primary Currency of the Tranche under which the
applicable Letter of Credit was issued, the customary issuance, presentation, amendment, extension
and other processing fees, and other standard costs and charges, of such L/C Issuer relating to
letters of credit as from time to time in effect; provided that the total amount of all
such fees shall not exceed a Dollar Equivalent amount of $1,500 for any Letter of Credit. Such
customary fees and standard costs and charges are due and payable ten Business Days after demand
and are nonrefundable.

     Section 5.11 Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document,
the terms hereof shall control.

     Section 5.12 Letters of Credit Issued for Eligible Affiliate. Notwithstanding that a Letter of Credit is in support of obligations of, or is for the
account of, an Eligible Affiliate, the requesting Borrower shall be obligated to reimburse the
applicable L/C Issuer hereunder for all drawings under such Letter of Credit. Each Borrower
acknowledges that the issuance of any Letter of Credit requested by such Borrower for the account
of an Eligible Affiliate inures to the benefit of such Borrower. Notwithstanding the foregoing, a
Foreign Borrower under any Tranche shall not be the letter of credit applicant with respect to any
Letter of Credit.

     Section 5.13 U.S. Bond L/Cs. Notwithstanding any provision to the contrary set forth in this Article V:

     Section 5.13.1 Terms and Conditions of U.S. Bond L/Cs. (a) U.S. Bond L/Cs shall be
subject to the terms and conditions of this Agreement and applicable Law; provided that (i)
a U.S. Bond L/C may have an expiration date later than 12 months from the date of issuance, so long
as such date is not later than the Letter of Credit Expiration Date; and (ii) the terms of each
U.S. Bond L/C (A) must be acceptable to the applicable U.S. L/C Issuer and U.S. Funding Agent, (B)
subject to the provisions of Section 5.14, may provide for the reinstatement of drawn
portions of the U.S. Bond L/C, whether or not reimbursement has been received (which may have the
effect of increasing the amount of the applicable Borrower’s reimbursement obligations under such
U.S. Bond L/C), (C) may provide for automatic extensions thereof, so long as such terms comply with
the auto extension provisions set forth in Section 5.2.3 hereof, and (D) may contain
provisions whereby the applicable U.S. L/C Issuer is granted certain rights in collateral and
voting rights under the related Bond Documents, which rights are expressly assigned by the
applicable U.S. L/C Issuer to U.S. Funding Agent for the benefit of Lenders pursuant to Section
5.14.2 herein.

     (b) Any Borrower may request that a U.S. L/C Issuer issue a U.S. Bond L/C by providing at
least 30 days prior written notice of such request to the applicable U.S. L/C Issuer, and by
delivering a certificate at least 30 days prior to the issuance of any U.S. Bond L/C to U.S.
Funding Agent certifying that, after giving effect to the issuance of any such Bonds and, without
duplication, any Debt incurred by any Company with respect thereto, no Default exists or would
result after giving effect thereto.

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     Section 5.14 Reduction and Reinstatement of U.S. Bond L/Cs. In the event that the proceeds of any drawing under any U.S. Bond L/C are used to pay the
purchase price of Bonds tendered or deemed tendered by the owner thereof pursuant to the related
Bond Documents (such drawing, including the drawing of any accrued interest on the tendered Bonds,
a “Bond Purchase Drawing”), then the stated amount of such U.S. Bond L/C will be
temporarily reduced by the amount of such drawing, subject to automatic reinstatement (whether or
not reimbursement for any drawings thereunder has been received or the conditions set forth in
Sections 5.1.1 and 5.1.2 have been satisfied, and without further approval from
Lenders) pursuant to the provisions of the applicable U.S. Bond L/C by an amount equal to the Bond
Purchase Drawing, so long as (a) the applicable U.S. L/C Issuer (or U.S. Funding Agent, as assignee
of such U.S. L/C Issuer) has been properly accounted for on the securities depository’s records as
the beneficial owner of such Bonds purchased with the proceeds (or portion thereof) of the U.S.
Bond L/C, (b) such Bonds have been delivered to the appropriate custodian and registered as
directed by such L/C Issuer (or U.S. Funding Agent, as assignee of such U.S. L/C Issuer), or (c) to
the extent provided for in the applicable U.S. Bond L/C, such Bonds have been remarketed in
accordance with the terms of the applicable Bond Documents and released by the applicable U.S. L/C
Issuer; provided that if the repurchased Bonds are not transferred to such U.S. L/C Issuer
(or U.S. Funding Agent, as assignee of such U.S. L/C Issuer) pursuant to clause (a) or
(b) or remarketed pursuant to clause (c) above, then the applicable U.S. L/C Issuer
shall notify Global Administrative Agent (which shall subsequently notify Lenders) of such failure.
Unless otherwise directed by U.S. Required Lenders, the applicable U.S. L/C Issuer shall then
deliver notice to the applicable Trustee prior to the fifth Business Day after the applicable Bond
Purchase Drawing that the amount of such drawing will not be reinstated, if the applicable Bond
Documents permit such notice; otherwise, the U.S. L/C Issuer may send notice of an event of default
and a direction to cause a redemption of the applicable Bonds.

     Section 5.14.1 Interest Payments. If the interest portion of any U.S. Bond L/C is
drawn by the applicable Trustee to make scheduled interest payments on the outstanding principal
amount of the Bonds, then the stated amount of such U.S. Bond L/C will be temporarily reduced by
the amount of such drawing, subject to automatic reinstatement of the interest portion of such U.S.
Bond L/C (whether or not reimbursement for any drawings thereunder has been received or the
conditions set forth in Sections 5.1.1 and 5.1.2 have been satisfied, and without
further approval from U.S. Lenders) pursuant to the provisions of the applicable U.S. Bond L/C.
Subject to compliance with Section 2.4 herein, the stated amount of the related U.S. Bond
L/C may be increased as required by the related Bond Documents (to reflect an increase in the
maximum rate of interest or number of days of accrued interest covered by such U.S. Bond L/C or
otherwise).

     Section 5.14.2 Liens and Security Interests under Bond Documents. All liens and
security interests securing reimbursement obligations and other obligations owed to the applicable
U.S. L/C Issuer of any U.S. Bond L/C under the related Bond Documents (including any U.S. L/C
Borrowing), any rights in and to any Bonds or other certificates of indebtedness issued to such L/C
Issuer under the related Bond Documents, and any voting rights or other rights created in favor of
such L/C Issuer under or pursuant to or in connection with any related Bond Documents
(collectively, the “Bond Rights”), now or hereafter existing in favor of such L/C Issuer,
are hereby assigned and conveyed by the applicable U.S. L/C Issuer to U.S. Funding Agent for the
ratable benefit of U.S. Lenders. Notwithstanding anything to the contrary set forth

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in any U.S. Bond L/C, any Bonds or certificates of indebtedness purchased from the owner
thereof by the applicable Trustee with funds received pursuant to a drawing under any U.S. Bond L/C
shall be registered in the name of U.S. Funding Agent and shall be delivered to or held by U.S.
Funding Agent or such other entity as may be specified by the applicable L/C Issuer and approved by
U.S. Funding Agent in a written instrument delivered to the applicable Trustee, for the benefit of
the applicable L/C Issuer, U.S. Funding Agent and the other U.S. Lenders. Each L/C Issuer of a
U.S. Bond L/C agrees to execute all such other assignments, conveyances, financing statements and
other documents required by U.S. Funding Agent to effect the requirements of this Section
5.14.2; provided that, U.S. Lenders, U.S. Funding Agent and such U.S. L/C Issuer agree
that in the event any Bonds or certificates of indebtedness are issued to such U.S. L/C Issuer (or
U.S. Funding Agent as the assignee of such U.S. L/C Issuer) as a result of a drawing by the
applicable Trustee under the U.S. Bond L/C for which such U.S. L/C Issuer is not immediately
reimbursed, and subsequently the Bonds are remarketed and such U.S. L/C Issuer is reimbursed for
all amounts so advanced (which reimbursement may be a repayment of any Loan disbursed by U.S.
Lenders as payment of the related U.S. Letter of Credit reimbursement obligations under Section
5.3.2 or a repayment of an U.S. L/C Borrowing), then any Bonds or certificates of indebtedness
shall be released by U.S. Funding Agent and delivered to such Trustee without any further
authorization from U.S. Lenders or such U.S. L/C Issuer.

     Section 5.14.3 Discretion to Exercise Rights. To the extent rights (including voting
rights, rights to provide notice and elect remedies and rights to approve waivers, consents or
amendments of the related Bond Documents) are created in favor of the U.S. L/C Issuer of any U.S.
Bond L/C, such rights (other than ministerial, non discretionary rights) may only be exercised with
the consent, or in accordance with the directions, of the U.S. Required Lenders.

     Section 5.14.4 Conflict. In the event of any conflict between the terms and provisions
of this Section 5.14 relating to U.S. Bond L/Cs and the terms and provisions of any Loan
Documents relating to U.S. Letters of Credit (other than U.S. Bond L/Cs), the terms and provisions
of this Section 5.14 shall control.

ARTICLE VI

GENERAL PROVISIONS APPLICABLE TO LOANS

     Section 6.1 Minimum Amounts for Committed Borrowings, Conversions or Continuations and
Prepayments.

     Section 6.1.1 Borrowing, Conversion, Continuation Amounts. Any Committed Borrowing,
conversion or continuation under an Available Tranche in any of the following currencies shall be
in the following principal amounts: (a) for Committed Borrowings of, conversions to or
continuations of Loans denominated in Dollars, $1,000,000 or any higher whole multiple of $100,000,
(b) for Committed Borrowings of, conversions to or continuation of Loans denominated in Euro, EUR
1,000,000 or any higher whole multiple of EUR 100,000, (c) for Committed Borrowings of, conversions
to or continuations of Loans denominated in Sterling, £1,000,000 or any higher whole multiple of
£100,000, (d) for Committed Borrowings of, conversions to or continuations of Loans denominated in
Yen, any whole multiple of ¥100,000,000, (e) for Committed Borrowings of, conversions to or
continuations of Eurocurrency Rate Loans denominated in Canadian Dollars, Cdn$1,000,000 or a higher
whole

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multiple of Cdn$100,000, and (f) for Committed Borrowings, conversions or continuations under
a Supplemental Tranche, the minimum and whole multiple amounts set forth in the applicable
Supplemental Addendum.

     Section 6.1.2 Prepayment Amounts. Any prepayment under a Tranche in any of the
following currencies shall be in the following aggregate principal amounts (a) for prepayments of
Loans denominated in Dollars, $1,000,000 or any higher whole multiple of $100,000, (b) for
prepayments of Loans denominated Euro, EUR 1,000,000 or any higher whole multiple of EUR 100,000,
(c) for prepayments of Loans denominated in Sterling, £1,000,000 or any higher whole multiple of
£100,000, (d) for prepayments of Loans denominated in Yen, any whole multiple of ¥100,000,000, (e)
for prepayments of Loans denominated in Canadian Dollars, Cdn$1,000,000 or a higher whole multiple
of Cdn$100,000, and (f) for prepayments under any Supplemental Tranche, the minimum and whole
multiple amounts set forth in the applicable Supplemental Addendum.

     Section 6.2 Termination or Reduction of Commitments and Removal of a Borrower.

     Section 6.2.1 Termination or Reduction; Removal. Prologis may, upon notice to Global
Administrative Agent and the applicable Funding Agent, take any of the following actions:

     (a) terminate the Aggregate Tranche Commitment under a particular Available Tranche, or from
time to time permanently reduce the Aggregate Tranche Commitment under a particular Available
Tranche; provided that:

     (i) any such notice shall be received by Global Administrative Agent and the applicable
Funding Agent not later than 11:00 a.m. three Business Days prior to the date of termination
or reduction;

     (ii) any such partial reduction shall be in an aggregate amount of (A) $5,000,000 or
any whole multiple of $100,000 in excess thereof for the U.S. Tranche, (B) EUR 5,000,000 or
any whole multiple of EUR 1,000,000 in excess thereof for the Euro Tranche, (D) ¥500,000,000
or any whole multiple of ¥100,000,000 in excess thereof for the Yen Tranche and (F) the
minimum amounts and whole multiples set forth in the applicable Supplemental Addendum with
respect to a Supplemental Tranche; and

     (iii) Prologis shall not terminate or reduce any Aggregate Tranche Commitment if, after
giving effect thereto and to any concurrent prepayment thereunder, the Total Tranche
Outstandings of the applicable Tranche would exceed such Aggregate Tranche Commitment.

     (b) at any time a Borrower (other than Prologis) has (i) no Obligations under this Agreement
or under a particular Tranche (excluding, for purposes of this Section, (A) Obligations under any
Loan Document other than this Agreement and (B) Obligations under this Agreement that are expressly
stated to survive the termination of this Agreement and are not yet due and payable) and (ii) no
outstanding Request for Credit Extensions, remove such Borrower as a Borrower under this Agreement
or solely under one or more Tranches under this Agreement.

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Global Administrative Agent will promptly notify the applicable Tranche Lenders of any notice
provided by Prologis under this Section 6.2.1. The amount of any Aggregate Tranche
Commitment reduction shall not be applied to the U.S. Letter of Credit Sublimit, the Euro Letter of
Credit Sublimit, the Yen Letter of Credit Sublimit, the U.S. Swing Line Sublimit or the Euro Swing
Line Sublimit, as applicable, unless otherwise specified by Prologis. Any reduction of any
Aggregate Tranche Commitment shall be applied to the applicable Commitment of each Lender in such
Tranche according to its Applicable Tranche Percentage of such Tranche. All fees accrued under a
particular Tranche shall be paid on the effective date of the termination of the Aggregate Tranche
Commitment for such Tranche.

     Section 6.3 Repayment of Loans.

     (a) The aggregate principal amount of all outstanding Committed Loans shall be paid on the
Maturity Date.

     (b) Each Swing Line Loan shall be paid on the earlier to occur of (i) the date ten Business
Days after such Swing Line Loan is made and (ii) the Maturity Date.

     (c) If, on any date, the Dollar Equivalent amount of the outstanding Fronting Loans held by
any Fronting Lender exceeds the Fronting Commitment of such Fronting Lender then in effect, then,
within two Business Days after notice from such Fronting Lender to Prologis, the applicable
Borrowers shall prepay the Fronting Loans held by such Fronting Lender in an amount sufficient to
reduce the Dollar Equivalent amount of the outstanding Fronting Loans of such Fronting Lender as of
such date of payment to an amount not to exceed the Fronting Commitment of such Fronting Lender
then in effect, without regard to any minimum or multiples specified in Section 6.1.2 with
respect to prepayments.

     (d) Each Supplemental Loan shall be paid as set forth in the applicable Supplemental Addendum.

     Section 6.4 Interest.

     Section 6.4.1 Interest Rates. Subject to the provisions of Sections 6.4.2 and 14.9:

     (a) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such
Interest Period plus the Applicable Margin plus (in the case of a Eurocurrency Rate
Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating
Member State) the Mandatory Cost;

     (b) each Base Rate Committed Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Margin plus (in the case of a Base Rate Loan of any Lender which is lent
from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost;

     (c) each ABR Rate Loan shall bear interest on the outstanding principal amount thereof from
the applicable borrowing date at a rate per annum equal to the ABR Rate plus the

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Applicable Margin plus (in the case of an ABR Rate Loan of any Lender which is lent
from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost;

     (d) each U.S. Swing Line Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the Money Market Rate plus
the Applicable Margin;

     (e) each Euro Swing Line Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the Money Market Rate plus
the Applicable Margin plus (in the case of a Euro Swing Line Loan which is lent from a
Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost; and

     (f) each Supplemental Committed Loan shall bear interest as set forth in the applicable
Supplemental Addendum.

     Section 6.4.2 Rates Upon Default

     (a) At any time and so long as an Event of Default pursuant to Section 12.1.1 exists,
any Obligations not paid when due shall bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

     (b) Upon the request of the Required Lenders at any time and so long as any Event of Default
exists, Borrowers shall pay interest on the principal amount of all outstanding Obligations
hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws.

     (c) Accrued and unpaid interest on past due amounts (including interest on past due interest)
shall be due and payable upon demand.

     Section 6.4.3 Interest Payment Dates. Interest on each Loan shall be due and payable
in arrears on each Interest Payment Date applicable thereto and at such other times as may be
specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof
before and after judgment, and before and after the commencement of any proceeding under any Debtor
Relief Law.

     Section 6.4.4 Interest Act (Canadian). For the purposes of the Interest Act (Canada),
(a) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the
“deemed year”) that contains fewer days than the actual number of days in the calendar year of
calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying
such rate of interest or fee rate by the actual number of days in the calendar year of calculation
and dividing it by the number of days in the deemed year, (b) the principle of deemed reinvestment
of interest shall not apply to any interest calculation hereunder and (c) the rates of interest
stipulated herein are intended to be nominal rates and not effective rates or yields. This
Section 6.4.4 shall apply solely with respect to Committed Loans denominated in Canadian
Dollars.

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     Section 6.5 Fees.

     Section 6.5.1 Facility Fees.

     (a) Prologis shall pay to the applicable Funding Agent, for the account of each Applicable
Tranche Lender, in accordance with such Applicable Tranche Lender’s Applicable Tranche Percentage,
a facility fee in the Primary Currency of the applicable Tranche equal to the Applicable Margin for
facility fees times the actual daily amount of the Aggregate Tranche Commitment for such
Tranche (or, if the Aggregate Tranche Commitment for such Tranche has terminated, on the
Outstanding Amount for such Tranche of all Loans under such Tranche and, if applicable, L/C
Obligations under such Tranche), regardless of usage. The facility fees shall accrue at all times
during the Availability Period (and thereafter so long as any Loans or L/C Obligations under the
applicable Tranche remain outstanding), including at any time during which one or more of the
conditions in Article VIII are not met, and shall be due and payable quarterly in arrears
on the last Business Day of each March, June, September and December, commencing with the first
such date to occur after the Closing Date, and on the Maturity Date (and, if applicable, thereafter
on demand). The facility fee shall be calculated quarterly in arrears, and if there is any change
in the Applicable Margin during any quarter, the actual daily amount shall be computed and
multiplied by the Applicable Margin separately for each period during such quarter that such
Applicable Margin was in effect. Notwithstanding the foregoing or any other provision of this
Agreement, Prologis shall not be required to pay a facility fee to any Lender for any day on which
such Lender is a Defaulting Lender.

     Section 6.5.2 Other Fees. In addition to certain fees described in Sections
5.9 and 5.10, and the facilities fees set forth above:

     (a) Prologis shall pay to Arrangers, Global Administrative Agent and the Funding Agents for
their own respective accounts, in the applicable currency, fees in the amounts and at the times
specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever.

     (b) Prologis shall pay to Lenders, in the applicable currencies, such fees as shall have been
separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be
fully earned when paid and shall not be refundable for any reason whatsoever.

     Section 6.6 Computation of Interest and Fees. All computations of interest for (a) Base Rate Loans, (b) ABR Rate Loans when the ABR Rate
is determined by the applicable Funding Agent’s “prime rate” and (c) Loans denominated in Sterling
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year
and actual days elapsed (which results in more fees or interest, as applicable, being paid than if
computed on the basis of a 365-day year), or, in the case of interest in respect of Committed Loans
denominated in any Foreign Currency as to which market practice differs from the foregoing, in
accordance with such market practice. Interest shall accrue on each Loan for the day on which such
Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan
or such portion is paid, provided that any Loan that is repaid on the same day on which it
is made shall, subject to Section 6.8, bear interest for one day. Each determination by
Global Administrative Agent or the applicable Funding Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent demonstrable error.

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     Section 6.7 Evidence of Debt and Promissory Note.

     Section 6.7.1 Recordkeeping. The Credit Extensions made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by each Funding Agent
for such Funding Agent’s applicable Tranche, in each case in the ordinary course of business. The
accounts or records maintained by each Funding Agent and each Lender shall be rebuttable
presumptive evidence of the amount of the Credit Extensions made by Lenders to Borrowers and the
interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligations of Borrowers hereunder to pay any amount owing
with respect to the Obligations. In the event of any conflict between the accounts and records
maintained by the applicable Funding Agent for its Tranche and the accounts and records of any
Lender in such Tranche in respect of such matters, the accounts and records of such Funding Agent
shall control in the absence of manifest error.

     Section 6.7.2 Promissory Note. The provisions of this Section 6.7.2
constitute a promissory note for the benefit of each Lender. In furtherance of the foregoing:

     (a) Each Borrower hereby promises, severally, but not jointly, to pay to each Applicable
Tranche Lender, in accordance with the provisions of this Agreement, the principal amount of each
Loan of such Borrower from time to time made by such Applicable Tranche Lender to such Borrower.
In addition, such Borrower promises severally, but not jointly, to pay interest on the unpaid
principal amount of the Loans made to such Borrower, from the date of such Loans until such
principal amount is paid in full, at such interest rates and at such times as provided in this
Agreement.

     (b) All payments of principal and interest with respect to Loans shall be made to the
applicable Funding Agent for the account of the Applicable Tranche Lenders in the currency in which
such Committed Loan was denominated and in Same Day Funds at such Funding Agent’s Office for such
currency.

     Section 6.7.3 Participations. In addition to the accounts and records referred to in
Section 6.7.1, each Lender and each Funding Agent for its applicable Tranche shall maintain
in accordance with its usual practice accounts or records evidencing the purchases and sales by
such Lender of participations in Fronting Loans, Letters of Credit and Swing Line Loans to the
extent such Tranche permits such subfacilities. In the event of any conflict between the accounts
and records maintained by the applicable Funding Agent for its Tranche and the accounts and records
of any Lender in such Tranche in respect of such matters, the accounts and records of such Funding
Agent shall control in the absence of manifest error.

     Section 6.8 Payments Generally; Global Administrative Agent’s Clawback.

     Section 6.8.1 All Payments Generally. All payments to be made by Borrowers shall be
made without condition or deduction for any counterclaim, defense, recoupment or setoff.

     Section 6.8.2 Payments Generally. Except as otherwise expressly provided herein, all
payments by a Borrower under a Tranche shall be made to the applicable Funding Agent for such
Tranche, for the account of the Applicable Tranche Lenders to which such payment is owed, at such
Funding Agent’s Office in the Primary Currency of such Tranche and in Same

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Day Funds not later than 12:00 noon, Applicable Time (and by 10:00 a.m., Brussels time, for
payments under the Euro Tranche), on the date specified herein. Except as otherwise expressly
provided herein, all payments by a Borrower under a Tranche with respect to principal and interest
on Loans under such Tranche that are denominated in an Alternative Currency of such Tranche shall
be made to the applicable Funding Agent, for the account of the Applicable Tranche Lenders to which
such payment is owed, at the applicable Funding Agent’s Office in such Alternative Currency and in
Same Day Funds not later than the Applicable Time specified by such Funding Agent on the dates
specified herein. Without limiting the generality of the foregoing, the applicable Funding Agent
may require that any payments due under this Agreement be made in the Primary Location (as defined
below). If, for any reason, any Borrower is prohibited by any Law from making any required payment
hereunder in an Alternative Currency, such Borrower shall make such payment in the Primary Currency
in the Dollar Equivalent, Euro Equivalent or Yen Equivalent, as applicable, of such Alternative
Currency payment amount. For purposes of this Section, “Primary Location” means, with
respect to the U.S. Tranche, the United States; with respect to the Euro Tranche, The Netherlands;
with respect to the Yen Tranche, Japan; and with respect to any Supplemental Tranche, the
Supplemental Primary Location.

     Section 6.8.3 Distribution of Payments. With respect to payments and fees as set
forth herein to be paid to a Funding Agent, the applicable Funding Agent will promptly distribute
to each applicable Lender in such Tranche its Applicable Tranche Percentage (or other applicable
share as provided herein) of such payment in like funds as received by wire transfer to such
Lender’s Lending Office. With respect to payments as set forth herein to be paid to Global
Administrative Agent, Global Administrative Agent will promptly distribute to each Lender its
Applicable Global Percentage (or other applicable share as provided herein) of such payment in like
funds as received by wire transfer to such Lender’s Lending Office. All payments received by
Global Administrative Agent (a) after 1:00 p.m., in the case of payments in Dollars, or (b) after
the Applicable Time specified by Global Administrative Agent in the case of payments in an
Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and
any applicable interest or fee shall continue to accrue. All payments received by a Funding Agent
(i) after 1:00 p.m., Applicable Time, in the case of payments in the Primary Currency of the
applicable Tranche, or (ii) after the Applicable Time specified by such Funding Agent in the case
of payments in an Alternative Currency of such Tranche, shall in each case be deemed received on
the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If
any payment to be made by any Borrower shall become due on a day other than a Business Day, payment
shall be made on the next following Business Day, and such extension of time shall be reflected in
computing interest or fees, as the case may be.

     Section 6.8.4 Application of Payments. All payments by any Loan Party hereunder shall
be applied to such Obligations as such Loan Party shall specify; provided that, subject to
Section 6.15.1(b), during the existence of any Event of Default, all payments by or on
behalf of any Loan Party hereunder shall be applied as follows, in each case to the extent that the
applicable payor has liability therefor:

     (a) First, to the payment of that portion of the Obligations constituting unpaid fees,
indemnities, costs, expenses and other amounts (other than principal or interest) payable to any

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Agent Indemnitee in its capacity as such, ratably among them in proportion to the respective
amounts payable pursuant to this clause (a);

     (b) Second, to the payment of all amounts paid by Funding Agents to any Agent Indemnitee
pursuant to Section 14.4.4 (to the extent Funding Agents have not previously been
reimbursed therefor), ratably among them in proportion to the respective amounts payable pursuant
to this clause (b);

     (c) Third, to the payment of all amounts paid by Lenders to any Agent Indemnitee pursuant to
Section 14.4.3 (to the extent Lenders have not previously been reimbursed therefor),
ratably among them in proportion to the respective amounts payable pursuant to this clause
(c);

     (d) Fourth, to the payment of that portion of the Obligations constituting unpaid fees,
indemnities, costs, expenses and other amounts (other than principal or interest) payable to any
Person pursuant to Section 14.4.1, ratably among them in proportion to the respective
amounts payable pursuant to this clause (d);

     (e) Fifth, to the payment of all amounts paid by Lenders to any Person pursuant to Section
14.4.3 (to the extent Lenders have not previously been reimbursed therefor), ratably among them
in proportion to the respective amounts payable pursuant to this clause (e);

     (f) Sixth, to the payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees, facility fees and interest on the Loans, L/C Borrowings and other
Obligations, ratably among the Lenders in proportion to the respective amounts payable to them
pursuant to this clause (f);

     (g) Seventh, to (i) the payment of the unpaid principal of the Loans and L/C Borrowings and
(ii) the applicable Funding Agents to Cash Collateralize undrawn Letters of Credit, ratably among
them in proportion to the respective amounts of such principal and undrawn Letters of Credit;

     (h) Eighth, to the payment of all remaining unpaid Obligations, ratably among the Lenders in
proportion to the respective amounts payable pursuant to this clause (h); and

     (i) Last, the balance, if any, after payment in full of all Obligations of the applicable
payor, to such payor or as otherwise required by Law.

Any amount used to Cash Collateralize undrawn Letters of Credit pursuant to clause (g)
above shall be applied by the applicable Funding Agent to satisfy drawings under the applicable
Letters of Credit as such drawings occur. If any amount remains on deposit with any Funding Agent
as Cash Collateral after all applicable Letters of Credit have either been fully drawn or expired,
the remaining amount shall be applied to the other Obligations of the applicable payor, if any, in
the order set forth above.

Notwithstanding the above, if General Partner or Prologis makes any payments, or there are
recoveries from General Partner or Prologis, during the existence of any Event of Default, then, if
so elected by the Required Lenders, such payments or recoveries shall be applied to the

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Obligations under the Tranches as directed by the Required Lenders; provided that such
application shall not affect the agreements set forth in Section 6.9.

     Section 6.8.5 Funding by Lenders; Presumption by Agent. Unless the applicable Funding
Agent shall have received notice from Global Administrative Agent or a Lender in the same Tranche
as the Funding Agent prior to the proposed date of any Committed Borrowing that such Lender will
not make available to such Funding Agent such Lender’s share of such Committed Borrowing, such
Funding Agent may assume that such Lender directly or through the applicable Fronting Lender has
made such share available on such date in accordance with the requirements of the applicable
Tranche and may, in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Committed Borrowing available directly or through the applicable Fronting Lender to the applicable
Funding Agent, then the applicable Lender and the applicable Borrower severally agree to pay to
such Funding Agent forthwith on demand such corresponding amount in the same currency and in Same
Day Funds with interest thereon, for each day from the date such amount is made available to such
Borrower to the date of payment to such Funding Agent, at (a) in the case of a payment to be made
by such Lender, the Overnight Rate and (b) in the case of a payment to be made by such Borrower,
the interest rate applicable to the applicable Loans. If such Borrower and such Lender shall pay
such interest to such Funding Agent for the same or an overlapping period, such Funding Agent shall
promptly remit to such Borrower the amount of such interest paid by such Borrower for such period.
If such Lender pays its share of the applicable Committed Borrowing directly or through the
applicable Fronting Lender to such Funding Agent, then the amount so paid shall constitute such
Lender’s Committed Loan included in such Committed Borrowing. Any payment by a Borrower pursuant
to this Section shall be without prejudice to any claim such Borrower may have against a Lender
that shall have failed to make such payment to the applicable Funding Agent.

     Section 6.8.6 Payments by Borrowers; Presumptions by Agents. Unless the applicable
Agent shall have received notice from the applicable Borrower prior to the date on which any
payment is due to such Agent for the account of the applicable Lenders or the applicable L/C Issuer
hereunder that such Borrower will not make such payment, such Agent may assume that such Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the applicable Lenders or the applicable L/C Issuer, as the case may be,
the amount due. In such event, if such Borrower has not in fact made such payment, then each
Lender or applicable L/C Issuer, as the case may be, severally agrees to repay to such Agent
forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in the same
currency and in Same Day Funds with interest thereon, for each day from the date such amount is
distributed to it to the date of payment to such Agent, at the Overnight Rate. A notice by the
applicable Agent to any Lender or Borrower with respect to any amount owing under this Section
6.8.6 shall be conclusive, absent demonstrable error.

     Section 6.8.7 Failure to Satisfy Conditions Precedent. If any Lender makes available
directly or through the applicable Fronting Lender to the applicable Funding Agent funds for any
Loan to be made by such Lender to any Borrower as provided in this Agreement, and such funds are
not made available to such Borrower by such Agent because the conditions to such Loan set forth in
Article VIII are not satisfied or waived in accordance with the terms hereof, such Agent
shall promptly return such funds (in like funds as received from such Lender)

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to such Lender, plus interest thereon from the date funds were made available to such
Agent by such Lender to the date such amount is returned by such Agent to such Lender, at a rate
per annum equal to the applicable Overnight Rate from time to time in effect.

     Section 6.8.8 Obligations of Lenders Several. The obligations of Lenders hereunder to
make Committed Loans, to fund participations in Letters of Credit, Fronting Loans and Swing Line
Loans and to make payments pursuant to Section 14.4.3 are several and not joint. The
failure of any Lender to make any Committed Loan, to fund any such participation or to make any
payment under Section 14.4.3 on any date required hereunder shall not relieve any other
Lender of its corresponding obligation (if any) to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to make any Committed Loan, to purchase any such
participation, or to make any payment under Section 14.4.3.

     Section 6.8.9 Funding Source. Subject to Section 7.6.1, (a) each Lender may,
at its option, make any Loan available to any Borrower by causing any foreign or domestic branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall
not affect the obligation of such Borrower in accordance with the terms of this Agreement; and (b)
nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that it has obtained or
will obtain the funds for any Loan in any particular place or manner.

     Section 6.9 Sharing of Payments.

     Section 6.9.1 Sharing of Payments by Lenders in a Tranche. If any Lender shall, by
exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of the Committed Loans made by it in a particular Tranche, or the
participations in L/C Obligations or in Swing Line Loans held by it in such Tranche, resulting in
such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or
participations and accrued interest in such Tranche greater than its Applicable Tranche Percentage
for such Tranche as provided herein, then the Lender receiving such greater proportion shall (a)
notify the applicable Funding Agent of such fact and (b) purchase (for cash at face value)
participations in the Committed Loans and subparticipations in L/C Obligations, Swing Line Loans
and Fronting Loans of the other Lenders in the same Tranche, or make such other adjustments as
shall be equitable, so that the benefit of all such payments shall be shared by Lenders in such
Tranche ratably in accordance with the aggregate amount of principal of and accrued interest on
their respective Committed Loans and other amounts owing them (directly or via participations) in
such Tranche, provided that:

     if any such participations or subparticipations are purchased and any portion of the
payment giving rise thereto is recovered, such participations or subparticipations shall be
rescinded and the purchase price restored to the extent of such recovery, without interest;
and

     the provisions of this Section shall not apply to (i) any payment made by a Loan Party
pursuant to and in accordance with the express terms of this Agreement, (ii) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Committed Loans or a subparticipation in L/C Obligations,

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Swing Line Loans or Fronting Loans to any assignee or participant, other than to
Prologis or any Eligible Affiliate thereof (as to which the provisions of this Section shall
apply), (iii) any payment pursuant to Article VII, (iv) any payment made to a
non-Defaulting Lender in accordance with the terms of this Agreement that otherwise would
have been made to a Defaulting Lender or (v) any Cash Collateral obtained by an L/C Issuer
in connection with arrangements made to address the risk with respect to a Defaulting
Lender.

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under
applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against such Loan Party rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of
such participation.

     Section 6.9.2 Sharing of Payments by Tranches. If, at any time during the existence
of any Trigger Event, the Lenders under any Tranche (a “Group”) shall obtain aggregate
payments or other recoveries (whether voluntary, involuntary, by application of offset or
otherwise) on account of principal of or interest on any Loan made, or principal of or interest on
reimbursement obligations with respect to any Letter of Credit issued, under such Tranche in excess
of such Group’s pro rata share (based on such Group’s percentage of the aggregate Dollar Equivalent
amount of all such obligations then owed to all Lenders hereunder) of all payments and other
recoveries received by all Groups hereunder, then the Group receiving such excess payment
(the “Benefitted Group”) shall immediately (a) purchase (for cash at face value, and based
on each such Lender’s Applicable Tranche Percentage) participations in Obligations of the other
Groups in order to cause the Benefitted Group to share the excess payment or recovery ratably with
the other Groups and (b) pay such excess to (or as otherwise directed by) Global Administrative
Agent, which shall distribute such excess to the Funding Agents for the other Groups, in order to
effectuate such participations ; provided that if all or any part of the payment or other
recovery that gave rise to any such excess payment or other recovery is thereafter recovered from
the Benefitted Group, then each other Group shall repay to Global Administrative Agent for the
account of the Benefitted Group the amount necessary to ensure that each Group receives its pro
rata share of all such payments or other recoveries received by each Group. The obligation of each
member of each Group to make its share of any payment required under this Section 6.9.2
shall be several, and not joint or joint and several, and after giving effect to any such payment
each Group shall make such other adjustments as shall be appropriate under Section 6.9.1.
The provisions of this Section 6.9.2 are solely for the benefit of the Lenders and are not
for the benefit of (and may not be enforced by) any other Person. Global Administrative Agent,
Funding Agents and Lenders may, without the consent of any Loan Party or any other Person, make
arrangements among themselves to amend or otherwise modify this Section 6.9.2 and to
establish different sharing arrangements with respect to payments and other recoveries hereunder;
provided that any such amendment, modification or sharing arrangement shall be consented to
by all Lenders affected thereby. If, at any time after Lenders have purchased participations
pursuant to this Section 6.9.2, no Trigger Event exists, then Global Administrative Agent,
Funding Agents and Lenders shall take all actions necessary to rescind all participations and
subparticipations previously purchased pursuant to this Section 6.9.2.

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     Section 6.10 Extension of Maturity Date.

     Section 6.10.1 Request for Extension. Not earlier than 180 days prior to, nor later
than 30 days prior to, the Maturity Date, Prologis may, upon written notice to Global
Administrative Agent (which shall promptly notify the Lenders) and satisfaction of the conditions
precedent set forth in Section 6.10.2, extend the Maturity Date to June 3, 2016.

     Section 6.10.2 Extension Procedures. The extension of the Maturity Date contemplated
by Section 6.10.1 shall become effective on the date (the “Extension Effective
Date”) on which the following conditions precedent have been satisfied: (a) Global
Administrative Agent shall have received the written notice referred to in Section 6.10.1
and (b) Prologis shall have paid to Global Administrative Agent, for the benefit of each Lender, an
extension fee in an amount equal to 0.20% times such Lender’s Commitment, and Global Administrative
Agent shall promptly remit such extension fee to each Lender upon receipt thereof; provided
that if an Event of Default has occurred and is continuing on the date on which such conditions are
satisfied, the Extension Effective Date shall be the first date thereafter, if any, on or before
the Maturity Date on which no Event of Default is continuing. Upon the satisfaction of the
conditions precedent set forth in this Section 6.10.2 and the occurrence of the Extension
Effective Date, Global Administrative Agent shall promptly confirm to Prologis and the Lenders such
extension and the Extension Effective Date. The extension fee described above shall be payable in
(i) Dollars with respect to U.S. Commitments, (ii) Dollars or, at Prologis’ option, Euros with
respect to Euro Commitments, (iii) Yen with respect to Yen Commitments, and (iv) Dollars or, at
Prologis’ option, the applicable Primary Currency with respect to any Supplemental Commitments.

     Section 6.11 Additional Affiliate Borrowers.

     Section 6.11.1 Procedures for Adding Affiliate Borrowers. Prologis may, upon at least
15 days’ prior written notice to the applicable Funding Agent (which shall promptly notify the
Applicable Tranche Lenders) (or (x) such lesser period as may be agreed to by such Funding Agent or
(y) such longer period as is determined by such Funding Agent to be reasonably necessary for the
applicable parties to comply with any governmental or regulatory requirements), request that any
Eligible Affiliate become an Affiliate Borrower by delivering the Organization Documents of such
Eligible Affiliate to such Funding Agent (with a copy to Global Administrative Agent). At least
five Business Days prior to an Eligible Affiliate becoming an Affiliate Borrower, Prologis shall
deliver the drafts of the documents referenced in clauses (b)(i) and (ii) below, to
the applicable Funding Agent (with a copy to Global Administrative Agent). On or prior to the date
on which an Eligible Affiliate becomes an Affiliate Borrower, Prologis shall deliver the following
to the applicable Funding Agent (with a copy to Global Administrative Agent), in each case
reasonably acceptable to such Funding Agent, (a) a Borrower Accession Agreement duly executed by
Prologis and such Eligible Affiliate that will, among other things, designate the applicable
Tranche under which such Eligible Affiliate will be an Affiliate Borrower (the “Requested
Tranche”) and (b) the following documents relating to such Eligible Affiliate: (i) an opinion
of such Eligible Affiliate’s counsel reasonably acceptable to such Funding Agent (other than for
Short Term Affiliate Borrowers and Property Fund Borrowers; provided that if any Property
Fund Borrower has any outstanding Loans or L/C Obligations under this Agreement for 180 consecutive
days, then such Borrower shall provide an opinion of such Borrower’s counsel reasonably acceptable
to the applicable Funding Agent on or before the last day of such 180 day period); (ii) an
officer’s certificate certifying (A) the

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Organization Documents of such Eligible Affiliate, (B) resolutions of such Eligible
Affiliate’s Board of Directors or other governing body authorizing the execution, delivery and
performance of this Agreement and the other Loan Documents, as applicable, certified as being in
full force and effect without modification or amendment, and (C) signatures and incumbency of
officers of such Eligible Affiliate or, with respect to any proposed Affiliate Borrower which is
organized under the Laws of Japan, a certificate of seal; (iii) certificates of existence and good
standing for such Eligible Affiliate issued by its state of organization or the equivalent
certificates, if any, from the applicable Governmental Authorities for any Eligible Affiliate
organized outside of the U.S.; (iv) if the Requested Tranche is the Yen Tranche and the proposed
Affiliate Borrower is not organized under the Laws of Japan, an explanation in reasonable detail as
to why, in relation to the project in question, a TMK is not being used as an Additional Affiliate
Borrower; and (v) any additional information regarding such Eligible Affiliate that the applicable
Funding Agent or any Applicable Tranche Lender may reasonably request under Section 14.16
or 14.17, or otherwise. Upon receipt by the applicable Funding Agent of the items
referenced in this Section 6.11, each in form and substance reasonably acceptable to such
Funding Agent and its counsel, and subject to Section 6.11.3, such Eligible Affiliate shall
become an Affiliate Borrower under the Requested Tranche and assume all the rights, benefits and
obligations of an Affiliate Borrower under such Requested Tranche unless on such date a Default
exists and is continuing or would occur as a result of such Eligible Affiliate becoming an
Affiliate Borrower. Furthermore, the applicable Funding Agent shall promptly notify each
Applicable Tranche Lender of the addition of any Affiliate Borrower pursuant to this Section
6.11.1.

     Section 6.11.2 Existing Borrowers. Prologis may, upon at least 15 days’ prior written
notice to the applicable Funding Agent (which shall promptly notify the Applicable Tranche Lenders)
(or (x) such lesser period as may be agreed to by such Funding Agent or (y) such longer period as
is determined by such Funding Agent to be reasonably necessary for the applicable parties to comply
with any governmental or regulatory requirements), request that any existing Borrower under one
Tranche become Borrower under a different Tranche. On or prior to the date on which such existing
Borrower becomes a Borrower under a different Tranche, Prologis shall deliver the following to such
Funding Agent (with a copy to Global Administrative Agent), in each case reasonably acceptable to
such Funding Agent, (a) a Borrower Accession Agreement duly executed by Prologis and such existing
Borrower that will, among other things, designate the applicable Tranche under which such existing
Borrower will also become a Borrower (the “Additional Tranche”) and (b) any information
regarding such existing Borrower that the applicable Funding Agent or any Applicable Tranche Lender
may reasonably request under Section 14.16 or 14.17, or otherwise. Upon receipt by
the applicable Funding Agent of the items referenced in this Section 6.11.2, each in form
and substance reasonably acceptable to such Funding Agent and its counsel, and subject to
Section 6.11.3, such existing Borrower shall become a Borrower under the Additional Tranche
unless on such date a Default exists or would occur as a result of such existing Borrower becoming
a Borrower under the Tranche. Furthermore, the applicable Funding Agent shall promptly notify each
Applicable Tranche Lender of the addition of a Borrower under an Additional Tranche pursuant to
this Section 6.11.2.

     Section 6.11.3 Limitations. In addition to the conditions set forth in Sections
6.11.1 and 6.11.2, to the extent applicable, neither (a) an Eligible Affiliate that
would qualify as a Foreign Borrower under the Requested Tranche in which it would be a Borrower,
nor (b) an

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existing Borrower under one Tranche that would otherwise qualify as Foreign Borrower under the
Additional Tranche, may be a Borrower under such Requested Tranche or Additional Tranche, as
applicable, unless the applicable Funding Agent is reasonably satisfied that the addition of such
Eligible Affiliate or existing Borrower to such Requested Tranche or Additional Tranche, as
applicable, will not (i) violate any Laws, (ii) materially impair the ability of Applicable Tranche
Lenders to assign their Commitments or Loans under such Requested Tranche or Additional Tranche, as
applicable, or (iii) have any other material adverse effect on the Applicable Tranche Lenders.
Notwithstanding the foregoing, the provisions of this Section 6.11.3 (other than clause
(i) above) shall not be conditions to an Eligible Affiliate that is organized under the Laws of
a Participating Member State becoming a Euro Borrower.

     Section 6.11.4 Qualification Status. Upon the delivery of a notice by the applicable
Funding Agent of a request by Prologis to add an Eligible Affiliate as a Borrower or to add an
existing Borrower to an Additional Tranche pursuant to Section 6.11.1 or 6.11.2, as
applicable, the applicable Funding Agent shall request that each Applicable Tranche Lender
represent and warrant to Prologis and Funding Agent as to whether such Applicable Tranche Lender is
capable of making a Committed Loan to such Eligible Affiliate without the imposition of any
withholding taxes. Each Lender agrees that it shall respond to any such request within three
Business Days; provided that if an Applicable Tranche Lender does not respond within the
required time period, then the applicable Funding Agent may deem such Applicable Tranche Lender to
be unable to make a Committed Loan to such Eligible Affiliate without the imposition of a
withholding tax. Furthermore, Global Administrative Agent may revise Annex 2 to the
Assignment and Assumption reflecting a new Borrower or the addition of a Borrower to an Additional
Tranche.

     Section 6.12 Reallocation of Commitments.

     Section 6.12.1 Reallocation Procedures. Global Administrative Agent may, from time to
time during the Availability Period at the written request of Prologis (which request shall also be
sent to each Funding Agent of an affected Tranche) (a “Reallocation Request”), increase the
Aggregate Tranche Commitment under one Available Tranche with a corresponding reduction of the
Aggregate Tranche Commitment under a different Available Tranche by (a) utilizing the Pre-Approved
Reallocations of certain Lenders (each a “Pre-Approved Lender”) or (b) reallocating the
Commitment of any Lender (each an “Allocating Lender”), subject to the following
conditions:

     (A) at the time of such Reallocation Request, Prologis specifies which
Available Tranche shall be increased and which Available Tranche shall be decreased,
and whether any Pre-Approved Reallocation shall be utilized in such reallocation;

     (B) the amount of the increase in an Available Tranche shall be equal to the
Foreign Currency Equivalent amount of the corresponding decrease in the other
Available Tranche;

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     (C) each Allocating Lender and Pre-Approved Lender satisfies the requirements
of an Eligible Qualified Institution under the Available Tranche in which the
Aggregate Tranche Commitment is being increased;

     (D) each Allocating Lender acknowledges in writing to Global Administrative
Agent and Prologis that it has agreed that its Commitment will be reallocated
hereunder (which acknowledgment shall be made in such Lender’s sole discretion);
provided that a Pre-Approved Reallocation shall be effective without any
further acceptances under this Section 6.12 by a Lender that has agreed to a
Pre-Approved Reallocation;

     (E) any request for a reallocation shall be in a minimum amount agreed to by
the applicable Funding Agents;

     (F) Prologis may make a maximum of one request per calendar quarter;

     (G) with respect to an increase of the Aggregate Tranche Commitment under the
Yen Tranche, each Allocating Lender and each Pre-Approved Lender must qualify as an
institution that may make Loans to a TMK under Japanese Laws upon providing the
increase of its Commitment;

     (H) no reduction in any Aggregate Tranche Commitment shall be permitted if,
after giving effect thereto and to any concurrent prepayments hereunder, the Total
Tranche Outstandings under such Tranche would exceed the Aggregate Tranche
Commitment under such Tranche;

     (I) the amount of the increase in the applicable Aggregate Tranche Commitment
shall be in a minimum Dollar Equivalent amount of $5,000,000;

     (J) no Default exists; and

     (K) unless otherwise agreed among the applicable Funding Agent, the affected
Lender and the applicable Borrowers (which agreement may include a phase-in of the
applicable increase and/or Interest Periods with any agreed-upon length), the
applicable Borrowers shall prepay any Committed Loans outstanding on the
Reallocation Effective Date (and pay any additional amounts required pursuant to
Section 7.5) to the extent necessary to keep the outstanding Committed Loans
in the affected Available Tranches ratable with any revised Applicable Tranche
Percentages arising from any nonratable increase or decrease in any Commitments of
any Lenders under this Section 6.12.

     Section 6.12.2 Effectiveness of Reallocation. Upon the request of Global
Administrative Agent contemporaneously with any reallocation completed in accordance with
Section 6.12.1, each Funding Agent of an affected Tranche shall provide to Global
Administrative Agent a new Schedule 2.1 for its Tranche reflecting any proposed
reallocation. In addition, Global Administrative Agent, the applicable Funding Agents and Prologis
shall

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determine the effective date (the “Reallocation Effective Date”) of such reallocation;
provided that any Pre-Approved Reallocations shall be effective no more than ten Business
Days after the relevant Reallocation Request, and Global Administrative Agent shall promptly notify
Prologis and the affected Funding Agents of the Reallocation Effective Date. After any
Reallocation Effective Date and the receipt of a revised Schedule 2.1 (if requested by
Global Administrative Agent) from each applicable Funding Agent, Global Administrative Agent shall
promptly provide to each Lender in the affected Tranches and to Prologis a new Schedule 2.1
for the affected Tranches.

     Section 6.13 Increase in Commitments.

     Section 6.13.1 Increase Procedures. From time to time after the Closing Date to the
Maturity Date, Prologis may, by written request (an “Increase Request”) to Global
Administrative Agent and the Funding Agents for each affected Tranche, increase any Aggregate
Tranche Commitment by (a) admitting additional Lenders hereunder (each a “Subsequent
Lender”) or (b) increasing the Commitment of any existing Lender (each an “Increasing
Lender”), subject to the following conditions:

     (a) at the time of such Increase Request, Prologis specifies its requested allocation of the
requested increase in the Aggregate Tranche Commitments to each Tranche;

     (b) each Subsequent Lender is an Eligible Qualified Institution;

     (c) each Subsequent Lender executes and delivers to Global Administrative Agent a Joinder
Agreement substantially in the form of Exhibit H, which may be modified to the extent that
such Subsequent Lender will be party to a Supplemental Tranche (a copy of which Global
Administrative Agent will deliver to each applicable Funding Agent);

     (d) each Increasing Lender executes and delivers to Global Administrative Agent an increase
certificate substantially in the form of Exhibit I (a copy of which Global Administrative
Agent will deliver to each applicable Funding Agent);

     (e) the amount of all increases in the Aggregate Tranche Commitments pursuant to this
Section 6.13 shall not exceed the Dollar Equivalent of $1,000,000,000 in the aggregate; it
being understood that in determining the aggregate increase amount for purposes of this clause
(e), each increase amount shall equal the Dollar Equivalent amount of such increase amount as
determined on the corresponding effective date of the increase in the Aggregate Tranche
Commitments; and (2) after giving effect to each such increase, the Dollar Equivalent of the
Aggregate Tranche Commitments shall not exceed $2,750,000,000 in the aggregate as determined on the
applicable effective date of such increase;

     (f) with respect to an increase of the Yen Aggregate Commitments, each Subsequent Lender shall
be an institution from which a TMK may, pursuant to the Laws of Japan, borrow money;

     (g) the Dollar Equivalent of each increase in the Aggregate Tranche Commitment shall be in a
minimum amount of $5,000,000;

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     (h) no admission of any Subsequent Lender shall increase the Commitment of any existing Lender
without the written consent of such Lender;

     (i) no Default exists; and

     (j) unless otherwise agreed among the applicable Funding Agent, the affected Lenders and the
applicable Borrowers (which agreement may include a phase-in of the applicable increase and/or
Interest Periods with any agreed-upon length), the applicable Borrowers shall prepay any Committed
Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant
to Section 7.5) to the extent necessary to keep the outstanding Committed Loans in the
affected Tranches ratable with any revised Applicable Tranche Percentages arising from any
nonratable increase or decrease in any Commitments of any Lender under this Section 6.13.

     Section 6.13.2 Effectiveness of Increase. Upon the request of Global Administrative
Agent, the Funding Agent of each affected Tranche shall provide to Global Administrative Agent a
new Schedule 2.1 for such Tranche reflecting the Applicable Tranche Percentage of the
Lenders under such Tranche after giving effect to the proposed increase pursuant to this
Section 6.13. In addition, Global Administrative Agent, the applicable Funding Agents and
Prologis shall determine the effective date (the “Increase Effective Date”) of each
increase in an Aggregate Tranche Commitment under this Section 6.13, and Global
Administrative Agent shall promptly notify Prologis, the affected Funding Agents and each Lender of
the Increase Effective Date. After the Increase Effective Date and receipt of a revised
Schedule 2.1 (if requested by Global Administrative Agent) from each applicable Funding
Agent, Global Administrative Agent shall promptly provide to each Lender and to Prologis a new
Schedule 2.1.

     Section 6.13.3 Conflicting Provisions. This Section shall supersede any provisions in
Sections 6.9 or 14.1 to the contrary.

     Section 6.14 Establishment of Supplemental Tranche.

     Section 6.14.1 Supplemental Tranche Request. At the time of any Increase Request
under Section 6.13, Prologis may from time to time request, with the same approval
requirements of the Increase Request (each such request, a “Supplemental Tranche Request”),
certain Lenders to provide a supplemental tranche for loans in which the primary currency of such
supplemental tranche is not one of the currencies set forth in the definition of “Primary
Currency” at the time of such Supplemental Tranche Request (each such new Tranche, a
“Supplemental Tranche”).

     Section 6.14.2 Supplemental Addendums. Each Supplemental Tranche Request shall be
made in the form of an addendum substantially in the form of Exhibit F (a “Supplemental
Addendum”) and sent to Global Administrative Agent and shall set forth (a) the proposed Primary
Currency and Alternative Currencies of such Supplemental Tranche, (b) the proposed Supplemental
Primary Location, (c) the proposed interest types and rates for such Supplemental Tranche, (d) the
type and amount of any subfacilities of such Supplemental Tranche, (e) the proposed borrowers under
such Tranche and (f) any other specific terms of such Supplemental Tranche that Prologis deems
necessary; provided that the maturity date of Supplemental Loans

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shall not be later than the Maturity Date. Promptly after a Supplemental Tranche Request,
Prologis shall, subject to the approval of Global Administrative Agent (which shall not be
unreasonably withheld or delayed) appoint the proposed Funding Agent for such requested
Supplemental Tranche.

     Section 6.14.3 Conditions to Supplemental Tranche. As conditions precedent to the
addition of a Supplemental Tranche to this Agreement, (a) each of the conditions set forth in
Section 6.13 must be satisfied and there must be an increase in the Aggregate Tranche
Commitments, (b) each Lender providing a commitment under the Supplemental Tranche must be an
Increasing Lender or Subsequent Lender, (c) each Lender providing a commitment under such
Supplemental Tranche, the proposed Funding Agent for such Supplemental Tranche and Global
Administrative Agent must execute the requested Supplemental Addendum, (d) each of the proposed
borrowers under such Supplemental Tranche shall be an existing Borrower or shall have complied with
Section 6.11 and (e) any other documents or certificates that shall be reasonably requested
by Global Administrative Agent in connection with the addition of the Supplemental Tranche shall
have been delivered to Global Administrative Agent in form and substance reasonably satisfactory to
Global Administrative Agent.

     Section 6.14.4 Effectiveness of Supplemental Tranche. If a Supplemental Tranche
Request is accepted in accordance with this Section, Global Administrative Agent, the applicable
Funding Agent and Prologis shall determine the effective date of such Supplemental Tranche (the
“Supplemental Tranche Effective Date”) and the final allocation of such Supplemental
Tranche. Global Administrative Agent shall promptly distribute a revised Schedule 2.1 to
each Lender reflecting such new Supplemental Tranche and notify each Lender of the Supplemental
Tranche Effective Date.

     Section 6.15 Defaulting Lenders.

     Section 6.15.1 Adjustments. Notwithstanding anything to the contrary contained in
this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is
no longer a Defaulting Lender, to the extent permitted by applicable Law:

     (a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove
any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in
Section 14.1.

     (b) Reallocation of Payments. Any payment of principal, interest, fees or other
amounts received by Global Administrative Agent or any Funding Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XII or
otherwise, and including any amounts made available to any Funding Agent by such Defaulting Lender
pursuant to Section 14.8) shall be applied at such time or times as may be determined by
Global Administrative Agent or such Funding Agent as follows: first, to the payment on a pro rata
basis of any amounts owing by such Defaulting Lender to Global Administrative Agent or any Funding
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the applicable L/C Issuer, Swing Line Lender or Fronting Lender hereunder; third, if so
determined by Global Administrative Agent or such Funding Agent or requested by the applicable L/C
Issuer, to be held as Cash Collateral for future funding

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obligations of such Defaulting Lender of any participation in any applicable Letter of Credit;
fourth, if Prologis so requests (so long as no Default exists), to the funding of any Loan in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by Global Administrative Agent; fifth, if so determined by Global
Administrative Agent and Prologis, to be held in a non-interest bearing deposit account and
released in order to satisfy obligations of such Defaulting Lender to fund Loans under this
Agreement; sixth, to the payment on a pro rata basis of any amounts owing to any applicable Lender,
L/C Issuer, Swing Line Lender or Fronting Lender as a result of any judgment of a court of
competent jurisdiction obtained by any such Lender, L/C Issuer, Swing Line Lender or Fronting
Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so long as no Default exists, to the payment on a pro
rata basis of any amounts owing to any Loan Party as a result of any judgment of a court of
competent jurisdiction obtained by such Loan Party against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such
Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Loan or L/C Borrowing in
respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such
Loan or L/C Borrowing was made at a time when the conditions set forth in Section 8.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings
owed to, all applicable non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of any Loan of, or L/C Borrowing owed to, such Defaulting Lender. Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to
pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section
6.15.1(b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender
irrevocably consents to the foregoing.

     (c) Certain Fees. Such Defaulting Lender (i) shall be limited in its right to receive
facility fees as provided in Section 6.5.1 and (ii) shall be limited in its right to
receive Letter of Credit Fees as provided in Section 5.9.

     (d) Reallocation of Applicable Tranche Percentages. During any period in which there
is a Defaulting Lender, for purposes of computing the amount of the obligation of each
non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing
Line Loans pursuant to the terms hereof, the “Applicable Tranche Percentage” of each non-Defaulting
Lender shall be computed without giving effect to the Commitment of such Defaulting Lender;
provided that (i) each such reallocation shall be given effect only if, at the date the
applicable Lender becomes a Defaulting Lender, no Default exists; and (ii) the aggregate obligation
of each non-Defaulting Lender in the applicable Tranche to acquire, refinance or fund
participations in Letters of Credit and Swing Line Loans in the applicable Tranche shall not exceed
the positive difference, if any, of (1) the U.S. Tranche Commitment, Euro Tranche Commitment or Yen
Tranche Commitment, as applicable, of that non-Defaulting Lender minus (2) the aggregate
U.S. Credit Exposure, Euro Credit Exposure or Yen Credit Exposure, as applicable, of that Lender.

     Section 6.15.2 Defaulting Lender Cure. If Prologis, Global Administrative Agent, each
applicable Funding Agent, each applicable Swing Line Lender, each applicable L/C Issuer and each
applicable Fronting Lender agree in writing, each in their sole discretion, that a

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Defaulting Lender should no longer be deemed to be a Defaulting Lender, Global Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such
notice and subject to any conditions set forth therein (which may include arrangements with respect
to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of
outstanding Loans of the other Lenders or take such other actions as Global Administrative Agent
and/or the applicable Funding Agent may determine to be necessary to cause the Loans and funded and
unfunded participations in Letters of Credit, Swing Line Loans and Fronting Loans of each
applicable Tranche to be held on a pro rata basis by the Lenders of such Tranche in accordance with
their Applicable Tranche Percentages (without giving effect to Section 6.15.1(d)),
whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of any
Borrower while that Lender was a Defaulting Lender; and provided, further, that
except to the extent otherwise expressly agreed by the affected parties, no change hereunder from
Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

     Section 6.15.3 Notice of Determination of Defaulting Lender. Upon any determination
by Global Administrative Agent or any Funding Agent that any Lender constitutes a Defaulting
Lender, Global Administrative Agent or such Funding Agent, as applicable, shall promptly provide
Prologis with notice of such determination; provided that any failure to so notify Prologis
of such determination shall not have any effect on the status of such Lender as a Defaulting
Lender.

ARTICLE VII

TAXES, YIELD PROTECTION AND ILLEGALITY

     Section 7.1 Taxes.

     Section 7.1.1 Payments Free of Taxes. All payments by or on account of any obligation
of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if
any Loan Party shall be required by applicable law to deduct any Indemnified Taxes (including any
Other Taxes) from such payments, then (a) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable
under this Section) the applicable Credit Party receives an amount equal to the sum it would have
received had no such deductions been made, (b) such Loan Party shall make such deductions and (c)
such Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

     Section 7.1.2 Indemnification by Loan Parties. The applicable Loan Party shall
indemnify each Credit Party, within ten days after demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on
or attributable to amounts payable under this Section) paid or payable by such Credit Party on or
with respect to any payment made to such Credit Party by or on account of such Loan Party hereunder
or under any other Loan Document, and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant

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Governmental Authority. A certificate as to the amount of such payment or liability delivered
to a Loan Party by a Lender or an L/C Issuer (with a copy to Global Administrative Agent), or by
Global Administrative Agent on its own behalf or on behalf of a Lender or L/C Issuer, shall be
conclusive absent demonstrable error.

     Section 7.1.3 Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, such Loan Party
shall deliver to Global Administrative Agent the original or a copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to Global Administrative Agent.

     Section 7.1.4 Status of Lenders. Any Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which a Borrower is a resident
for tax purposes (including in the case of the United States, a disregarded entity (as defined in
Treasury Regulation Section 301.7701-3 of the Code) owned by a resident of the United States or a
qualified REIT subsidiary (as defined in Section 856(i) of the Code)) or is otherwise subject to
tax, or any treaty to which any such jurisdiction is a party or which otherwise benefits such
Lender, with respect to payments hereunder or under any other Loan Document shall deliver to
Prologis (with a copy to Global Administrative Agent), at the time or times prescribed by
applicable law or reasonably requested by Prologis or Global Administrative Agent, such properly
completed and executed documentation prescribed by applicable law as will permit such payments to
be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
requested by Prologis or Global Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by Prologis or Global Administrative Agent as
will enable Prologis or Global Administrative Agent to determine whether or not such Lender is
subject to backup withholding or information reporting requirements.

     Without limiting the generality of the foregoing, if a Borrower is a resident for tax purposes
in the United States, engaged in the conduct of a trade or business in the United States, a
disregarded entity (as defined in Treasury Regulation Section 301.7701-3 of the Code) owned by a
resident of the United States, a qualified REIT subsidiary (as defined in Section 856(i) of the
Code) or otherwise subject to tax in the United States, any Non-U.S. Lender shall deliver to
Prologis and Global Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the request of Prologis or Global Administrative
Agent, but only if such Non-U.S. Lender is legally entitled to do so), whichever of the following
is applicable:

     (a) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for
benefits of an income tax treaty to which the United States is a party,

     (b) duly completed copies of Internal Revenue Service Form W-8ECI,

     (c) duly completed copies of Internal Revenue Service Form W-8IMY,

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     (d) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio
interest under Section 881(c) of the Code, (x) a certificate to the effect that such Non-U.S.
Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the applicable Borrower within the meaning of Section 881(c)(3)(B) of the
Code or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and
(y) duly completed copies of Internal Revenue Service Form W-8BEN, or

     (e) any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in United States Federal withholding tax duly completed together with such supplementary
documentation as may be prescribed by applicable law to permit Prologis or Global Administrative
Agent to determine the withholding or deduction required to be made.

     Without limiting the obligations of Lenders set forth above regarding delivery of certain
forms and documents to establish each Lender’s status for U.S. withholding tax purposes, each
Lender agrees promptly to deliver to Global Administrative Agent, each applicable Funding Agent or
Prologis, as such Agent or Prologis shall reasonably request, on or prior to the Closing Date, and
in a timely fashion thereafter, such other documents and forms required by any relevant taxing
authority under the Laws of any other jurisdiction, duly executed and completed by such Lender, as
are required under such Laws to confirm such Lender’s entitlement to any available exemption from,
or reduction of, applicable withholding taxes in respect of all payments to be made to such Lender
outside of the U.S. by Borrowers pursuant to this Agreement or otherwise to establish such Lender’s
status for withholding tax purposes in such other jurisdiction.

     Each Lender shall promptly (i) notify Global Administrative Agent and each applicable Funding
Agent of any change in circumstances which would modify or render invalid any claimed exemption
from or reduction of Taxes or other Taxes, and (ii) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably
necessary (including the re-designation of its Lending Office) to avoid any requirement of
applicable Law that any Borrower make any deduction or withholding for taxes from amounts payable
to such Lender. Additionally, each Borrower shall promptly deliver to the applicable Credit Party,
as such Credit Party shall reasonably request, on or prior to the Closing Date, and in a timely
fashion thereafter, such documents and forms required by any relevant taxing authorities under the
Laws of any jurisdiction, duly executed and completed by such Borrower, as are required to be
furnished by such Credit Party under such Laws in connection with any payment by such Credit Party
of Indemnified Taxes or Other Taxes, or otherwise in connection with the Loan Documents, with
respect to such jurisdiction.

     Section 7.1.5 Exemption Representation.

     (a) Each Lender represents and warrants (such Lender’s “Exemption Representation”) to
the Borrowers that, as of the date of this Agreement or, in the case of a Person that becomes a
Lender after the Closing Date, as of the date such Person becomes a party hereto (and, in the case
of a Lender that agrees to make Loans under a Tranche, as of the date such agreement become
effective), except as specified in writing to Global Administrative Agent, the applicable Funding
Agent and Prologis prior to the date of the applicable Exemption Representation, it is entitled to
receive payments from each Borrower under each Tranche with

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respect to which it has a commitment to make Loans without any reduction or withholding in
respect of any Indemnified Taxes or Other Taxes and without any amount being required to be paid by
any applicable Borrower pursuant to Section 7.1.2; provided that the Exemption
Representation shall not apply to any withholding tax imposed at any time on payments made by or on
behalf of a Foreign Obligor.

     (b) Notwithstanding any other provision of this Agreement, no Borrower shall be obligated to
pay any amount under this Section 7.1 to, or for the benefit of, any Lender to the extent
that such amount would not have been required to be paid if (i) such Lender’s Exemption
Representation had been accurate or (ii) such Lender had complied with its obligations under
Section 7.1.4.

     Section 7.1.6 Treatment of Certain Refunds. If any Credit Party determines, in its
sole discretion, that it has received a refund of any Taxes as to which it has been indemnified by
any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this
Section, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by such Loan Party under this Section with
respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of
such Credit Party, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that such Loan Party, upon the request of
such Credit Party, agrees to repay the amount paid over to such Loan Party (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to such Credit
Party in the event such Credit Party is required to repay such refund to such Governmental
Authority. This Section shall not be construed to require any Credit Party to make available its
tax returns (or any other information relating to its taxes that it deems confidential) to any
Borrower or any other Person.

     Section 7.1.7 FATCA. If a payment made to a Lender under any Loan Document would be
subject to United States Federal withholding tax imposed by FATCA if such Lender were to fail to
comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to each applicable
Borrower, at the time or times prescribed by Law and at such time or times reasonably requested by
any such Borrower, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by any
such Borrower as may be necessary for such Borrower to comply with its obligations under FATCA, to
determine that such Lender has or has not complied with such Lender’s obligations under FATCA and,
as necessary, to determine the amount to deduct and withhold from such payment. Solely for
purposes of this Section 7.1.7, “FATCA” shall include any amendments made to FATCA after
the date of this Agreement.

     Section 7.2 Illegality. If any Lender determines that any Law has made it unlawful, or that
any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable
Lending Office to make, maintain or fund Eurocurrency Rate Loans in any currency, or to determine
or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has
imposed material restrictions on the authority of such Lender to purchase or sell or to take
deposits of, any applicable currency in the applicable interbank market, then, on notice thereof by
such Lender to Prologis through the applicable Funding Agent, any obligation of such

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Lender to make, continue or convert Loans to Eurocurrency Rate Loans in the affected currency
shall be suspended until such Lender notifies Global Administrative Agent and Prologis that the
circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the
applicable Borrower shall, upon demand from such Lender (with a copy to the applicable Funding
Agent), prepay or, if applicable and such Loans are denominated in Dollars under the U.S. Tranche,
Yen under the Yen Tranche or Euro under the Euro Tranche, convert all applicable Eurocurrency Rate
Loans of such Lender to Base Rate Loans, ABR Rate Loans or Substitute Rate Loans, as applicable,
either on the last day of the Interest Period therefor or on such earlier date on which such Lender
may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or
conversion, the applicable Borrower shall also pay accrued interest on the amount so prepaid or
converted.

     Section 7.3 Inability to Determine Rates.

     Section 7.3.1 Determination of Rates. If the Tranche Required Lenders determine for
their Tranche (other than with respect to the Euro Tranche) that for any reason in connection with
any request for Eurocurrency Rate Loans or a conversion to or continuation thereof that (a)
deposits are not being offered to banks in the applicable interbank market for the currency, amount
and Interest Period for such Loans, (b) adequate and reasonable means do not exist for determining
the Eurocurrency Rate for the requested Interest Period for such Loans or (c) the Eurocurrency Rate
for any requested Interest Period for such Loans does not adequately and fairly reflect the cost to
such Lenders of funding such Loans for the requested Interest Period, the applicable Funding Agent
will promptly so notify Prologis, each Borrower in the affected Tranche and each Lender in the
affected Tranche. Thereafter, the obligation of such Lenders to make or maintain Eurocurrency Rate
Loans in the affected currency or currencies for the applicable Interest Period in the affected
Tranche shall be suspended until such Funding Agent (upon the instruction of the applicable Tranche
Required Lenders) revokes such notice. Upon receipt of such notice, the applicable Borrower may
revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate
Loans in the affected currency or currencies or, failing that, will be deemed to have converted
such request into a request for a Committed Borrowing of Base Rate Loans under the U.S. Tranche or
ABR Rate Loans under the Yen Tranche, as applicable, in the amount specified therein, and with
respect to Loans under the U.S. Tranche and the Yen Tranche, such Loans shall be converted to the
Primary Currency of the such Tranche in the Foreign Currency Equivalent amount of such Loans to the
extent such Loans are not in the Primary Currency of the applicable Tranche at such time.

     Section 7.3.2 Market Disruptions. (a) If Euro Lenders (including any applicable
Fronting Lenders) holding at least 35% of the Euro Aggregate Commitments or, if the Euro Aggregate
Commitments have been terminated, Euro Lenders holding in the aggregate at least 35% of the Euro
Total Outstandings determine that a requested Borrowing or continuation is affected by an event of
the type described in Section 7.3.1(a), (b) or (c), or (b) if the
Eurocurrency Rate is to be determined by reference to Reference Banks at or about 11:00 a.m.,
Brussels time, on the determination date for the Interest Period applicable to a Borrowing or
continuation, and none of the Reference Banks supplies a rate for the purpose of determining the
Eurocurrency Rate for such Borrowing or continuation, then Euro Funding Agent will promptly so
notify Prologis, each Euro Borrower and each Euro Lender of such event. Thereafter, the obligation
of Euro Lenders to make or maintain Eurocurrency Rate Loans in the currency of the

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requested Borrowing or continuation for the affected currency shall be suspended until Euro
Funding Agent (upon the instruction Euro Required Lenders) revokes such notice. Upon receipt of
such notice, Prologis may revoke any pending request for a Euro Committed Borrowing or continuation
in the affected currency, or, failing that, will be deemed to have converted such request into a
request for a Euro Committed Borrowing of Substitute Rate Loans denominated in Euro, and any Euro
Committed Loans that are not denominated in Euro and are affected by this provision shall be
converted to Euro in the Euro Equivalent amount of such Euro Loans at such time.

     Section 7.4 Increased Costs Generally.

     Section 7.4.1 Increased Costs. If any Change in Law shall:

     (a) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or credit
extended or participated in by, any Credit Party (except (i) any reserve requirement contemplated
by Section 7.4.4 and (ii) any amount included in the Mandatory Cost, other than as set
forth below);

     (b) subject any Credit Party to any tax of any kind whatsoever with respect to this Agreement,
any Letter of Credit, any participation in a Letter of Credit or any Loan made by it, or change the
basis of taxation of payments to such Credit Party in respect thereof (except for Indemnified Taxes
or Other Taxes covered by Section 7.1 and the imposition of, or any change in the rate of,
any Excluded Tax);

     (c) result in the Mandatory Cost, as calculated hereunder, not representing the cost to any
Credit Party of complying with the requirements of the Bank of England and/or the Financial
Services Authority or the European Central Bank in relation to its making, funding or maintaining
Loans; or

     (d) impose on any Credit Party or any applicable interbank market any other condition, cost or
expense affecting this Agreement or any Loans made by such Credit Party or any Letter of Credit or
participation therein;

and the result of any of the foregoing shall be to increase the cost to such Credit Party of making
or maintaining any Loan (or of maintaining its obligation to make any Loan), or to increase the
cost to such Credit Party of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the
amount of any sum received or receivable by such Credit Party hereunder (whether of principal,
interest or any other amount) then, upon request of such Credit Party, Prologis will pay (or cause
the applicable Borrower to pay) to such Credit Party, such additional amount or amounts as will
compensate such Credit Party for such additional costs incurred or reduction suffered.

     Section 7.4.2 Capital Requirements. If any Credit Party determines that any Change in
Law affecting such Credit Party or any Lending Office of such Credit Party or such Credit Party’s
holding company, if any, regarding capital requirements has or would have the effect of reducing
the rate of return on such Credit Party’s capital or on the capital of such Credit Party’s holding
company, if any, as a consequence of this Agreement, the Commitments of such Credit

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Party or the Loans made by, or participations in Letters of Credit held by, such Credit Party,
or the Letters of Credit issued by such Credit Party, to a level below that which such Credit Party
or such Credit Party’s holding company could have achieved but for such Change in Law (taking into
consideration such Credit Party’s policies and the policies of such Credit Party’s holding company
with respect to capital adequacy), then from time to time Prologis will pay (or cause the
applicable Borrower to pay) to such Credit Party, such additional amount or amounts as will
compensate such Credit Party or such Credit Party’s holding company for any such reduction
suffered.

     Section 7.4.3 Certificates for Reimbursement. Any Credit Party requesting
compensation pursuant to this Section 7.4 shall deliver to Prologis (with a copy to Global
Administrative Agent) a certificate setting forth in reasonable detail the basis for such request
and a calculation of the amount necessary to compensate such Credit Party or its holding company,
as the case may be, as specified in Section 7.4.1 or 7.4.2 above, and any such
certificate shall be conclusive absent demonstrable error. Prologis shall pay (or cause the
applicable Borrower to pay) such Credit Party the amount shown as due on any such certificate
within 15 days after receipt thereof.

     Section 7.4.4 Additional Reserve Requirements. Each applicable Borrower shall pay to
each Lender, (a) as long as such Lender shall be required to maintain reserves with respect to
liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as
“Eurocurrency liabilities”), additional interest on the unpaid principal amount of each
Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such
Lender (as determined by such Lender in good faith, which determination shall be conclusive absent
demonstrable error), and (b) as long as such Lender shall be required to comply with any reserve
ratio requirement or analogous requirement of any other central banking or financial regulatory
authority imposed in respect of the funding of the Eurocurrency Rate Loans, such additional costs
(expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal
places) equal to the actual costs allocated to such Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive absent demonstrable error), which in
each case shall be due and payable on each date on which interest is payable on such Loan,
provided each applicable Borrower shall have received at least 15 days’ prior notice (with
a copy to Global Administrative Agent) of such additional interest or costs from such Lender. If a
Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such additional
interest or costs shall be due and payable 15 days from receipt of such notice.

     Section 7.4.5 Limitations on Lender Claims. Notwithstanding the foregoing provisions
of this Section 7.4, no Lender shall be entitled to compensation for any cost, increased
costs or liability resulting from a failure by such Lender to comply with any request from or
requirement of any central banking or financial regulatory authority (whether or not having the
force of law, but if not having the force of law being a request of a nature with which banks
generally are expected or accustomed to comply).

     Section 7.5 Compensation for Losses. Each Borrower agrees that it will, from time to time,
compensate each Lender for and hold each Lender harmless from any loss, cost or expense incurred by
such Lender as a result of:

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     (a) any continuation, conversion, payment or prepayment of any Loan of such Lender to such
Borrower (other than a Base Rate Loan or ABR Rate Loan) on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration,
or otherwise);

     (b) any failure by such Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan of (or to be made by) such Lender to such
Borrower (other than a Base Rate Loan or ABR Rate Loan) on the date or in the amount notified by
such Borrower;

     (c) any failure by such Borrower to make payment of any Loan or reimbursement obligation under
any Letter of Credit (or interest due thereon) in the currency in which such Loan or reimbursement
obligation is denominated; or

     (d) any assignment of a Eurocurrency Rate Loan of such Lender to such Borrower on a day other
than the last day of the Interest Period therefor as a result of a request by Prologis pursuant to
Section 14.12;

including any loss or expense arising from the liquidation or reemployment of funds obtained by it
to maintain such Loans or from fees payable to terminate the deposits from which such funds were
obtained or, solely in the case of subsection (c) above, any foreign exchange losses (but
in each case excluding any loss of anticipated profits).

     For purposes of calculating amounts payable by a Borrower to a Lender under this Section
7.5, (A) each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at
the Eurocurrency Rate for such Loan by a matching deposit or other borrowing in the offshore
interbank market for such currency for a comparable amount and for a comparable period, whether or
not such Eurocurrency Rate Loan was in fact so funded; and (B) the losses and expenses of any
Lender resulting from any event described in clause (a) above, any failure by a Borrower to
borrow or continue a Loan as contemplated by clause (b) above or any assignment pursuant to
clause (d) above shall not exceed the excess, if any, of (i) the amount of interest that
would have accrued on the principal amount of the applicable Loan had such event not occurred, at
the Eurocurrency Rate applicable (or that would have been applicable) to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest that would accrue on such
principal amount for such period at the interest rate that such Lender would bid, at the
commencement of such period, for deposits in the applicable currency of a comparable amount and
period from other banks in the applicable eurocurrency market.

Any Lender requesting compensation pursuant to this Section 7.5 shall deliver to the
applicable Borrower (with copies to Prologis, Global Administrative Agent and the applicable
Funding Agent) a certificate setting forth in reasonable detail a calculation of the amount
demanded and any such certificate shall be conclusive absent demonstrable error. The applicable
Borrower shall pay the applicable Lender the amount shown as due on any such certificate within 15
days after receipt thereof.

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     Section 7.6 Mitigation Obligations; Replacement of Lenders.

     Section 7.6.1 Designation of a Different Lending Office. If any Credit Party requests
compensation under Section 7.4, or any Borrower is required to pay any additional amount to
any Credit Party or any Governmental Authority for the account of any Credit Party pursuant to
Section 7.1, or if any Credit Party gives a notice pursuant to Section 7.2, then
such Credit Party shall use reasonable efforts to designate a different Lending Office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the reasonable judgment of such Credit Party, such
designation or assignment (a) would eliminate or reduce amounts payable pursuant to Section
7.1 or 7.4, as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 7.2, and (b) in each case, would not subject such Credit Party to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Credit Party.
Prologis hereby agrees to pay (or to cause the applicable Borrower to pay) all reasonable costs and
expenses incurred by any Credit Party in connection with any such designation or assignment.

     Section 7.6.2 Delay in Requests. Failure or delay on the part of any Credit Party to
demand compensation pursuant to Section 7.1, 7.4 or 7.5 shall not
constitute a waiver of such Credit Party’s right to demand such compensation; provided that
no Borrower shall be required to compensate a Credit Party pursuant to any such Section for any
Indemnified Taxes, Other Taxes, increased cost, reduction in return, funding loss or other amount
(any of the foregoing, a “Compensation Amount”) incurred or suffered more than six months
prior to the date that such Credit Party notified Prologis of the Change in Law or other event
giving rise to such Compensation Amount and of such Credit Party’s intention to claim compensation
therefor (except that, if the Change in Law or other event giving rise to such Compensation Amount
is retroactive, then the six month period referred to above shall be extended to include the period
of retroactive effect thereof).

     Section 7.6.3 Replacement of Lenders. If any Lender requests compensation under
Section 7.4, or if any Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 7.1, Prologis
may replace such Lender in accordance with Section 14.12.

     Section 7.7 Qualified Lender Status. If a Lender notifies the applicable Funding Agent
(orally or in writing) that it is a Qualified Lender with respect to the imposition of a
withholding tax, and (a) such Qualified Lender is subject to withholding taxes immediately prior to
and after the funding of the applicable Loan, and (b) there were Fronting Lenders available to make
such Loan on behalf of such Lender as set forth in Section 2.2.2(b) or 3.2.2, as
applicable, then the applicable Borrower shall not be required to pay any additional amounts under
Section 7.1 with respect to withholding taxes imposed on the payments to such Lender on
account of such Loan. Furthermore, each Funding Agent shall be permitted to rely solely on any
notices, certificates or Assignment and Assumptions provided by any Lender regarding its status as
a Qualified Lender, and such Funding Agent shall not be required to independently verify such
Lender’s status or request any updates from such Lender as to whether it remains a Qualified Lender
at the time of any request for a Credit Extension. Notwithstanding the foregoing, this Section
7.7 shall not limit any right or remedy of any Lender under this Article VII with
respect

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to any Loan to the extent such Lender ceases to be a Qualified Lender due to a Change in Law
after the funding of such Loan.

     Section 7.8 Survival. All obligations under this Article VII shall survive
termination of the Aggregate Tranche Commitments and repayment of all other Obligations hereunder.

ARTICLE VIII

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     Section 8.1 Conditions of Initial Credit Extension. The obligation of each L/C Issuer and
each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the
following conditions precedent:

     Section 8.1.1 Documents. Global Administrative Agent’s receipt (which may be by
facsimile or electronic mail, followed promptly by originals) of the following, each properly
executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in
the case of certificates of governmental officials, a recent date before the Closing Date) and each
in form and substance reasonably satisfactory to each Agent and each Lender:

     (a) executed counterparts of this Agreement and the Old Prologis Guaranty, sufficient in
number for distribution to each Agent and Prologis;

     (b) such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of each Loan Party as Global Administrative Agent may
reasonably require evidencing the identity, authority and capacity of the Responsible Officers
thereof authorized to execute and deliver the Loan Documents to which such Loan Party is a party;

     (c) such documents and certifications as Global Administrative Agent may reasonably require to
evidence that each Loan Party is duly organized or formed in the jurisdiction of its organization
or formation;

     (d) favorable opinions of each of the law firms listed on Schedule 8.1, as counsel to
the Loan Parties as identified on Schedule 8.1, addressed to each Agent, each L/C Issuer,
and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as Global
Administrative Agent may reasonably request;

     (e) a certificate of a Responsible Officer of each Loan Party either (i) attaching copies of
all consents, licenses and approvals required in connection with the execution, delivery and
performance by such Loan Party, and the validity against such Loan Party, of the Loan Documents to
which it is a party, each of which consents, licenses and approvals shall be in full force and
effect, or (ii) stating that no such consents, licenses or approvals are so required;

     (f) a certificate signed by a Responsible Officer of Prologis certifying (i) that the
conditions specified in Sections 8.2.1 and 8.2.2 have been satisfied; (ii) that
there has been no event or circumstance since the date of the General Partner Audited Financial
Statements or the date of the Old Prologis Audited Financial Statements that has had or would be
reasonably

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expected to have, either individually or in the aggregate, a Material Adverse Effect; and
(iii) the current Moody’s Rating, S&P Rating, and Fitch Rating;

     (g) a certificate of a Responsible Officer of Old Prologis certifying that the obligations of
Old Prologis hereunder and under the Old Prologis Guaranty have been designated as Designated
Senior Debt, and attaching a copy of the Notice of Designated Senior Debt;

     (h) such other assurances, certificates, documents, consents or opinions as any Agent, any L/C
Issuer, the Swing Line Lenders or any Tranche Required Lenders reasonably may require; and

     (i) with respect to each Borrower that is a TMK, a certified copy of such Borrower’s asset
securitization plan.

     Section 8.1.2 Fees. Any fees required to be paid on or before the Closing Date shall
have been paid.

     Section 8.1.3 Expenses. Unless waived by Global Administrative Agent, Prologis shall
have paid all reasonable and documented fees, charges and disbursements of counsel to Global
Administrative Agent to the extent invoiced prior to or on the Closing Date.

     Section 8.1.4 Merger. The Merger shall have been consummated on or prior to such
date, or shall be consummated substantially concurrently with the effectiveness of this Agreement,
in accordance with the terms of the Merger Agreement, without any waiver or amendment thereof that
is materially adverse to the Lenders, unless Global Administrative Agent shall have consented to
such waiver or amendment.

     Section 8.1.5 Existing Credit Agreements. All obligations of the Companies under the
Existing Credit Agreements shall have been, or shall substantially concurrently be, paid in full.

     Section 8.1.6 Closing Deadline. The Closing Date shall have occurred on or before
July 15, 2011.

Without limiting the generality of the provisions of Section 13.4, for purposes of
determining compliance with the conditions specified in this Section 8.1, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with each document or other matter required hereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless Global Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

     Section 8.2 Conditions to all Credit Extensions. The obligation of each Lender to honor any
request for a Credit Extension (other than a Committed Loan Notice requesting only a conversion of
Committed Loans to the other Type or a continuation of Eurocurrency Rate Loans) is subject to the
following conditions precedent:

     Section 8.2.1 Representations and Warranties. The representations and warranties of
each Loan Party contained in Article IX and each other Loan Document or in any document

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furnished at any time under or in connection herewith or therewith, shall be true and correct
in all material respects on and as of the date of such Credit Extension, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects as of such earlier date, and except that for purposes
of this Section 8.2, the representations and warranties contained in subsections
(a) and (b) of Section 9.5 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section
10.1.

     Section 8.2.2 Default. No Default shall exist or would result from such proposed
Credit Extension or the application of the proceeds thereof.

     Section 8.2.3 Request for Credit Extension. The applicable Funding Agent and, if
applicable, an L/C Issuer or a Swing Line Lender shall have received a Request for Credit Extension
in accordance with the requirements hereof.

     Section 8.2.4 Market Events Affecting Alternative Currencies. In the case of a Credit
Extension to be denominated in an Alternative Currency of the applicable Tranche, there shall not
have occurred any change in national or international financial, political or economic conditions
or currency exchange rates or exchange controls which in the reasonable opinion of the applicable
Funding Agent, the applicable Tranche Required Lenders (in the case of any Loans to be denominated
in an Alternative Currency under such Tranche) or the applicable L/C Issuer (in the case of any
Letter of Credit to be denominated in an Alternative Currency under such Tranche) would make it
impracticable for such Credit Extension to be denominated in the relevant Alternative Currency
under such Tranche.

Each request for a Credit Extension (other than a Committed Loan Notice requesting only a
conversion of Committed Loans to another Type or a continuation of Eurocurrency Rate Loans)
submitted by Prologis shall be deemed to be a representation and warranty that the conditions
specified in Sections 8.2.1 and 8.2.2 have been satisfied on and as of the date of
the applicable Credit Extension.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES

Each Loan Party represents and warrants to the Credit Parties that:

     Section 9.1 Existence, Qualification and Power; Compliance with Laws. Each Loan Party (a) is
duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction
of its incorporation or organization, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and
carry on its business and (ii) execute, deliver and perform its obligations under the Loan
Documents to which it is a party and (c) is duly qualified and is licensed and in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license; except in each case referred to in
clause (b)(i) or (c) above, to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect.

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     Section 9.2 Authorization; No Contravention. The execution, delivery and performance by each
Loan Party of each Loan Document to which such Person is party have been duly authorized by all
necessary corporate or other organizational action, and do not and will not: (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to be made under (i)
any Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Consolidated Subsidiaries or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its
property is subject; or (c) violate any Law. Each Company is in compliance with all Contractual
Obligations referred to in clause (b)(i), except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect.

     Section 9.3 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, any Loan Party of this Agreement or any other Loan Document (excluding
approvals, consents, exemptions and authorizations that have been obtained and are in full force
and effect and those which, if not made or obtained, would not (a) materially and adversely affect
the validity or enforceability of any Loan Document or (b) result in a Default).

     Section 9.4 Binding Effect. This Agreement has been, and each other Loan Document, when
delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party
thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is party thereto in accordance with its terms, subject to applicable Debtor Relief Laws
and general principles of equity.

     Section 9.5 Financial Statements.

     (a) Each of the General Partner Audited Financial Statements
and the Old Prologis Audited Financial Statements (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein; (ii) fairly present the financial condition of the entities covered thereby as of the date
thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein; and (iii) show (either in the text thereof or the notes thereto) all material Liabilities
of the entities covered thereby as of the date thereof.

     (b) Each of (i) the unaudited consolidated balance sheet of General Partner and its
Consolidated Subsidiaries dated March 31, 2011 and (ii) the unaudited consolidated balance sheet of
the Old Prologis and its Consolidated Subsidiaries dated March 31, 2011, and, in each case, the
related consolidated statements of income or operations, shareholders’ equity and cash flows for
the fiscal quarter ended on that date (A) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein, and (B)
fairly present the financial condition of the entities covered thereby as of the

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date thereof and their results of operations for the period covered thereby, subject, in the case
of clauses (A) and (B), to the absence of footnotes and to normal year-end audit
adjustments.

     Section 9.6 Litigation. As of the Closing Date, except as specifically disclosed in
Schedule 9.6, there are no actions, suits, proceedings, claims or disputes pending or, to
the knowledge of any Loan Party after due and diligent investigation, threatened or contemplated,
at law, in equity, in arbitration or before any Governmental Authority, by or against any Company
or against any Company’s properties or revenues that (a) purport to affect or pertain to this
Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

     Section 9.7 No Default. No Company is in default under or with respect to any Contractual
Obligation that could, either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. No Default has occurred and is continuing or would result from the
consummation of the transactions contemplated by this Agreement or any other Loan Document.

     Section 9.8 Ownership of Property. Each Company has good record and marketable title in fee
simple to, or valid trust beneficiary interests or leasehold interests in, all real property
necessary or used in the ordinary conduct of its business, except for such defects in title as
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

     Section 9.9 Environmental Compliance. Each Company conducts in the ordinary course of
business a review of the effect of existing Environmental Laws and claims alleging potential
Liability or responsibility for violation of any Environmental Law on their respective businesses,
operations and properties, and as a result thereof the Companies have reasonably concluded that,
except as specifically disclosed in Schedule 9.9, such Environmental Laws and claims could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

     Section 9.10 Taxes. Each Company has filed all Federal and other material state, provincial,
and other Tax returns and reports required to be filed, and has paid, collected, withheld and
remitted all Federal and other material state, provincial, and other material Taxes, assessments,
fees and other governmental charges levied or imposed upon it or its properties, income or assets
otherwise due and payable, or which it has been required to collect or withhold and remit, except
those which are being contested in good faith by appropriate proceedings diligently conducted and
for which adequate reserves have been provided in accordance with GAAP or such Taxes, the failure
to make payment of which when due could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. There is no proposed tax assessment against any
Company that would, if made, have a Material Adverse Effect.

     Section 9.11 Pension Law Compliance.

     (a) Each Plan is in compliance in all material respects
with the applicable provisions of applicable Laws. Each Plan that is intended to qualify under
Section 401(a) of the Code has

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received a favorable determination or opinion letter from the IRS, or such Plan is entitled to rely
on an advisory or opinion letter issued with respect to an IRS approved master and prototype or
volume submitter plan, or an application for such a letter is currently being processed by the IRS
with respect thereto and, to the best knowledge of Prologis, nothing has occurred which would
prevent, or cause the loss of, such qualification. Prologis and each ERISA Affiliate have made all
required contributions to each Pension Plan subject to Section 412 of the Code, and no application
for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code
has been made with respect to any such Pension Plan.

     (b) There are no pending or, to the best knowledge of any Borrower, threatened claims, actions
or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect. Neither Prologis nor any other Borrower
has knowledge of any prohibited transaction (within the meaning of Section 4975 of the Code or
Section 406 of ERISA) or violation of the fiduciary responsibility rules (within the meaning of
Section 404 or 405 of ERISA) with respect to any Plan that has resulted or could reasonably be
expected to result in a Material Adverse Effect.

     (c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) neither Prologis
nor any ERISA Affiliate has incurred, or reasonably expects to incur, any Liability under Title IV
of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section
4007 of ERISA); (iii) neither Prologis nor any ERISA Affiliate has incurred any unsatisfied, or
reasonably expects to incur any, Liability (and no event has occurred which, with the giving of
notice under Section 4219 of ERISA, would result in such Liability) under Section 4201 or 4243 of
ERISA with respect to a Multiemployer Plan; and (iv) neither Prologis nor any ERISA Affiliate has
engaged in a transaction that reasonably could be expected to be subject to Sections 4069 or
4212(c) of ERISA.

     Section 9.12 Margin Regulations; Investment Company Act.

     (a) No Loan Party is engaged or will engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

     (b) No Loan Party is or is required to be registered as an “investment company” under the
Investment Company Act of 1940.

     Section 9.13 Disclosure. Each Loan Party has disclosed to the Credit Parties all agreements,
instruments and corporate or other restrictions to which any Company is subject, and all other
matters known to it, that, individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or on behalf of any Loan Party to any Credit Party in
connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by
other information so furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading in any material respect; provided

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that, with respect to projected financial information, each Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the
time.

     Section 9.14 Compliance with Laws. Each Company is in compliance in all material respects
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it
or to its properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

     Section 9.15 Dutch Banking Act. Each Dutch Borrower is in compliance with the Dutch Banking
Act and any regulations issued pursuant thereto.

     Section 9.16 Solvency. Each Loan Party is, and after giving effect to all Obligations
hereunder will be, Solvent.

     Section 9.17 Plan Assets. The assets of each Company are not “plan assets” as defined in 29
C.F.R. § 2510.3-101(a)(1), as modified by Section 3(42) of ERISA.

     Section 9.18 REIT Status. General Partner is qualified as a REIT.

ARTICLE X

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

     Section 10.1 Financial Statements. General Partner shall deliver, or cause to be delivered,
to Global Administrative Agent, in form and detail satisfactory to Global Administrative Agent:

     (a) as soon as available, but in any event within 90 days after the end of each fiscal year of
General Partner and Prologis (commencing with the fiscal year ended December 31, 2011), a
consolidated balance sheet of each of (i) General Partner and its Consolidated Subsidiaries and
(ii) Prologis and its Consolidated Subsidiaries, in each case as at the end of such fiscal year,
and the related consolidated statements of income or operations, equity and cash flows for such
fiscal year, setting forth in each case in comparative form the figures for the previous fiscal
year, all in reasonable detail, audited and accompanied by a report and opinion of a Registered
Public Accounting Firm of nationally recognized standing reasonably acceptable to Global
Administrative Agent, which report and opinion shall be prepared in accordance with generally
accepted auditing standards and applicable Securities Laws; and

     (b) as soon as available, but in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of General Partner and Prologis (commencing with the
fiscal quarter ended June 30, 2011), a consolidated balance sheet of each of (i) General Partner
and its Consolidated Subsidiaries and (ii) Prologis and its Consolidated Subsidiaries, in each case
as at the end of such fiscal quarter, and the related consolidated statements of income

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or operations for such fiscal quarter and for the portion of the fiscal year then ended, and
equity and cash flows for the portion of the fiscal year then ended, setting forth in each case in
comparative form a balance sheet as of the end of the previous fiscal year and statements of income
or operation and cash flows for the corresponding portion of the previous fiscal year, all in
reasonable detail, certified by a Responsible Officer of Prologis as fairly presenting the
financial condition, results of operations, equity and cash flows of the Companies, subject only to
normal year-end audit adjustments and the absence of footnotes.

As to any information contained in materials furnished pursuant to Section 10.2(d), General
Partner shall not be separately required to furnish such information under clause (a) or
(b) above, but the foregoing shall not be in derogation of the obligation of General
Partner to furnish the information and materials described in clauses (a) and (b)
above at the times specified therein.

     Section 10.2 Certificates; Other Information. General Partner shall deliver, or cause to be
delivered, to Global Administrative Agent, in form and detail satisfactory to Global Administrative
Agent:

     (a) concurrently with the delivery of each set of financial statements referred to in
Section 10.1(a), an opinion from a Registered Public Accounting Firm of nationally
recognized standing to the effect that such financial statements were prepared in accordance with
GAAP and present fairly, in all material respects, the consolidated financial condition of General
Partner and its Consolidated Subsidiaries, or Prologis and its Consolidated Subsidiaries, as
applicable, as of the date thereof and the consolidated results of operations of General Partner
and its Consolidated Subsidiaries, or Prologis and its Consolidated Subsidiaries, as applicable,
for the fiscal year then ended;

     (b) concurrently with the delivery of each set of financial statements referred to in
Sections 10.1(a) and (b), a duly completed Compliance Certificate signed by a
Responsible Officer of General Partner;

     (c) promptly after any request by Global Administrative Agent, copies of any detailed audit
reports, management letters or recommendations submitted to the board of directors of General
Partner by independent accountants in connection with the accounts or books of any Company, or any
audit of any Company;

     (d) promptly after filing, true, correct, and complete copies of all material reports or
filings filed by or on behalf of any Company with any Governmental Authority (including copies of
each Form 10-K, Form 10-Q, and Form S-8 filed by or on behalf of any Company with the SEC); and

     (e) promptly, such additional information regarding the business, financial or corporate
affairs of any Company (and to the extent available to a Company, any other Borrower), or
compliance with the terms of the Loan Documents, as Global Administrative Agent may from time to
time reasonably request.

Documents required to be delivered pursuant to Section 10.1(a) or (b) or
Section 10.2(d) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date

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(i) on which a Company posts such documents, or provides a link thereto, on its website on the
internet at the website address listed on Schedule 14.2; or (ii) on which such documents
are posted on its behalf on an internet or intranet website, if any, to which each Credit Party has
access (whether a commercial, third-party website or whether sponsored by Global Administrative
Agent); provided that a Company shall notify Global Administrative Agent (by facsimile or
electronic mail) of the posting of any such documents and, if requested, provide to Global
Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. Except for such Compliance Certificates, Global Administrative Agent shall have no
obligation to request the delivery or to maintain copies of the documents referred to above, and in
any event shall have no responsibility to monitor compliance by any Company with any such request
for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents.

Each of General Partner and Prologis hereby acknowledges that (a) Agents and/or the Arrangers will
make available to each Lender and the L/C Issuers materials and/or information provided by or on
behalf of General Partner and Prologis hereunder (collectively, “Borrower Materials”) by
posting Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain Lenders may be “public-side” Lenders (i.e., Lenders that do not
wish to receive material non-public information with respect to General Partner, Prologis or their
respective securities) (each, a “Public Lender”). Each of General Partner and Prologis
hereby agrees that: (w) all Borrower Materials that are to be made available to Public Lenders
shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word
“PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” General Partner and Prologis shall be deemed to have authorized each Credit Party to
treat such Borrower Materials as not containing any material non-public information with respect to
General Partner, Prologis or their respective securities for purposes of United States Federal and
state securities laws (provided that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 14.7); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor;” and (z) Agents and the Arrangers shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of
the Platform not designated “Public Investor.” Notwithstanding the foregoing, neither General
Partner nor Prologis shall have any obligation to mark any Borrower Materials “PUBLIC”.

     Section 10.3 Notices. General Partner shall promptly notify, or cause a Loan Party to notify,
Global Administrative Agent:

     (a) of the occurrence of any Default;

     (b) of any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect, including: (i) breach or non-performance of, or any default under, a Contractual
Obligation of any Company; (ii) any dispute, litigation, investigation, proceeding or suspension
between any Company and any Governmental Authority; or (iii) the commencement of, or any material
development in, any litigation or proceeding affecting any Company, including pursuant to any
applicable Environmental Laws;

     (c) of the occurrence of any ERISA Event;

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     (d) of any material change in accounting policies or financial reporting practices by any
Company (except to the extent disclosed in financial statements provided pursuant to Section
10.1, including the footnotes to such financial statements); and

     (e) promptly upon receipt by General Partner or Prologis of notice thereof, and in any event
within five Business Days after any change in the Moody’s Rating, the S&P Rating or the Fitch
Rating, notice of such change.

Each notice pursuant to this Section 10.3 shall be accompanied by a statement of a
Responsible Officer of the applicable Loan Party setting forth details of the occurrence referred
to therein and stating what action such Loan Party has taken and proposes to take with respect
thereto. Each notice pursuant to Section 10.3(a) shall describe with particularity any
provision of this Agreement or any other Loan Document that has been breached. Global
Administrative Agent shall promptly notify Lenders of any notice received under this Section
10.3.

     Section 10.4 Payment of Obligations. General Partner shall, and shall cause each other
Company to, pay and discharge as the same shall become due and payable, all its Liabilities
(including tax Liabilities), except to the extent (a) the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are
being maintained therefor or (b) the failure to pay and discharge such Liabilities could not
reasonably be expected to result in a Material Adverse Effect.

     Section 10.5 Preservation of Existence, Etc. General Partner shall, and shall cause each
other Company to: (a) preserve, renew and maintain in full force and effect its legal existence and
good standing under the Laws of the jurisdiction of its organization except in a transaction
permitted by Section 11.2; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade
names and service marks, the non-preservation of which could reasonably be expected to have a
Material Adverse Effect.

     Section 10.6 Maintenance of Properties. General Partner shall, and shall cause each other
Company to: (a) maintain, preserve and protect all of its material properties and equipment
necessary in the operation of its business in good working order and condition, ordinary wear and
tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof, in
each case except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

     Section 10.7 Maintenance of Insurance. General Partner shall, and shall cause each other
Company to, maintain insurance (giving effect to reasonable and prudent self-insurance) according
to reasonable and prudent business practices.

     Section 10.8 Compliance with Laws. General Partner shall, and shall cause each other Company
to, comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances
in which (a) such requirement of Law or order, writ, injunction or decree is being

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contested in good faith by appropriate proceedings diligently conducted or (b) the failure to
comply therewith could not reasonably be expected to have a Material Adverse Effect.

     Section 10.9 Books and Records. General Partner shall, and shall cause each other Company to,
maintain proper books of record and account, in which true and correct entries are made that are
sufficient to prepare General Partner’s and Prologis’ financial statements in conformity with GAAP
consistently applied.

     Section 10.10 Inspection Rights. Upon reasonable request, and subject to Section
14.7, General Partner shall, and shall cause each other Company to, allow any Agent (or its
Related Parties who may be accompanied by a Related Party of one or more Lenders) to inspect any of
its properties, to review reports, files, and other records and to make and take away copies
thereof, and to discuss (provided that General Partner or the applicable other Company is
given the opportunity to be present for such discussions) any of its affairs, conditions, and
finances with its directors, officers, employees or representatives from time to time upon
reasonable notice, during normal business hours; provided that unless a Default has
occurred and is continuing and except in the case of Global Administrative Agent and its Related
Parties, such inspections shall be at the applicable Credit Party’s sole cost and expense.

     Section 10.11 Use of Proceeds. Each Borrower shall use the proceeds of the Credit Extensions
for general corporate purposes not in contravention of any Law or of any Loan Document.

     Section 10.12 REIT Status. General Partner shall, at all times, maintain its status as a
REIT.

     Section 10.13 Guaranties.

     (a) Pursuant to the General Partner Guaranty, General Partner shall Guarantee the Obligations
of all Borrowers.

     (b) Pursuant to the Prologis Guaranty, Prologis shall Guarantee the Obligations of all
Affiliate Borrowers.

     (c) At all times prior to the Security Agency Agreement Release Date, Old Prologis shall
Guarantee the Obligations of all Old Prologis Subsidiary Borrowers pursuant to the Old Prologis
Guaranty.

     Section 10.14 Claims Pari Passu. Each Loan Party shall ensure that at all times the claims of
the Credit Parties under the Loan Documents rank at least pari passu with the claims of all its
unsecured and unsubordinated creditors other than those claims that are preferred by Debtor Relief
Laws.

ARTICLE XI

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation shall
remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

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     Section 11.1 Secured Indebtedness. General Partner shall not permit the ratio (expressed as a
percentage) of (a) the aggregate amount of all Secured Debt of the Companies outstanding as of the
last day of any fiscal quarter, to (b) Total Asset Value as of such date to exceed 35%;
provided that as of the last day of the four consecutive fiscal quarters immediately
following any Material Acquisition, such ratio may exceed 35% so long as it does not exceed 40%.

     Section 11.2 Fundamental Changes. General Partner shall not, and shall not permit any other
Company to, merge, dissolve, liquidate, consolidate with or into another Person, except that, so
long as no Default exists or would result therefrom:

     (a) any Consolidated Subsidiary may merge with Prologis, provided that Prologis shall
be the continuing or surviving Person;

     (b) any Consolidated Subsidiary may merge with any one or more other Consolidated
Subsidiaries, provided that if any party to such merger was a Borrower, then the continuing
or surviving Person must be a Borrower;

     (c) any Company (other than General Partner, Prologis or any other Borrower) may be
voluntarily dissolved or liquidated under the laws of its jurisdiction of organization (excluding
any Debtor Relief Law); and

     (d) any Company or any Borrower may merge, dissolve, liquidate or consolidate with or into
another Person in connection with any transaction designed to change the corporate, partnership,
limited liability company or other structure of such entity, or otherwise change its corporate or
other form, so long as (i) the succeeding or remaining entity assumes all of the assets and
liabilities of such Person and (ii) no Credit Party is adversely affected thereby.

     Section 11.3 Restricted Payments. General Partner shall not, and shall not permit any other
Company to, declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, if an Event of Default pursuant to Section
12.1.1 exists, except that:

     (a) any Consolidated Subsidiary may at any time make Restricted Payments to any other Company
and, solely to the extent distributions to other holders of its Equity Interests are required by
its Organization Documents, to such other holders of Equity Interests;

     (b) any Company may at any time declare and make dividend payments or other distributions
payable solely in the common stock or other common Equity Interests of such Company;

     (c) any Company may at any time purchase, redeem or otherwise acquire Equity Interests issued
by it with the proceeds received from the substantially concurrent issue of new shares of its
common stock or other common Equity Interests;

     (d) Prologis may at any time pay cash dividends and make other cash distributions to General
Partner and, to the extent corresponding distributions to other holders of its Equity Interests are
required by its Organization Documents, to such other holders of Equity Interests,

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and General Partner may at any time pay cash dividends and make other cash distributions to
the holders of its Equity Interests, in each case, in an amount not to exceed in the aggregate the
greater of (i) 95% of the aggregate, cumulative “Funds from Operations” (excluding non- cash
impairment charges, write-downs or losses) of Prologis as reported to its shareholders in either
the annual report of Prologis filed by or on behalf of Prologis with the SEC on a Form 10-K or any
quarterly investment package prepared for the holders of its Equity Interests after December 31,
2010, and (ii) the amount of Restricted Payments required to be paid in order for General Partner
to eliminate its REIT taxable income and/or to maintain its status as a REIT; and

     (e) General Partner and any Company may at any time make non-cash Restricted Payments in
connection with employee, trustee and director stock option plans or similar employee, trustee and
director incentive arrangements.

     Section 11.4 Change in Nature of Business. General Partner shall not, and shall not permit
any other Company to, engage in any material line of business substantially different from those
lines of business conducted by the Companies on the date hereof or any business substantially
related or incidental thereto.

     Section 11.5 Transactions with Affiliates. General Partner shall not, and shall not permit
any other Company to, enter into any transaction of any kind with any Affiliate of General Partner,
whether or not in the ordinary course of business; provided that the foregoing restriction
shall not apply to (a) transactions with existing shareholders of Consolidated Subsidiaries and
Unconsolidated Affiliates, (b) transactions in the ordinary course of business (i) on fair and
reasonable terms substantially as favorable to such Company as would be obtainable by such Company
at the time in a comparable arm’s length transaction with a Person other than an Affiliate or (ii)
that comply with the requirements of the North America Security Administrators Association’s
Statement of Policy of Real Estate Investment Trusts, (c) payments to or from such Affiliates under
leases of commercial space on market terms, (d) payment of fees under asset or property management
agreements under terms and conditions available from qualified management companies, (e)
intercompany Liabilities and other Investments between any Company and its Consolidated
Subsidiaries and Unconsolidated Affiliates otherwise permitted pursuant to this Agreement, (f)
transactions between Companies, and (g) transactions otherwise permitted hereunder.

     Section 11.6 Negative Pledge Agreements; Burdensome Agreements.

     (a) General Partner shall not, and shall not permit any other Company to, grant a Lien (other
than Permitted Liens) to any Person on the Equity Interests of any Company if the Unencumbered NOI
of such Company is used in the calculation of Unencumbered Debt Service Coverage Ratio.

     (b) General Partner shall not, and shall not permit any other Company to, enter into any
negative pledge or other agreement with any other Person such that any Company shall be prohibited
from granting to Global Administrative Agent, for the benefit of the Credit Parties, a
first-priority Lien on the Equity Interests of any Company (other than General Partner) if the
Unencumbered NOI of such Company is used in the calculation of Unencumbered Debt Service Coverage
Ratio; provided that the provisions of Section 1013 of the Existing Indenture and any

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similar requirement for the grant of an equal and ratable lien in connection with a pledge of
any property or asset to Global Administrative Agent, shall not constitute a negative pledge or any
other agreement that violates this Section 11.6(b).

     (c) General Partner shall not, and shall not permit any other Company to, enter into any
Contractual Obligation (other than this Agreement, any other Loan Document or any other agreement
or document evidencing or governing Indebtedness of a Consolidated Subsidiary) that limits the
ability of any Consolidated Subsidiary to make Restricted Payments to any Company.

     Section 11.7 Use of Proceeds. Borrowers shall not use the proceeds of any Credit Extension,
whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or
carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others
for the purpose of purchasing or carrying margin stock or to refund indebtedness originally
incurred for such purpose.

     Section 11.8 Financial Covenants.

     Section 11.8.1 Consolidated Tangible Net Worth. General Partner shall not permit
Consolidated Tangible Net Worth at any time to be less than $10,000,000,000.

     Section 11.8.2 Consolidated Leverage Ratio. General Partner shall not permit the
Consolidated Leverage Ratio, as of the last day of any fiscal quarter, to exceed 0.60 to 1.0;
provided that as of the last day of the four consecutive fiscal quarters immediately
following any Material Acquisition, such ratio may exceed 0.60 to 1.0 so long as it does not exceed
0.65 to 1.0.

     Section 11.8.3 Fixed Charge Coverage Ratio. General Partner shall not permit the
Fixed Charge Coverage Ratio, as of the last day of any fiscal quarter, to be less than 1.50 to 1.0.

     Section 11.8.4 Unencumbered Debt Service Coverage Ratio. General Partner shall not
permit the Unencumbered Debt Service Coverage Ratio, as of the last day of any fiscal quarter, to
be less than 1.50 to 1.0.

ARTICLE XII

EVENTS OF DEFAULT AND REMEDIES

     Section 12.1 Events of Default. Any of the following shall constitute an “Event of
Default”:

     Section 12.1.1 Non-Payment. Any Borrower or any other Loan Party fails to pay (a)
when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation,
or (b) within three Business Days after the same becomes due, any interest on any Loan or on any
L/C Obligation, or any fee due hereunder, or (c) within five days after the same becomes due, any
other amount payable hereunder or under any other Loan Document.

     Section 12.1.2 Specific Covenants. Any Loan Party fails to perform or observe any
term, covenant or agreement contained in any of Section 10.10, 10.13, 11.1,
11.3 or 11.8.

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     Section 12.1.3 Other Defaults. General Partner (or, if applicable, any other Loan
Party) fails to perform or observe any other covenant or agreement (not specified in Section
12.1.1 or 12.1.2 above) contained in any Loan Document on its part to be performed or
observed and such failure continues for 30 days after the first to occur of (a) a Responsible
Officer of General Partner or Prologis obtaining knowledge of such failure or (b) General Partner’s
receipt of notice from Global Administrative Agent of such failure; provided that if such
failure is of such a nature that can be cured but cannot with reasonable effort be completely cured
within 30 days, then such 30 day period shall be extended for such additional period of time (not
exceeding 90 additional days) as may be reasonably necessary to cure such failure so long as
General Partner (or the applicable Loan Party) commences such cure within such 30 day period and
diligently prosecutes same until completion.

     Section 12.1.4 Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of any Borrower or any other
Loan Party herein, in any other Loan Document or in any document delivered in connection herewith
or therewith shall be incorrect or misleading in any material respect when made or deemed made and,
with respect to any representation, warranty, certification or statement not known by such Loan
Party at the time made or deemed made to be incorrect, the defect causing such representation or
warranty to be incorrect when made (or deemed made) is not removed within 30 days after the first
to occur of (a) a Responsible Officer of General Partner or Prologis obtaining knowledge thereof or
(b) written notice thereof from Global Administrative Agent to General Partner.

     Section 12.1.5 Cross-Default.

     (a) Any Company fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise) in respect of any Recourse Debt (other than
Indebtedness hereunder or under any other Loan Document and Indebtedness under Swap Contracts)
having an aggregate principal amount (including amounts owing to all creditors under any combined
or syndicated credit arrangement) of more than $50,000,000; or

     (b) Any Company fails to observe or perform any other agreement or condition relating to or in
respect of any Recourse Debt or contained in any instrument or agreement evidencing, securing or
relating to the same, or any other event (excluding voluntary actions by any applicable Company)
occurs, the effect of which default or other event is to cause Recourse Debt having an aggregate
principal amount (including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than $50,000,000, to be demanded or to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay,
defease or redeem such Recourse Debt to be made, prior to its stated maturity, or such Recourse
Debt to become payable or cash collateral in respect thereof to be demanded; or

     (c) There occurs under any Swap Contract that constitutes Recourse Debt an Early Termination
Date (as defined in such Swap Contract) resulting from (i) any event of default under such Swap
Contract as to which any Company is the Defaulting Party (as defined in such Swap Contract) or (ii)
any Termination Event (as so defined) under such Swap Contract as to which any Company is an
Affected Party (as so defined) and, in either event, the Swap

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Termination Value owed by such Company as a result thereof is greater than $50,000,000 and
such amount is not paid when due.

     Section 12.1.6 Insolvency Proceedings, Etc. Any Company institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of
its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief
Law relating to any Company or to all or any material part of its property is instituted without
the consent of such Company and continues undismissed or unstayed for 60 calendar days, or an order
for relief is entered in any such proceeding.

     Section 12.1.7 Inability to Pay Debts; Attachment. (a) Any Company becomes unable or
admits in writing its inability or fails generally to pay its debts as they become due or (b) any
writ or warrant of attachment or execution or similar process is issued or levied against all or
any material part of the property of any Company and is not released, vacated or fully bonded
within 30 days after its issue or levy.

     Section 12.1.8 Judgments. There is entered against any Company (a) a final judgment
or order for the payment of money in an aggregate amount exceeding $50,000,000 (to the extent not
covered by insurance as to which the insurer does not dispute coverage) or (b) any one or more
non-monetary final judgments that have, or could reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect and, in either case, (i) enforcement proceedings are
commenced by any creditor upon such judgment or order or (ii) there is a period of ten consecutive
days during which a stay of enforcement of such judgment, by reason of a pending appeal or
otherwise, is not in effect.

     Section 12.1.9 ERISA. (a) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in Liability of any
Company under Title IV of ERISA to such Pension Plan, such Multiemployer Plan or the PBGC in an
aggregate amount in excess of $5,000,000, or (b) General Partner or any ERISA Affiliate fails to
pay when due, after the expiration of any applicable grace period, any installment payment with
respect to its withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan in an
aggregate amount in excess of $5,000,000.

     Section 12.1.10 Invalidity of Loan Documents. Any provision of any Loan Document, at
any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force
and effect (unless such cessation would not affect the obligations of any applicable Loan Party or
the rights and remedies of any Credit Party, in each case, in any material respect); or any Loan
Party contests in any manner the validity or enforceability of any provision of any Loan Document;
or any Loan Party denies that it has any or further Liability or obligation under any Loan
Document, or purports to revoke, terminate or rescind any provision of any Loan Document.

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     Section 12.1.11 Change of Control. (a) A Change of Control occurs or (b)
Prologis shall cease to own Equity Interests of any Affiliate Borrower unless all Loans of such
Affiliate Borrower have been paid in full.

     Section 12.1.12 Plan Assets. The assets of any Company at any time constitute “plan
assets” as defined in 29 C.F.R. § 2510.3-101(a)(1), as modified by Section 3(42) of ERISA.

     Section 12.1.13 Insolvency Proceedings in Japan. Any Company which is incorporated or
established in Japan takes any corporate or legal actions, or any other action or legal proceeding
is commenced against such Company for the purpose of winding-up, dissolution, liquidation,
administration or re-organization or for the appointment of a liquidator, receiver, administrator,
administrative receiver, conservator, custodian, trustee or similar officer of it or of all or any
material part of its revenues and assets (unless such winding-up, dissolution, liquidation,
administration, re-organization or appointment is permitted under this Agreement or is otherwise
carried out in connection with a reconstruction or amalgamation when solvent, on terms previously
approved by Global Administrative Agent) under any domestic or foreign bankruptcy, insolvency,
receivership or similar Law now or hereafter in effect (including, under Japanese Law, any
corporate action or proceedings relating to the commencement of bankruptcy proceedings (hasan
tetsuzuki), the commencement of civil rehabilitation proceedings (minji saisei tetsuzuki), the
commencement of corporate reorganization proceedings (kaisha kosei tetsuzuki) or the commencement
of special liquidation (tokubetsu seisan)); provided that there shall be no Event of
Default under this Section 12.1.13, to the extent any such action or proceeding is not
initiated by, at the request of, or with the agreement of, such Company and such action, legal
proceeding or appointment continues undischarged or unstayed for a period ending on the earlier of
(a) 30 days after commencement or, if earlier, the date on which such proceeding is advertised and
(b) a judgment to commence proceedings (or preservative order) has been made in relation to the
matter in respect of which the action, proceeding or appointment was initiated.

     Section 12.2 Remedies Upon Event of Default. If any Event of Default occurs and is continuing,
Global Administrative Agent shall, at the request of, or may, with the consent of, the Required
Lenders, take any of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of any L/C Issuer
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by each Borrower;

     (c) require that each Borrower Cash Collateralize its respective L/C Obligations (in an amount
equal to the then Outstanding Amount of such L/C Obligations); and

     (d) exercise on behalf of itself and each Lender all rights and remedies available to it and
Lenders under the Loan Documents;

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provided that upon the occurrence of an actual or deemed entry of an order for relief with
respect to any Borrower under the United States Bankruptcy Code, the obligation of each Lender to
make Loans and any obligation of any L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts
as aforesaid shall automatically become due and payable, and the obligation of each Borrower to
Cash Collateralize its respective L/C Obligations as aforesaid shall automatically become
effective, in each case without further act of Global Administrative Agent or any Lender.

ARTICLE XIII

AGENTS

     Section 13.1 Appointment and Authority.

     (a) Each Lender and each L/C Issuer hereby irrevocably appoints Bank of America to act on its
behalf as Global Administrative Agent and Collateral Agent hereunder and under the other Loan
Documents and authorizes Global Administrative Agent and Collateral Agent to take such actions on
its behalf and to exercise such powers as are delegated to Global Administrative Agent and
Collateral Agent, as applicable, by the terms hereof or thereof, together with such actions and
powers as are reasonably incidental thereto.

     (b) Each U.S. Lender and each U.S. L/C Issuer hereby irrevocably appoints Bank of America to
act on its behalf as U.S. Funding Agent hereunder and under the other Loan Documents and authorizes
U.S. Funding Agent to take such actions on its behalf and to exercise such powers as are delegated
to U.S. Funding Agent, as applicable, by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto.

     (c) Each Euro Lender and each Euro L/C Issuer hereby irrevocably appoints RBS plc to act on
its behalf as Euro Funding Agent hereunder and under the other Loan Documents and authorizes Euro
Funding Agent to take such actions on its behalf and to exercise such powers as are delegated to
Euro Funding Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto.

     (d) Each Yen Lender and each Yen L/C Issuer hereby irrevocably appoints SMBC to act on its
behalf as Yen Funding Agent hereunder and under the other Loan Documents and authorizes Yen Funding
Agent to take such actions on its behalf and to exercise such powers as are delegated to Yen
Funding Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto.

     The provisions of this Article are solely for the benefit of Agents, Lenders, and L/C Issuers,
and no Loan Party shall have rights as a third party beneficiary of any of such provisions.

     Section 13.2 Rights as a Lender. Any Person serving as an Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as
though it were not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or the context otherwise requires, include each Person serving as an Agent hereunder in
its individual capacity. Any Person and its Affiliates may

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accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with any Company and its Affiliates as if such Person were
not an Agent hereunder and without any duty to account therefor to Lenders.

     Section 13.3 Exculpatory Provisions. No Agent shall have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality
of the foregoing, no Agent:

     (a) shall be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing;

     (b) shall have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents
that such Agent is required to exercise as directed in writing by the Required Lenders (or such
other number, percentage or group of Lenders as shall be expressly provided for herein or in the
other Loan Documents), provided that no Agent shall be required to take any action that, in
its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary
to any Loan Document or applicable law; and

     (c) shall, except as expressly set forth herein and in the other Loan Documents, have any duty
to disclose, or be liable for failure to disclose, any information relating to any Company or any
of its Affiliates that is communicated to or obtained by such Agent or any of its Affiliates.

No Agent shall be liable for any action taken or not taken by it (i) with the consent or at the
request of the Required Lenders (or such other number, percentage or group of Lenders as shall be
necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Sections 14.1 and 12.2) or (ii) in the absence of its own gross
negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default unless
and until notice describing such Default is given to such Agent by a Loan Party, a Lender or an L/C
Issuer.

No Agent shall be responsible for or have any duty to ascertain or inquire into (1) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document
(other than its own statements, warranties and representations), (2) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith
or therewith, (3) the performance or observance of any of the covenants, agreements or other terms
or conditions set forth herein or therein or the occurrence of any Default, (4) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (5) the satisfaction of any condition set forth in
Article VIII or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to such Agent.

     Section 13.4 Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement

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made to it orally or by telephone and believed by it to have been made by the proper Person,
and shall not incur any liability for relying thereon. In determining compliance with any
condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or any L/C Issuer, each Agent may presume
that such condition is satisfactory to such Lender or such L/C Issuer unless such Agent shall have
received notice to the contrary from such Lender or such L/C Issuer prior to the making of such
Loan or the issuance of such Letter of Credit. Any Agent may consult with legal counsel (who may
be counsel for the Companies), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

     Section 13.5 Delegation of Duties. Each Agent may perform any of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any one or more
sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any of its
duties and exercise its rights and powers by or through its Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of each
Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as an Agent.

     Section 13.6 Resignation of Global Administrative Agent. Global Administrative Agent may at
any time give notice of its resignation to each Funding Agent, Lenders, each L/C Issuer and
Prologis. Upon receipt of any such notice of resignation, the Required Lenders shall have the
right, in consultation with Prologis, to appoint a successor, which shall be a bank with an office
in the United States, or an Affiliate of a bank with an office in the United States. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within 30 days after retiring Global Administrative Agent gives notice of its
resignation, then retiring Global Administrative Agent may on behalf of Lenders and L/C Issuer,
appoint a successor Global Administrative Agent meeting the qualifications set forth above;
provided that if Global Administrative Agent shall notify Prologis and Lenders that no
qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) retiring Global Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by Global Administrative Agent on behalf of
Lenders or L/C Issuer under the Loan Documents, the retiring Global Administrative Agent shall
continue to hold such collateral security until such time as a successor Global Administrative
Agent is appointed) and (2) all payments, communications and determinations provided to be made by,
to or through Global Administrative Agent shall instead be made by or to each Lender and each L/C
Issuer directly, until such time as the Required Lenders appoint a successor Global Administrative
Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as
Global Administrative Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring (or retired) Global Administrative
Agent, and the retiring Global Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as
provided above in this Section). The fees payable by Prologis to a successor Global Administrative
Agent shall be the same as (but without duplication with) those payable to its predecessor unless
otherwise agreed between Prologis and

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such successor. After the retiring Global Administrative Agent’s resignation hereunder and
under the other Loan Documents, the provisions of this Article and Section 14.4 shall
continue in effect for the benefit of such retiring Global Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of
them while the retiring Global Administrative Agent was acting as Global Administrative Agent.

     Section 13.7 Resignation of Funding Agents. Each Funding Agent may at any time give notice of
its resignation as Funding Agent for a Tranche to the Lenders with commitments in such Tranche,
Global Administrative Agent and Prologis. Upon receipt of any such notice of resignation, Global
Administrative Agent shall have the right, in consultation with Prologis, to appoint a successor,
which shall be a bank with an office in the applicable jurisdiction of the affected Tranche, or an
Affiliate of a bank with an office in the applicable jurisdiction of the affected Tranche. If no
such successor shall have been so appointed by Global Administrative Agent and shall have accepted
such appointment within 30 days after the retiring Funding Agent gives notice of its resignation,
then the retiring Funding Agent may on behalf of the applicable Lenders appoint a successor Funding
Agent for the applicable Tranche meeting the qualifications set forth above; provided that
if Funding Agent shall notify Global Administrative Agent, Prologis and the applicable Lenders that
no qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring Funding Agent shall be discharged
from its duties and obligations hereunder and under the other Loan Documents with respect to the
applicable Tranche and (2) all payments, communications and determinations provided to be made by,
to or through such Funding Agent with respect to such Tranche shall instead be made by or to Global
Administrative Agent directly, until such time as Global Administrative Agent appoints a successor
Funding Agent for such Tranche as provided for above in this Section. Upon the acceptance of a
successor’s appointment as the applicable Funding Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Funding Agent with respect to the applicable Tranche, and the retiring Funding Agent shall
be discharged from all of its duties and obligations hereunder or under the other Loan Documents
with respect to such Tranche (if not already discharged therefrom as provided above in this
Section). The fees payable by Prologis to a successor Funding Agent (including, if applicable, to
Global Administrative Agent for any period) shall be the same as (but without duplication of) those
payable to its predecessor unless otherwise agreed between Prologis and such successor. After the
retiring Funding Agent’s resignation hereunder and under the other Loan Documents, the provisions
of this Article XIII and Section 14.4 shall continue in effect for the benefit of
such retiring Funding Agent, its sub-agents and their respective Related Parties in respect of any
actions taken or omitted to be taken by any of them while the retiring Funding Agent was acting as
a Funding Agent.

Any resignation by (a) U.S. Funding Agent pursuant to this Section shall also constitute its
resignation as a U.S. L/C Issuer, a Fronting Lender, and U.S. Swing Line Lender, (b) Euro Funding
Agent pursuant to this Section shall also constitute its resignation as a Euro L/C Issuer, a
Fronting Lender and Euro Swing Line Lender, and (c) Yen Funding Agent pursuant to this Section
shall also constitute its resignation as a Yen L/C Issuer and a Fronting Lender.

If any Person resigns as an L/C Issuer under this Section, it shall retain all the rights, powers,
privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it

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and outstanding as of the effective date of its resignation as an L/C Issuer and all L/C
Obligations with respect thereto (including the right to require Lenders to make Committed Loans or
fund risk participations in unreimbursed amounts). If any Person resigns as a Fronting Lender or
Swing Line Lender under this Section, it shall retain all the rights of a Fronting Lender or Swing
Line Lender provided for hereunder with respect to Fronting Loans or Swing Line Loans, as
applicable, made by it and outstanding as of the effective date of such resignation, including the
right to require Lenders to make Committed Loans or fund risk participations of such outstanding
Loans (in the original currency of such Loans).

Upon the acceptance of a successor’s appointment as the applicable Funding Agent hereunder, (a)
such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring L/C Issuer, Fronting Lender and Swing Line Lender (to the extent such
Funding Agent maintained these roles immediately prior to its resignation) under the applicable
Tranche, (b) the applicable retiring L/C Issuer, Fronting Lender and Swing Line Lender shall be
discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents under the applicable Tranche, and (c) the successor L/C Issuer shall issue letters of
credit in substitution for the Letters of Credit under the applicable Tranche, if any, outstanding
at the time of such succession or make other arrangements satisfactory to such retiring L/C Issuer
to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of
Credit.

     Section 13.8 Non-Reliance on Agents and Other Lenders. Each Lender and each L/C Issuer
acknowledges that it has, independently and without reliance upon any Agent or any other Lender or
any of their Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and each L/C Issuer also acknowledges that it will, independently and without reliance upon any
Agent or any other Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any other Loan Document or any
related agreement or any document furnished hereunder or thereunder.

     Section 13.9 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of Global Co-Syndication Agents, Global
Book Managers or Global Lead Arrangers listed on the cover page hereof shall have any powers,
duties or responsibilities under this Agreement or any of the other Loan Documents, except in their
capacities, as applicable, as an Agent, a Lender or an L/C Issuer hereunder.

     Section 13.10 Global Administrative Agent May File Proofs of Claim. In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, Global Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether Global
Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations, and all other Obligations that are owing and

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unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of Lenders, L/C Issuers, and Agents (including any claim for the reasonable compensation,
expenses, disbursements and advances of Lenders, L/C Issuers, and Agents and their respective
agents and counsel and all other amounts due Lenders, L/C Issuers, and Agents under Sections
5.9, 5.10, 6.5, and 14.4) allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make
such payments to Global Administrative Agent and, in the event that Global Administrative Agent
shall consent to the making of such payments directly to Lenders and L/C Issuers, to pay to Global
Administrative Agent any amount due to Global Administrative Agent under Sections 6.5 and
14.4.

Nothing contained herein shall be deemed to authorize Global Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize Global Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

     Section 13.11 Security Agency Agreement. Each Lender acknowledges that the obligations of Old Prologis hereunder and under the Old
Prologis Guaranty have been designated as Designated Senior Debt pursuant to the terms of the
Security Agency Agreement and, as a result of such designation, until the Security Agency Agreement
Release Date or, if earlier, the date on which any such designation is revoked, each Lender is a
“Credit Party” under, and shall be bound by all of the provisions of, the Security Agency Agreement
as if it were a signatory thereto. Each Lender acknowledges that (a) it and its counsel have had
an opportunity to review the Security Agency Agreement prior to the Closing Date (or, in the case
of any Lender that becomes a party hereto after the Closing Date, prior to becoming a Lender
hereunder); and (b) pursuant to the Security Agency Agreement, it may be required to (and each
Lender agrees that under the applicable circumstances set forth in the Security Agency Agreement it
will) return to Collateral Agent (or to Global Administrative Agent for delivery to Collateral
Agent) amounts paid to such Lender for application to the Obligations.

     Section 13.12 Release of Old Prologis Guaranty. Each Credit Party agrees that the Old Prologis
Guaranty, and all obligations of Old Prologis thereunder, will automatically, without any further
act or consent of any Person, terminate on the Security Agency Agreement Release Date. Global
Administrative Agent agrees that it will promptly execute and deliver all further instruments and
documents, and take all further action, that Prologis may reasonably request in order to evidence
such termination, and each Credit Party irrevocably authorizes Global
Administrative Agent to execute and deliver all such further instruments and documents and
take all such further actions on its behalf.

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ARTICLE XIV

MISCELLANEOUS

     Section 14.1 Amendments, Etc.

     Section 14.1.1 Amendments Generally. Except as otherwise expressly provided herein,
no amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by Prologis or any other Loan Party therefrom, shall be effective unless
in writing signed by the Required Lenders and Prologis or the applicable Loan Party, as the case
may be, and acknowledged by Global Administrative Agent, and each such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given;
provided that (x) to the extent an amendment or waiver of any provision of this Agreement
or any other Loan Document only affects a specific Tranche, then such amendment or waiver shall be
effective with the written consent of the applicable Tranche Required Lenders and Prologis and
acknowledged by Global Administrative Agent and the applicable Funding Agent; and (y) no amendment,
waiver or consent shall:

     (a) extend or increase the Commitment (except for adjustments from time to time in accordance
with this Agreement) of any Lender (or reinstate any Commitment of any Lender terminated pursuant
to Section 12.2) without the written consent of such Lender;

     (b) postpone any date fixed by this Agreement or any other Loan Document for any scheduled
payment of principal, interest, fees or other amounts due to any Lender hereunder or under any
other Loan Document without the written consent of each Lender directly affected thereby;

     (c) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or any fees or other amounts payable hereunder or under any other Loan Document, without
the written consent of each Lender and/or Agent directly affected thereby; provided that
only the consent of the Required Lenders shall be necessary to amend the definition of “Default
Rate” or to waive any obligation of any Borrower to pay interest or Letter of Credit Fees at the
Default Rate;

     (d) change Section 6.8.4 or Section 6.9 in a manner that would alter the
pro rata sharing of payments required thereby without the written consent of each
affected Lender;

     (e) amend the definition of “Alternative Currency” for any Tranche without the written
consent of each Applicable Tranche Lender;

     (f) change any provision of this Section 14.1, the definition of “Required
Lenders”, “Tranche Required Lenders”, “U.S. Required Lenders”, “Euro
Required Lenders”, “Yen Required Lenders” or “Supplemental Required Lenders” or
any other provision hereof specifying the number or percentage of the aggregate Lenders (or of the
Lenders in a particular Tranche) required to amend, waive or otherwise modify any rights hereunder
(or under such Tranche) or
make any determination or grant any consent hereunder (or under such Tranche) without the
written consent of each Lender (or each Lender in such Tranche); and

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     (g) authorize Global Administrative Agent to release Prologis from the Prologis Guaranty or
General Partner from the General Partner Guaranty without the written consent of each Lender;
and provided, further, that: (A) no amendment, waiver or consent shall, unless in
writing and signed by the applicable L/C Issuer in addition to Lenders required above, affect the
rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any
Letter of Credit issued or to be issued by it; (B) no amendment, waiver or consent shall, unless in
writing and signed by the applicable Swing Line Lender or Fronting Lender in addition to Lenders
required above, affect the rights or duties of such Swing Line Lender or such Fronting Lender, as
applicable, under this Agreement; and (C) no amendment, waiver or consent shall, unless in writing
and signed by the applicable Agent in addition to Lenders required above, affect the rights or
duties of such Agent under this Agreement or any other Loan Document. Notwithstanding anything to
the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be
increased or extended, nor the principal amount of the Loans owed to such Lender reduced, or the
final maturity thereof extended, nor this sentence amended, in each case, without the consent of
such Lender.

Notwithstanding any other provision of this Agreement, any changes to any definitions in the Loan
Documents pursuant to a Supplemental Addendum that do not adversely affect any Lenders (other than
Lenders party to the Supplemental Addendum) shall be effective upon the execution of such
Supplemental Addendum pursuant to Section 6.14. For purposes of this paragraph, the
addition of a Supplemental Tranche shall not be deemed as having an adverse affect on any Lender,
so long as the requirements of Section 6.14 have been satisfied.

In addition, notwithstanding any other provision of this Agreement, Prologis and Global
Administrative Agent may, without the consent of any other Credit Party, enter into such amendments
to any provision of this Agreement or any other Loan Document as Global Administrative Agent may,
in its reasonable opinion, determine to be necessary or appropriate (I) in connection with the
establishment of any Supplemental Tranche or other additional tranche so long as such amendment
does not adversely affect any Lender or (II) to correct any ambiguity, omission or error herein,
and, upon execution thereof by Prologis and Global Administrative Agent, any such Amendment shall
be binding on all of the parties hereto.

     Section 14.1.2 Amendments to Extend Maturity. Notwithstanding any other provision of
this Agreement (and without limiting the foregoing provisions of this Section 14.1 or the
extension provisions set forth in Section 6.10), Prologis may, by written notice to Global
Administrative Agent (which shall forward such notice to all Lenders) make an offer (a “Loan
Modification Offer”) to all Lenders to make one or more amendments or modifications to allow
the maturity of the Loans and/or Commitments of the Accepting Lenders (as defined below) to be
extended and, in connection with such extension, to (a) increase the Applicable Margin and/or fees
payable with respect to the applicable Loans and/or the Commitments of the Accepting Lenders and/or
the payment of additional fees or other consideration to the Accepting
Lenders and/or (b) change such additional terms and conditions of this Agreement solely as
applicable to the Accepting Lenders (such additional changed terms and conditions (to the extent
not otherwise approved by the requisite Lenders under Section 14.1) to be effective only
during

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the period following the original maturity date prior to its extension by such Accepting
Lenders) (collectively, “Permitted Amendments”) pursuant to procedures reasonably
acceptable to each of Prologis and Global Administrative Agent. Such notice shall set forth (i)
the terms and conditions of the requested Permitted Amendments and (ii) the date on which such
Permitted Amendments are requested to become effective (which shall not be less than 15 days nor
more than 90 days after the date of such notice). Permitted Amendments shall become effective only
with respect to the Loans and/or Commitments of the Lenders that accept the Loan Modification Offer
(such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with
respect to such Lender’s Loans and/or Commitments as to which such Lender’s acceptance has been
made. Prologis, each Accepting Lender and Global Administrative Agent shall enter into a loan
modification agreement (the “Loan Modification Agreement”) and such other documentation as
Global Administrative Agent shall reasonably specify to evidence (x) the acceptance of the
Permitted Amendments and the terms and conditions thereof and (y) the authorization of Prologis to
enter into and perform its obligations under the Loan Modification Agreement. Global
Administrative Agent shall promptly notify each Lender as to the effectiveness of any Loan
Modification Agreement. Each party hereto agrees that, upon the effectiveness of a Loan
Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the
extent) necessary to reflect the existence and terms of the Permitted Amendment evidenced thereby
and only with respect to the Loans and Commitments of the Accepting Lenders as to which such
Lenders’ acceptance has been made. Prologis may effectuate no more than two Loan Modification
Agreements during the term of this Agreement.

     Section 14.2 Notices; Effectiveness; Electronic Communication.

     Section 14.2.1 Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in Section
14.2.2 below), all notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
sent by facsimile as follows, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

     (a) if to General Partner, Borrowers, any Agent, any L/C Issuer or any Swing Line Lender, to
the address, facsimile number, electronic mail address or telephone number specified for such
Person on Schedule 14.2; and

     (b) if to any other Lender, to the address, facsimile number, electronic mail address or
telephone number specified in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices sent by facsimile shall be deemed to have been
given when sent, if confirmation of receipt has been received (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next business day for the recipient). Notices delivered through
electronic communications to the extent provided in Section 14.2.2, shall be effective as
provided in such Section 14.2.2.

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     Section 14.2.2 Electronic Communications. Notices and other communications to Lenders
and any L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and internet or intranet websites) pursuant to procedures approved by Global Administrative
Agent and the applicable Funding Agent; provided that the foregoing shall not apply to
notices to any Lender or any L/C Issuer pursuant to Articles II, III, IV or
V if such Lender or any L/C Issuer, as applicable, has notified Global Administrative Agent
that it is incapable of receiving notices under such Article by electronic communication. Global
Administrative Agent or Prologis may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices or
communications.

     Unless Global Administrative Agent (in consultation with Funding Agents) otherwise prescribes,
(a) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement),
provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the
opening of business on the next business day for the recipient, and (b) notices or communications
posted to an internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (a) of
notification that such notice or communication is available and identifying the website address
therefor.

     Section 14.2.3 The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”
THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER
MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF
THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall any Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party,
any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of any Loan Party’s or any Agent’s
transmission of Borrower Materials through the internet, except to the extent that such losses,
claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a
final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party; provided that in no event shall any Agent Party have any liability to
any Loan Party, any Lender, any L/C Issuer or any other Person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages).

     Section 14.2.4 Delivery to Funding Agents. Global Administrative Agent’s obligation
hereunder to deliver any information to any Lender may be satisfied by delivering the

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required
notice to the applicable Funding Agent, on behalf of such Lender, and such Funding Agent agrees to
promptly deliver such notices to the necessary Lender.

     Section 14.2.5 Change of Address, Etc. Any Loan Party, Agent, L/C Issuer or Swing
Line Lender may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Lender may change its
address, facsimile or telephone number for notices and other communications hereunder by notice to
Prologis, Global Administrative Agent and the applicable Funding Agent. In addition, each Lender
agrees to notify Global Administrative Agent and each applicable Funding Agent from time to time to
ensure that such Agents have on record (a) an effective address, contact name, telephone number,
facsimile number and electronic mail address to which notices and other communications may be sent
and (b) accurate wire instructions for such Lender. Notwithstanding the foregoing, neither Global
Administrative Agent nor any Funding Agent shall change the location of Global Administrative
Agent’s Office with respect to any currency or Funding Agent’s Office, as applicable, if such
change would result in increased costs to the applicable Borrowers.

     Section 14.2.6 Reliance by Agents, L/C Issuers and Lenders. Agents, L/C Issuers and
Lenders shall be entitled to rely and act upon any notice (including any telephonic Committed Loan
Notice or Swing Line Loan Notice) purportedly given by or on behalf of any Borrower even if (a)
such notice was not made in a manner specified herein, was incomplete or was not preceded or
followed by any other form of notice specified herein or (b) the terms thereof, as understood by
the recipient, varied from any confirmation thereof. Each Borrower shall indemnify each Agent,
each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs,
expenses and liabilities resulting from the reliance by such Person on any notice purportedly given
by or on behalf of any Borrower. All telephonic notices to and other telephonic communications
with any Agent may be recorded by such Agent, and each of the parties hereto hereby consents to
such recording.

     Section 14.2.7 Notice from Funding Agents to Global Administrative Agent. On or
before the fifth Business Day of each calendar month, each Funding Agent shall deliver to Global
Administrative Agent a schedule, in form reasonably satisfactory to Global Administrative Agent,
setting forth the Aggregate Tranche Commitment of the applicable Tranche, the Outstanding Amounts
under such Tranche, and all outstanding Letters of Credit, Fronting Loans of each Fronting Lender,
and Swing Line Loans, if any, under such Tranche in the applicable currency of such amounts or, at
Global Administrative Agent’s request, in the Foreign Currency Equivalent of such amounts, in each
case as of the end of the calendar month most recently ended. Furthermore, upon the request of
Global Administrative Agent, each Funding Agent shall promptly deliver to Global Administrative
Agent copies of all notices it has received under this Agreement from any Borrower or Lender,
including all Committed Loan Notices, to the extent requested by Global Administrative Agent. The
parties hereto agree Global Administrative Agent may deem such information from each Funding Agent
as conclusive absent demonstrable error, and Global Administrative Agent shall have no liability
for omissions or errors in the reports delivered by a Funding Agent.

     Section 14.3 No Waiver; Cumulative Remedies. No failure by any Lender or any Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or

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privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by Law.

     Section 14.4 Expenses; Indemnity; Damage Waiver.

     Section 14.4.1 Costs and Expenses. Prologis shall pay (a) all reasonable
out-of-pocket expenses incurred by any Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for such Agent), in connection with (x) the syndication of the
credit facilities provided for herein and the preparation, negotiation, execution, delivery and
administration of this Agreement and the other Loan Documents and (y) any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated); provided that Prologis shall have no liability under
clause (x) for any fees, charges or disbursements of any counsel other than Haynes and
Boone, LLP, Clifford Chance and any other counsel selected by the applicable Agent and approved by
Prologis (such approval not to be unreasonably withheld or delayed) and (b) all reasonable
out-of-pocket expenses incurred by any Agent, any Lender or any L/C Issuer (including the
reasonable fees, charges and disbursements of any counsel for any Agent, any Lender or any L/C
Issuer), and shall pay all fees and time charges for attorneys who may be employees of any Agent,
any Lender or any L/C Issuer, in connection with the enforcement or protection of its rights (i) in
connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (ii) in connection with the Loans or Letters of Credit issued hereunder, including all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations arising
hereunder.

     Section 14.4.2 Indemnification by Borrowers. Prologis shall indemnify each Agent,
each Arranger, each Global Co-Syndication Agent (and any sub-agents thereof), each Lender, and each
L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person, an
“Indemnitee”) against, and hold each Indemnitee harmless from, all losses, claims, damages,
liabilities and related expenses (including the reasonable fees, charges and disbursements of any
counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all
reasonable fees and time charges and disbursements for attorneys who may be employees of any
Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
any Borrower or any other Loan Party arising out of, in connection with or as a result of (a) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or
thereby or, in the case of Global Administrative Agent (and any sub-agent thereof) and its Related
Parties only, the administration of this Agreement and the other Loan Documents, (b) any Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any
L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of Credit), (c)
any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by any Borrower or any Eligible
Affiliate, or any Environmental Liability related in any way to any Borrower or any

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Eligible
Affiliates, or (d) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by Prologis or any other Loan Party, and regardless of whether any
Indemnitee is a party thereto, in all cases whether or not caused by or arising, in whole or in
part, out of the comparative, contributory or sole negligence of the Indemnitee; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee or any of its Related Parties or (y) result from a claim
brought by Prologis or any other Loan Party against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if Prologis or such other Loan
Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a
court of competent jurisdiction.

     Section 14.4.3 Reimbursement by Lenders. To the extent that Prologis for any reason
fails to indefeasibly pay any amount required under Section 14.4.1 or 14.4.2 to be
paid by it to any Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of
the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), such L/C
Issuer or such Related Party, as the case may be, such Lender’s Applicable Global Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against such
Agent (or any such sub-agent) or such L/C Issuer in its capacity as such, or against any Related
Party of any of the foregoing acting for any Agent (or any such sub-agent) or any L/C Issuer in
connection with such capacity. The obligations of Lenders under this Section 14.4.3 are
subject to the provisions of Section 6.9.

     Section 14.4.4 Indemnification by Funding Agents. Each Funding Agent shall indemnify
Global Administrative Agent and Collateral Agent (and any sub-agent thereof), and each Related
Party of any of the foregoing Persons (each such Person, an “Agent Indemnitee”) against,
and hold each Agent Indemnitee harmless from, all losses, claims, damages, liabilities and related
expenses (including the fees, charges and disbursements of any counsel for any Agent Indemnitee)
incurred by any Agent Indemnitee or asserted against any Agent Indemnitee by any third party or by
any Borrower or any other Loan Party to the extent such losses, claims, damages, liabilities and
related expenses arise from the action of such Funding Agent, in all cases whether or not caused by
or arising, in whole or in part, out of the comparative, contributory or sole negligence of such
Agent Indemnitee; provided that such indemnity shall not, as to any Agent Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Agent Indemnitee or any of its
Related Parties or (y) result from a claim brought by such Funding Agent against an Agent
Indemnitee for breach in bad faith of such Agent Indemnitee’s obligations hereunder or under any
other Loan Document, if such Funding Agent has obtained a final and nonappealable judgment in its
favor on such claim as determined by a court of competent jurisdiction.

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     Section 14.4.5 Waiver of Consequential Damages, Etc. To the fullest extent permitted
by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against
any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with or as a result
of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the
transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the
proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby except to the extent that such
damages are determined by a court of competent jurisdiction by final and non-appealable judgment to
have resulted from the gross negligence or willful misconduct of such Indemnitee.

     Section 14.4.6 Payments. All amounts due under this Section shall be payable not
later than ten Business Days after demand therefor.

     Section 14.4.7 Survival. The agreements in this Section shall survive the resignation
of any Agent and any L/C Issuer, the replacement of any Lender, the termination of the Aggregate
Tranche Commitments and the repayment, satisfaction or discharge of any of the Obligations.

     Section 14.5 Payments Set Aside. To the extent that any payment by or on behalf of any Loan
Party is made to any Agent, any L/C Issuer, any Fronting Lender or any Lender, or any Agent, any
Fronting Lender, any L/C Issuer or any Lender exercises its right of setoff, and such payment or
the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered
into by any Agent, any L/C Issuer or such Lender in its discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor Relief Law or
otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred, and (b) each applicable Lender severally agrees
to pay to the applicable Agent upon demand its applicable share (without duplication) of any amount
so recovered from or repaid by such Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate
from time to time in effect, in the applicable currency of such recovery or payment. The
obligations of Lenders under clause (b) of the preceding sentence shall survive the payment
in full of the Obligations and the termination of this Agreement.

     Section 14.6 Successors and Assigns.

     Section 14.6.1 Successors and Assigns Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, except that no Loan Party may assign or otherwise transfer any of
its rights or obligations hereunder without the prior written consent of each Agent and each Lender
and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except
(a) to a Qualified Institution in accordance with the provisions of Section 14.6.2, (b) by
way of

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participation in accordance with the provisions of Section 14.6.4 or (c) by way of
pledge or assignment of a security interest subject to the restrictions of Section 14.6.6
(and any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and permitted assigns, Participants to
the extent provided in Section 14.6.4 and, to the extent expressly contemplated hereby, the
Related Parties of Agents, L/C Issuer and Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement. Notwithstanding the foregoing, any Borrower may assign its
rights under this Agreement to a Short Term Affiliate Borrower that assumes the assigning
Borrower’s obligations hereunder.

     Section 14.6.2 Assignments by Lenders. Any Lender may at any time assign to one or
more Qualified Institutions all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans (including for purposes of this
Section 14.6.2, participations in L/C Obligations, in Swing Line Loans, and in Fronting
Loans) at the time owing to it); provided that

     (a) except in the case of an assignment from a Lender in a Tranche to any affiliate of such
Lender or to another Lender in the same Tranche (other than, in each case, Defaulting Lenders),
Global Administrative Agent, the applicable Funding Agent and, unless an Event of Default has
occurred and is continuing, Prologis each shall have provided its prior written consent thereto
(each such consent not to be unreasonably withheld or delayed);

     (b) except in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a
Lender or an Affiliate of a Lender, the aggregate amount of the Commitment or, if the Commitment is
not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject
to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the applicable Funding Agent (with a copy to Global Administrative
Agent) or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date,
shall not be less than (i) $5,000,000 for assignments of Loans or Commitments denominated in
Dollars, (ii) EUR 5,000,000 for assignments of Loans or Commitments denominated in Euro, (iii)
£5,000,000 for assignments of Loans denominated in Sterling, (iv) ¥500,000,000 for assignments of
Loans or Commitments denominated in Yen, (v) Cdn$5,000,000 for assignments of Loans denominated in
Canadian Dollars, and (vii) the amount set forth in any Supplemental Tranche for any other
currencies, unless the applicable Funding Agent, and, so long as no Event of Default has occurred
and is continuing, Prologis otherwise consents (each such consent not to be unreasonably withheld
or delayed); provided that concurrent assignments to members of an Assignee Group and
concurrent assignments from members of an Assignee Group to a single Qualified Institution (or to a
Qualified Institution and members of its Assignee Group) will be treated as a single assignment for
purposes of determining whether such minimum amount has been met;

     (c) each partial assignment under a particular Tranche shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under such Tranche with
respect to the Loans or the Commitment assigned, except that this clause (c) shall not
apply to rights in respect of Swing Line Loans and Fronting Loans;

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     (d) any assignment of a Commitment under any Tranche must be approved by each applicable L/C
Issuer, the applicable Swing Line Lender and the Fronting Lenders (each such approval not to be
unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself a
Lender (whether or not the proposed assignee would otherwise qualify as a Qualified Institution);

     (e) to the extent that a Lender is assigning any portion of its Commitment or Loans under more
than one Tranche, then such Lender must submit a separate Assignment and Assumption for each
Tranche and each such assignment shall be deemed a separate assignment under this Section
14.6; and

     (f) the parties to each assignment shall execute and deliver to the applicable Funding Agent
(with a copy to Global Administrative Agent) an Assignment and Assumption, together with a
processing and recordation fee of $3,500 payable to such Funding Agent (which fee is not an
obligation of any Loan Party) and the Qualified Institution, if it is not a Lender, shall deliver
to the applicable Funding Agent (with a copy to Global Administrative Agent) an Administrative
Questionnaire.

Subject to acceptance and recording thereof by the applicable Funding Agent pursuant to Section
14.6.3, from and after the effective date specified in each Assignment and Assumption, the
Qualified Institution thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of, and be subject to the obligations in, Sections 7.1,
7.4, 7.5, and 14.4 with respect to facts and circumstances occurring prior
to the effective date of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section 14.6.4.

     Section 14.6.3 Register. Each Funding Agent, acting solely for this purpose as an
agent of Borrowers, shall maintain at such Funding Agent’s Office a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of
Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to,
each Lender pursuant to the terms hereof from time to time (each, a “Register”). The
entries in each Register shall be conclusive, and Borrowers, Global Administrative Agent, each
Funding Agent, and Lenders may treat each Person whose name is recorded in a Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. Each Register shall be available for inspection by any party to this Agreement at
any reasonable time and from time to time upon reasonable prior notice.

     Section 14.6.4 Participations. Any Lender may at any time, without the consent of, or
notice to, any Loan Party or any Agent, sell participations to any Person (other than a natural

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person or Prologis or any of Prologis’ Affiliates or any Eligible Affiliates) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in L/C Obligations and/or Swing Line Loans and/or Fronting Loans) owing to it);
provided that (a) such Lender’s obligations under this Agreement shall remain unchanged,
(b) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (c) Loan Parties, Agents, Lenders and L/C Issuers shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in clause (y)
of the first proviso to Section 14.1 that affects such Participant. Subject to Section
14.6.5, each Borrower agrees that each Participant shall be entitled to the benefits of, and be
subject to the obligations in, Sections 7.1, 7.4 and 7.5 to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to Section
14.6.2. To the extent permitted by Law, each Participant also shall be entitled to the
benefits of Section 14.8 as though it were a Lender, provided such Participant
agrees to be subject to Section 6.9 as though it were a Lender.

     Section 14.6.5 Limitation upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 7.1 or 7.4 than the
applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with Prologis’
prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not
be entitled to the benefits of Section 7.1 unless Prologis is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of Borrowers, to comply with
Section 7.1.6 as though it were a Lender.

     Section 14.6.6 Certain Pledges. Any Lender may at any time pledge or assign a
security interest in any of its rights under this Agreement to secure obligations of such Lender to
a Federal Reserve Bank or the central bank of any other country in which such Lender is organized;
provided that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute such pledgee or assignee for such Lender as a party hereto.

     Section 14.6.7 Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     Section 14.6.8 Resignation as an L/C Issuer, Fronting Lender or a Swing Line Lender after
Assignment. Notwithstanding anything to the contrary contained herein, if at any time any

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Agent or any Fronting Lender assigns all of its Commitment and Loans pursuant to Section
14.6.2 above, such Agent or Fronting Lender, as applicable, may, (a) upon 30 days’ notice to
Prologis and Lenders in the affected Tranche, resign as an L/C Issuer and/or (b) upon 30 days’
notice to Prologis and Lenders in the affected Tranche, resign as a Fronting Lender and/or (c) upon
30 days’ notice to Prologis and Lenders in the affected Tranche, resign as a Swing Line Lender. In
the event of any such resignation as an L/C Issuer, Fronting Lender or a Swing Line Lender,
Prologis shall be entitled to appoint from among Lenders a successor L/C Issuer, Fronting Lender or
Swing Line Lender hereunder; provided that no failure by Prologis to appoint any such
successor shall affect the resignation of such Agent as an L/C Issuer, a Fronting Lender or a Swing
Line Lender, as the case may be. If any Person resigns as an L/C Issuer, it shall retain all the
rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of
Credit issued by it and outstanding as of the effective date of its resignation as an L/C Issuer
and all L/C Obligations with respect thereto (including the right to require Lenders to make
Committed Loans or fund risk participations in unreimbursed amounts). If any Lender resigns as a
Fronting Lender or Swing Line Lender, it shall retain all the rights of a Fronting Lender or Swing
Line Lender provided for hereunder with respect to Fronting Loans or Swing Line Loans, as
applicable, made by it and outstanding as of the effective date of such resignation, including the
right to require Lenders to make Committed Loans or fund risk participations of such outstanding
Loans (in the original currency of such Loans). Upon the appointment of a successor L/C Issuer,
Fronting Lender, and/or Swing Line Lender, (i) such successor shall succeed to and become vested
with all of the rights, powers, privileges, obligations, and duties of the retiring L/C Issuer,
Fronting Lender or Swing Line Lender, as the case may be, and (ii) the successor L/C Issuer shall
issue letters of credit in substitution for the Letters of Credit issued by the resigning L/C
Issuer, if any, outstanding at the time of such succession or make other arrangements satisfactory
to such Agent to effectively assume the obligations of such Agent with respect to such Letters of
Credit.

     Section 14.7 Treatment of Certain Information; Confidentiality. Each Credit Party agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors,
officers, employees, agents, advisors and representatives (it being understood that the Persons to
whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable Laws or by any subpoena or similar legal process, (d) to any other party hereto, (e)
in connection with the exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any actual or prospective assignee of or Participant in any
of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to a Borrower and its obligations,
(g) with the consent of Prologis or (h) to the extent such Information becomes publicly available
other than as a result of a breach of this Section.

For purposes of this Section, “Information” means all information received from any Loan
Party or any Company relating to any Loan Party or any Company or any of their respective

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businesses, other than any such information that is available to the applicable Credit Party on a
nonconfidential basis from a source other than any Loan Party or any Company.

Each Credit Party acknowledges that (1) the Information may include material non-public information
concerning any Loan Party or any Company, as the case may be, (2) it has developed compliance
procedures regarding the use of material non-public information and (3) it will handle such
material non-public information in accordance with applicable Law, including Federal and state
securities Laws.

     Section 14.8 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender, each L/C Issuer, and each of their respective Affiliates is hereby authorized at any
time and from time to time, after obtaining the prior written consent of Global Administrative
Agent, to the fullest extent permitted by applicable law, to set off and apply all deposits
(general or special, time or demand, provisional or final, in whatever currency) at any time held
and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or
such Affiliate to or for the credit or the account of any Loan Party against any of the obligations
of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to
such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall
have made any demand under this Agreement or any other Loan Document and although such obligations
of such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender
or L/C Issuer different from the branch or office holding such deposit or obligated on such
indebtedness. The rights of each Lender, each L/C Issuer and their respective Affiliates under
this Section are in addition to other rights and remedies (including other rights of setoff) that
such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C
Issuer agrees to notify Prologis and Global Administrative Agent promptly after any such setoff and
application; provided that the failure to give such notice shall not affect the validity of
such setoff and application.

     Section 14.9 Interest Rate Limitation. Notwithstanding anything to the contrary contained in
any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed
the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the
excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the applicable Borrower. In determining whether the interest contracted
for, charged or received by any Agent or a Lender exceeds the Maximum Rate, such Person may, to the
extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount
of interest throughout the contemplated term of the Obligations hereunder.

     Section 14.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and supersede all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in

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Section 8.1, this Agreement shall become effective when Global Administrative Agent
shall have received counterparts hereof that, when taken together, bear the signatures of each
party hereto. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.

     Section 14.11 Severability. If any provision of this Agreement or any other Loan Document is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provision with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provision. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

     Section 14.12 Replacement of Lenders. If any Lender requests compensation under
Section 7.4, or if any Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 7.1, or if any
Lender is a Defaulting Lender or a Non-Consenting Lender, then Prologis may, at its sole expense
and effort, upon notice to such Lender and Global Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 14.6), all of its interests, rights and obligations
under this Agreement and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that:

     (a) Prologis shall have paid (or caused an Affiliate Borrower to pay) to Global Administrative
Agent the assignment fee specified in Section 14.6.2;

     (b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents (including any amounts under Section 7.5)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the applicable Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 7.4 or payments required to be made pursuant to Section 7.1, such
assignment will result in a reduction in such compensation or payments thereafter; and

     (d) such assignment does not conflict with applicable Laws.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling Prologis to require
such assignment and delegation cease to apply.

     Section 14.13 Additional Fronting Lenders; Change in Fronting Commitments. At any time after
the Closing Date, Prologis may make a request to Global Administrative Agent that any existing
Lender act as an additional Fronting Lender. Upon Global Administrative Agent’s approval that such
Lender may act as a Fronting Lender, Global Administrative Agent

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shall promptly notify such Lender of such request. Upon the agreement by the applicable
Lender to act as a Fronting Lender, such Lender shall become a Fronting Lender hereunder with a
Fronting Commitment in an amount agreed to by Prologis, Global Administrative Agent, and such
Fronting Lender, and Global Administrative Agent shall promptly notify Prologis and each Agent of
such additional Fronting Lender and such Fronting Lender’s Fronting Commitment. In addition, any
Fronting Lender may from time to time increase or decrease its Fronting Commitment pursuant to a
written agreement executed by Prologis, Global Administrative Agent, and such Fronting Lender and
Global Administrative Agent shall promptly notify each Agent of such change in a Fronting Lender’s
Fronting Commitment.

     Section 14.14 GOVERNING LAW; JURISDICTION; ETC.

     Section 14.14.1 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     Section 14.14.2 SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK, NEW YORK AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN
SUCH NEW YORK STATE COURT OR IN SUCH FEDERAL COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY
OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     Section 14.14.3 WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 14.14.2.
EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

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     Section 14.14.4 SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE
OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 14.2. NOTHING IN THIS AGREEMENT
WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW.

     Section 14.15 Waiver of Jury Trial. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     Section 14.16 USA Patriot Act Notice. Each Lender that is subject to the Act (as defined
below) and Global Administrative Agent and U.S. Funding Agent (each for itself and not on behalf of
any Lender) hereby notify Borrowers that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies Borrowers, which information includes the
name and address of each Borrower and other information that will allow such Lender or such Agent,
as applicable, to identify such Borrower in accordance with the Act.

     Section 14.17 Know Your Customers.

     Section 14.17.1 Loan Party Information. If:

     (a) any Change in Law;

     (b) any change in the status of any Loan Party after the date of this Agreement; or

     (c) a proposed assignment or transfer by a Lender of any of its rights and obligations under
this Agreement to a party that is not a Lender prior to such assignment or transfer;

requires any Funding Agent or any Lender (or, in the case of paragraph (c) above, any
prospective new Lender) to comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it, each Loan Party under
the applicable Tranche shall promptly upon the request of the Funding Agent under such Tranche or
any Lender under such Tranche supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by such Funding Agent (for itself or on behalf of any Lender
under the applicable Tranche) or such Lender (for itself or, in the case of the event described in
paragraph (c) above, on behalf of any prospective new Lender under the

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applicable Tranche) in order for such Funding Agent, such Lender or, in the case of the event
described in paragraph (c) above, such prospective new Lender to carry out and be satisfied
it has complied with all necessary “know your customer” or other similar checks under all
applicable Laws pursuant to the transactions contemplated in the Loan Documents.

     Section 14.17.2 Lender Information. Each Lender shall promptly upon the request of
the applicable Funding Agent supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by such Funding Agent to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable Laws
pursuant to the transactions contemplated in the Loan Documents.

     Section 14.17.3 Additional Loan Parties. Following any request that an Eligible
Affiliate becomes an Affiliate Borrower under a Tranche pursuant to Section 6.11, if the
accession of such Affiliate Borrower requires any Lender to comply with “know your customer” or
similar identification procedures in circumstances where the necessary information is not already
available to it, Prologis shall promptly upon the request of such Credit Party supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by such Credit
Party (for itself or on behalf of any other Credit Party) in order for such Credit Party or any
prospective new Credit Party to carry out and be satisfied it has complied with the results of all
necessary “know your customer” or other similar checks under all applicable Laws pursuant to the
accession of such Affiliate Borrower to this Agreement.

     Section 14.17.4 Limitation on Assignments. Notwithstanding Section 14.6, an
assignment under any Tranche will only be effective on performance by the applicable Funding Agent
of all “know your customer” or other checks relating to any Person that it is required to carry out
in relation to such assignment, the completion of which the applicable Funding Agent shall promptly
notify to the assigning Lender and the applicable Qualified Institution.

     Section 14.17.5 Lender Responsibility. Nothing in this Agreement shall require any
Agent or any Arranger to carry out any “know your customer” or other checks in relation to any
person on behalf of any Lender and each Lender confirms to each Agent and each Arranger that it is
solely responsible for any such checks it is required to carry out and that it may not rely on any
statement in relation to such checks made by any Agent or any Arranger.

     Section 14.18 TMK Representation. During the Availability Period, each Yen Lender, each
Fronting Lender and each other Lender that makes a Loan to a TMK under this Agreement represents
and warrants to Global Administrative Agent that it is an institution from which a TMK may,
pursuant to the Laws of Japan, borrow money and is a Qualified Institutional Investor properly
registered under the laws of Japan.

     Section 14.19 Time of the Essence. Time is of the essence of the Loan Documents.

     Section 14.20 Judgment Currency. If, for the purposes of obtaining judgment in any court, it
is necessary to convert a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures the applicable Agent could purchase the first currency with such other currency on the
Business Day preceding that on which final judgment is given. The

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obligation of each Borrower in respect of any such sum due from it to any Credit Party
hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than that in which such sum is denominated in accordance with
the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only
to the extent that on the Business Day following receipt by the applicable Agent of any sum
adjudged to be so due in the Judgment Currency, such Agent may in accordance with normal banking
procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the
Agreement Currency so purchased is less than the sum originally due to the applicable Credit Party
from such Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the applicable Credit Party against such loss. If
the amount of the Agreement Currency so purchased is greater than the sum originally due to the
applicable Credit Party in such currency, such Credit Party agrees to return the amount of any
excess to such Borrower (or to any other Person who may be entitled thereto under applicable law).

     Section 14.21 Acknowledgment of Borrowers. Each Borrower acknowledges and agrees to the terms
and conditions set forth in, and agrees to be bound, at all times prior to the Security Agency
Agreement Release Date, by all of the provisions of, the Security Agency Agreement as if it were a
signatory thereto including the provisions that provide for the allocation or reallocation of
Recoveries (as defined in the Security Agency Agreement) from such Borrower.

     Section 14.22 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

     Section 14.23 Termination of Existing Credit Agreements and Security Agency Agreement.

     (a) Prologis (on behalf of itself and each applicable Affiliate) and the Lenders that are
parties to each Existing Credit Agreement (which Prologis confirms constitute sufficient parties to
make the agreements set forth in this paragraph under each Existing Credit Agreement) agree that on
the Closing Date, (i) each borrower under such Existing Credit Agreement may make the payments
required under Section 8.1.5 without regard to any provision of such Existing Credit
Agreement that requires prior notice of any prepayment (it being understood that each applicable
borrower shall be liable for “breakage costs”, if any, in accordance with the terms of such
Existing Credit Agreement) and (ii) after giving effect to such payments, the commitments (if any)
under such Existing Credit Agreement shall terminate (without regard to any provision thereof that
requires advance notice of such termination) and such Existing Credit Agreement shall be of no
further force or effect (except for provisions thereof that by their terms survive termination
thereof).

     (b) Old Prologis and the Lenders (the “SAA Lenders”) that are entitled to the benefits
of the Security Agency Agreement (which Old Prologis confirms constitute Majority Credit

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Parties under and as defined in the Security Agency Agreement) agree that Section 11(i) of the
Security Agency Agreement is amended by adding the following proviso at the end thereof:

	 	 	“provided that so long as there is no “Note Agreement” that constitutes an Other DSD
Agreement, Prologis may immediately and irrevocably terminate this Agreement by delivering a
written notice of termination to the Collateral Agent.”

     In addition, the SAA Lenders hereby direct Bank of America, in its capacity as Collateral
Agent under the Security Agency Agreement, to release all Collateral under and as defined in the
Security Agency Agreement promptly upon written request by Old Prologis.

     Section 14.24 No Fiduciary Duty. In connection with all aspects of each transaction
contemplated hereby, each Borrower acknowledges and agrees, and acknowledges its respective
Affiliates’ understanding, that: (i) the credit facilities and Tranches provided for hereunder and
any related arranging or other services in connection therewith (including in connection with any
amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length
commercial transaction between such Borrower and its Affiliates, on the one hand, and Global
Administrative Agent, any other Agent, the Arrangers and the Lenders, on the other hand, and such
Borrower is capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents (including
any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process
leading to such transaction, each Agent and each Arranger is and has been acting solely as a
principal and is not the financial advisor, agent or fiduciary for such Borrower or any of its
Affiliates, stockholders, creditors or employees; (iii) none of Global Administrative Agent, any
other Agent or any Arranger has assumed or will assume an advisory, agency or fiduciary
responsibility in favor of such Borrower with respect to any of the transactions contemplated
hereby or the process leading thereto, including with respect to any amendment, waiver or other
modification hereof or of any other Loan Document (irrespective of whether Global Administrative
Agent, any other Agent or any Arranger has advised or is currently advising such Borrower or any of
its Affiliates on other matters) and none of Global Administrative Agent, any other Agent or any
Arranger has any obligation to such Borrower or any of its Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; (iv) Global Administrative Agent, each other Agent, and the Arrangers and
their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of such Borrower and its Affiliates, and none of Global Administrative
Agent, any other Agent or any Arranger has any obligation to disclose any of such interests by
virtue of any advisory, agency or fiduciary relationship; and (v) Global Administrative Agent, each
other Agent, and the Arrangers have not provided and will not provide any legal, accounting,
regulatory or tax advice with respect to any of the transactions contemplated hereby (including any
amendment, waiver or other modification hereof or of any other Loan Document) and such Borrower has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate. Each Borrower hereby waives and releases, to the fullest extent permitted by Law, any
claim that it may have against Global Administrative Agent, any other Agent, and the Arrangers with
respect to any breach or alleged breach of agency or fiduciary duty.

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ARTICLE XV

GUARANTIES

     Section 15.1 The Guaranties. In order to induce the Lenders to enter into this
Agreement and to extend credit hereunder and in recognition of the direct benefits to be received
by each of General Partner and Prologis from the proceeds of the Loans and the issuance of the
Letters of Credit, each of General Partner and Prologis hereby absolutely, irrevocably and
unconditionally guarantees, jointly and severally, as primary obligor and not merely as surety the
full and prompt payment when due, whether upon maturity, acceleration or otherwise, of all of the
Guaranteed Obligations of the applicable Designated Borrowers and the due performance and
compliance with all terms, conditions and agreements contained in the Loan Documents by each such
Designated Borrower. If any of the Guaranteed Obligations of such Designated Borrowers to any
Agent and/or any Lender becomes due and payable hereunder, each of General Partner and Prologis
unconditionally promises to pay such indebtedness to such Agents and/or such Lenders, as
applicable, on demand, together with all reasonable expenses which may be incurred by any Agent or
the Lenders in collecting any of the Guaranteed Obligations. If claim is ever made upon any Agent
and/or any Lender for repayment or recovery of any amount or amounts received in payment or on
account of any of the Guaranteed Obligations and any of the aforesaid payees repays all or part of
said amount by reason of (a) any judgment, decree or order of any court or administrative body
having jurisdiction over such payee or any of its property or (b) any settlement or compromise of
any such claim effected by such payee with any such claimant (including the Designated Borrowers),
then and in such event each of General Partner and Prologis agrees that any such judgment, decree,
order, settlement or compromise shall be binding upon such entity, notwithstanding any revocation
of the applicable guaranty under this Article XV or other instrument evidencing any
liability of any Designated Borrower, and each of General Partner and Prologis shall be and remain
liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent
as if such amount had never originally been received by any such payee.

     Section 15.2 Insolvency. Additionally, each of General Partner and Prologis
unconditionally and irrevocably guarantees the payment of all of the Guaranteed Obligations of the
applicable Designated Borrowers to the Credit Parties, whether or not due or payable by any such
Designated Borrower, upon the occurrence of any of the events specified in Section 12.1.6,
and unconditionally promises to pay such Guaranteed Obligations to the Credit Parties on demand.

     Section 15.3 Absolute and Unconditional Guaranty. The guaranty provided by General
Partner and Prologis under this Article XV is intended to be an irrevocable, absolute and
continuing guaranty of payment and is not a guaranty of collection. This guaranty may not be
revoked by General Partner or Prologis. The liability of each of General Partner and Prologis
hereunder is exclusive and independent of any security for or other guaranty of the Guaranteed
Obligations of any Designated Borrower whether executed by General Partner, Prologis, any other
guarantor or by any other party, and the liability of each of General Partner and Prologis
hereunder is not affected or impaired by (a) any direction as to application of payment by any
Designated Borrower or by any other party; or (b) any other continuing or other guaranty,
undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed
Obligations of any Designated Borrower; or (c) any payment on or in reduction of any such other

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guaranty or undertaking; or (d) any dissolution, termination or increase, decrease or change
in personnel by any Designated Borrower; or (e) any payment made to any Credit Party on the
Guaranteed Obligations which any such Credit Party repays to any Designated Borrower pursuant to
court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief
proceeding, and each of General Partner and Prologis waives any right to the deferral or
modification of its obligations hereunder by reason of any such proceeding. The guaranty and
liability of each of General Partner and Prologis hereunder shall in all respects be a continuing,
irrevocable, absolute and unconditional guaranty of payment and performance and not only
collectibility, and shall remain in full force and effect (notwithstanding, without limitation, the
dissolution of any Designated Borrower, that at any time or from time to time no Guaranteed
Obligations are outstanding or any other circumstance) until all Commitments have terminated and,
subject to the last sentence of Section 15.1, all Guaranteed Obligations have been paid in
full.

     Section 15.4 Independent Obligation. The obligations of each of General Partner and
Prologis hereunder are independent of the obligations of any other guarantor, any other party or
any Borrower, and a separate action or actions may be brought and prosecuted against General
Partner and/or Prologis whether or not action is brought against any other guarantor, any other
party or any Borrower and whether or not any other guarantor, any other party or any Borrower is
joined in any such action or actions. Each of General Partner and Prologis waives, to the fullest
extent permitted by Law, the benefit of any statute of limitations affecting its liability
hereunder or the enforcement thereof. Any payment by a Borrower or other circumstance which
operates to toll any statute of limitations as to such Borrower shall operate to toll the statute
of limitations as to General Partner’s and Prologis’ respective obligations under this Article
XV.

     Section 15.5 Authorization. Each of General Partner and Prologis authorizes the Credit
Parties without notice or demand (except as shall be required by applicable statute and cannot be
waived), and without affecting or impairing its liability hereunder, from time to time to:

     (a) change the manner, place or terms of payment of, and/or change or extend the time of
payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations (including any
increase or decrease in the rate of interest thereon), any security therefor, or any liability
incurred directly or indirectly in respect thereof, and the guaranty of each of General Partner and
Prologis herein made shall apply to the Guaranteed Obligations as so changed, extended, renewed or
altered;

     (b) take and hold security for the payment of the Guaranteed Obligations and sell, exchange,
release, surrender, realize upon or otherwise deal with in any manner and in any order any property
by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed
Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly
in respect thereof or hereof, and/or any offset thereagainst;

     (c) exercise or refrain from exercising any rights against any Borrower or others or otherwise
act or refrain from acting;

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     (d) release or substitute any one or more endorsers, guarantors, Borrowers or other obligors;

     (e) settle or compromise any of the Guaranteed Obligations, any security therefor or any
liability (including any of those hereunder) incurred directly or indirectly in respect thereof or
hereof, and may subordinate the payment of any part thereof to the payment of any liability
(whether due or not) of any Borrower to its creditors other than the Credit Parties;

     (f) apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of
any Borrower to the Credit Parties regardless of what liability or liabilities of General Partner,
Prologis or any Borrower remain unpaid;

     (g) consent to or waive any breach of, or any act, omission or default under, this Agreement
or any of the instruments or agreements referred to herein, or otherwise amend, modify or
supplement this Agreement or any of such other instruments or agreements; and/or

     (h) take any other action that would, under otherwise applicable principles of common law,
give rise to a legal or equitable discharge of General Partner or Prologis from its liabilities
under this Article XV;

it being understood that the foregoing shall not permit any action by Global Administrative Agent
or any Lender that is not otherwise permitted by this Agreement or any other Loan Document.

The Guaranteed Obligations shall not be affected by any acts of any Governmental Authority
affecting any Borrower including any restrictions on the conversion of currency or repatriation or
control of funds or any total or partial expropriation of any Borrower’s property, or by economic,
political, regulatory or other events in the countries where any Borrower is located.

     Section 15.6 Reliance. It is not necessary for any Credit Party to inquire into the
capacity or powers of any Borrower or the officers, directors, partners or agents acting or
purporting to act on their behalf, and any Guaranteed Obligations made or created in reliance upon
the professed exercise of such powers shall be guaranteed hereunder.

     Section 15.7 Subordination. Any indebtedness of any Borrower relating to the
Guaranteed Obligations now or hereafter owing to General Partner or Prologis is hereby subordinated
to the Guaranteed Obligations of such Borrower owing to the Credit Parties, and if Global
Administrative Agent so requests at a time when an Event of Default exists, all such indebtedness
relating to the Guaranteed Obligations of such Borrower to the General Partner and Prologis shall
be collected, enforced and received by the General Partner or Prologis, as applicable, for the
benefit of the Credit Parties and be paid over to Global Administrative Agent on behalf of the
Credit Parties on account of the Guaranteed Obligations of such Borrower to the Credit Parties, but
without affecting or impairing in any manner the liability of General Partner and Prologis under
the other provisions of this Article XV. Without limiting the generality of the foregoing,
each of General Partner and Prologis hereby agrees with the Credit Parties that it will not
exercise any right of subrogation which it may at any time otherwise have as a result of the
guaranty under this Article XV (whether contractual, under Section 509 of the United States
Bankruptcy Code or otherwise) until, subject to the last sentence of Section 15.1, all
Guaranteed Obligations (other than contingent indemnities and costs and reimbursement obligations
to the extent no claim has been asserted with respect thereto) have been irrevocably paid in full
in cash.

161

 

     Section 15.8 Waivers.

     (a) Each of General Partner and Prologis waives any right (except as shall be required by
applicable statute and cannot be waived) to require any Credit Party to (i) proceed against any
Borrower, any other guarantor or any other party, (ii) proceed against or exhaust any security held
from any Borrower, any other guarantor or any other party or (iii) pursue any other remedy in any
Credit Party’s power whatsoever. Each of General Partner and Prologis waives any defense based on
or arising out of any defense of any Borrower, any other guarantor or any other party, other than
payment in full of the Guaranteed Obligations, based on or arising out of the disability of any
Borrower, any other guarantor or any other party, or the validity, legality or unenforceability of
the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of
the liability of any Borrower other than payment in full of the Guaranteed Obligations. The Credit
Parties may, at their election, foreclose on any security, if any, held by Global Administrative
Agent or any other Credit Party by one or more judicial or nonjudicial sales, whether or not every
aspect of any such sale is commercially reasonable (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Credit Parties may have against any
Borrower or any other party, or any security, without affecting or impairing in any way the
liability of the General Partner or Prologis hereunder except to the extent the Guaranteed
Obligations have been paid. Each of General Partner and Prologis waives any defense arising out of
any such election by the Credit Parties, even though such election operates to impair or extinguish
any right of reimbursement or subrogation or other right or remedy of General Partner or Prologis
against any Borrower or any other party or any security.

     (b) Except as otherwise expressly provided in this Agreement, each of General Partner and
Prologis waives all presentments, demands for performance, protests and notices, including notices
of any Event of Default, notices of nonperformance, notices of protest, notices of dishonor,
notices of acceptance of the guaranty hereunder, notices of the existence, creation or incurring of
new or additional Guaranteed Obligations, and notices of any Credit Party’s transfer or disposition
of the Guaranteed Obligations, or any part thereof. Each of General Partner and Prologis assumes
all responsibility for being and keeping itself informed of each Borrower’s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations and the nature, scope and extent of the risks which it assumes and incurs hereunder,
and agrees that no Agent or Lender shall have any duty to advise it of information known to it
regarding such circumstances or risks.

     Section 15.9 Nature of Liability. It is the desire and intent of each of General
Partner and Prologis and the Credit Parties that this Article XV shall be enforced against
each of General Partner and Prologis to the fullest extent permissible under the laws and public
policies applied in each jurisdiction in which enforcement is sought. If, however, and to the
extent that, the obligations of General Partner and Prologis under this Article XV shall be
adjudicated to be invalid or unenforceable for any reason (including because of any applicable
state or federal law relating to fraudulent conveyances or transfers), then the amount of the
Guaranteed Obligations shall be deemed to be reduced and each of General Partner and Prologis shall
pay the maximum amount of the Guaranteed Obligations which would be permissible under applicable
law.

162

 

[Signature pages follow]

163

 

EXHIBIT A-1

FORM OF U.S. COMMITTED LOAN NOTICE

Date: ___________, _____

To: Bank of America, N.A., as U.S. Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

The jurisdiction of organization or formation, as applicable, of the Borrower listed below is
____________, and the Borrower [is] [is not] a Foreign Borrower with respect to the U.S. Tranche.
The Borrower hereby requests (select one):

o A U.S. Committed Borrowing of U.S. Committed Loans.

o A conversion or continuation of U.S. Committed Loans that currently are [currency and Type of
existing U.S. Committed Loans to be converted or continued][with an Interest Period ending on
______.]

	1.	 	On                                          (a Business Day).
	 
	2.	 	In the aggregate amount of                     .
	 
	3.	 	Comprised of                     .

[Type of U.S. Committed Loans requested]
	 
	4.	 	In the following currency:                                         .
	 
	5.	 	For Eurocurrency Rate Loans: with an Interest Period of                      days/months.

The U.S. Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 2.1 of the Agreement.

	 	 	 	 	 
	 	U.S. BORROWER:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 

Exhibit A-1

1

 

EXHIBIT A-2

FORM OF EURO COMMITTED LOAN NOTICE

Date: ___________, _____

To: The Royal Bank of Scotland plc, as Euro Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

The jurisdiction of organization or formation, as applicable, of the Borrower listed below is
____________, and the Borrower [is] [is not] a Foreign Borrower with respect to the Euro Tranche.
The Borrower listed below hereby requests (select one):

o A Euro Committed Borrowing of Euro Committed Loans.

o A continuation of Euro Committed Loans.

	1.	 	On                                          (a Business Day).
	 
	2.	 	In the aggregate amount of                     .
	 
	3.	 	In the following currency:                                         .
	 
	4.	 	Eurocurrency Rate Loans: with an Interest Period of                      days/months.

The Euro Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 3.1 of the Agreement.

	 	 	 	 	 
	 	EURO BORROWER:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 

Exhibit A-2

1

 

EXHIBIT A-3

FORM OF YEN COMMITTED LOAN NOTICE

Date: ___________, _____

To: Sumitomo Mitsui Banking Corporation, as Yen Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

The jurisdiction of organization or formation, as applicable, of the Borrower listed below is
____________, and the Borrower [is] [is not] a Foreign Borrower with respect to the Yen Tranche.
The Borrower listed below hereby requests (select one):

o A Yen Committed Borrowing of Yen Committed Loans.

o A conversion or continuation of Yen Committed Loans that currently are [currency and Type of
existing Yen Committed Loans to be converted or continued][with an Interest Period ending on
______.]

	1.	 	On                                          (a Business Day).
	 
	2.	 	In the aggregate amount of                     .
	 
	3.	 	Comprised of                     .

[Type of Yen Committed Loans requested]
	 
	4.	 	In the following currency:                                         .
	 
	5.	 	For Eurocurrency Rate Loans: with an Interest Period of                      days/months.

The Yen Committed Borrowing, if any, requested herein complies with the provisos to the first
sentence of Section 4.1 of the Agreement.

	 	 	 	 	 
	 	YEN BORROWER:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 

Exhibit A-3

1

 

EXHIBIT B-1

FORM OF U.S. SWING LINE LOAN NOTICE

Date: ___________, _____

To: Bank of America, N.A., as U.S. Swing Line Lender and U.S. Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

The undersigned hereby requests a U.S. Swing Line Loan:

	1.	 	On                                          (a Business Day).
	 
	2.	 	In the amount of $                                         .

The U.S. Swing Line Borrowing requested herein complies with the requirements of the provisos to
the first sentence of Section 2.5.1 of the Agreement.

	 	 	 	 	 
	 	U.S. BORROWER:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 

Exhibit B-1

1

 

EXHIBIT B-2

FORM OF EURO SWING LINE LOAN NOTICE

Date: ___________, _____

To: The Royal Bank of Scotland N.V., as Euro Swing Line Lender and Euro Funding Agent

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

The undersigned hereby requests a Euro Swing Line Loan:

	1.	 	On                                          (a Business Day).
	 
	2.	 	In the amount of                     .
	 
	3.	 	In the following currency: o Euro or o Sterling.

The Euro Swing Line Borrowing requested herein complies with the requirements of the provisos to
the first sentence of Section 3.5.1 of the Agreement.

	 	 	 	 	 
	 	EURO BORROWER:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 

Exhibit B-2

1

 

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: _____________, _____

To: Bank of America, N.A., as Global Administrative Agent

Ladies and Gentlemen:

     Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (“Prologis”), certain Affiliate Borrowers from time to time party thereto,
Prologis, Inc., as guarantor (“General Partner”), the Lenders from time to time party
thereto, and Bank of America, N.A., as Global Administrative Agent and various other capacities,
and such other Agents named therein.

     The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
____________________________ of General Partner, and that, as such, he/she is authorized to execute
and deliver this Certificate to Global Administrative Agent on the behalf of General Partner, for
itself and as general partner of Prologis, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. Attached hereto as Schedule 1-A are the year-end audited financial statements required
by Section 10.1(a)(i) of the Agreement for the fiscal year of General Partner ended as of
the above date, together with the report and opinion of an independent certified public accountant
required by such section. Attached hereto as Schedule 1-B are the year-end audited
financial statements required by Section 10.1(a)(ii) of the Agreement for the fiscal year
of Prologis ended as of the above date, together with the report and opinion of an independent
certified public accountant required by such section.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1. Attached hereto as Schedule 1-A are the unaudited financial statements required by
Section 10.1(b)(i) of the Agreement for the fiscal quarter of General Partner ended as of
the above date. Such financial statements fairly present the financial condition, results of
operations, shareholders’ equity and cash flows of General Partner and its Consolidated
Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal
year-end audit adjustments and the absence of footnotes. Attached hereto as Schedule 1-B
are the unaudited financial statements required by Section 10.1(b)(ii) of the Agreement for
the fiscal quarter of Prologis ended as of the above date. Such financial statements fairly
present the financial condition, results of operations, shareholders’ equity and cash flows of
Prologis and its Consolidated Subsidiaries in accordance with GAAP as at such date and for such
period, subject only to normal year-end audit adjustments and the absence of footnotes.

2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or
has caused to be made under his/her supervision, a detailed review of the condition (financial or
otherwise) of the Companies as of the date of the attached financial statements and for the
accounting period then ended with the purpose of determining whether the Companies were in
compliance with the Agreement as of such date, and

Exhibit C

Exhibit Page 1

 

[select one:]

     [to the best knowledge of the undersigned, no Default existed on such date.]

—or—

     [the following is a list of Defaults that, to the best knowledge of the undersigned, existed
on such date, together with a description of the nature and status of each such Default:]

3. The financial covenant analyses and information set forth on Schedule 2 attached hereto
are true and accurate on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as
of ____________________, _______.

	 	 	 	 	 
	 	PROLOGIS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 
	 	PROLOGIS, L.P.

 	 
	 	By:  	PROLOGIS, INC., General Partner
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 	 	 
	 	 	Title:  	 	 	 	 
	 

Exhibit C

Exhibit Page 2

 

For the Quarter/Year ended __________________(“Statement Date”)

SCHEDULE 1-A

to the Compliance Certificate

Financial Statements

Exhibit C

Exhibit Page 3

 

SCHEDULE 1-B

to the Compliance Certificate

Financial Statements

Exhibit C

Exhibit Page 4

 

For the Quarter/Year ended __________________(“Statement Date”)

SCHEDULE 2

to the Compliance Certificate ($ in 000’s)

     The following covenant computations, together with the supporting schedules attached hereto,
are true and correct:

	 	 	 	 	 	 	 	 	 

	 	a.	 	 	Minimum Consolidated Tangible Net Worth.
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Actual
	 	$	                    	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Required Minimum
	 	$	10,000,000	 
	 	 	 	 	 
	 	 	 	 
	 	b.	 	 	Consolidated Leverage Ratio.
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Indebtedness of the Companies1
	 	$	                                                             	(1)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Total Asset Value2
	 	$	                                                                   	(2)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Ratio of (1) to (2)
	 	 	                    	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Permitted Maximum
	 	 	0.60 to 1.00	3
	 	 	 	 	 
	 	 	 	 
	 	c.	 	 	Fixed Charge Coverage Ratio. 4
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Adjusted EBITDA
	 	$	                                                              	(1)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Capital Expenditures
	 	$	                                                               	(2)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Subtotal (1) — (2)
	 	$	                                                                     	(3)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Debt Service
	 	$	                                                         	(4)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Preferred Dividends
	 	$	                                                         	(5)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Subtotal (4) + (5)
	 	$	                                                         	(6)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Ratio of (3) to (6)
	 	 	                    	 
	 
	 	 	 	 	Required Minimum
	 	 	1.50 to 1.00	 

 

			
	1	 	Adjusted by deducting therefrom an amount
equal to the lesser of (i) total Indebtedness of the Companies that by its
terms is scheduled to mature on or before the date that is 24 months from the
date of calculation and (ii) Unrestricted Cash of the Companies.
	 
	2	 	Adjusted by deducting therefrom the amount by
which total Indebtedness is adjusted.
	 
	3	 	As of the last day of the four fiscal quarters
immediately following any Material Acquisition, such ratio may exceed 0.60 to
1.0 so long as it does not exceed 0.65 to 1.00.
	 
	4	 	Calculated for the four fiscal quarters ending
on the date of determination.

Exhibit C

1

 

	 	 	 	 	 	 	 	 	 

	 	d.	 	 	Unencumbered Debt Service Coverage Ratio.5
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	NOI of Unencumbered Properties (see Schedule
3)6
	 	$	                                             	(1)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Management fees of the Companies less related
expenses7
	 	$	                                             	(2)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Allowed Unconsolidated Affiliate Earnings8
	 	$	                                             	(3)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Subtotal of (1) + (2) + (3)
	 	$	                                             	(4)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Less the amount by which (2) + (3) exceeds 40% of (4)
	 	$	                                             	(5)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Unencumbered NOI (Subtotal of (4) — (5))
	 	$	                                             	(6)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Unencumbered Capital Expenditures9
	 	$	                                             	(7)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Subtotal (6) — (7)
	 	$	                                             	(8)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Unencumbered Debt Service
	 	$	                                             	(9)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Ratio of (8) to (9)
	 	 	                    	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Required Minimum
	 	 	1.50 to 1.00	 
	 	 	 	 	 
	 	 	 	 
	 	e.	 	 	Secured Indebtedness.
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Secured Debt of the Companies
	 	$	                    	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Total Asset Value
	 	$	                    	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Percentage of Secured Debt over Total Asset Value
	 	 	                                         	%
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Maximum Permitted
	 	 	35	%10

 

			
	5	 	Calculated for the four fiscal quarters
ending on the date of determination.
	 
	6	 	Not subject to any Lien (other than
Permitted Liens).
	 
	7	 	Not subject to any Lien (other than
Permitted Liens).
	 
	8	 	Not subject to any Lien (other than
Permitted Liens).
	 
	9	 	Except for Unencumbered Properties where
the tenant is responsible for capital expenditures.
	 
	10	 	As of the last day of the four fiscal
quarters immediately following any Material Acquisition, such ratio may exceed
35% so long as it does not exceed 40%.

Exhibit C

2

 

	 	 	 	 	 	 	 	 	 

	 	f.	 	 	Restricted Payments.
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Funds from Operations
	 	$	                    	(1)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	95% of (1)
	 	$	                    	(2)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Amount of Restricted Payments required to
be paid in order for Prologis to
eliminate its REIT taxable income and/or
to maintain its status as a REIT
	 	$	                    	(3)
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Permitted Maximum (greater of (2) and (3))
	 	$	                    	(4)11
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	Aggregate cash dividends and other cash distributions
	 	$	                    	 (not to exceed (4) if
 a Default exists)

Date:                                         

 

			
	11	 	Excluding Restricted Payments otherwise
permitted by Section 11.3 of the Agreement.

Exhibit C

3

 

For the Quarter/Year ended __________________(“Statement Date”)

SCHEDULE 3

to the Compliance Certificate ($ in 000’s)

Detailed Calculation of NOI of Unencumbered Properties

Exhibit C

Exhibit Page 4

 

EXHIBIT D

ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the respective meanings given to them in the Agreement (as
defined below), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard
Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth
herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and
the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in
accordance with the Standard Terms and Conditions and the Agreement, as of the Effective Date
inserted by the applicable Funding Agent as contemplated below, (i) all of the Assignor’s rights
and obligations as a Lender under the Agreement and any document or instrument delivered pursuant
thereto to the extent related to the amount and percentage interest identified below of all of such
outstanding rights and obligations of the Assignor under the respective Tranches identified below
(including, without limitation, the Letters of Credit and the Swing Line Loans included in such
facilities1) and (ii) to the extent permitted to be assigned under applicable law, all
claims, suits, causes of action and other rights of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection with the Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed
thereby or in any way based on or related to any of the foregoing, including, but not limited to,
contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the
rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to
herein collectively as the “Assigned Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

	 	 	 	 	 

	1.

	 	Assignor:
	 	____________________
	 
	2.

	 	Assignee:
	 	____________________ [and is an Affiliate of [identify Lender]2]
	 
	3.

	 	Borrower(s):
	 	____________________
	 
	4.

	 	Global Administrative Agent: Bank of America, N.A., as the global administrative
agent under the Agreement
	 
	5.

	 	Applicable Funding Agent:                                                             

 

			
	1	 	Include all applicable subfacilities.
	 
	2	 	Select as applicable.

Exhibit D

1

 

6. Agreement: Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, Bank of
America, N.A., as Global Administrative Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a
U.S. L/C Issuer, The Royal Bank of Scotland plc, as a Euro Funding Agent, Euro Swing Line Lender,
and a Euro L/C Issuer, and Sumitomo Mitsui Banking Corporation, as a Yen Funding Agent and a Yen
L/C Issuer.

7. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AGGREGATE AMOUNT OF	 	 	 	 
	TRANCHE	 	COMMITMENT/LOANS FOR ALL	 	AMOUNT OF	 	CUSIP
	ASSIGNED	 	APPLICABLE TRANCHE LENDERS	 	COMMITMENT/LOANS	 	NUMBER
	 
	 	$	 	 	 	$	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	 	 
	 
	 	$	 	 	 	$	 	 	 	 	 	 

[8. Trade Date: __________________]3

9. Qualifications. Annex 2 attached hereto sets forth the specific qualifications
of the Assignee.

[10. Acknowledgment of Security Agency Agreement. Assignee acknowledges and agrees to the
terms and conditions set forth in, and agrees to be bound by all of the provisions of, the Security
Agency Agreement as if it were a signatory thereto including the provisions that provide for the
allocation or reallocation of Recoveries (as defined in the Security Agency Agreement) from such
Assignee.]4

Effective Date: __________________, 20__ [TO BE INSERTED BY THE APPLICABLE AGENT AND WHICH SHALL BE
THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 
	 	ASSIGNOR

[NAME OF ASSIGNOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

 

			
	3	 	To be completed if the Assignor and the
Assignee intend that the minimum assignment amount is to be determined as of
the Trade Date.
	 
	4	 	Applicable with respect to assignments prior
to the Security Agency Agreement Release Date.

Exhibit D

2

 

	 	 	 	 	 
	 	ASSIGNEE

[NAME OF ASSIGNEE]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

[Consented to and]5 Accepted:

                                        

	 	 	 	 	 	 	 

	By:
	 	 	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	[Consented to:]6	 	 
	 
	 	 	 	 	 	 
	PROLOGIS, L.P.

	 	 
	 
	 	 	 	 	 	 
	By:	 	PROLOGIS, INC., General Partner	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

			
	5	 	To be added only if the consent of the
applicable Agent is required by the terms of the Credit Agreement.
	 
	6	 	To be added only if the consent of the Company
and/or other parties (e.g. Swing Line Lender, L/C Issuer or Fronting Lender) is
required by the terms of the Credit Agreement.

Exhibit D

3

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

PROLOGIS SENIOR GLOBAL CREDIT AGREEMENT

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1. Representations and Warranties.

     1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Agreement or any other
Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the
Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan
Document or (iv) the performance or observance by the Company, any of its Subsidiaries or
Affiliates or any other Person of any of their respective obligations under any Loan Document.

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Agreement, (ii) it meets all requirements of an Eligible Qualified Institution under the Agreement
(subject to receipt of such consents as may be required under the Agreement), (iii) from and after
the Effective Date, it shall be bound by the provisions of the Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it has received a copy of the Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 10.1 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of
which it has made such analysis and decision independently and without reliance on any Agent or any
other Lender, and (v) if it is a Foreign Lender, attached hereto is any documentation required to
be delivered by it pursuant to the terms of the Agreement, duly completed and executed by the
Assignee; and (b) agrees that (i) it will, independently and without reliance on any Agents, the
Assignor or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender.

2. Payments. From and after the Effective Date, the applicable Agent shall make all
payments in respect of the Assigned Interest (including payments of principal, interest, fees and
other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date
and to the Assignee for amounts which have accrued from and after the Effective Date.

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to
the benefit of, the parties hereto and their respective successors and assigns. This Assignment
and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this
Assignment and

Exhibit D

4

 

Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of New York.

Exhibit D

5

 

ANNEX 2 TO ASSIGNMENT AND ASSUMPTION

PROLOGIS SENIOR GLOBAL CREDIT AGREEMENT

I. Alternative Currency Qualifications (complete for each assigned Tranche):

1. Assignee represents and warrants to U.S. Funding Agent that it can provide U.S. Committed Loans
in each of the following Alternative Currencies marked as “Available” under the U.S. Tranche:

	 	 	 	 	 	 	 
	Canadian Dollars	 	Euro	 	Sterling	 	Yen
	Available / Not
Available

	 	Available / Not Available
	 	Available / Not Available
	 	Available / Not Available

2. Assignee represents and warrants to Euro Funding Agent that it can provide Euro Committed
Loans in each of the following Alternative Currencies marked as “Available” under the Euro Tranche:

	 	 	 	 	 
	Dollars	 	Sterling	 	Yen
	Available / Not Available

	 	Available / Not Available
	 	Available / Not Available

3. Assignee represents and warrants to Yen Funding Agent that it can provide Yen Committed
Loans in each of the following Alternative Currencies marked as “Available” under the Yen Tranche:

	 	 	 	 	 
	Dollars	 	Euro	 	Sterling
	Available / Not Available

	 	Available / Not Available
	 	Available / Not Available

II. TMK Qualifications:

[select one:]

[1. Assignee represents and warrants to the applicable Funding Agents that it is an
institution from which a TMK may, pursuant to the Laws of Japan, borrow money.]

[1. Assignee represents and warrants to the applicable Funding Agents that it is not an
institution from which a TMK may, pursuant to the Laws of Japan, borrow money.]

Note: a Yen Lender must be an institution from which a TMK may, pursuant to the Laws of Japan,
borrow money.

III. Foreign Borrower Qualifications (complete for each assigned Tranche):

1. Assignee represents and warrants to U.S. Funding Agent that it can provide U.S. Committed Loans
in each of the following jurisdictions marked as “Available” under the U.S. Tranche without the
imposition of any withholding tax:

Exhibit D

6

 

	 	 	 

	The Netherlands

	 	Japan
	 
	 	 
	Available / Not Available

	 	Available / Not Available

2. Assignee represents and warrants to Euro Funding Agent that it can provide Euro Committed
Loans in each of the following jurisdictions marked as “Available” under the Euro Tranche without
the imposition of any withholding tax:

	 	 	 

	United States

	 	Japan
	 
	 	 
	Available / Not Available

	 	Available / Not Available

3. Assignee represents and warrants to Yen Funding Agent that it can provide Yen Committed
Loans in each of the following jurisdictions marked as “Available” under the Yen Tranche without
the imposition of any withholding tax:

	 	 	 

	United States

	 	The Netherlands
	 
	 	 
	Available / Not Available

	 	Available / Not Available

IV. Yen Lender Representation Regarding ABR Rate Loans:

[select one:]

[1. Assignee represents and warrants to Yen Funding Agent that it is an institution from
which a Borrower may borrow ABR Rate Loans under the Yen Tranche.]

[1. Assignee represents and warrants to Yen Funding Agent that it is not an institution from
which a Borrower may borrow ABR Rate Loans under the Yen Tranche.]

Exhibit D

7

 

EXHIBIT E

FORM OF OLD PROLOGIS GUARANTY

FORM OF OLD PROLOGIS GUARANTY AGREEMENT

  THIS OLD PROLOGIS GUARANTY AGREEMENT (this “Guaranty Agreement”) is executed as of
June 3, 2011 by PROLOGIS, a Maryland real estate investment trust, as guarantor
(“Guarantor”), in favor of the Collateral Agent under and as defined in the Security Agency
Agreement referred to below for the benefit of the Guaranteed Credit Parties (as defined below).
Except as otherwise specified herein, capitalized terms used but not defined herein have the
respective meanings set forth in the Security Agency Agreement or, if not defined therein, in the
Global Credit Agreement referred to below, and the rules of interpretation set forth in
Sections 1.2(a) and (c) of the Global Credit Agreement shall apply herein as if
fully set forth herein.

R E C I T A L S:

  1. Pursuant to a Global Senior Credit Agreement dated as of even date herewith (the
“Global Credit Agreement”) among ProLogis, Inc., various subsidiaries and affiliates
thereof (including Guarantor), Bank of America, N.A. (“Bank of America”), as Global
Administrative Agent (in such capacity, “Global Administrative Agent”), and various other
agents, letter of credit issuers and lenders (Global Administrative Agent and such other agents,
letter credit issuers and lenders, the “Global Lenders”) have agreed to provide a credit
facility to ProLogis, Inc. and the subsidiaries and affiliates thereof that are parties thereto.

  2. The Global Credit Agreement requires that, so long as the Security Agency Agreement Release
Date has not occurred, Guarantor shall guarantee all Obligations (used herein as defined in the
Global Credit Agreement) of the Old ProLogis Subsidiary Borrowers (each an “Obligor” and
collectively the “Obligors”) under the Global Credit Agreement.

  3. This Guaranty Agreement is a “ProLogis Guaranty” under and as defined in the Amended and
Restated Security Agency Agreement dated as of October 6, 2005 (the “Security Agency
Agreement”) among Bank of America, as Global Administrative Agent and as Collateral Agent, and
certain other creditors of Guarantor.

  4. Guarantor intends that the Obligations and all other Credit Obligations of Old ProLogis
Subsidiary Borrowers shall be guaranteed pursuant to the terms hereof.

  5. Guarantor has benefited and will continue to benefit from the extensions of credit to the
Obligors by the Guaranteed Credit Parties.

  NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, Guarantor hereby guarantees payment of the Guaranteed Obligations
(as defined below) as more specifically described herein and hereby agree as follows:

SECTION 1

NATURE AND SCOPE OF GUARANTY

     1.1 Definitions of Guaranteed Credit Parties and Guaranteed Obligations; Replacement of
ProLogis Global Guaranty. As used herein, (a) the term “Guaranteed Credit Parties” means
all Global Lenders to which any Obligor has any liability under the Global Credit Agreement and all
other Credit Parties to which any Obligor has any liability under any other

 

 

Financing Agreement; and (b) the term “Guaranteed Obligations” means (i) all
Obligations of the Obligors, (ii) all other Credit Obligations owing to the Guaranteed Credit
Parties and (iii) all costs, expenses and fees, including court costs and reasonable attorneys’
fees, arising in connection with the collection of any Guaranteed Obligations. This Guaranty
Agreement replaces the ProLogis Global Guaranty in its entirety, and each reference to “ProLogis
Global Guaranty” in the Security Agency Agreement or any other Loan Document shall be deemed to be
a reference to this Guaranty Agreement.

     1.2 Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the
liabilities and obligations of Guarantor to the Guaranteed Credit Parties hereunder shall not be
reduced, discharged or released because or by reason of any existing or future offset, claim or
defense of any Obligor (including any offset for present or future Taxes as set forth in
Section 1.10 hereof), or any other party, against any Guaranteed Credit Party or against
payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection
with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or
otherwise. Without limiting the foregoing or Guarantor’s liability hereunder, to the extent that
any Guaranteed Credit Party advances funds or extends credit to any Obligor, and does not receive
payments or benefits thereon in the amounts and at the times required or provided by the Financing
Agreements or under applicable law, Guarantor is absolutely liable to make such payments to (and
confer such benefits on) such Guaranteed Credit Party, on a timely basis.

     1.3 Guaranty of Guaranteed Obligations. Guarantor hereby irrevocably and unconditionally
guarantees to the Guaranteed Credit Parties (a) the due and punctual payment of the Guaranteed
Obligations when due (whether at stated maturity, upon acceleration or otherwise) and (b) the
timely performance of all other obligations now or hereafter owed by all Obligors to the Guaranteed
Credit Parties under the Financing Agreements. Guarantor hereby irrevocably and unconditionally
covenants and agrees that it is liable for the Guaranteed Obligations as primary obligor and not
merely as surety.

     1.4 Nature of Guaranty. This Guaranty Agreement is intended to be an irrevocable, absolute
and continuing guaranty of payment and is not a guaranty of collection. This Guaranty Agreement
may not be revoked by Guarantor. The fact that at any time or from time to time the Guaranteed
Obligations may be increased or reduced or paid in full shall not release, discharge or reduce the
obligation of Guarantor with respect to indebtedness or obligations of any Obligor to the
Guaranteed Credit Parties thereafter incurred (or other Guaranteed Obligations thereafter arising)
under the Financing Agreements. This Guaranty Agreement shall not be discharged by the assignment
or negotiation of all or part of the Guaranteed Obligations.

     1.5 Payment by Guarantor. If all or any part of the Guaranteed Obligations shall not be
punctually paid when due, whether at maturity or earlier by acceleration or otherwise, then
Guarantor shall, immediately upon demand by Collateral Agent for the benefit of the Guaranteed
Credit Parties, and without presentment, protest, notice of protest, notice of nonpayment, notice
of intention to accelerate or acceleration or any other notice whatsoever, pay, at the election of
Collateral Agent, in the lawful currency in which the applicable Guaranteed Obligations have been
incurred or in lawful money of the United States of America (or such other currency as may be
required under the applicable Financing Agreement), the amount due on the Guaranteed Obligations to
Collateral Agent, for the benefit of the Guaranteed Credit

Old ProLogis Guaranty Agreement

9

 

Parties, at Collateral Agent’s principal office in Dallas, Texas. Any such demand may be made
at any time coincident with or after the time for payment of all or part of the Guaranteed
Obligations, and may be made from time to time with respect to the same or different items of
Guaranteed Obligations. Any such demand shall be deemed made, given and received in accordance
with Section 5.2 hereof. Guarantor agrees to make all payments hereunder strictly in
accordance with the terms hereof regardless of any law, regulation or order now or hereafter in
effect in the jurisdiction in which Guarantor is organized or formed or any other jurisdiction
(except the laws of the State of New York) affecting any of such terms or the rights of the
Guaranteed Credit Parties with respect thereto.

     1.6 Payment of Expenses. If Guarantor breaches or fails to timely perform any provision of
this Guaranty Agreement, then Guarantor shall, immediately upon demand by Collateral Agent, pay to
Collateral Agent, for the benefit of the Guaranteed Credit Parties, all costs and expenses
(including court costs and reasonable attorneys’ fees and expenses) incurred by the Guaranteed
Credit Parties in the enforcement hereof or the preservation of the Guaranteed Credit Parties’
rights hereunder, including any of the foregoing arising out of any case commenced by or against
Guarantor under the Bankruptcy Code (Title 11, United States Code) or any similar or successor
statute. The covenant contained in this Section 1.6 shall survive the payment of the
Guaranteed Obligations.

     1.7 No Duty to Pursue Others. Neither Collateral Agent nor any other Guaranteed Credit Party
shall be required (and Guarantor hereby waives any rights which it may have to require Collateral
Agent or any other Guaranteed Credit Party) to, in order to enforce payment by Guarantor, first (a)
institute suit or exhaust remedies against any Obligor or others liable on the Guaranteed
Obligations or any other Person, (b) enforce the Guaranteed Credit Parties’ (or Collateral Agent’s)
rights against any security which shall ever have been given to secure the Guaranteed Obligations,
(c) enforce the Guaranteed Credit Parties’ (or Collateral Agent’s) rights against any other
guarantors of the Guaranteed Obligations, (d) join Obligors or any others liable on the Guaranteed
Obligations in any action seeking to enforce this Guaranty Agreement, (e) exhaust any remedies
available to the Guaranteed Credit Parties (or Collateral Agent) against any security which shall
ever have been given to secure the Guaranteed Obligations or (f) resort to any other means of
obtaining payment of the Guaranteed Obligations. The Guaranteed Credit Parties shall not be
required to mitigate damages or take any other action to reduce, collect or enforce the Guaranteed
Obligations. Further, Guarantor expressly waives each and every right to which it may be entitled
by virtue of the suretyship law of any applicable jurisdiction.

     1.8 Waiver of Notices, etc. Guarantor agrees to the provisions of each of the Financing
Agreements, and hereby waives notice of (a) any loan or advance made by any Guaranteed Credit Party
to any Obligor or issuance or redemption of any instrument evidencing indebtedness of an Obligor in
favor of a Guaranteed Credit Party, (b) acceptance of this Guaranty Agreement, (c) any amendment or
extension of any Financing Agreement or any other instrument or document pertaining to all or any
part of the Guaranteed Obligations, (d) the execution and delivery by any Obligor and any
Guaranteed Credit Party of any other loan or credit agreement or of any Obligor’s execution and
delivery of any promissory note or other document in connection therewith, (e) the occurrence of
any Event of Default, (f) any Guaranteed Credit Party’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (g) sale or foreclosure (or posting or advertising for sale or
foreclosure) of any collateral

Old ProLogis Guaranty Agreement

10

 

for the Guaranteed Obligations, (h) protest, proof of nonpayment or default by any Obligor
with respect to any of the Guaranteed Obligations, (i) the release of any other guarantor of the
Guaranteed Obligations or (j) any other action at any time taken or omitted by any Guaranteed
Credit Party, and, generally, all demands and notices of every kind in connection with this
Guaranty Agreement, any Financing Agreement, and any other document or agreement evidencing,
securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed.

     1.9 Effect of Bankruptcy, Other Matters. If, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order, or decision
thereunder, or for any other reason, (a) any Guaranteed Credit Party must rescind or restore any
payment, or any part thereof, received by such Guaranteed Credit Party in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this
Guaranty Agreement given to Guarantor by such Guaranteed Credit Party shall be without effect, and
this Guaranty Agreement shall remain in full force and effect, (b) any Obligor shall cease to be
liable to the Guaranteed Credit Parties for any of the Guaranteed Obligations (other than by reason
of the indefeasible payment in full thereof), then the obligations of Guarantor under this Guaranty
Agreement shall remain in full force and effect. It is the intention of the Guaranteed Credit
Parties and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance.
Without limiting the generality of the foregoing, it is the intention of the Guaranteed Credit
Parties and Guarantor that the filing of any Bankruptcy Proceeding by or against any Obligor or any
other Person obligated on any portion of the Guaranteed Obligations shall not affect the
obligations of Guarantor under this Guaranty Agreement or the rights of the Guaranteed Credit
Parties (or Collateral Agent acting on their behalf) under this Guaranty Agreement, including the
right or ability of the Guaranteed Credit Parties (or Collateral Agent on their behalf) to pursue
or institute suit against Guarantor for the entire Guaranteed Obligations.

     1.10 Taxes. If Guarantor makes a payment hereunder to which Indemnified Taxes or Other Taxes
apply or are at any time imposed on any payment under or in respect of this Guaranty Agreement,
Guarantor shall pay all such Taxes to the relevant authority in accordance with applicable law such
that the Guaranteed Credit Parties receive the sum they would have received had no such deduction
or withholding of such Taxes been made and shall also pay to the Guaranteed Credit Parties, on
demand, all additional amounts which any such Guaranteed Credit Party specifies as necessary to
preserve the after-tax yield the Guaranteed Credit Party would have received if such taxes had not
been imposed. Guarantor shall, as soon as practicable after any payment described above, deliver
to Collateral Agent the original or a certified copy of a receipt issued by the relevant authority
evidencing the payment of any such amount required to be deducted or withheld.

     1.11 Release and Termination of Guaranty Agreement. Notwithstanding anything herein or in any
other Loan Document to the contrary, each Guaranteed Credit Party by acceptance of the benefits of
this Guaranty Agreement, agrees that this Guaranty Agreement, and all obligations of Guarantor
hereunder, will automatically, without any further act or consent of any Person, be released and
terminated on the Security Agency Agreement Release Date. Collateral Agent agrees that it will
promptly execute and deliver all further instruments and

Old ProLogis Guaranty Agreement

11

 

documents, and take all further action, that Guarantor may reasonably request in order to
evidence such termination, and each Guaranteed Credit Party, by acceptance of the benefits of this
Guaranty Agreement, irrevocably authorizes Collateral Agent to execute and deliver all such further
instruments and documents and take all such further actions on its behalf.

SECTION 2

ADDITIONAL EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees that
Guarantor’s obligations under this Guaranty Agreement shall not be released, diminished, impaired,
reduced or adversely affected by any of the following, and waives any common law, equitable,
statutory or other rights (including, without limitation, rights to notice) which Guarantor might
otherwise have as a result of or in connection with any of the following:

     2.1 Modifications, etc. Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Guaranteed Obligations or of the Financing Agreements;

     2.2 Adjustment, etc. Any adjustment, indulgence, forbearance or compromise that might be
granted or given by any Guaranteed Credit Party to Guarantor or any Obligor;

     2.3 Condition, Composition or Structure of Obligor or Guarantor. The insolvency, bankruptcy,
arrangement, adjustment, composition, structure, liquidation, disability, dissolution or lack of
power of any Obligor, Guarantor or any other party at any time liable for the payment of all or
part of the Guaranteed Obligations; or any dissolution of any Obligor or of Guarantor, or any sale,
lease or transfer of any or all of the assets of any Obligor or of Guarantor, or any change in
name, business, location, composition, structure, shareholders, partners or members (whether by
accession, secession, cessation, death, dissolution, transfer of assets or otherwise) of any
Obligor or of Guarantor; or any reorganization of any Obligor or of Guarantor;

     2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality, or unenforceability of
any part of the Guaranteed Obligations, or any document or agreement executed in connection with
the Guaranteed Obligations, for any reason whatsoever, including the fact that (a) the Guaranteed
Obligations, or any part thereof, exceed the amount permitted by law, (b) the act of creating the
Guaranteed Obligations, or any part thereof, is ultra vires, (c) the officers or representatives
executing the Financing Agreements or any other documents otherwise creating the Guaranteed
Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable
usury laws, (e) any Obligor has valid defenses, claims or offsets (whether at law, in equity or by
agreement) which render any Guaranteed Obligations wholly or partially uncollectible from such
Obligor, (f) the creation, performance or repayment of the Guaranteed Obligations (or the
execution, delivery, and performance of any document or instrument representing part of the
Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to
secure the repayment of the Guaranteed Obligations) is illegal, uncollectible, or unenforceable, or
(g) the Financing Agreements or other documents or instruments pertaining to the Guaranteed
Obligations have been forged or otherwise are irregular or not genuine or authentic;

Old ProLogis Guaranty Agreement

12

 

     2.5 Release of Obligors. Any full or partial release of the liability of any Obligor on the
Guaranteed Obligations, or any part thereof, or of any co-guarantor or any other Person now or
hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to
pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof,
it being recognized, acknowledged and agreed by Guarantor that it may be required to pay the
Guaranteed Obligations in full without assistance or support of any other party, and Guarantor has
not been induced to enter into this Guaranty Agreement on the basis of a contemplation, belief,
understanding or agreement that other parties will be liable to perform the Guaranteed Obligations,
or that the Guaranteed Credit Parties will look to other parties to perform the Guaranteed
Obligations; notwithstanding the foregoing, Guarantor does not hereby waive or release (expressly
or impliedly) any rights of subrogation, reimbursement or contribution which it may have, after
indefeasible payment in full of the Guaranteed Obligations (other than contingent indemnification
obligations not yet due and payable (“Contingent Indemnification Obligations”)), against
others liable on the Guaranteed Obligations; provided that Guarantor’s rights of
subrogation, reimbursement and contribution are subordinate to the rights and claims of the
Guaranteed Credit Parties until the payment in full of all Guaranteed Obligations (other than
Contingent Indemnification Obligations);

     2.6 Other Security. The taking or accepting of any other security, collateral, guaranty or
other assurance of payment for all or any part of the Guaranteed Obligations;

     2.7 Release of Collateral, etc. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including negligent, willful, unreasonable, or
unjustifiable impairment) of any collateral, property or security at any time existing in
connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations,
including the release of Collateral contemplated by Section 1.11;

     2.8 Care and Diligence. The failure of any Guaranteed Credit Party, Collateral Agent or any
other party to exercise diligence or reasonable care or to act, fail to act or comply with any duty
in the administration, preservation, protection, enforcement, sale application, disposal or other
handling or treatment of all or any part of Guaranteed Obligations or any collateral, property, or
security at any time securing any portion thereof, including the failure to conduct any foreclosure
or exercise any other remedy fairly, in a commercially reasonable manner, or in such a way so as to
obtain the best possible price or a favorable price or otherwise act or fail to act;

     2.9 Status of Liens. The fact that any collateral, security, security interest or lien
contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed
by Guarantor that Guarantor is not entering into this Guaranty Agreement in reliance on, or in
contemplation of the benefits of, the validity, enforceability, collectibility or value of any
collateral for the Guaranteed Obligations; notwithstanding the foregoing, Guarantor does not hereby
waive or release (expressly or impliedly) any right to be subrogated to the rights of the
Guaranteed Credit Parties in any collateral or security for the Guaranteed Obligations after
payment in full of the Guaranteed Obligations; provided that Guarantor’s rights of subrogation are
subordinate to the rights, claims, liens, and security interests of the Guaranteed Credit Parties

Old ProLogis Guaranty Agreement

13

 

until the payment in full of the Guaranteed Obligations (other than Contingent Indemnification
Obligations);

     2.10 Offset. Any existing or future right of offset, claim or defense of any Obligor against
the Guaranteed Credit Parties or any other party, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise;

     2.11 Merger. The reorganization, merger, or consolidation of any Obligor or Guarantor into or
with any other Person;

     2.12 Preference. Any payment by any Obligor to any Guaranteed Credit Party being held to
constitute a preference under bankruptcy laws, or for any reason any Guaranteed Credit Party is
required to refund such payment or pay such amount to such Obligor or another Person (other than in
accordance with the Security Agency Agreement); or

     2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with
respect to the Financing Agreements, the Guaranteed Obligations, or the security and collateral
therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood
or risk that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms
hereof; it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance,
event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not
otherwise or particularly described herein, except for the full and final payment and satisfaction
of the Guaranteed Obligations.

SECTION 3

REPRESENTATIONS AND WARRANTIES

     To induce the Guaranteed Credit Parties to enter into the Global Credit Agreement and the
other Financing Agreements and to extend credit to Obligors, Guarantor represents and warrants to
the Guaranteed Credit Parties that:

     3.1 Benefit. Guarantor has received, or will receive, direct or indirect benefit from
the making of this Guaranty Agreement and the Guaranteed Obligations;

     3.2 No Representation by the Guaranteed Credit Parties. No Guaranteed Credit Party or any
other Person has made any representation, warranty, or statement to Guarantor in order to induce
Guarantor to execute this Guaranty Agreement;

     3.3 Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this
Guaranty Agreement and the contingent obligations evidenced hereby, Guarantor is, and will be,
solvent;

     3.4 Legality. The execution, delivery, and performance by Guarantor of this Guaranty
Agreement and the consummation of the transactions contemplated hereunder (a) have been duly
authorized by all necessary trust action of Guarantor, (b) do not, and will not,

Old ProLogis Guaranty Agreement

14

 

contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is
subject or constitute a default (or an event which with notice or lapse of time or both would
constitute a default) under, or result in the breach of, any indenture, mortgage, deed of trust,
charge or lien, or any contract, agreement or other instrument to which Guarantor is a party or
which may be applicable to Guarantor or any of its assets or violate any provisions of its
Constituent Documents; and (c) this Guaranty Agreement is a legal and binding obligation of
Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of creditors’ rights
and to general principles of equity; and

     3.5 Survival. All representations and warranties made by Guarantor herein shall survive the
execution hereof.

SECTION 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

     4.1 Subordination of Guarantor Claims. As used herein, the term “Guarantor Claims”
shall mean all debts and liabilities of any Obligor to Guarantor, whether such debts and
liabilities now exist or are hereafter incurred or arise, or whether the obligations of such
Obligor thereon be direct, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract,
open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or
liabilities may, at their inception, have been, or may hereafter be created, or the manner in which
they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include all
rights and claims of Guarantor against any Obligor (arising as a result of subrogation or
otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations.
If an Event of Default exists, Guarantor shall not receive or collect, directly or indirectly, from
any Obligor or any other party any amount upon the Guarantor Claims unless and until the Guaranteed
Obligations (other than Contingent Indemnification Obligations) shall be paid and satisfied in full
and Guarantor shall have performed all of its obligations hereunder.

     4.2 Claims in Bankruptcy. In the event of any Bankruptcy Proceeding involving any Obligor as
debtor, Collateral Agent shall have the right to prove the claims of each Guaranteed Credit Party
in any such proceeding so as to establish their rights hereunder and receive directly from the
receiver, trustee or other court custodian dividends and payments which would otherwise be payable
upon Guarantor Claims. Should Collateral Agent receive, for application upon the Guaranteed
Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as
between any Obligor and Guarantor, shall constitute a credit upon the Guarantor Claims, then upon
payment to the Guaranteed Credit Parties in full of the Guaranteed Obligations (other than
Contingent Indemnification Obligations), Guarantor shall become subrogated to the rights of the
Guaranteed Credit Parties to the extent that such payments to the Guaranteed Credit Parties on the
Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such
subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have
been unpaid if Collateral Agent had not received dividends or payments upon the Guarantor Claims.

Old ProLogis Guaranty Agreement

15

 

     4.3 Payments Held in Trust. In the event that, notwithstanding Sections 4.1 and
4.2 above, Guarantor should receive any funds, payment, claim or distribution which is
prohibited by such Sections, Guarantor agrees to hold in trust for Collateral Agent, in kind, all
funds, payments, claims or distributions so received, and agrees that it shall have absolutely no
dominion over such funds, payments, claims or distributions so received except to pay them promptly
to Collateral Agent, for the benefit of the Guaranteed Credit Parties, and Guarantor covenants
promptly to pay the same to Collateral Agent.

     4.4 Liens Subordinate. Guarantor agrees that any lien, security interest, judgment lien,
charge or other encumbrance upon any Obligor’s assets securing payment of the Guarantor Claims
shall be and remain inferior and subordinate to any lien, security interest, judgment lien, charge
or other encumbrance upon such Obligor’s assets securing payment of the Guaranteed Obligations,
regardless of whether any such encumbrances presently exist or are hereafter created or attach.
Without the prior written consent of Collateral Agent, Guarantor shall not (a) exercise or enforce
any creditor’s right it may have against any Obligor or (b) foreclose, repossess, sequester or
otherwise take steps or institute any action or proceedings (judicial or otherwise, including the
commencement of, or joinder in, any Bankruptcy Proceeding) to enforce any lien, mortgage, deed of
trust, security interest, collateral right, judgment or other encumbrance on assets of any Obligor
held by Guarantor.

     4.5 Notation of Records. All promissory notes, accounts receivable ledgers, or other
evidences of the Guarantor Claims accepted by or held by Guarantor shall contain a specific written
notice thereon that the indebtedness evidenced thereby is subordinated under the terms of this
Guaranty Agreement.

SECTION 5

MISCELLANEOUS

     5.1 Waiver. No failure to exercise, and no delay in exercising, on the part of any Guaranteed
Credit Party, any right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right. The rights and remedies of the Guaranteed Credit Parties hereunder shall be in
addition to all other rights and remedies provided by law or in equity. No modification or waiver
of any provision of this Guaranty Agreement, or consent to departure therefrom, shall be effective
unless in writing and no such consent or waiver shall extend beyond the particular case and purpose
involved. No notice or demand given in any case shall constitute a waiver of the right to take
other action in the same, similar, or other instances without such notice or demand. The
obligations hereunder shall not be affected, limited or impaired by any act of any Governmental
Authority affecting any Obligor, including any restriction on or regarding the conversion of
currency or repatriation or control of funds or any total or partial expropriation of such
Obligor’s property, or by any economic, political, regulatory or other event in any country in
which such Obligor is located.

     5.2 Notices. Any notice or other communication required or permitted to be given by this
Guaranty Agreement must be (a) given in writing and delivered by hand or overnight courier service
or mailed by prepaid certified or registered mail, return receipt requested, or (b) sent by

Old ProLogis Guaranty Agreement

16

 

telecopier to the party to whom such notice or communication is directed (i) in the case of a
notice to a Guaranteed Credit Party or Collateral Agent, to the address or facsimile number of such
Person determined pursuant to the Security Agency Agreement, and (ii) in the case of a notice to
Guarantor, to the following:

Guarantor:

ProLogis

4545 Airport Way, Suite 100

Denver, Colorado 80239

Attention: Mr. Phillip D. Joseph

Facsimile: 303- 567-5605

     Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient). Any party may change its address for purposes of this Guaranty Agreement by
giving notice of such change to the other party pursuant to this Section 5.2. Any notice
hereunder sent by Guarantor to Collateral Agent shall be deemed to have been received by all Voting
Credit Parties.

     5.3 GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS GUARANTY AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. GUARANTOR IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK, NEW YORK AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. GUARANTOR AGREES THAT A
FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
GUARANTY AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY GUARANTEED CREDIT PARTY MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY AGREEMENT OR ANY OTHER FINANCING AGREEMENT
AGAINST GUARANTOR OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

  GUARANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 5.2. NOTHING IN THIS GUARANTY AGREEMENT WILL AFFECT THE RIGHT OF ANY GUARANTEED
CREDIT PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

Old ProLogis Guaranty Agreement

17

 

     5.4 Invalid Provisions. If any provision of this Guaranty Agreement is held to be
illegal, invalid, or unenforceable under present or future laws effective during the term of this
Guaranty Agreement, such provision shall be fully severable and this Guaranty Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a
part of this Guaranty Agreement, and the remaining provisions of this Guaranty Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable
provision or by its severance from this Guaranty Agreement, unless such continued effectiveness of
this Guaranty Agreement, as modified, would be contrary to the basic understandings and intentions
of the parties as expressed herein.

     5.5 Entirety. This Guaranty Agreement embodies the entire agreement between the parties and
supersedes all prior agreements and understandings, if any, relating to the subject matter hereof.

     5.6 Parties Bound; Assignment. This Guaranty Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors, assigns, and legal representatives;
provided that Guarantor may not, without the prior written consent of Collateral Agent, assign any
of its rights, powers, duties, or obligations hereunder.

     5.7 Role of Collateral Agent. This Guaranty Agreement has been delivered to Collateral Agent
for the benefit of the Credit Parties. Collateral Agent has been authorized to enforce this
Guaranty Agreement for itself and on behalf of all other Credit Parties. Except as otherwise
agreed by Collateral Agent, no other Credit Party shall have any right to enforce this Guaranty
Agreement against Guarantor. All payments by Guarantor pursuant to this Guaranty Agreement shall
be made to or as directed by Collateral Agent for distribution in accordance with the Security
Agency Agreement.

     5.8 Multiple Counterparts. This Guaranty Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same agreement, and any of
the parties hereto may execute this Guaranty Agreement by signing any such counterpart. Delivery
of an executed counterpart of a signature page of this Guaranty Agreement by facsimile or in a .PDF
or similar electronic file shall be effective as delivery of a manually executed counterpart of
this Agreement.

     5.9 Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by an Obligor
to the Guaranteed Credit Parties, by endorsement or otherwise, other than under this Guaranty
Agreement, then such liability shall not be in any manner impaired or affected hereby and the
rights of the Guaranteed Credit Parties hereunder shall be cumulative of all other rights that the
Guaranteed Credit Parties (or any of them) may ever have against Guarantor. The exercise by the
Guaranteed Credit Parties of any right or remedy hereunder or under any other instrument, or at law
or in equity, shall not preclude the concurrent or subsequent exercise of any other right or
remedy.

     5.10 WAIVER OF TRIAL BY JURY. GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT OR

Old ProLogis Guaranty Agreement

18

 

THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

     5.11 Foreign Currency. If, for the purposes of obtaining judgment in any court, it is
necessary to convert a sum due hereunder or any other Loan Document in one currency into another
currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures the applicable Funding Agent under the Global Credit Agreement could purchase the first
currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of Guarantor in respect of any such sum due from it to the Guaranteed Credit
Parties hereunder shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such Guaranteed Obligation is denominated (the
“Obligations Currency”), be discharged only to the extent that on the Business Day
following receipt by such Funding Agent of any sum adjudged to be so due in the Judgment Currency,
such Funding Agent may in accordance with normal banking procedures purchase the Obligations
Currency with the Judgment Currency. If the amount of the Obligations Currency so purchased is
less than the sum originally due from Guarantor on such Guaranteed Obligation, Guarantor agrees, as
a separate obligation and notwithstanding any such judgment, to indemnify and hold the Guaranteed
Credit Parties harmless against such loss. If Global Administrative Agent so notifies Guarantor in
writing, at Global Administrative Agent’s sole and absolute discretion, payments under this
Guaranty Agreement shall be the Dollar Equivalent amount of the Guaranteed Obligations or any
portion thereof, determined as of the date payment is made.

     5.12 Other Guaranties. Guarantor has issued other guaranties of Designated Senior Debt. Any
such other guaranty shall supplement and be in addition to, and not limit or otherwise affect, this
Guaranty Agreement.

[Remainder of Page Intentionally Left Blank.

Signature Pages Follow.]

Old ProLogis Guaranty Agreement

19

 

	 	 	 	 	 

	Acknowledged and Agreed:	 	 
	 
	 	 	 	 
	PROLOGIS, a Maryland Real Estate Investment Trust
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

Signature Page to Old ProLogis Guaranty Agreement

 

	 	 	 	 	 
	 	Acknowledged and agreed with respect to
Section 1.11:

BANK OF AMERICA, N.A., as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 
	 	BANK OF AMERICA, N.A., as Global Administrative
Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

Exhibit E

21

 

EXHIBIT F

FORM OF SUPPLEMENTAL ADDENDUM

Date: ___________, _____

To: The Lender under the Supplemental Tranche (as defined below)

Ladies and Gentlemen:

Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent, as Global Administrative Agent and various other
capacities, and such other Agents named therein.

Pursuant to Section 6.14 of the Agreement, Prologis hereby requests a Supplemental Tranche
(the “Supplemental Tranche”) on the terms and conditions set forth below:

	1.	 	A Supplemental Tranche with aggregate commitments from the Supplemental Lender in Foreign
Equivalent amount of $____________.
	 
	2.	 	The Primary Currency of such Supplemental Tranche shall be ____________.
	 
	3.	 	The Alternative Currencies with respect to such Supplemental Tranche shall be _____________.
	 
	4.	 	The Supplemental Tranche shall have the following subfacilities:
	 
	 	 	o A Supplemental Letter of Credit subfacility in the maximum amount of $_____________.
	 
	 	 	o A Supplemental Swing Line subfacility in the maximum amount of $_____________.
	 
	5.	 	The Facility Fee for such Supplemental Tranche shall be                      %.
	 
	6.	 	Such Supplemental Tranche shall be repaid as follows:                      .
	 
	7.	 	Pursuant to Section 6.1, the minimum amount for Borrowings and repayments of such Supplemental Tranche shall be as

 follows:                                          .
	 
	8.	 	Pursuant to Section 6.2, the minimum amount for termination and reductions of such Supplemental Tranche shall be as

 follows:                                          .
	 
	9.	 	Pursuant to Section 6.4, such Supplemental Tranche shall bear interest at follows:
	 
	 	 	 

	 
	10.	 	The definitions listed on Annex A part 1 hereto shall the following meanings for
purposes of this Supplemental Tranche, and the definitions under Annex A part 2 are
hereby amended in their entirety for the purpose of this Supplemental Tranche.

Exhibit F

1

 

	11.	 	Prologis confirms that the conditions set forth in Sections 6.13 and 6.14 have
been satisfied.

THIS SUPPLEMENTAL ADDENDUM SHALL CONSTITUTE A LOAN DOCUMENT UNDER THE CREDIT AGREEMENT AND SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Addendum to be duly executed
and delivered by their proper and duly authorized officers as of the day and year first above
written.

	 	 	 	 	 
	 	PROLOGIS, L.P.

 	 
	 	By:  	PROLOGIS, INC., General Partner
 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 
	 	PROLOGIS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

Exhibit F

2

 

ANNEX A

DEFINED TERMS

Part 1 (delete from this Addendum any terms not defined in this Addendum):

“Supplemental Aggregate Commitments” means                                                          
   .

“Supplemental Borrowers” means                                                             .

“Supplemental Commitments” means                                                             .

“Supplemental Committed Borrowing ” means            
                                            .

“Supplemental Committed Loan” means                                                             .

“Supplemental Committed Loan Notice” means                                                         
    

“Supplemental Funding Agent” means                                                             .

“Supplemental Funding Agent’s Office” means
                                                            .

“Supplemental L/C Obligations” means                                                             .

“Supplemental Lenders” means                                                             .

“Supplemental Letter of Credit Fee” means                                                             
.

“Supplemental Letters of Credit” means                                                             .

“Supplemental Letters of Credit Issuer” means                                                        .

“Supplemental Letter of Credit Sublimit” means                                                          
 .

“Supplemental Loans” means                                                             .

“Supplemental Note means                                                             .

“Supplemental Outstanding Amount
” means                  
                   
                   
     .

“Supplemental Rate Loan” means                                                             .

“Supplemental Required Lenders” means                                                             .

“Supplemental Swing Line Borrowing” means                                                            .

“Supplemental Swing Line Lender” means                                                             .

“Supplemental Swing Line Loans” means                                                             .

Exhibit F

3

 

Part 2 (delete from this Addendum any terms not amended):

“Applicable Tranche Percentage” means: (f)
                                                            

“Eurocurrency Rate” means, for any Interest Period with respect to: (d)                                                        
     

“Interest Payment Date” means (d)                                                            

Exhibit F

4

 

EXHIBIT G

FORM OF BORROWER ACCESSION AGREEMENT

Date: ___________, _____

To:                                         , as                      Funding Agent

     Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Credit Agreement;” the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

The Company and [_________________] (“Eligible Affiliate”) agree as follows:

	1.	 	The terms defined in the Credit Agreement shall, unless otherwise defined herein, have the
same meanings in this Borrower Accession Agreement (this “Agreement”).
	 
	2.	 	Subject to satisfaction of the conditions precedent set forth in Section 6.11 of the
Credit Agreement, Eligible Affiliate shall become an Affiliate Borrower under the
[____________________] Tranche(s).
	 
	3.	 	Eligible Affiliate is a [type of entity] duly organized under the laws of [name of relevant
jurisdiction].
	 
	4.	 	Eligible Affiliate confirms that it has received from the Company a true and up-to-date copy
of the Credit Agreement.
	 
	5.	 	Eligible Affiliate undertakes, upon its becoming a Borrower, to perform all the obligations
expressed to be undertaken under the Credit Agreement by an Affiliate Borrower and agrees that
it shall be bound by the Credit Agreement in all respects as if it had been an original party
thereto as an Affiliate Borrower.
	 
	6.	 	Prologis:

	 	(a)	 	confirms that the representations and warranties of a continuing nature
contained in the Credit Agreement are true and correct in all material respects, with
the same force and effect as though made on the date hereof (unless they speak to a
different date or are based on facts which have changed by transactions contemplated
or permitted by the Credit Agreement); and
	 
	 	(b)	 	confirms that no Default or Event of Default is continuing or would occur
as a result of Eligible Affiliate becoming an Affiliate Borrower.

	7.	 	Eligible Affiliate makes the representations and warranties set out in Section
IX of the Credit Agreement (to the extent applicable thereto).

Exhibit G

1

 

	8.	 	Administrative details for Eligible Affiliate are as follows:

	 	 	 	 	 

	 

	 	Address:
	 	                    
	 

	 	 	 	                    
	 

	 	 	 	                    
	 

	 	Fax No.:
	 	                    

	9.	 	This Agreement shall be governed by New York law.
	 
	[10.	 	 Eligible Affiliate is a Short Term Affiliate Borrower and agrees to assume [EUR/$/other
currency] of the principal amount of the outstanding [Tranche] Loans to [Name of Borrower
that has debt that will be assumed by Eligible Affiliate] consisting of [_______ Loans
[with an Interest Period ending on _________], which principal amount shall be paid within
thirty (30) days after the date of the effectiveness hereof.]

	 	 	 	 	 
	 	PROLOGIS, L.P.

 	 
	 	By:  	PROLOGIS, INC., General Partner
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 
	 	PROLOGIS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 
	 	[NEW AFFILIATE BORROWER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

Exhibit G

2

 

EXHIBIT H

JOINDER AGREEMENT

     Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

     Pursuant to Section 6.13 of the Agreement, the undersigned hereby agrees that it shall
be a party to the Agreement as a “Subsequent Lender” under the [   ]
Tranche(s) ([each an/the] “Applicable Tranche”) and shall have the rights and obligations
of a Lender under the Loan Documents.

     The undersigned (a) represents and warrants that (i) it has full power and authority, and has
taken all action necessary, to execute and deliver this Joinder Agreement and to consummate the
transactions contemplated hereby and to become a Subsequent Lender under the Agreement, (ii) it
meets all requirements of Lender under the Agreement (subject to receipt of such consents as may be
required under the Agreement) and under [each/the] Applicable Tranche, (iii) it has received a copy
of the Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 10.1 thereof, as applicable, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Joinder
Agreement on the basis of which it has made such analysis and decision independently and without
reliance on Global Administrative Agent or any other Lender, and (iv) if it is a Foreign Lender,
attached hereto is any documentation required to be delivered by it pursuant to the terms of the
Agreement, duly completed and executed by the undersigned; and (b) agrees that (i) it will,
independently and without reliance on Global Administrative Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Loan Documents are
required to be performed by it as a Lender.

     This Joinder Agreement shall be binding upon, and inure to the benefit of, the parties hereto
and their respective successors and assigns. This Joinder Agreement may be executed in any number
of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Joinder Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Joinder Agreement. This Joinder Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York.

[Signature Page Follows.]

Exhibit H

1

 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the ______ day of
__________, 20___.

SUBSEQUENT LENDER

[NAME OF SUBSEQUENT LENDER]

Include bracketed language below if the Applicable

Tranche includes the Yen Tranche.

[Subsequent Lender expressly confirms the

representations in Section 14.18 of the
Agreement.]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

Exhibit H

2

 

EXHIBIT I

INCREASE CERTIFICATE

     Reference is made to the Global Senior Credit Agreement, dated as of June 3, 2011 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement”; the terms defined therein being used herein as therein defined), among
Prologis, L.P. (the “Company”), certain Affiliate Borrowers from time to time party
thereto, Prologis, Inc., as guarantor, the Lenders from time to time party thereto, and Bank of
America, N.A., as Global Administrative Agent and various other capacities, and such other Agents
named therein.

     Pursuant to Section 6.13 of the Agreement, the undersigned hereby agrees and consents
to an increase in its [   ] Commitment. After giving effect to such increase, the  [   ]
Commitment of the undersigned will equal $____________.

     This Increase Certificate shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns. This Increase Certificate may be executed in
any number of counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Increase Certificate by telecopy shall be
effective as delivery of a manually executed counterpart of this Increase Certificate. This
Increase Certificate shall be governed by, and construed in accordance with, the laws of the State
of New York.

[Signature Page Follows.]

Exhibit I

1

 

IN WITNESS WHEREOF, the undersigned has executed this Increase Certificate as of the ______ day of
__________, 20___.

	 	 	 	 	 
	 	INCREASING LENDER

[NAME OF INCREASING LENDER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 	 
	 	 	Title:  	 	 	 
	 

Exhibit I

2

 

SCHEDULE 1.1

MANDATORY COST FORMULAE

     The Mandatory Cost (to the extent applicable) is an addition to the interest rate to
compensate Lenders for the cost of compliance with:

     the requirements of the Bank of England and/or the Financial Services Authority (or, in either
case, any other authority which replaces all or any of its functions); or

     the requirements of the European Central Bank.

     On the first day of each Interest Period (or as soon as practicable thereafter) the applicable
Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each
Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by
such Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to
the percentage participation of each Lender in the relevant Loan) and will be expressed as a
percentage rate per annum. The applicable Agent will, at the request of Prologis or any Lender,
deliver to Prologis or such Lender as the case may be, a statement setting forth the calculation of
any Mandatory Cost.

     The Additional Cost Rate for any Lender lending from a Lending Office in a Participating
Member State will be the percentage notified by that Lender to the applicable Agent. This
percentage will be certified by such Lender in its notice to such Agent as the cost (expressed as a
percentage of such Lender’s participation in all Loans made from such Lending Office) of complying
with the minimum reserve requirements of the European Central Bank in respect of Loans made from
that Lending Office.

     The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom
will be calculated by the applicable Agent as follows:

     in relation to any Loan in Sterling:

	 	 	 	 
	 	 
	 	AB+C(B-D)+E x 0.01
	 	per cent per annum
	 	100 — (A+C)	 	 

     in relation to any Loan in any currency other than Sterling:

	 	 	 	 
	 	 
	 	         E x 0.01         
	 	per cent per annum
	 	300
	 	 

Where:

“A” is the percentage of Eligible Liabilities (assuming these to be in excess of any stated
minimum) which that Lender is from time to time required to maintain as an interest free cash ratio
deposit with the Bank of England to comply with cash ratio requirements.

“B” is the percentage rate of interest (excluding the Applicable Rate, the Mandatory Cost and any
interest charged on overdue amounts pursuant to the first sentence of Section 2.08(b) and,
in the case of interest (other than on overdue amounts) charged at the Default Rate, without
counting any increase in interest rate effected by the charging of the Default Rate) payable for
the relevant Interest Period of such Loan.

Schedule 1.1

1

 

“C” is the percentage (if any) of Eligible Liabilities which that Lender is required from time to
time to maintain as interest bearing Special Deposits with the Bank of England.

“D” is the percentage rate per annum payable by the Bank of England to Global Administrative Agent
on interest bearing Special Deposits.

“E” is designed to compensate Lenders for amounts payable under the Fees Regulations and is
calculated by Global Administrative Agent as being the average of the most recent rates of charge
supplied by the Lenders to Global Administrative Agent pursuant to paragraph 7 below and
expressed in pounds per £1,000,000.

     For the purposes of this Schedule:

     “Eligible Liabilities” and “Special Deposits” have the meanings given to them
from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by
the Bank of England;

     “Fees Regulations” means the FSA Supervision Manual or such other law or regulation as
may be in force from time to time in respect of the payment of fees for the acceptance of deposits;

     “Fee Tariffs” means the fee tariffs specified in the Fees Regulations under the
activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant
to the Fees Regulations but taking into account any applicable discount rate); and

     “Tariff Base” has the meaning given to it in, and will be calculated in accordance
with, the Fees Regulations.

     In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5% will be included in the formula as 5 and not as 0.05). A negative result
obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to
four decimal places.

     If requested by the applicable Agent or Prologis, each Lender with a Lending Office in the
United Kingdom or a Participating Member State shall, as soon as practicable after publication by
the Financial Services Authority, supply to such Agent and Prologis, the rate of charge payable by
such Lender to the Financial Services Authority pursuant to the Fees Regulations in respect of the
relevant financial year of the Financial Services Authority (calculated for this purpose by such
Lender as being the average of the Fee Tariffs applicable to such Lender for that financial year)
and expressed in pounds per £1,000,000 of the Tariff Base of such Lender.

     Each Lender shall supply any information required by such Agent for the purpose of calculating
its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the
following information in writing on or prior to the date on which it becomes a Lender:

     its jurisdiction of incorporation and the jurisdiction of the Lending Office out of which it
is making available its participation in the relevant Loan; and

     any other information that such Agent may reasonably require for such purpose.

Each applicable Lender shall promptly notify such Agent in writing of any change to the information
provided by it pursuant to this paragraph.

Schedule 1.1

2

 

     The percentages or rates of charge of each Lender for the purpose of A, C and E above shall be
determined by the applicable Agent based upon the information supplied to it pursuant to
paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies such
Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits, Special
Deposits and the Fees Regulations are the same as those of a typical bank from its jurisdiction of
incorporation with a Lending Office in the same jurisdiction as such Lender’s Lending Office.

     No Agent shall have liability to any Person if such determination results in an Additional
Cost Rate which over- or under-compensates any Lender and shall be entitled to assume that the
information provided by any Lender pursuant to paragraphs 3, 7 and 8 above
is true and correct in all respects.

     The applicable Agent shall distribute the additional amounts received as a result of the
Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each applicable Lender
based on the information provided by each Lender pursuant to paragraphs 3, 7 and
8 above.

     Any determination by the applicable Agent pursuant to this Schedule in relation to a formula,
the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence
of manifest error, be conclusive and binding on all parties hereto.

     Any Agent may from time to time, after consultation with the Prologis and the applicable
Lenders, determine and notify to all parties any amendments which are required to be made to this
Schedule in order to comply with any change in law, regulation or any requirements from time to
time imposed by the Bank of England, the Financial Services Authority or the European Central Bank
(or, in any case, any other authority which replaces all or any of its functions) and any such
determination shall, in the absence of manifest error, be conclusive and binding on all parties
hereto.

Schedule 1.1

3

 

SCHEDULE 2.1

COMMITMENTS

AND APPLICABLE TRANCHE PERCENTAGES

2.1(a)

Applicable Tranche Percentage — U.S. Commitments

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	Jurisdiction
Commitment	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 		 	TMK
	 	 	Commitment	 	Applicable	 	Euro	 	Sterling	 	Yen	 	Dollars	 	Japan	 	Qualified
	Lender	 	(in US Dollars)	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	Bank of America, N.A.
	 	 	43,333,333.33	 	 	 	5.485232067	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of Scotland plc
	 	 	43,333,333.33	 	 	 	5.485232067	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui Banking
Corporation
	 	 	50,000,000.00	 	 	 	6.329113924	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	 	43,333,333.33	 	 	 	5.485232067	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Bank of Nova Scotia
	 	 	20,000,000.00	 	 	 	2.531645570	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Citicorp North America, Inc.
	 	 	50,000,000.00	 	 	 	6.329113924	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Compass Bank
	 	 	15,000,000.00	 	 	 	1.898734177	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Credit Agricole Corporate and
Investment Bank
	 	 	20,000,000.00	 	 	 	2.531645570	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Credit Suisse AG, Cayman
Islands Branch
	 	 	20,000,000.00	 	 	 	2.531645570	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Deutsche Bank AG New York
Branch
	 	 	50,000,000.00	 	 	 	6.329113924	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Goldman Sachs Bank USA
	 	 	65,000,000.00	 	 	 	8.227848101	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	HSBC Bank USA, National
Association
	 	 	25,000,000.00	 	 	 	3.164556962	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	ING Real Estate Finance (USA)
LLC
	 	 	20,000,000.00	 	 	 	2.531645570	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 

Schedule 2.1

1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	Jurisdiction
Commitment	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Canadian	 		 	TMK
	 	 	Commitment	 	Applicable	 	Euro	 	Sterling	 	Yen	 	Dollars	 	Japan	 	Qualified
	Lender	 	(in US Dollars)	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	Morgan Stanley Bank, N.A.
	 	 	35,000,000.00	 	 	 	4.430379747	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Morgan Stanley Senior
Funding, Inc.
	 	 	15,000,000.00	 	 	 	1.898734177	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	The Northern Trust Company
	 	 	20,000,000.00	 	 	 	2.531645570	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	PNC Bank, National Association
	 	 	25,000,000.00	 	 	 	3.164556962	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Royal Bank of Canada
	 	 	65,000,000.00	 	 	 	8.227848101	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Union Bank, N.A.
	 	 	50,000,000.00	 	 	 	6.329113924	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	U.S. Bank National Association
	 	 	50,000,000.00	 	 	 	6.329113924	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Wells Fargo Bank, N.A.
	 	 	65,000,000.00	 	 	 	8.227848101	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Total
	 	 	789,999,999.99	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Schedule 2.1

2

 

\

SCHEDULE 2.1(b)

Applicable Tranche Percentage — Euro Commitments1

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	Commitment	 	TMK
	 	 	Commitment	 	Applicable	 	Dollars	 	Sterling	 	Yen	 	Japan	 	U.S.	 	Qualified
	Lender	 	(in Euro)	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	Bank of America, N.A.
	 	 	47,995,000.00	 	 	 	9.998958333	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of Scotland N.V.
	 	 	47,995,000.00	 	 	 	9.998958333	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui Banking Corporation
	 	 	31,833,000.00	 	 	 	6.631875000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	 	47,995,000.00	 	 	 	9.998958333	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Citicorp North America, Inc.
	 	 	31,833,000.00	 	 	 	6.631875000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Compass Bank
	 	 	7,074,000.00	 	 	 	1.473750000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Credit Agricole Corporate and Investment Bank
	 	 	14,148,000.00	 	 	 	2.947500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 
	Credit Suisse AG, Cayman Islands Branch
	 	 	14,148,000.00	 	 	 	2.947500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Deutsche Bank AG New York Branch
	 	 	31,833,000.00	 	 	 	6.631875000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Goldman Sachs Bank USA
	 	 	42,444,000.00	 	 	 	8.842500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	HSBC Bank USA, National Association
	 	 	17,685,000.00	 	 	 	3.684375000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	ING Real Estate Finance (USA) LLC
	 	 	14,148,000.00	 	 	 	2.947500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Morgan Stanley Senior Funding, Inc.
	 	 	31,833,000.00	 	 	 	6.631875000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Royal Bank of Canada
	 	 	42,444,000.00	 	 	 	8.842500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Scotiabank Europe plc
	 	 	14,148,000.00	 	 	 	2.947500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Wells Fargo Bank, N.A.
	 	 	42,444,000.00	 	 	 	8.842500000	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Total
	 	 	480,000,000.00	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	1	 	Exchange Rates as of May 27, 2011.

Schedule 2.1

3

 

SCHEDULE 2.1(c)

Applicable Tranche Percentage — Yen Commitments2

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	ABR Rate
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction	 	Loan
	 	 	 	 	 	 	 	 	 	 	Currency Commitment	 	Commitment	 	Qualification
	 	 	Commitment	 	Applicable	 	Dollars	 	Euro	 	Sterling	 	U.S.	 	Yen Tranche
	Lender	 	(in Yen)	 	Percentage	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No	 	Yes	 	No
	Bank of America, N.A., Tokyo Branch
	 	 	3,293,559,514	 	 	 	14.384442302	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Royal Bank of Scotland plc
	 	 	3,293,559,514	 	 	 	14.384442302	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Sumitomo Mitsui Banking Corporation
	 	 	2,440,500,000	 	 	 	10.658751205	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	 	3,293,559,514	 	 	 	14.384442302	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	The Bank of Nova Scotia
	 	 	813,500,000	 	 	 	3.552917068	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Citibank Japan Ltd.
	 	 	2,440,500,000	 	 	 	10.658751205	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Credit Agricole Corporate and
Investment Bank
	 	 	813,500,000	 	 	 	3.552917068	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Credit Suisse AG, Cayman Islands
BranchMOrga
	 	 	813,500,000	 	 	 	3.552917068	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Deutsche Bank AG, Tokyo Branch
	 	 	2,440,500,000	 	 	 	10.658751205	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	ING Bank N.V., Tokyo Branch
	 	 	813,500,000	 	 	 	3.552917068	%	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	X	 	 	 	 	 	 	 	 	 	 	 	X	 
	Morgan Stanley MUFG Securities Co., Ltd.
	 	 	2,440,500,000	 	 	 	10.658751205	%	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 	 	 	X	 	 	 	 	 
	Total
	 	 	22,896,678,542	 	 	 	100.000000000	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	2	 	Exchange Rates as of May 27, 2011.

Schedule 2.1

4

 

SCHEDULE 2.2

FRONTING LENDERS’ COMMITMENTS

	 	 	 	 	 
	Lender	 	Commitment
	Bank of America, N.A. (or its Affiliates)
	 	$	50,000,000.00	 
	JPMorgan Chase Bank, N.A. (or its Affiliates)
	 	$	50,000,000.00	 
	The Royal Bank of Scotland plc (or its Affiliates)
	 	$	50,000,000.00	 
	Sumitomo Mitsui Banking Corporation1
	 	$	50,000,000.00	 
	Total
	 	$	200,000,000	 

 

			
	1	 	SMBC shall in no event be a Fronting
Lender until the earlier of (i) the date on which it provides written notice to
Prologis and Global Administrative Agent that it has received all approvals
necessary to be a Fronting Lender and (ii) June 18, 2011.

Schedule 2.2

1

 

SCHEDULE 2.3

INITIAL BORROWERS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	US	 	Euro	 	Yen	 	 	 	Parent and % of	 	 	 	 
	Entity	 	Tranche	 	Tranche	 	Tranche	 	Jurisdiction	 	Ownership	 	FEIN	 	Address
	Prologis, Inc. (Guarantor)
(f/k/a AMB Property
Corporation)

	 	N/A
	 	N/A
	 	N/A
	 	MD Corp.
	 	N/A
	 	94-3285362
	 	Pier 1, Bay 1,

San Francisco, CA

94111
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Prologis, L.P. (f/k/a AMB
Property L.P.)

	 	þ
	 	þ
	 	þ
	 	DE LP
	 	AMB Property Corporation:

97%4
	 	94-3285362
	 	Pier 1, Bay 1,

San Francisco, CA

94111
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AMB Canada Investments, LLC

	 	þ
	 	þ
	 	þ
	 	DE LLC
	 	AMB Property, L.P.: 100%
	 	94-3285362
	 	Pier 1, Bay 1,

San Francisco, CA

94111
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Prologis (Old PLD)

	 	þ
	 	þ
	 	þ
	 	MD REIT
	 	N/A
	 	74-2604728
	 	4545 Airport Way,

Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ProLogis Japan Finance LLC

	 	þ
	 	þ
	 	þ
	 	DE LLC
	 	ProLogis, Japan Holdings

LLC5: 100%
	 	74-2604728
	 	4545 Airport Way,

Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ProLogis Logistics Services 

Incorporated (“PLSI”)

	 	þ
	 	þ
	 	þ
	 	DE Corporation
	 	PLD-TRS Holding LLC6:

100%
	 	74-2827271
	 	4545 Airport Way,

Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ProLogis Finance LLC

	 	þ
	 	þ
	 	þ
	 	DE LLC
	 	PLD International Finance

LLC7: 100%
	 	20-1000907
	 	4545 Airport Way,

Denver, CO 80239

 

			
	4	 	This percentage fluctuates.
	 
	5	 	100% held by Prologis (Old PLD).
	 
	6	 	(a) 35.4% held by Prologis (Old PLD) and (b)
64.6% by PAC Operating Limited Partnership, whose general partner is Palmtree
Acquisition Corporation, which is held 80% by Prologis (Old PLD) and 20% by
ProLogis Fraser, L.P. (see note 5)
	 
	7	 	(a) 10% held by PLSI and (b) 90% by PLD
International Incorporated, which is held 100% by Prologis (Old PLD).

Schedule 2.3

1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	US	 	Euro	 	Yen	 	 	 	Parent and % of	 	 	 	 
	Entity	 	Tranche	 	Tranche	 	Tranche	 	Jurisdiction	 	Ownership	 	FEIN	 	Address
	Palmtree Acquisition Corporation
	 	þ	 	þ	 	þ	 	DE Corporation	 	(a) ProLogis (Old PLD): 80% &	 	20-3313813	 	4545 Airport Way,
	 
	 	 	 	 	 	 	 	 	 	(b) ProLogis Fraser,	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	L.P.8: 20%	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PLD Canadian Funding US LLC
	 	þ	 	þ	 	þ	 	DE LLC	 	PLD International Finance LLC:	 	20-1000907	 	4545 Airport Way,
	 
	 	 	 	 	 	 	 	 	 	100%	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PLD Europe Finance B.V.
	 	þ	 	þ	 	þ	 	Dutch BV	 	PLD Finance Sarl9: 100%	 	74-2604728	 	4545 Airport Way,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PLD Europe Finance II B.V.
	 	þ	 	þ	 	þ	 	Dutch BV	 	PLD International Finance LLC:	 	20-1000907	 	4545 Airport Way,
	 
	 	 	 	 	 	 	 	 	 	100%	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ProLogis UK Funding II B.V.
	 	þ	 	þ	 	þ	 	Dutch BV	 	PLD Europe Finance B.V.: 100%	 	74-2604728	 	4545 Airport Way,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ProLogis UK Funding III B.V.
	 	þ	 	þ	 	þ	 	Dutch BV	 	PLD Europe Finance II B.V.: 100%	 	20-1000907	 	4545 Airport Way,
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AMB Japan Finance YK
	 	þ	 	þ	 	þ	 	Japanese Yugen	 	AMB Japan Capital Pte.	 	94-3285362	 	Pier 1, Bay 1,
	 
	 	 	 	 	 	 	 	Kaisha	 	Ltd.10: 100%	 	 	 	San Francisco, CA
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	94111

 

			
	8	 	(a) 92.269% by Prologis (Old PLD) and
(b) .932% by ProLogis Fraser GP LLC, which is held 100% by Prologis (Old PLD).
	 
	9	 	(a) 70% held by PLD International
Incorporated (see note 4) and (b) 30% by ProLogis Developments Holding Sarl,
which is held 100% by PLD International Incorporated (see note 4).
	 
	10	 	100% held by AMB Property Singapore Pte. Ltd,
which is owned 100% by AMB Asia LLC which is owned 100% by AMB Property, L.P.

Schedule 2.3

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	US	 	Euro	 	Yen	 	 	 	Parent and % of	 	 	 	 
	Entity	 	Tranche	 	Tranche	 	Tranche	 	Jurisdiction	 	Ownership	 	FEIN	 	Address
	ProLogis Tokyo Finance
	 	þ	 	þ	 	þ	 	Japanese LP	 	ProLogis Tokyo Finance	 	20-1000907	 	4545 Airport Way,
	Investment Limited Partnership
	 	 	 	 	 	 	 	 	 	LLC11, as general	 	 	 	Denver, CO 80239
	 
	 	 	 	 	 	 	 	 	 	partner, & ProLogis Tokyo Finance	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	II LLC12, as limited	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	partner:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	100%	 	 	 	 

 

			
	11	 	100% held by PLD International Finance.
	 
	12	 	100% held by PLD International Finance.

Schedule 2.3

3

 

SCHEDULE 2.4

EXISTING LETTERS OF CREDIT

2.4(a)

U.S. EXISTING LETTERS OF CREDIT

AS OF JUNE 3, 2011

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuer	 	Prod Type	 	LC #	 	Issue Date	 	Expiry Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	Bank of America,
N.A.
	 	TLFSB	 	3038232	 	6/19/2001	 	6/9/2011	 	ProLogis	 	CATELLUS URBAN DEVEL	 	Wells Fargo Bank, NA	 	$	23,725,137.81	 
	Bank of America,
N.A.
	 	TLFSB	 	3050351	 	7/29/2002	 	7/26/2011	 	ProLogis	 	PROLOGIS	 	United States Fidelity and	 	$	450,000.00	 
	Bank of America,
N.A.
	 	TLFSB	 	3057994	 	8/7/2003	 	6/30/2011	 	ProLogis	 	PROLOGIS	 	Zurich American Insurance Company	 	$	591,000.00	 
	Bank of America
	 	TLFSB	 	3062465	 	3/30/2004	 	3/1/2012	 	ProLogis	 	CATELLUS OPERATING	 	Old Republic Insurance Company	 	$	1,750,000.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3073767	 	3/17/2005	 	6/30/2011	 	ProLogis	 	Catellus Land and Development Corporation	 	Village of Minooka	 	$	131,250.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3075234	 	6/3/2005	 	6/30/2011	 	ProLogis	 	CATELLUS OPERATING	 	Village of Minooka	 	$	112,500.00	 
	Bank of America,
N.A.
	 	TLFSB	 	3075453	 	7/21/2005	 	7/21/2011	 	ProLogis	 	CATELLUS OPERATING	 	The Bank of New York Mellon Trust	 	$	2,700,000.00	 
	Bank of America
	 	TLFSB	 	3077225	 	9/23/2005	 	9/10/2011	 	ProLogis	 	PROLOGIS	 	Hartford Fire Insurance Company	 	$	1,773,000.00	 

Schedule 2.4

1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuer	 	Prod Type	 	LC #	 	Issue Date	 	Expiry Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	Bank of America,
N.A.
	 	TLPSB	 	3077645	 	11/18/2005	 	11/18/2011	 	ProLogis	 	PROLOGIS	 	Department of Toxic Substances	 	$	115,000.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3082007	 	6/15/2006	 	1/1/2012	 	ProLogis	 	PROLOGIS	 	Lower Nazareth Township	 	$	386,310.80	 
	Bank of America,
N.A.
	 	TLPSB	 	3082009	 	6/21/2006	 	1/27/2012	 	ProLogis	 	PROLOGIS	 	Township of Palmer	 	$	279,410.36	 
	Bank of America,
N.A.
	 	TLFSB	 	3083657	 	9/26/2006	 	9/25/2011	 	ProLogis	 	Catellus Development Corporation	 	National Union Fire Insurance Co.	 	$	1,000,000.00	 
	Bank of America, N.A.
	 	TLPSB	 	3087671	 	7/10/2007	 	7/10/2011	 	ProLogis	 	PROLOGIS	 	County Administrator, Broward County	 	$	24,000.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3090000	 	9/17/2007	 	9/18/2011	 	ProLogis	 	Catellus Operating LP	 	City of Fremont	 	$	300,274.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3090507	 	11/14/2007	 	1/1/2012	 	ProLogis	 	PROLOGIS	 	Lower Nazareth Township	 	$	12,323.00	 
	Bank of America, N.A.
	 	TLPSB	 	3092272	 	4/29/2008	 	12/31/2011	 	ProLogis	 	PROLOGIS	 	California Department of Fish & Game	 	$	60,000.00	 
	Bank of America, N.A.
	 	TLPSB	 	3092273	 	4/29/2008	 	12/31/2011	 	ProLogis	 	PROLOGIS	 	California Department of Fish & Game	 	$	931,250.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3092282	 	3/31/2008	 	3/1/2012	 	ProLogis	 	PROLOGIS	 	Lower Nazareth Township	 	$	362,485.98	 

Schedule 2.4

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuer	 	Prod Type	 	LC #	 	Issue Date	 	Expiry Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	Bank of America,
N.A.
	 	TLPSB	 	3092622	 	4/4/2008	 	3/18/2012	 	ProLogis	 	PROLOGIS	 	Township of North Middleton	 	$	78,600.00	 
	Bank of America
	 	TLPSB	 	3092623	 	4/4/2008	 	3/18/2012	 	ProLogis	 	PROLOGIS	 	Township of North Middleton	 	$	29,242.00	 
	Bank of America
	 	TLPSB	 	3092624	 	4/4/2008	 	3/18/2012	 	ProLogis	 	PROLOGIS	 	Township of North Middleton	 	$	142,388.40	 
	Bank of America, N.A.
	 	TLFSB	 	3092808	 	4/7/2008	 	3/10/2012	 	ProLogis	 	Allagash Property Trust	 	Metropolitan Life Insurance Company	 	$	6,000,000.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3094437	 	7/16/2008	 	7/31/2011	 	ProLogis	 	Catellus Land and Development Corporation	 	Village of Minooka	 	$	75,000.00	 
	Bank of America,
N.A.
	 	TLFSB	 	3095450	 	9/3/2008	 	9/3/2011	 	ProLogis	 	Solution Insurance	 	Zurich American Insurance Company	 	$	18,000,000.00	 
	Bank of America,
N.A.
	 	TLPSB	 	3098141	 	1/23/2009	 	1/22/2012	 	ProLogis	 	PROLOGIS	 	Honeywell International Inc.	 	$	2,325,000.00	 
	Bank of America,
N.A.
	 	TLFSB	 	3099110	 	4/7/2009	 	3/26/2012	 	ProLogis	 	PROLOGIS	 	Westchester Fire Insurance Company	 	$	1,750,000.00	 
	Bank of America,
N.A.
	 	TLFSB	 	3100270	 	7/24/2009	 	7/17/2011	 	ProLogis	 	PROLOGIS	 	Prince William County	 	$	461,133.00	 
	Bank of America, N.A.
	 	TLFSB	 	3114937	 	11/29/2010	 	11/3/2011	 	ProLogis	 	PROLOGIS	 	Metropolitan Life Insurance Company	 	$	1,216,292.00	 
	J.P. Morgan Chase
Bank, N.A.
	 	CDCS	 	798189	 	 	 	11/4/2011	 	AMB Property LP	 	AMB Property, LP	 	The Port of Portland	 	$	140,649.96	 

Schedule 2.4

3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuer	 	Prod Type	 	LC #	 	Issue Date	 	Expiry Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	Liab USD Amt
	J.P. Morgan Chase
Bank, N.A.
	 	CDCS	 	798204	 	 	 	11/4/2011	 	AMB Property LP	 	AMB Property, LP	 	The Port of Portland	 	$	144,735.67	 
	J.P. Morgan Chase
Bank, N.A.
	 	P	 	010162	 	 	 	10/28/2011	 	AMB Property LP	 	AMB/AFCO Cargo Sea, LLC	 	The Port of Seattle	 	$	297,778.26	 
	J.P. Morgan Chase Bank, N.A.
	 	P	 	010163	 	 	 	10/28/2011	 	AMB Property LP	 	AMB/AFCO Cargo Sea, LLC	 	Lasalle Bank, N.A., c/o Wells Fargo Bank as Master Servicer	 	$	494,797.00	 
	J.P. Morgan Chase Bank, N.A.
	 	TPTS	 	321762	 	 	 	4/4/2012	 	AMB Property LP	 	AMB Property, L.P.	 	The Dallas/Fort Worth International Airport Board	 	$	341,113.15	 
	J.P. Morgan Chase
Bank, N.A.
	 	TPTS	 	331310	 	 	 	5/22/2012	 	AMB Property LP	 	Headlands Realty Corporation	 	Lower Macungie Township	 	$	343,525.81	 
	J.P. Morgan Chase Bank, N.A.
	 	TPTS	 	349530	 	 	 	3/11/2012	 	AMB Property LP	 	AMB Property LP	 	Waste Management Of New Jersey, Inc	 	$	4,500,000.00	 
	J.P. Morgan Chase
Bank, N.A.
	 	S	 	912133	 	 	 	5/20/2012	 	AMB Property LP	 	AMB Property LP	 	AMB Portview Commerce Center, LLC	 	$	16,080,096.72	 

Schedule 2.4

4

 

2.4(b)

EURO EXISTING LETTERS OF CREDIT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Issue	 	Expiry	 	 	 	 	 	 	 	 	 
	L/C Issuer	 	LC #	 	Date	 	Date	 	Account Obligor	 	Account Party	 	Beneficiary Name	 	 	Liab Amt
	RBS NV

	 	NLNL1NL05G813335
	 	 	 	None
	 	PLD Europe Finance
II B.V.
	 	ProLogis Italy SRL
	 	Municipality Piacenza
	 	€	1,433,449.75
	RBS NV

	 	NLNL1NL09G824508
	 	 	 	12/8/2013
	 	PLD Europe Finance
II B.V.
	 	Prologis Slovak Republic
Management S.R.O
	 	Falcon II Reale Estate Investments
	 	€	32,760.28
	RBS NV

	 	NLNL1NL08G820717
	 	 	 	None
	 	PLD Europe Finance
II B.V.
	 	Prologis Spain XIV SL
	 	Ayuntamiento of Masalaves
	 	€	135,695.72
	RBS NV

	 	NLNL1ES09H125037
	 	 	 	8/30/2011
	 	PLD Europe Finance
II B.V.
	 	Prolois Spain management SL
	 	GMP Sociedad de Inversiones
Inmobiliaris
	 	€	44,022.00
	RBS NV

	 	NLNL1NL10G831500
	 	 	 	12/31/2011
	 	PLD Europe Finance
II B.V.
	 	Prologis Poland XXXIX
Sp.zoo
	 	RWE Polska S.A
	 	€	400,000.00
	RBS NV

	 	NLNL1N10G832431
	 	 	 	12/31/2011
	 	PLD Europe Finance
II B.V.
	 	ProLogis Management
Services II SAS
	 	ProLogis Management Services II
Sas
	 	€	500,000.00
	RBS NV

	 	NLNL1NL10G832430
	 	 	 	12/31/2011
	 	PLD Europe Finance
II B.V.
	 	ProLogis Management
Services II SAS
	 	ProLogis Management Services II
Sas
	 	€	30,000.00
	RBS NV

	 	NLNL1NL10G833501
	 	 	 	11/30/2011
	 	PLD Europe Finance
II B.V.
	 	Prologis Management
Services Eurl
	 	SCI du Pot de Fer St Marcel
	 	€	46,800.00
	RBS NV

	 	NLNL1NL06G112690
	 	 	 	None
	 	PLD Europe Finance
II B.V.
	 	ProLogis France XIII SarL
	 	RBS GLOBAL BANKING (LUXEMBOURG)
S.A
	 	€	5,000.00
	RBS NV

	 	NLNL1NL07G115204
	 	 	 	None
	 	PLD Europe Finance
II B.V.
	 	ProLogis Germany
Management GmbH
	 	WESTINVEST GESELLSCHAFT
	 	€	1,570.80
	J.P. Morgan Chase
Bank, N.A.

	 	P-241457
	 	 	 	4/26/2012
	 	AMB Property LP
	 	AMB PROPERTY, LP
	 	BANCO SANTANDER CENTRAL HISPANO S.A
	 	€	1,900,800.00
	J.P. Morgan Chase
Bank, N.A.

	 	P-243583
	 	 	 	12/15/2011
	 	AMB Property LP
	 	AMB PROPERTY,LP
	 	DEUTSCHE BANK AG
	 	€	1,200,000.00

Schedule 2.4

5

 

2.4(c)

YEN EXISTING LETTERS OF CREDIT

NONE.

Schedule 2.4

1

 

SCHEDULE 6.12

PRE-APPROVED REALLOCATIONS

	 	 	 	 	 	 	 	 	 
	 	 	Amount of Pre-	 	 	 	 
	 	 	Approved	 	 	 	Available Tranches
	Lender	 	Reallocations	 	Current Tranches	 	for Reallocation
	Bank of America,
N.A. (together with
its Affiliates)

	 	 	0	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian, Euro, and Yen
	Sumitomo Mitsui
Banking Corporation
(together with its
Affiliates)

	 	 	0	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian, Euro, and Yen
	JPMorgan Chase
Bank, N.A.
(together with its
Affiliates)

	 	 	0	 	 	U.S., Canadian,
Euro, and Yen
	 	U.S., Canadian, Euro, and Yen
	Total

	 	 	0	 	 	 	 	 

 

			
	*	 	Provided that the amount of the Pre-Approved Reallocation for a Lender and its Affiliates
shall not exceed, as of any date of determination, the Dollar Equivalent aggregate amount of such
Lender’s and its Affiliate’s Commitments under each of the applicable Tranches.

Schedule 6.12

1

 

SCHEDULE 8.1

OPINIONS

	 	 	 
	Tranche	 	Law Firms Providing Opinions
	 
	U.S. Tranche

	 	Mayer Brown LLP
	Euro Tranche

	 	Weidema van Tol
	Yen Tranche (Old PLD borrowers)

	 	Anderson, Mōri & Tomotsune
	Yen Tranche (AMB borrowers)

	 	Morrison & Foerster LLP

Schedule 8.1

1

 

SCHEDULE 9.6

LITIGATION

Clause (a) of Section 9.6: Two shareholder lawsuits related to the Merger that are described in
filings with the SEC and are expected to be settled substantially concurrently with the
consummation of the Merger.

Clause (b) of Section 9.6: None.

Schedule 9.6

1

 

SCHEDULE 9.9

ENVIRONMENTAL MATTERS

None.

Schedule 9.9

1

 

SCHEDULE 14.2

AGENT’S OFFICE;

CERTAIN ADDRESSES FOR NOTICES

PROLOGIS, GENERAL PARTNER and AFFILIATED BORROWERS:

Prologis

4545 Airport Way, Suite 100

Denver, Colorado 80239

Attn: Mr. Phillip D. Joseph, Jr.

Telephone: 303-567-5663

Fax: 303-567-5605

Electronic Mail: pjoseph@prologis.com

Website Address: www.prologis.com

GLOBAL ADMINISTRATIVE AGENT:

Notices as Global Administrative Agent:

Bank of America, N.A.

Agency Management

901 Main Street, 14th Floor

Mail Code: TX1-492-14-11

Dallas, TX 75202

Attention: Sheri Starbuck

Telephone: 214 209-3712

Telecopier: 214 290-8392

Electronic Mail: sheri.starbuck@bankofamerica.com

Bank of America, N.A.

Portfolio Management

901 Main Street, 64th Floor

Mail Code: TX1-492-64-01

Dallas, TX 75202

Attention: Will T. Bowers

Telephone: 214 209-0276

Telecopier: 214 209-0995

Electronic Mail: will.t.bowers@bankofamerica.com

U.S. FUNDING AGENT

Global Administrative Agent’s Office

(for payments and Requests for Credit Extensions):

Bank of America, N.A.

901 Main Street, 14th Floor

Mail Code: TX1-492-14-05

Dallas, TX 75202

Attention: Nora Taylor

Telephone: 214 209-0592

Telecopier: 214 290-9673

Schedule 14.2

1

 

Electronic Mail: nora.j.taylor@bankofamerica.com

Bank of America, NA

Dallas, Texas

ABA# 026009593

Account No. (for Dollars): 1292000883

Ref: Prologis, Attn: Credit Services

Account No. (for Euro): 65280019

Ref: Prologis, Attn: Credit Services

Swift Address: BOFAGB22

Account No. (for Sterling): 65280027

Ref: Prologis, Attn: Credit Services

London Sort Code: 16-50-50

Swift Address: BOFAGB22

Account No. (for Yen): 606490661046

Ref: Prologis, Attn: Credit Services

Swift Address: BOFAJJX

Account No. (for Canadian Transit# 01312): 711465003220

Ref: Prologis, Attn: Credit Services

Swift Address: BOFACATT

U.S. L/C ISSUER:

Bank of America, N.A.

Trade Operations

333 S Beaudry Avenue

Mail Code: CA9-703-19-23

Los Angeles, CA 90017

Attention: Rose T. Agustin

Telephone: 213 345-0132

Telecopier: 213 345-6684

Electronic Mail: rose.t.agustin@bankofamerica.com

U.S. SWING LINE LENDER:

Bank of America, N.A.

901 Main Street, 14th Floor

Mail Code: TX1-492-14-05

Dallas, TX 75202

Attention: Nora Taylor

Telephone: 214 209-0592

Telecopier: 214 290-9673

Electronic Mail: nora.j.taylor@bankofamerica.com

Bank of America, NA

Dallas, Texas

ABA# 026009593

Account No. (for Dollars): 1292000883

Ref: Prologis, Attn: Credit Services

Schedule 14.2

2

 

EURO FUNDING AGENT:

Euro Funding Agent’s Office

Front Office:

Contact: Shawn Kaufman

Address: The Royal Bank of Scotland Plc

250 Bishopsgate

London

EC2M 4AA

E-mail: shawn.kaufman@rbs.com

Tel: +44 (0) 20 7678 0287

Fax: +44 (0) 20 7678 8727

Middle Office:

Contact: Saskia Newbon / Laura Church

Address: The Royal Bank of Scotland Plc

250 Bishopsgate

London

EC2M 4AA

E-mail: Saskia.newbon@rbs.com / Laura.church@rbs.com

Tel: +44 (0) 203 361 2360 / 1207

Fax: +44 (0) 207 615 0153

Back Office:

Contact: Ratheesh Baskaran / Divya Chenoli

Address: The Royal Bank of Scotland Plc

14 India Land Tech Park

3RD Main Road

Ambattur Industrial Estate

Chennai, 600058

E-mail: gbmukagency1@rbs.com

Tel: +91 44 4220 5240 / 5022

Fax: +44 (0) 207 678 6021

Account No. (for Dollars):

USD

Beneficiary Bank: The Royal Bank of Scotland Plc, London

Swift: RBOSGB2LGLO

A/c No: 400759136

Correspondent Bank Name: JP Morgan Chase Bank New York, ABA 021000021

Attn: Agency Europe

Schedule 14.2

3

 

Account No. (for Euro):

EUR

Correspondent Bank: The Royal Bank of Scotland Plc, London

Swift Code: RBOSGB2L

Beneficiary Bank: The Royal Bank of Scotland Plc, London

Swift Code: RBOSGB2LGLO

IBAN: GB29RBOS16107010091313

Reference: Attn Agency Europe — Prologis

Account No. (for Sterling):

GBP

Correspondent Bank: The Royal Bank of Scotland Plc, London

Swift: RBOSGB2L

Beneficiary Bank: The Royal Bank of Scotland Plc, London

Swift: RBOSGB2LGLO

Account Number: 98394012

Branch Sort Code: 15 00 00

Reference: Attn Agency Europe — Prologis

Account No. (for Yen):

JPY

Beneficiary Bank: The Royal Bank of Scotland Plc, London

Swift: RBOSGB2LGLO

A/c No: 653-0445479

Correspondent Bank: The Bank of Tokyo-Mitsubishi UFJ Ltd, Tokyo

Swift: BOTKJPJT

Attn: Agency Europe

EURO L/C ISSUER:

The Royal Bank of Scotland N.V.

Loan Servicing CPM

Street Address: Paasheuvelweg 25

Mail: P.O. Box 12925

City, State ZIP Code: 1100 AX Amsterdam, The Netherlands

Attention: Hyder Hasib/Chancal Kumari

Telephone: +91 44 4220 5228

Telecopier: +31 20 464 2370

Electronic Mail: GBMCLONLLoanServicingCPMDesk@rbs.com

EURO SWING LINE LENDER:

The Royal Bank of Scotland N.V.

Loan Servicing CPM

Street Address: Paasheuvelweg 25

Mail: P.O. Box 12925

City, State ZIP Code: 1100 AX Amsterdam, The Netherlands

Attention: Hyder Hasib/Chancal Kumari

Telephone: +91 44 4220 5228

Telecopier: +31 20 464 2370

Schedule 14.2

4

 

Electronic Mail: GBMCLONLLoanServicingCPMDesk@rbs.com

Bank: The Royal Bank of Scotland N.V., Amsterdam

Account no. 759898650 (IBAN NL14RBOS0759898650)

Account name: The Royal Bank of Scotland N.V.

Correspondent Bank: The Royal Bank of Scotland N.V., Amsterdam

Swift Code: RBOSNL2A

Beneficiary Bank: The Royal Bank of Scotland N.V., Amsterdam

Swift Code: RBOSNL2RGLO

YEN FUNDING AGENT:

Yen Funding Agent’s Office

(for payments and Requests for Credit Extensions):

Sumitomo Mitsui Banking Corporation

Yusen-Odenmacho Build.

13-6, Kodenma-cho Nihonbashi

Chuo-ku Tokyo 103-0001, Japan

Attention: Syndication Dept. / Masahiko Nakamura

Telephone: 81-3-5640-6726

Telecopier: 81-3-5695-5268

Electronic Mail: Nakamura_Masahiko@dn.smbc.co.jp

Account No. (for Dollars):

CITIBANK, NA

ABA#:021000089

Account #:36023837

Account Name: SMBC, NEW YORK

Attention: SDAD-LOAN SERVICES

Ref: Prologis

Account No. (for Euro):

DEUTSCHE BANK, AG

SWIFT ADDRESS: DEUTDEFF

Account #: 958780910

Account Name: SMBC, NY (SMBCUS33)

Attention: SDAD-LOAN SERVICES

Ref: Prologis

Account No. (for Sterling):

SMBC, London

SWIFT ADDRESS: SMBCGB2L

Account #: 680156

Account Name: SMBC, NY (SMBCUS33)

Attention: SDAD-LOAN SERVICES

Ref: Prologis

Account No. for Yen:

Bank Name: Sumitomo Mitsui Banking Corporation

Branch: Head Office, Account Type: Others

Account Name: Agent Account

Schedule 14.2

5

 

Account #: 936020

Ref: Prologis Account, Attn: Credit Services

YEN L/C ISSUER:

Sumitomo Mitsui Banking Corporation, New York Branch

277 Park Avenue,

New York, NY10172

Attention: Delma C. Mitchell

Telephone: 1-212-224-4387

Telecopier: 1-212-224-4391

Electronic Mail: Delma_c_Mitchell@smbcgroup.com

Schedule 14.2

6

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