Prologis Investor Relations Update

INVESTOR RELATIONS Global platform produces greater returns COMPONENTS OF INCREMENTAL ROE¹ % U.S. Total Return Total Return Outside the U.S. 0% PROLOGIS 12% + Fees + Value Creation Less Net G&A + Benefit of Financing Globally and Other 16% Higher Fees Utilization of Strategic Capital is higher outside the U.S. where >90% of assets are held in ventures that generate fees and promotes Superior Value Creation 75% of development occurs outside the U.S. where margins have typically been 100-200 bps higher • Value creation more than offsets incremental G&A Attractive Cost of Capital Access to global capital markets enables us to finance outside the U.S. where interest rates are ~150 bps lower on average 5% 10% 15% Note: Total Return on Equity Includes NOI, asset management fees, net promotes and value creation based on 2021, less estimated costs to run the platform and estimated interest expense, divided by gross book equity value as of December 31, 2021. 1. Includes taxes, co-investment venture G&A, non-real estate depreciation and difference in NOI returns based on 2021. 21 21

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