Attractive Relative Valuation of Prologis

INVESTOR RELATIONS Rents remain a fraction of total supply chain costs DISTRIBUTION OF SUPPLY CHAIN COSTS % Fixed Facility Costs (incl. Rent) 3-6 Other Costs 7-12 Inventory Costs 12-16 Variable Facility Costs (incl. Labor) Transportation Source: CBRE Supply Chain Advisory. 15-25 1% Cost savings in = transportation and labor ~15% Increased capacity for rent 45-70 PROLOGIS 9

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