Investor Presentation

FIBRA PROLOGIS Mexico: Nearshoring is the Main Structural Shift Mexican industrial real estate gain momentum due to manufacturing capacity expansion MACHINERY IMPORTS, 2014- NOVEMBER 2023 (US$MN, SEASONALLY ADJUSTED) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 wwwwww 01/2014 01/2015 01/2016 01/2017 01/2018 01/2019 01/2020 01/2021 01/2022 01/2023 MEXICO TIER-11 NEARSHORING ABSORPTION BY INDUSTRY, 2019-2Q23 Other, 7% High-tech, 8% Furniture, 18% MEXICO TIER-1' NEARSHORING ABSORPTION BY COUNTRY OF ORIGIN, 2019-2Q23 50% 43% 45% 40% 35% 30% 25% 21% 20% 15% 13% 10% 5% 0% China United States Europe Japan European Union Taiwan Canada Other 5% 5% Machines & tools, 15% 7% 4% 2% Motor vehicles & parts, 37% Electronics & home appliances, 15% • Nearshoring is already reflecting on economic indicators such as machinery imports, accelerating since the pandemic due to global supply chain disruptions, tensions in U.S.-China relations, and the USMCA. CBRE estimates 22% of total demand in 1H23 was due to Tier 1¹ nearshoring. We believe the actual impact is larger owing to companies adding space to support nearshoring logistics, expansions and for supply chain integration (Tier 2). We expect nearshoring to continue as companies bring production processes closer to the U.S. consumer. Source: Prologis Research with information from INEGI, Federal Reserve, Solili, Siila, CBRE and our leasing teams. 1: .Tier 1 nearshoring refer to the direct demand of companies nearshoring from abroad; Tier 2 demand accounts for local suppliers and previously established firms expanding operations as an effect of nearshoring. 8

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