COMPANY OVERVIEW | page 7 of 19

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ProLogis is headquartered in Denver, Colorado, and employs more than 1,500 people worldwide. The company had $36.3 billion of assets owned, managed and under development, comprising 510.2 million square feet (47.4 million square meters) in 2,773 properties as of December 31, 2007.

Our customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. In addition to our core industrial business, we are active in retail and mixed-use development in Europe and Asia, and throughout North America as Catellus Development Group, a ProLogis company.

ProLogis is organized under Maryland law and is taxed as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended. Our European headquarters are located in the Grand Duchy of Luxembourg with our European customer service headquarters located in Amsterdam, the Netherlands. Our regional offices in Asia are located in Tokyo, Japan, and Shanghai, China.

Our business is currently organized into three reportable business segments: (1) property operations, (2) investment management and (3) CDFS business.

PROPERTY OPERATIONS
Our property operations segment represents the direct, long-term ownership of industrial distribution and retail properties.

INVESTMENT MANAGEMENT
Our investment management segment represents the long-term management of unconsolidated property funds, and the properties they own, with the objective of generating a high level of returns to us and our fund partners. Along with the income recognized under the equity method from our investments in the property funds, we include fees and incentives earned for services performed on behalf of the property funds (primarily property and asset management services) and interest earned on advances to the property funds, if any, in this segment.

CDFS BUSINESS
Our CDFS business segment primarily encompasses our development of properties that generally are either contributed to a property fund or sold to third parties. Additionally, we acquire properties with the intent to rehabilitate and/or reposition those properties in the CDFS business segment prior to being contributed to a property fund. We also engage in commercial, mixed-use development activities generally with the intention of selling the land or completed projects to third parties.

Additionally, we have land positions, including land owned by the CDFS joint ventures and land controlled through contracts or options, for future development of industrial distribution properties or other commercial development.

COMPANY OVERVIEW | page 7 of 19

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