Officer received an award of 3,822 PLD derivative securities

1. Represents LTIP Units which vest 80% on 1/20/2027 and 10% on each of 1/20/2028, and 1/20/2029, subject to continued employment. The LTIP Units were issued to the reporting person pursuant to the 2020 LTIP.
2. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be converted, at the election of the holder, into a common unit of limited partnership interest in Prologis, L.P. (a "Common Unit"). Each Common Unit acquired upon conversion of a vested LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of Common Stock of the Company (the "Common Stock"), except that the Company may, at its election, acquire each Common Unit so presented for one share of Common Stock. The rights to convert vested LTIP Units into Common Units and redeem Common Units have no expiration dates.

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