PROLOGIS EUROPEAN PROPERTIES (“PEPR”) IS ONE OF EUROPE’S LARGEST OWNERS OF HIGH QUALITY DISTRIBUTION AND LOGISTICS FACILITIES. PEPR’S INDUSTRIAL PORTFOLIO COMPRISES 232 MODERN FACILITIES, COVERING 4.9 MILLION SQUARE METRES IN SOME OF THE MOST STRATEGIC LOCATIONS ACROSS EUROPE. Read our 6 month summary >

We have a strong and diversified customer base enabling us to maintain high levels of occupancy and supporting the stability of cash flows from our portfolio. With a presence in 11 European countries, we provide customers with a pan-European platform to meet their warehousing needs and improve supply chain efficiency. At the end of June 2010, our real estate portfolio had an occupancy level of 93.7% and was independently valued at €2.8 billion.

PEPR was established in 1999 as a closed-end, real estate investment fund, externally managed by a subsidiary of ProLogis (NYSE: PLD). In September 2006, PEPR was listed on Euronext Amsterdam.

Highlights

Activity highlights for the six months to and as at 30 June 2010 include

93.7%

Portfolio occupancy in modern, well-diversified portfolio

€390m

OF NEW SECURED FINANCINGS AGREED, RESULTING IN NO DEBT MATURITIES UNTIL 2012

+0.3%

PORTFOLIO VALUATION FOR THE HALF YEAR (1.1% DECREASE EXCLUDING FOREIGN EXCHANGE ADJUSTMENTS)

€6.27

EPRA NET ASSET VALUE(1) PER ORDINARY UNIT, +2.0% FOR THE HALF YEAR DUE TO STABILISING PORTFOLIO VALUES, RETAINED EARNINGS AND IMPROVING STERLING EXCHANGE RATES

€6.27

EPRA NET ASSET VALUE(1) PER ORDINARY UNIT, +2.0% FOR THE HALF YEAR DUE TO STABILISING PORTFOLIO VALUES, RETAINED EARNINGS AND IMPROVING STERLING EXCHANGE RATES

€0.21

EPRA EARNINGS(2) PER ORDINARY UNIT, A €0.11 DECREASE FROM JUNE 2009 MAINLY DUE TO LOWER RENTAL INCOME, INCREASED OPERATING EXPENSES AND PAYMENT OF PREFERRED DIVIDENDS

Business Review

We have delivered solid operating performance and financial results during what continues to be a challenging market environment...

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