Prologis (PLD) Investor presentation summary

Strategic rationale and combination overview

• Proposed all-share combination offers SEGRO shareholders a 31.4% premium to 3-month VWAP and 24.6% premium to the undisturbed closing price as of June 23, 2026.

• The combined entity would create a best-in-class, high-growth global logistics platform with a fortress balance sheet and global access to capital.

• Strategic rationale includes resolving SEGRO's structural constraints, accelerating monetization of development and data center opportunities, and leveraging proven M&A integration.

Platform scale and operational footprint

• Combined portfolio would total 1.43 billion sq. ft. across 20 countries, with £200.2B in assets under management and 7,871 customers.

• European operating portfolio would reach 363M sq. ft., tripling SEGRO's footprint, with a 12M sq. ft. development pipeline and 2,991 acres of land bank.

• Prologis has invested £5.6B in the UK over the past decade, supporting over 100,000 jobs and contributing £171.4M in social value since 2018.

Financial strength and capital efficiency

• Prologis offers deep liquidity, low leverage (4.8x net debt/EBITDA), and an A-rated balance sheet, compared to SEGRO's higher leverage (8.4x) and recent credit downgrade.

• Prologis manages £49B in third-party AUM with 165 capital partners, while SEGRO's platform is significantly smaller.

• SEGRO has persistently traded at a discount to NTA, limiting its ability to fund growth without diluting shareholders.