1. Property Tour in Tokyo 2006 MAY 19, 2006

2. Tokyo CBD Narita Airport Haneda Airport Property Tour 1. ProLogis Parc Yokohama 2. ProLogis Parc Shinkiba 3. ProLogis Parc Tokyo Ⅱ 4. ProLogis Parc Urayasu 5. ProLogis Parc Urayasu Ⅱ 6. ProLogis Parc Urayasu Ⅲ 7. ProLogis Parc Narashino Ⅱ 8. ProLogis Parc Narashino Ⅲ Project List Yokohama Port Tokyo Port Pacific Ocean 1 Other Projects in Tokyo Area 9. PP Narita 10. PP Narita Ⅱ 11. PP Tokyo 12. PP Koshigaya Ⅱ 13. PP Sugito Ⅱ 14. PP Tatsumi 15. PP Kazo 16. PP Sugito Ⅰ 17. PP Misato 18. PP Shinsuna 19. PP Hachioji 20. PP Narashino 21. PP Koshigaya 22. PP Funabashi 23. PP Kasukabe 24. PP Toda 25. PP Okegawa 26. PP Funabashi Ⅱ 4 3 2 1212 2121 Multi- Customer Build- to-Suit Aquisition 6 5 7 Projects in Tokyo Area 1 1414 1818 2020 2 9 1010 1919 2424 1717 2323 1616 1313 1515 2525 2626 8

3. Tokyo Station Wangan Way R357 Haneda Airport Tokyo Port Tomei Express Way Chuo Express Way Yokohama Port Yokohama Station Other projects in Tokyo Bay area 9. ProLogis Parc Tokyo 10. ProLogis Parc Shinsuna 11. ProLogis Parc Tatsumi 12. ProLogis Parc Narashino 13. ProLogis Parc Funabashi Ⅱ Property Tour 1. ProLogis Parc Yokohama 2. ProLogis Parc Shinkiba 3. ProLogis Parc Tokyo Ⅱ 4. ProLogis Parc Urayasu 5. ProLogis Parc Urayasu Ⅱ 6. ProLogis Parc Urayasu Ⅲ 7. ProLogis Parc Narashino Ⅱ 8. ProLogis Parc Narashino Ⅲ Project List 4 9 10 11 12 Green (Multi-customer) Red (Build-to-Suit) Orange (Acquisition) 6 Projects in Tokyo Bay Area 5 8 7 1 2 3 13

4. Project Outline ProLogis Parc Yokohama ー Multi-Customer SITE Location:Namamugi, Yokohama city, Kanagawa pref. Project Name:ProLogis Parc Yokohama Site Area:15,456 tsubo (550,000 sf) Total Bldg. Area:36,102 tsubo (1,284,700 sf) Lease Area:28,839 tsubo (1,025,900 sf) Floors: 4 CustomerBridgestone Sports, STS (Shinkai Group), Nikon, Hitachi Transport System Construction Start:July 2004 Construction Completion: June 2005

5. ProLogis Parc Tokyo ー Multi-Tenant Project Outline Location:Tokai, Ohta ward, Tokyo Project Name:ProLogis Parc Tokyo Project Site Area:14,880 m 2 (4,501 tsubo) Total Bldg. Area:74,238 m 2 (22,457 tsubo) Lease Area:53,270 m 2 (16,114 tsubo) Floors:7 Customer:Yamato Logistics Sony Techno Create, Shinkai TS, UPS-SCS, DoCoMo Mobile Construction Start:Dec. 2002 Construction Completion: Dec. 2003 SITE

6. Project Outline ProLogis Parc Tokyo Ⅱ ー Multi-Customer Location:Shinsuna, Koto-ward, Tokyo Project Name:ProLogis Parc Tokyo II Site Area:9,679 tsubo (344,400 sf) Total Bldg. Area:31,015 tsubo (1,103,600 sf) Lease Area:24,175 tsubo(860,200 sf) Floors: 7 CustomersEstee Lauder, Mitsukoshi Construction Start:April 2005 Construction Completion: Mid 2006 SITE

7. Project Outline ProLogis Parc Urayasu Ⅲ ー Multi-Customer Location:Chidori,Urayasu City, Chiba Project Name:ProLogis Parc Urayasu III Site Area:10,180 tsubo(362,200 sf) Total Bldg. Area:20,891 tsubo (743,400 sf) Lease Area:19,421 tsubo (691,000 sf) Floors: 5 Customer:Senko, Matsushita Logistics Construction Start:June 2005 Construction Completion: March 2006 SITE

8. Project Outline ProLogis Parc Urayasu ー Build-to-Suit Location:Minato, Urayasu city, Chiba pref. Project Name:ProLogis Parc Urayasu Site Area:4,856 tsubo (172,800 sf) Total Bldg. Area:8,574 tsubo (305,100 sf) Lease Area:8,574 tsubo (305,100 sf) Floors:6 Customer:Matsushita Logistics Construction Start:September 2002 Construction Completion: April 2003 SITE

9. Project Outline ProLogis Parc Urayasu Ⅱ ー Acquisition Location:Minato, Urayasu, Chiba pref. Project Name:ProLogis Parc Urayasu II Site Area:7,394 tsubo (263,100 sf) Total Bldg. Area:9,967 tsubo (354,700 sf) Lease Area:9,850 tsubo (350,500 sf) Floors:B:2-Story C:5-Story Customer:Ryohin Keikaku (MUJI) Construction Completion: 1989 Acquisition Completion: February 2004 SITE ProLogis Parc Urayasu

10. ProLogis Parc Narashino Ⅱ ー Acquisition Location:Akanehama, Narashino, Chiba pref. Project Name:ProLogis Parc Narashino Ⅱ Site Area:16,693 tsubo (594,000 sf) Total Bldg. Area:32,504 tsubo (1,156,600 sf) Lease Area:31,255 tsubo (1,112,200 sf) Floors:8-Story/2-Story(club house) Customer: RENOWN Incorporated Construction Completion: 1991 Acquisition Completion: February. 2006 SITE Project Outline

11. ProLogis Parc Narashino Ⅲ ー Multi-Customer SITE Location:Akanehama, Narashino, Chiba pref. Project Name:ProLogis Parc Narashino Ⅲ Site Area:7,569 tsubo (269,320 sf) Total Bldg. Area:14,885 tsubo (529,640 sf) Lease Area:12,911 tsubo (459,430 sf) Floors:6-Story Construction Start:3Q 2006 Construction Completion: 3Q 2007