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Analyst Coverage

As of November 16, 2017

Company Analyst
SMBC Nikko Securities Inc. Hiroshi Torii
Credit Suisse Securities (Japan) Limited Masahiro Mochizuki, Yasuko Fukuda
Goldman Sachs Japan Co., Ltd. Sachiko Okada
Nomura Securities Co., Ltd. Tomohiro Araki
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Toshiyuki Anegawa, Norihiko Sawano
Morgan Stanley MUFG Securities Co., Ltd. Atsuro Takemura
Mizuho Securities Co., Ltd. Yosuke Ohata
Deutsche Securities Inc. Yoji Otani, Akiko Komine
Jefferies Japan Limited Chang Han Joo
Tokai Tokyo Research Institute Co., Ltd. Tomoyoshi Omuro
Citigroup Global Markets Japan Inc. Masashi Miki

Nippon Prologis REIT, Inc ("NPR") and Prologis REIT Management K.K. (the "Asset Manager") are aware that NPR is currently being covered by the research analysts listed above. The list does not purport to be comprehensive or exhaustive and is subject to change in future. Please note that any information and recommendations, including analysis, opinions, estimates and forecasts, made by the research analysts regarding NPR’s performance or strategies or any other matters are based on their own judgment, and neither NPR nor the Asset Manager is involved in any process of the preparation thereof. Please also note that this list is provided solely for the purpose of providing the names of research analysts who provide analysis or projections on NPR and names of the firms such research analysts belong to. Neither NPR nor the Asset Manager endorses, assures or guarantees any information, projections, opinions or recommendations made by the research analysts and the firms such analysts belong to. The coverage of, and any information or recommendations, including analysis, opinions, estimates or forecasts, made by, the research analysts and the firms such analysts belong to may be changed or discontinued without any involvement of NPR or the Asset Manager, and neither NPR nor the Asset Manager is responsible for such change or discontinuation. The list does not constitute an offer or a solicitation to purchase or sell any securities issued by NPR. Any investment decisions shall be made by each investor solely based on their own judgment and at their own risk.

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Nippon Prologis REIT, Inc.