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ProLogis MexicoProLogis MexicoIndustrial Fund I, LPIndustrial Fund I, LP

$500,000,000August 2006

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Unique Investment Opportunity

1 During the investment period, subject to limited exceptions.2 There can be no assurance that the Fund’s return objectives will be achieved. Please refer to the Memorandum for additional information, including a description of significant risk factors and potential conflicts of interest.

ProLogis-Sponsored Mexico Focused Industrial Fund

Leading global owner, operator, and developer of industrial facilities; significant and expanding presence in Mexico over the past 10 years

Compelling Mexico Fundamentals Well-established institutional investment, open and growing economy, strong demographics

Strategic Industrial Market Proximity to U.S., low labor costs, multinational corporate presence

Immediate Capital Deployment Approximately $500 million of identified stabilized assets expected to be contributed within first year

Significant Investment Pipeline Exclusive access to ProLogis’ stabilized development pipeline and acquisition opportunities in target markets throughout Mexico1

Attractive Risk-Adjusted Returns 8% average cash yield and 12% leveraged IRR, net to Investors2

Reynosa Industrial Center #4Reynosa

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ProLogis – Strong Sponsorship

A Global Platform

$24.8 billion of total assets owned, under development, or under management globallyOver 2,400 distribution facilities in 81 marketsNearly 4,700 customersOver 1,100 ProLogis associates globally

Expertise in Fund Management

$11.5 billion of assets under management in property funds globally 31 distinct institutional capital relationships (several in multiple funds) Solid and consistent operating and investment performance

Asia89 facilities

29 msf

North America1,946 facilities

295 msf

Europe366 facilities

80 msf

Colonial Industrial Center #1Reynosa

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Large Population 11th largest worldwide (107.4 million)

Young Labor Force Average age of 25.3 years

Highly Educated Labor Force 92.2% literacy rate

Low Cost of Labor Manufacturing wage $2.13/hr

Cost/Time to Market Proximity to U.S. and efficient shipping2

1 Sources: Bloomberg, CIA World Factbook, EIU, Institute of International Finance, OECD, UN, UNCTAD, US Department of Labor. 2 Cost to ship a 40 foot container to the U.S. $1,750 for Mexico vs. $4,300 for China.3 GDP at purchasing power parity.4 From 1990-2005. Latest date information available for the 15 largest countries in terms of international trade.5 Foreign direct investment as of 2004, out of all developing counties.6 As of 6/30/06. Sovereign debt spread was 1,160 bps on 9/11/98. EMBI+ bond index represents a basket of Mexico sovereign debt vs. a basket of U.S. sovereign debt.

Political and financial reforms have opened Mexico’s economy, increased trade, encouraged investment and provided stability

Economic Drivers

Compelling Mexico Fundamentals1

Monterrey Industrial Center #1Monterrey

Trillion Dollar Economy 11th largest worldwide ($1.1 trillion GDP)3

3rd Fastest Trade Growth4 11%+ CAGR since 1990

3rd Highest FDI5 Average $14.4 billion per year since 1994

Decreased Risk Premium Sovereign debt spread 138 bps (88% decrease over the past 8 years)6

Economic Results

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Significant Experience in Mexico• Presence in Mexico for over 10 years• Customer-driven expansion• 70 employees in 5 regional Mexican offices• Approximately 11 mm sf in 6 markets

ProLogis’ Competitive Advantage• Leading market share• Superior customer service vs. local players• U.S. quality construction / design standards• Global customer relationships

Two Tier Operating and Investment Strategy• Northern Mexico – Manufacturing/assembly• Central Mexico – Distribution

Proven Fund Results in Mexico3

• 3 Yr. average occupancy 95.8%• Unrealized unleveraged IRR4 14.8%• Unleveraged cash yield5 10.6%

1 Portfolio as of 2Q06. Data does not include properties under construction or currently in-planning. 2 Source: ProLogis estimates based upon new construction starts over a three year period. Data excludes markets in which ProLogishas recently entered within the last twelve months (Guadalajara and Mexico City).

3 Based on ProLogis North American Fund V’s Mexico assets’ performance as of June 30, 2006. Prior performance is not indicative of future results of the Fund.

4 Annual compounded pre-tax property-level internal rate of return on an unleveraged basis. All cash flows assumed to occur quarterly with an assumed liquidation date of June 30, 2006.

5 Property-level cash distributions to investors divided by time-weighted equity on a quarterly basis since inception.

ProLogis’ Experience in Mexico

$0

$100

$200

$300

$400

$500

$600

1997 1998 1999 2000 2001 2002 2003 2004 2005 2Q06Acquisition Development

($ millions)

ProLogis Mexico Investment1

0%

4%

8%

12%

16%

20%

PLD CPA American Ind InterMex

% of New Developments

Development Market Share2

Independencia Industrial Center #3Juarez

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Premier Mexico Industrial Portfolio

Access to diversified institutional quality Mexico industrial assets

Initial Portfolio

Current Development

In-Planning Development

Land Positions

Additional Target Market

ProLogis Mexico Industrial Fund I to benefit from:

• Exclusive Access to ProLogis’ Institutional Quality Industrial Assets

• Identified Deployment of Capital

Approximately $500 million to be contributed to the Fund in the first twelve months

Approximately $900 million of pre-identified assets

• Quality Land Positions Fuel Pipeline

Currently control 432 acres that can support 8.1 million buildable square feet

Reynosa

Mexico City

Guadalajara

Monterrey

Juarez

Tijuana

Chihuahua

Toluca

Mexicali

Saltillo

San Luis Potosi

Matamoros

Queretaro

Reynosa Industrial Center #2Reynosa

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Fund Investment Pipeline

Approximately $900 million of pre-identified assets expected to be contributed to the Fund during the Investment Period

Fund Investment Pipeline1

($ and sf 000’s)

Initial Portfolio

Central Mexico

Portfolio

Northern Mexico

Portfolio

Pre-Stabilized

Assets2

In-planning Development

Starts Total

Expected Contribution TimingClosing Closing <12 months 2008-2009

Square FeetGuadalajara 423 100 500 1,023Juarez 596 538 1,265 2,399Mexico City 1,471 1,991 1,800 5,262Monterrey 389 712 1,382 2,483Reynosa 1,176 668 1,266 3,110Tijuana 738 738

Total Square Feet 1,894 2,161 4,009 6,951 15,015

Expected Valuation RangeLow $110,000 $130,000 $230,000 $400,000 $870,000High $120,000 $140,000 $260,000 $450,000 $970,000

1 There can be no assurance that the ProLogis In-Process Portfolio’s development starts or completions will be achieved. Please refer to the Memorandum for additional information, including a description of significant risk factors and potential conflicts of interest.

2 Pre-stabilized assets includes assets from the Central Mexico Portfolio, the Northern Mexico Portfolio and the ProLogis In-Process portfolio.

Del Norte Industrial Center #1Reynosa

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Attractive Investment Characteristics

High Quality Assets/Leases

• Institutional quality assets (U.S. specifications and design)

• New assets – 5 year average age

• U.S. dollar denominated leases1

• Longer-term leases with rent increases

5 year average term; annual rent increases based on CPI

• Significant capital investment by customers

High Barriers-to-Entry

• Difficult zoning, entitlement process

• Land constraints

• Significant infrastructure investment

Del Norte Industrial Center #2Reynosa

Monterrey Industrial Center #13Monterrey

Reynosa Industrial Center #1Reynosa

1 91.0% of Initial Portfolio has U.S. dollar leases or is indexed to the U.S. dollar. Calculated as a percentage of base rent.

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Summary of Terms

1 There can be no assurance that the Fund’s return objectives will be achieved. Please refer to the Memorandum for additional information, including a description of significant risk factors and potential conflicts of interest.

Fund: ProLogis Mexico Fund I, LP

Target Initial Offering Size: $500 million of equity (including ProLogis’ investment)

ProLogis Co-Investment: 20% of total equity minimum

Target Investor Returns: 8.0% average cash yield and 12.0% leveraged IRR1

Identified Pipeline: Approximately $500 million of stabilized industrial assets contributed within the first twelve months

Investment Period: Three years

Exclusivity: Exclusive access to ProLogis’ development pipeline (upon stabilization) and acquisitions in target markets throughout Mexico during investment period

Leverage: 55%-60% loan to value

Asset Management Fee: 0.50% of gross asset value

Term: 10-year closed-end fund

Liquidation Provision: Ability to extend term of Fund, with liquidity provided for Limited Partners not voting to extend

Incentive Participation: 15% promote to ProLogis after Limited Partners achieve 10% leveraged IRR

Initial Closing: December 2006

Monterrey Industrial Center #3Monterrey

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Los Aztecas Industrial Center #1Juarez

Disclaimer – U.S.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein. Such offer or solicitation will only be made by means of an offering memorandum and definitive documentation in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The offering memorandum (the “Memorandum”), which will be subsequently provided, describes risks related to an investment in the Fund as well as other important information about the Fund and its sponsor. The information contained in this presentation does not purport to be complete and is qualified in its entirety by the information set forth in the Memorandum, including, without limitation, the information in the “Risk Factors and Potential Conflicts of Interest” section of the Memorandum. You should carefully review the Memorandum in its entirety prior to investing in the Fund. In addition, each recipient should conduct its own independent investigation and assessment of the contents of this presentation and make such additional inquiries as it deems necessary or appropriate. This presentation does not constitute a part of the Memorandum.

The information contained in this presentation is highly confidential. Except as required by law or regulatory requirements, by participating in this presentation, you agree to maintain the confidentiality of the information contained herein and agree that you will not reproduce or distribute such information to any other person or use such information for any purpose other than to evaluate your potential participation in an offering of the securities described herein.

There can be no assurance that the targeted returns, results, diversification, capitalization or asset allocations will be met or that the Fund will be able to implement its investment strategy and investment approach or achieve its investment objective. Actual returns on investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale.

Statements contained in this presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the general partner of the Fund. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this presentation contains “forward-looking statements.” Actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, neither the Fund, its general partner, the advisors, Macquarie Capital Partners LLC, nor their respective affiliates nor employees assume any responsibility for the accuracy or completeness of such information.

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the recipient. Each recipient should conduct its own independent investigation and assessment of the contents of this presentation and make such additional enquiries, as it deems necessary or appropriate.

Unless stated otherwise, all information in this presentation is as of June 30, 2006.

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Disclaimer – Europe / Other

The information contained in this presentation is highly confidential. Except as required by law or regulatory requirements, by participating in this presentation, you agree to maintain the confidentiality of the information contained herein and agree that you will not reproduce or distribute such information to any other person or use such information for any purpose other than to evaluate your potential participation in an offering of the securities described herein without the prior consent in writing of Macquarie Capital Partners Limited (“MCP”).

This presentation includes information obtained from publicly available material and from third party sources considered by MCP to be reliable. The Memorandum, which will be subsequently provided, describes risks related to an investment in the Fund as well as other important information about the Fund and its sponsor. The information contained in this presentation does not purport to be complete and is qualified in its entirety by the information set forth in the Memorandum. Except as required by law, neither the Fund, its general partner, MCP, Macquarie Capital Partners LLC nor any of their respective affiliates, officers, employees, agents and consultants make anyrepresentation or warranty as to the accuracy or completeness of the contents of this document, and take no responsibility for any loss or damage suffered as a result of any omission, inadequacy, or inaccuracy therein. Recipients acknowledge that circumstances may change and the contents of this document may become outdated as a result.

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the recipient. Each recipient should conduct its own independent investigation and assessment of the contents of this presentation and make such additional enquiries, as it deems necessary or appropriate.

There can be no assurance that the targeted returns, results, diversification, capitalisation or asset allocations will be met or that the Fund will be able to implement its investment strategy and investment approach or achieve its investment objective. Actual returns on investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, and related transaction costs and the timing and manner of sale.

Statements contained in this presentation that are not historical acts are based on current expectations, estimates, projections, opinions and beliefs of the general partner of the Fund. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this presentation contains “forward-looking statements.” Actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated to the date hereof. While such sources are believed to be reliable, neither MCP, the Fund, its general partner, Macquarie Capital Partners LLC, nor their respective affiliates nor employees assume any responsibility for the accuracy or completeness of such information.

MCP is authorised and regulated by the Financial Services Authority (“FSA”).

Unless stated otherwise, all information in this presentation is as of June 30, 2006.

Del Norte Industrial Center #1Juarez

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Disclaimer – Europe / Other

The use of this presentation in certain jurisdictions may be restricted by law. Prospective investors in the Fund should inform themselves as to the legal requirements and tax consequences of an investment in the Fund within the countries of their citizenship, residence, domicile and place of business.

Important notice for prospective investors of Denmark:

This presentation has not been filed with or approved by the Danish financial supervisory authority or any other regulatory authority in the kingdom of Denmark.

The interests in the Fund have not been offered or sold and may not be offered, sold or delivered directly or indirectly in Denmark, unless in compliance with chapter 4 of the Danish act on investment associations, special-purpose associations and other collective investment funds and executive order no 1178 of 10 December 2003 issued pursuant thereto on the marketing of units in certain foreign legal entities in Denmark.

Important notice for prospective investors of France:

Except pursuant to any available authorization or consent, the interests in the Fund are not being and may not be offered or sold in France and this presentation, or any information contained in this presentation or any offering material relating to the interests in the Fund, may not be distributed or caused to be distributed in France.

Important notice for prospective investors of Germany:

The interests which are the object of this document are neither registered for public distribution with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - “Bafin”) according to the German investment act nor listed on a German exchange. No sales prospectus pursuant to the German sales prospectus act has been filed with the Bafin. Consequently, the interests may not be offered to the public.

Any resale of interests in the Federal Republic of Germany may only be made in accordance with the German sales prospectus act and any other laws applicable in the Federal Republic of Germany governing the sale and offering of interests.

Investors should be aware that there might be disadvantageous tax consequences when purchasing interests on a private placement basis. In doubt, please consult your financial or tax adviser before purchasing the interests.

Important notice for prospective investors of Japan:

The Fund has not filed a securities registration statement for a public offering of interests in Japan with the director general of Kanto local finance bureau of the Ministry of Finance of Japan. Therefore, the interests may not be offered or sold in Japan nor will any document or materials relating to the interests be distributed in Japan except pursuant to any exemption available under Japanese law and regulations.

Monterrey Industrial Center #2Monterrey

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Disclaimer – Europe / Other

Important notice for prospective investors of The Netherlands:

The interests described herein are not and may not be offered, transferred, sold or delivered in The Netherlands as part of their initial distribution or at any time thereafter other than to individuals or entities who or which trade or invest in investment objects in the conduct of their profession or trade within the meaning of Section 1 of the regulation dated 9 October 1990 regarding the implementation of Section 14 of the Dutch Act on the supervision of collective investment schemes (“wet toezicht Beleggingsinstellingen”).

Important notice for prospective investors of the United Arab Emirates:

The interests and the Fund have not been approved or licensed by the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the United Arab Emirates. This document is strictly private and confidential and has not been reviewed, deposited or registered with any licensing authority or governmental agency in the United Arab Emirates, and is being issued to a limited number of institutional investors and must not be provided to any person other than the original recipient and may not be reproduced or used for any other purpose. The interests may not be offered or sold directly or indirectly to the public in the United Arab Emirates.

Salvarcar Industrial Center #4Juarez