Letter s  Overview   Ahead of What’s Next  Sustainable Logistics   Our Inspired People  Resilient Communities   Appendix Prologis Ventures Global Insights and Research Multiple Differentiators Define Since its launch in 2016, Prologis Ventures has invested Our in-house Global Insights and Research team analyzes One Unique Business approximately $200M in 45 early- and growth-stage proprietary or third-party data and complex market drivers to: companies across three main verticals: supply chain − Establish a dependable view on the economy and the transformation; digital buildings and infrastructure; and logistics real estate sector; real estate and construction. Recent Ventures investments, − Develop methodologies that help us make informed which focus on energy or ESG related topics, include: investment decisions about markets and properties; − Produce white papers, trend reports and outlooks to Terminal Industries , a yard visibility inform our leaders and our investors on factors that platform that allows customers to influence real estate performance. report and reduce truck dwell time at The team’s latest work is available on prologis.com . the gate, lowering overall emissions. Data centricity and governance Early investments in technology and our access to vast Trove , a recommerce operating proprietary and public data pools provide actionable insights system that helps retailers develop that drive optimization and competitive advantage for resale programs that keep pre-loved Prologis and our customers. Our focus on innovating through items out of landfills. data analytics and digitization is central to the success of our critical operations: developing new properties, managing our Relay , a tech-enabled delivery facilities, introducing innovative solutions and delivering a network that accelerates high-quality customer experience. e-commerce parcel delivery and reduces overall miles traveled. Data centricity is also critical to our work in environmental, social and governance. During 2023, we made investments Solarcycle , a solar panel recycling in new systems and processes to increase data coverage company that uses a proprietary and drive increased automation of data collection across process to extract up to 95% of the our global portfolio. This included new systems for energy materials in a solar panel, addressing and carbon data management, stakeholder and regulatory both end-of-life and supply chain issues tracking and ESG reporting. We also continued to challenges. increase the implementation of smart meters, Internet of things (we now have more than 100,000 sensors across our portfolio that stream real-time data and enable decision automation) and other building technologies. 15