Executive Committee

Walt Rakowich is Chief Executive Officer and a member of the Board of Trustees. He also serves as head of the Executive Committee, responsible for setting the strategic direction of the company and monitoring its implementation and progress.

Mr. Rakowich has been appointed to a series of executive positions since joining ProLogis in 1994. Most recently, he served as President and Chief Operating Officer from 2005 to 2008. From 1998 to 2005 he was Managing Director and Chief Financial Officer for ProLogis. Previous to this, Mr. Rakowich held the position of Senior Vice President/Director of the company's Mid-Atlantic region, where he was responsible for expanding the reach of ProLogis to the leading logistics markets in the Midwest and Atlantic states.

Prior to joining ProLogis, Mr. Rakowich spent nine years as a partner with real estate provider Trammell Crow Company and before that was a senior audit and tax consultant for Price Waterhouse in Pittsburgh, Pennsylvania. Mr. Rakowich received his MBA from Harvard Business School and his Bachelor of Science, with distinction, in Accounting from Pennsylvania State University.

Gary Anderson is ProLogis' head of Global Investment Management and a member of the Executive Committee, with overall responsibility for managing ProLogis' private funds as well as raising additional capital. Prior to this, Mr. Anderson was President of Europe and the Middle East, as well as Chairman of ProLogis' European Operating Committee.

From 2003 to 2006, Mr. Anderson was the Managing Director responsible for investments and development in the company's Southwest and Mexico Regions. Prior to 2003, Mr. Anderson was Market Officer for the states of New Jersey and Pennsylvania, Market Officer for the states of Washington and Oregon, and Market Representative for the Mexico cities of Tijuana and Juarez. Prior thereto, Mr. Anderson helped develop ProLogis' global expansion strategy.

Prior to working for ProLogis, Mr. Anderson was a member of the Management Development Program at Security Capital Group, Inc., where he focused on Capital Markets, Investments and Strategy. Mr. Anderson received his MBA in Finance and Real Estate from the Anderson Graduate School of Management at UCLA and his Bachelor of Arts in Marketing from Washington State University.

Ted Antenucci is ProLogis' President and Chief Investment Officer and is also a member of the Executive Committee. He also serves on the board of directors for ProLogis European Properties (PEPR), a public fund trading on the Euronext stock exchange in Amsterdam. Before joining ProLogis in September 2005, Mr. Antenucci served as President of Catellus Commercial Development Corp., with responsibility for all development, construction and acquisition activities. Prior to that, Mr. Antenucci served as Executive Vice President of Catellus Commercial Group, where he managed the company's industrial development activities throughout the western United States, including northern and southern California, Denver, Chicago, Dallas, and Portland.

Prior to joining Catellus in 1995, Mr. Antenucci was Vice President of real estate for Omnitrax, one of the largest short line operators in the United States. He was in charge of Omnitrax's real estate portfolio and, as such, was responsible for sales, acquisitions, development, construction and property management for 11 short lines located throughout nine states.

Mr. Antenucci served on an advisory Board of Trustees to the Montessori School of Evergreen from the fall of 2004 through December of 2005. He was integral in the school's conversion to nonprofit status on December 29, 2005 and then became one of the school's initial Trustees. He continued to serve on the board through June of 2008 and remains active with the school. Additionally, Mr. Antenucci has served on the Board of Directors of Pittman Development Group since April 4, 2004.

Mr. Antenucci earned a Bachelor of Science in business economics from the University of California at Santa Barbara.

Philip Dunne is President of Europe and a member of the Executive Committee, responsible for all aspects of ProLogis' European operational performance, including investments and development. He is also Chairman of ProLogis' European Operating Committee. Prior to this, Mr. Dunne was Chief Operating Officer, Europe and the Middle East.

Prior to joining ProLogis on December 1, 2008, Mr. Dunne was the Chief Operating Officer - EMEA at Jones Lang LaSalle, a global financial and professional services firm specializing in real estate services and investment management. In this role Mr. Dunne has led the deployment and execution of business strategy across the EMEA region. In addition, Mr. Dunne spent five years as Chief Operating Officer for the company's Central and Eastern Europe and Russia region, instrumental in the development of those businesses while overseeing all business support functions and infrastructure. Prior to joining Jones Lang LaSalle's EMEA business, Mr. Dunne worked with the company's European Finance team based in London.

Larry Harmsen, a Managing Director of ProLogis and a member of the Executive Committee, has overall responsibility for all aspects of business performance for ProLogis' U.S. and Canada operations. He has been responsible for capital deployment in North America since July 2005. Previous to this and since 2003, Mr. Harmsen had been responsible for capital deployment in North America's Pacific Region. Prior to this and since 1995, Mr. Harmsen oversaw ProLogis' Southern California market.

Prior to joining ProLogis, Mr. Harmsen was a vice president and general partner of Lincoln Property Company for 10 years. Mr. Harmsen received his MBA from the University of Illinois, and his B.L.A. in Landscape Architecture and Bachelor of Science in Business from Utah State University. In 2004, Mr. Harmsen was president of the Southern California chapter of the National Association of Industrial and Office Properties (NAIOP). He served as a director of the chapter from 2001 through 2004.

John Morland is Managing Director of Global Human Resources for ProLogis, where he is responsible for strategic human resources initiatives to align ProLogis' human capital strategy with overall business activities. He is also a member of the Executive Committee.

Most recently, Mr. Morland was with Barclays Global Investors at its San Francisco headquarters. For five years, he was the Senior Human Resources Business Partner for the product groups. For two years, he was responsible for compensation worldwide in addition to his Business Partner role. He also created and implemented leadership, executive development and recruiting initiatives designed to drive organizational effectiveness and performance.

Previous to this, Mr. Morland spent 15 years with Citigroup in New York, Kenya, and Florida providing Human Resources leadership in a broad range of generalist and specialist roles. He was the senior human resources advisor to the group executive responsible for risk management for the corporate and investment bank, and he supported division executives in several investment banking products, including loan products, derivatives and real estate. Mr. Morland also served as the compensation director for Africa and the leadership specialist for emerging markets technology. His work with Citibank took him to Europe, India, the Middle East and Africa.

Mr. Morland received a Master's degree in Industrial and Labor Relations from Cornell University, where he was a Perkins Scholar. He received his Bachelor of Arts in History from Reed College (Portland, Oregon), where he was a Scholz Scholar. Between his undergraduate and graduate work, Mr. Morland lived in Kyoto, Japan.

Ed Nekritz serves as ProLogis' General Counsel, Head of Global Strategic Risk Management and Secretary. He also serves on the company's Executive Committee, which is responsible for setting the strategic direction of the company and monitoring its implementation and progress.

Mr. Nekritz oversees the provision of all legal services and strategic risk management for ProLogis on a worldwide basis. He is also responsible for ProLogis' Investment Services Group, which handles all aspects of contract negotiations, real estate and corporate due diligence and closings on acquisitions, dispositions and financings. He also oversees ProLogis' Risk Management Department. In addition, Mr. Nekritz focuses significant efforts on ProLogis' strategic initiatives, including M&A, global investment funds, and portfolio transactions.

Mr. Nekritz joined ProLogis as a Vice President in 1995. Previously, he was with the international law firm of Mayer, Brown & Platt (now Mayer Brown) where he practiced real estate and corporate law from 1990 to 1995. Mr. Nekritz received his J.D. from the University of Chicago Law School and his A.B. with honors from Harvard College.

Jack Rizzo is Chief Sustainability Officer for ProLogis, responsible for implementing the company's global sustainability initiatives and for maintaining the company's leadership position in business excellence, environmental stewardship and corporate social responsibility. As head of global construction, he is also responsible for all new industrial development projects worldwide. Mr. Rizzo initiated ProLogis' sustainable development strategy for new projects by establishing design and construction standards to improve the environmental performance of the global platform. Additionally, Mr. Rizzo was instrumental in leading the design and construction of ProLogis' global headquarters, a LEED certified building. Mr. Rizzo has been with ProLogis since 1999 and is a member of the Executive Committee.

Prior to joining ProLogis, Mr. Rizzo was Senior Vice President and Chief Operating Officer of Perini Management Services, Inc., an affiliate of Perini Corporation, a global construction management and general contracting firm, and was responsible for international construction operations.

He received a Bachelor of Science degree from Lehigh University, where he was inducted into the Lehigh Athletics Hall of Fame.

Chuck Sullivan is ProLogis' head of Global Operations, with overall responsibility for leasing, property management, information technology, and marketing. He is also a member of the Executive Committee. Most recently, Mr. Sullivan served as the Managing Director for ProLogis' operations in North America.

Mr. Sullivan has been with the company since 1994 in various capacities. He has been the Regional Director of Operations for the Northeast and Southeast, the Country Officer for Mexico, based in Monterrey, and the Market Officer for Florida. Prior to joining ProLogis, Mr. Sullivan launched his real estate career as an industrial real estate broker with Cushman Wakefield.

Mr. Sullivan has an MBA from the University of North Carolina at Chapel Hill and a Bachelor of Arts from the University of South Florida. He currently serves on the board of the Metro Denver Economic Development Corporation and the Board of Trustees of the Denver Area Council of the Boy Scouts of America.

Bill Sullivan is Chief Financial Officer of ProLogis, where he is responsible for worldwide corporate finance, including treasury, cash management, financial planning, financial reporting, accounting, tax, investor relations and information technology. He is also a member of the Executive Committee.

Prior to joining ProLogis in April of 2007, Mr. Sullivan was the founder and president of Greenwood Advisors, Inc., a financial consulting and advisory firm. Prior to Greenwood Advisors, he served as Chairman and CEO of Sitestuff, an online procurement company for the real estate industry. Mr. Sullivan held several positions with the real estate firm of Jones Lang LaSalle between 1984 and 2001, including the role of Chief Financial Officer and Executive Vice President of Investments and Technology.

Mr. Sullivan earned an MBA in Management and Finance from Northwestern University and a Bachelor of Science in Business Administration from Georgetown University. He is a member of the American Institute of Certified Public Accountants.

As President for ProLogis' Japan operations, Mr. Yamada is responsible for development and leasing activities throughout the country. He is also a member of the Executive Committee. Previously, as Senior Vice President, Mr. Yamada was charged with further developing the company's Japanese operations and was actively involved in the development of distribution facilities throughout Japan for ProLogis.

Prior to joining ProLogis in April 2002, Mr. Yamada was a Senior Officer at Fujita Corporation, one of the major construction companies in Japan, where he was responsible for all international construction and development projects. Joining Fujita Corporation in 1976, Mr. Yamada held several key management positions and was based in the U.S. and the U.K. for more than 10 years, where Mr. Yamada had responsibility for the development of office commercial and residential real estate projects, and was also involved in real estate securitization and the fund operation and management.

Mr. Yamada received his Bachelor of Arts from Waseda University in 1976.