UBS 2006 Global Real Estate Conference Delivering Value

UBS – 2006 Global Real Estate Conference Delivering Value Across Europe Robert Watson CEO

Pro. Logis European Properties Largest pan-European owner and operator of high-quality distribution facilities • Highly experienced manager • Efficient tax structure • Strong and stable cash flow • Diverse, high-quality customer set • Excellent opportunity for growth • Exposure to wider range of investors through listing on Euronext • Trading symbol PEPR -- € 4. 7 total market cap at 16 Nov 06 2

Strong Commitment and Continued Management by Pro. Logis • Strong local market presence established since 1997 (€ Bn) Growth In Assets Held in Pro. Logis European Properties § Over 250 full-time employees in Europe located in 15 offices § Pro. Logis Operating System® ensures consistent, high-quality customer care • Innovator in pan-European CMBS financing • Alignment of interests with current 24% ownership -- L/T not less than 10% Year Ending 3

Pan-European Portfolio High-quality portfolio of modern distribution space • 5. 3 million m² Budapest, Hungary • 275 buildings in 25 submarkets in 11 countries • Average 6. 6 years • Leverages on reconfiguration of European logistics Munich, Germany • Over 70% built by Pro. Logis • 96. 7% leased at 30 Sep 06 = PEPR Properties Rugby, UK 4

Efficient Tax Structure • Structure as a Luxembourg FCP (fonds commun de placement) – an unincorporated contractual co-ownership scheme governed by management regulations • Effectively acts as proxy for Euro-REIT • Allows for a reduction in overall country-by-country tax rate in order to maximise after-tax distributable cash flow • First Luxembourg FCP to be admitted for listing on Eurolist by Euronext but expect it will not be the last 5

Stable Cash Flow PEPR’s Historical Occupancy Levels • Favourable leases • Average lease term of • 5. 1 years to first break • 7. 3 years to lease expiries • Staggered maturities • 72% expire >2010 (1) • Non-amortising fixed rate debt • Management regulations provide that PEPR distribute substantailly all distributable cash flow • Lease expiry, as % of Annualised Rental Income Distributions occur quarterly (1) Based on annualised rental income as at 30 September 2006 6

Diversified Customer Base • Almost 400 customers • Over 600 leases in place as at 30 Sep 2006 • Our top 3 customers represent 16. 4% of annualised base rents • 56% of customers are 3 PLs (1) serving clients in a variety of industries • Over 30% of top 50 customers have investment grade corporate or parent company credit rating Top 10 customers Customer split by type Others 17% Manufacturers 13% (2) (1) Third Party Logistics companies (2) Including consumer packaged goods, automotive and industrial durables 3 PLs 56% Retail 14% 7

Growth Opportunities Internal Growth External Growth Direct Portfolio Increase gearing from 45% to 60% over 3 years • Increase in NAV Direct Investments • Rising rental rates § € 200 million of acquisitions of newly completed facilities from Pro. Logis’ pipeline at 5% discount to market value § Direct purchase of third party assets – i. e. sale/leaseback agreements Equity Investments in Europe § Right to invest up to 30% in future Pro. Logis Private Equity Funds § Right to participate in Pro. Logis Joint Ventures Pro. Logis’ European Development Pipeline Completed and repositioned assets Currently under development Land owned and optioned 1. 3 million m² 0. 8 million m² 1, 261 hectares 8

Key Investment Drivers • Security of a real estate backed investment underpinned by state-of-the-art distribution facilities • Strong, stable and regular cash flows • Track record of positive NAV growth • Improving economic drivers and rising construction costs should lead to rental rate increases • Opportunity for external growth through future investments in other Pro. Logis funds 9