Prologis – Segro Acquisition Potential Index Impact

Research evidence excerpt

J P M O R G A N

Global Markets Strategy

05 August 2026

Prologis – Segro Acquisition

Potential Index Impact

Prologis (PLD US) and SEGRO (SGRO LN) have announced an agreement on a

recommended share offer with a partial cash alternative, to be implemented via a

UK scheme of arrangement (expected completion H1 2027, subject to approvals/

conditions).

Global Quantitative and Derivatives

Strategy

Min Moon AC

(1-212 ) 272-8456

J.P. Morgan Securities LLC

For every SEGRO share, shareholders will receive 0.0920 new Prologis shares.

Shareholders may elect a partial cash alternative, with a basic 25% cash election

of 258p in cash plus 0.0690 new Prologis shares, subject to an aggregate cash cap

of £3.51bn. Elections above the basic entitlement may be scaled back pro rata if

aggregate elections exceed the maximum cash amount.

Pankaj Gupta, CFA AC

(44-20) 7134-5483

J.P. Morgan Securities plc

J.P. Morgan Securities plc is acting as

joint lead financial adviser to Prologis, Inc.

in relation to its recommended share offer

with a partial cash alternative for SEGRO

plc ("SEGRO"), as announced on 4th

August 2026. This research report and the

information contained herein is not

intended to provide voting advice, serve as

an endorsement of the proposed

transaction or result in procurement,

withholding or revocation of a proxy or any

other action by a security holder.

Index Membership:

SEGRO PLC (SGRO LN) is included in MSCI Europe, FTSE Europe, FTSE

EPRA, Stoxx Europe 600, FTSE 100 & FTSE All Shares

Prologis Inc (PLD US) is included in S&P 500, MSCI USA, MSCI Real Estate,

Russell 1000, FTSE EPRA, FTSE USA, and Morningstar (CRSP).

We show potential index impact under two scenarios: (1) no cash elections,

implying an all-stock outcome; and (2) maximum cash elections, with the cash cap

fully utilized.

Table 1: Potential Indexer Supply for Segro PLC

Ticker

SGRO LN

Name

Segro Plc

Index

Index Action

MSCI Europe

FTSE Europe

FTSE All Share

FTSE 100

FTSE EPRA

Stoxx Europe 600

Delete

Wgt Change

Value $ (M) Shares (M)

(%)

-0.11%

-0.12%

-0.45%

-0.51%

-7.46%

-0.10%

-1,156

-691

-700

-525

-875

-105

-4,053

-88.9

-53.2

-53.9

-40.4

-67.3

-8.1

-311.8

xADV

Exp. Timing

-532%

-318%

-322%

-242%

-403%

-48%

…