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2.0 OBJECTIVES AND LIMITATIONS 2.1 OBJECTIVES The Phase I ESA was completed in accordance with ASTM Standard Practice E1527-00 Standard Practice for ESAs: Phase I ESA Process and the scope of work contained in the January 14, 2005 Agreement for Environmental Consulting Services between SECOR and ProLogis. SECOR was retained by ProLogis to evaluate the presence of recognized environmental conditions, as defined in ASTM, and to evaluate other aspects of the environmental condition of the property as specified in the Agreement. SECOR understands that ProLogis and its investors, assignees, designees, successors, and assigns intend to rely upon this report as an evaluation of the environmental conditions at the subject property for the purpose of deciding whether and under what conditions to proceed with the real estate transaction involving the property. The work was performed with sufficient detail and scope to meet the standard due diligence practices for an environmental assessment for an institutional investor of real estate in the current marketplace. SECOR understands that the intent was to complete an investigation that will help provide ProLogis and its investors, assignees, designees, successors, and assigns the status of "Innocent Purchaser," as defined in Sec. 101 (35) (A) and (B) of 42 U.S.C.A. SS 9601 and in Sec. 107 (b) (3) of 42 U.S.C.A. SS 9607, and that ProLogis and its investors, assignees, designees, successors, and assigns may rely upon the work for the above purpose. 2.2 METHODOLOGY The Phase I ESA was completed by Ms. Christine Denison, an experienced professional in the Feld of Phase I ESAs and related environmental investigations. SECOR's corporate credentials for performance of Phase I ESAs have been previously supplied to ProLogis. The ESA consisted of a visual inspection of the site, interviews with persons knowledgeable about current site activities, and a review of the pertinent records of local, state, and federal agencies. SECOR also reviewed a previous Phase I ESA report for two larger parcels that included the subject property, prepared in December 1993 by SWL. Data regarding the historical use of the subject property and adjacent properties was obtained from the previous ESA report. 2.3 LIMITATIONS The conclusions presented in this report are professional opinions based on data described in this report. These opinions have been arrived at in accordance with currently accepted industry standards and practices applicable to this location at the time the work was conducted, and in accordance with the standards set forth in the Agreement For Environmental Consulting Services dated January 14, 2005 between SECOR and ProLogis. The opinions and conclusions in this report are subject to the following inherent limitations: 1. SECOR derived the data in this report primarily from visual inspections, examination of records in the public domain, interviews with individuals having information about the site, and a limited number of environmental and geotechnical reports associated with the site. The passage of time, manifestation of latent conditions, or occurrence of future events may require further exploration at the site, analysis of the data, and reevaluation of the findings, observations, and conclusions in the report. Final ESA Report-30098.009-Tracy CA.doc 3 SECOR International Incorporated April 14,2005