PGIM PRIVATE REAL ESTATE FUNDPGIMPRIVATEREALESTATEFUND

The PGIM Private Real Estate Fund is a tender offer fund that seeks to provide investors with structural benefits such as liquidity¹, transparency, and access. The Fund is focused on providing:

INCOME & GROWTH: Invests in private real estate with the potential to create a reliable source of income and properties poised to benefit from secular trends.

DIVERSIFICATION: Diversified portfolio by product type and geography designed to deliver less volatility.

BOTTOM-UP RESEARCH-LED INVESTING: Targeting investments based on real estate fundamentals that offer compelling risk-adjusted returns.

¹ The Fund intends, but is not obligated, to conduct quarterly tender offers for up to 5.0% of the aggregate NAV of its outstanding common stock at the applicable NAV per share as of the applicable valuation date in the sole discretion of the Fund's Board. In the event a tender offer is oversubscribed and in accordance with rules promulgated by the SEC, the Fund may accept for purchase additional outstanding shares of common stock representing up to 2.0% of the aggregate NAV of its outstanding common stock without amending or extending the tender offer. Diversification does not assure a profit or protect against a loss in declining markets.