ESG Annual ReportESGAnnualReport

1. GRESB is an independent rating agency. Participation is voluntary and administration fees were paid by PGIM Real Estate’s various funds for this submission, which is a volume-based fee for all submitters and is required to participate in the ranking. For more information, please visit https://www.gresb.com/nl-en. PGIM Real Estate submitted 23 total funds/properties for GRESB evaluation in 2022, of which 2 were submitted for Management only and 21 for Management & Performance; 11 of the 21 were also submitted for Management & Development. The GRESB ratings published in October 2022 represent AUM as of December 31, 2021 which was submitted for assessment in July 2022. Participation is voluntary and administration fees were paid by PGIM Real Estate’s various funds for this submission, which is a volume-based fee for all submitters and is required to participate in the ranking. GRESB ranks 1,100 property companies and funds on behalf of its investor members across the globe. GRESB scores allow for comparison within a specific year against global GRESB universe as well as defined peer groups by rating the fund out of 5 stars.

PRI Principles for Responsible Investment (PRI) is an independent rating agency. These latest ratings were published in September based on data as of December 31, 2021. Participation is voluntary and administration fees were paid by PGIM Real Estate for this submission.