Company: PGZ
Filing Date: 2025-03-04
Form Type: DEFR14A
Source: 0001398344-25-004645
Chunk: 17

Company: Principal Real Estate Income Fund
Filing Date: 2025-03-04
Form: DEFR14A
Chunk 17
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 the Fund’s Annual
Report for the fiscal year ended October 31, 2024.

SUBMITTED BY THE AUDIT COMMITTEE OF THE FUND’S
BOARD OF TRUSTEES

Jeremy Held

Rick A. Pederson

Jerry G. Rutledge

JoEllen L. Legg

December 18, 2024

The Audit Committee met three times during the fiscal
year ended October 31, 2024. The Audit Committee is composed of four Independent Trustees, namely Messrs. Held, Pederson and Ms. Legg.
None of the members of the Audit Committee are “interested persons” of the Fund.

Based on the findings of the Audit Committee, the
Audit Committee has determined that Mr. Held is the Fund’s “audit committee financial expert,” as defined in the rules
promulgated by the SEC, and as required by NYSE Listing Standards. Mr. Held serves as the Chairman of the Audit Committee.

Nominating and Corporate Governance Committee

The Nominating and Corporate Governance Committee
of the Board of Trustees (“Nominating and Corporate Governance Committee”) is comprised of Messrs. Held, Pederson and Ms.
Legg (Chairman). The Nominating and Corporate Governance Committee operates pursuant to the Nominating and Corporate Governance Committee
Charter. The Nominating and Corporate Governance Committee is responsible for identifying and recommending to the Board of Trustees individuals
believed to be qualified to become Board of Trustees members in the event that a position is vacated or created. The Nominating and Corporate
Governance Committee Charter is available at the Fund’s website: www.principalcef.com. The Nominating and Corporate Governance Committee
will consider Trustee candidates recommended by shareholders. In considering candidates submitted by shareholders, the Nominating and
Corporate Governance Committee will take into consideration the needs of the Board of Trustees, the qualifications of the candidate and
the interests of shareholders. The Nominating and Corporate Governance Committee has not adopted a formal diversity policy, but it may
consider diversity of professional experience, education and skills when evaluating potential nominees for Board of Trustees membership.
Shareholders wishing to recommend candidates to the Nominating and Corporate Governance Committee should submit such recommendations to
the Secretary of the Fund, who will forward the recommendations to the committee for consideration. The submission must include: (i) a
brief description of the business desired to be brought before the annual or special meeting and the reasons for conducting such business
at the annual or special meeting,