Company: PGZ
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001398344-25-003239
Chunk: 15

Company: Principal Real Estate Income Fund
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 15
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the Audit Committee’s considerations and discussions referred to above do not provide assurance that the audit of the Fund’s
financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements
are presented in accordance with generally accepted accounting principles.

Based on its consideration of the audited financial
statements and the discussions referred to above with management and the Fund’s independent accountant, and subject to the limitations
on the responsibilities and role of the Audit Committee set forth in the Audit Committee Charter and those discussed above, the Audit
Committee recommended to the Board of Trustees that the Fund’s audited financial statements be included in 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