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PGIM Real Estate

PRI reporting framework 2018

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Communication [SG 19]

Direct - Property

Overview [PR 01] Fundraising of property funds [PR 02 - 03] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Outputs and outcomes [PR 15 - 16]

Assurance

Assurance [CM1 01.1 - 01.7]

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Fund management

% of assets under management (AUM) in ranges

<10%

10-50%

>50%

Fund of funds, manager of managers, sub-advised products

% of assets under management (AUM) in ranges

<10%

10-50%

>50%

Other, specify

          Debt and securities

% of assets under management (AUM) in ranges

<10%

10-50%

>50%

Further options for investment managers (may be selected in addition to the above)

Execution and advisory services

Hedge funds

Fund of hedge funds

01.3. Additional information. [Optional]

PGIM Real Estate is the global real estate investment management business of PGIM, Inc., the global investment management business of Prudential Financial, Inc. (NYSE:PRU).

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

571 FTE

02.4. Additional information. [Optional]

571 FTE as of December 31, 2017

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.3. Additional information. [Optional]

Prudential Fixed Income and QMA, other business units of Prudential Financial, Inc. (NYSE:PRU) are also PRI signatories.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2017

04.2. Indicate your total AUM at the end of your reporting year, Exclude subsidiaries you have chosen not to report on and any advisory/execution only assets.

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

04.5. Additional information. [Optional]

$69,643,397,864 (Gross) and $49,945,938,572 (Net) as of 31/12/17

OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

as broad ranges

	Internally managed (%)	Externally managed (%)
Listed equity	0 0	0 0
Fixed income	0 0	0 0
Private equity	0 0	0 0
Property	>50% 91	0 0
Infrastructure	0 0	0 0
Commodities	0 0	0 0
Hedge funds	0 0	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	0 0	0 0
Other (1), specify	<10% 6	0 0
Other (2), specify	<10% 3	0 0

'Other (1)' specified

          Securities

'Other (2)' specified

          Debt

06.2. Publish asset class mix as per attached image [Optional].

2018 PRI OO 06.2.jpg [14KB]

06.3. Provide contextual information on your AUM asset class split. [Optional]

Image in OO 06.2 represents Total Gross Assets Under Management of $69.6 Billion as of December 31, 2017. Note: Total net assets under management equal $49.9 billion as of December 31, 2017.

As of December 31, 2017, PGIM Real Estate Manages just under $69.6 billion in gross real estate assets ($49.9 billion net) and ranks among the largest real estate investment managers in the world.

OO 07. Fixed income AUM breakdown (Not Applicable)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market (Private)

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