Reporting Article 29 of the Energy-Climate Act Year 2023

General ESG Approach

Overview of the entity’s general approach for taking account of environmental, social and governance quality

Principal Real Estate belongs to the Principal Financial Group (“PFG” or “Principal”) that has a longstanding Environmental, Social, Governance (ESG) strategy at the company and fund level. Since 2013, a unique, overarching ESG framework called the Pillars of Responsible Property Investing (PRPI) initiative is used. This framework serves as a guide for driving efficient asset management and fiduciary governance while delivering positive financial results and successful ESG outcomes for our clients and investors.

In 2019, Principal Real Estate Europe (“PrinREE”, the European Real Estate Branch of the Group), adopted the Group ESG Policy and Guidelines which are implemented at the property and fund level. These policies inform our approach to real estate investment and management while emphasizing ESG considerations as an integral approach to our fiduciary responsibility and critical in delivering superior risk adjusted returns.

Our ESG Policies incorporate ESG factors into all stages of the real estate investment lifecycle, as illustrated by the following practices.

ESG Policy: documents the ESG strategies that are integrated into our real estate equity and lending operations.
Health and wellness guidelines: provides an overview of our health and wellness goals and healthy building practices for operational assets.
Real estate development guidelines: framework on the incorporation of ESG considerations for new development and major renovation activities.
Building technology and innovations guidelines: documents our approach to ensuring specialized smart building aspects are appropriately incorporated into each of our individual assets.
Responsible Contractor guidelines: documents our expectations that all contractors maintain a work environment where people are treated with dignity and respect and comply with all applicable laws and regulations.
Carbon Reduction Strategy: a pathway to net zero carbon for the assets in all of our portfolios is developing.

Our ESG Policy and Guidelines guide our approach to real estate investment and management and states that appropriate consideration of environmental issues is integral to our fiduciary responsibility and critical in delivering superior risk adjusted returns. The following actions are applicable to Principal Real Estate and its most recent funds and are integrated into every stage of the real estate investment lifecycle – including acquisitions, development, operations, and dispositions:

Partner with clients and investors to implement ESG strategies and best practices.
Engage property tenants, residents, and guests to build partnerships and programs that meet the needs of our communities.
Collaborate with joint-venture partners, property managers, technicians, vendors, service providers, and lenders to implement our responsible property investing strategies, help ensure best-inclass operations, and help to potentially increase the value of our investments.
Evaluate ESG aspects in due diligence activities of new acquisitions and loans, including utility performance, quality of building systems, resilience, transportation options, health and wellbeing aspects, and socio-economic factors.
Monitor and track the sustainability performance of our investments including energy use, greenhouse gas (GHG) emissions, water use, and waste production in addition to building-level sustainability attributes such as certifications.
Optimize building performance, decrease risk, and reduce climate and environmental impacts of investments by:
- Implementing best-practice operational policies and energy, GHG, water, and waste management techniques, as applicable.
- Enforcing compliance of operational and/or utility management requirements.
- Pursuing cost-effective development and management strategies that enhance operational and environmental performance.
- Requiring all properties to meet or exceed all applicable ESG laws and regulations.
- Achieving portfolio-wide energy, GHG, water, and waste performance targets for investments, as applicable.
- Promoting accomplishments in the market; share best practices with the industry; and certify properties in LEED, BREEAM, and other industry recognized certification programs where appropriate.
- Implementing carbon reduction strategies across all assets.

Within Principal, as investment managers and community members, transparency and rigorous oversight provide a foundation for our shared success. The following governance and management activities are designed and implemented to ensure accountability, mitigate risks, and provide clear indicators of progress:

Disclose ESG performance through our ESG report and regular reporting to GRESB, PRI, and CDP.
Support Principal Financial Group’s alignment with industry frameworks such as UN SDGs, TCFD, GRI, and SASB.
Participate in industry organizations and research opportunities to engage and influence policy makers on ESG issues and stay on the forefront of ESG best practices.
Educate and provide resources to third-party joint venture partners, property managers, technicians, vendors, service providers, and lenders on our ESG expectations and monitor compliance.
Engage real estate ESG working groups to formulate strategy, monitor progress, and ensure results, and provide accountability and oversight on ESG program implementation.
Maintain a system of checks and balances to prevent conflicts of interest and preserve the integrity of our investment management process.
Underwrite, evaluate, and monitor third-party property managers, service providers, and joint venture partners.
Implement comprehensive data management and quality control procedures to ensure data integrity.
Align our Sustainability Management System (SMS) with the ISO 14001 standard and its continuous improvement process.
Provide employees with regular training on our ESG platform, diversity, equity and inclusion, and ethical business practices.
Ensure employee compliance with the Global Code of Conduct, including employee restrictions on investments and political contributions, charitable gifting, cybersecurity, and data protection and privacy.

Principal Real Estate does not report on Principal Adverse Impacts (PAIS) under the Sustainable Finance Disclosure Regulation (SFDR) at the entity level, due to concerns around the availability and quality of data required to comply with the entity level PAI reporting. In addition, the entity falls below the regulatory thresholds for mandatory reporting. A statement on the entity level PAI regime is published on the Group website:

Extra-financial reporting

The ESG objectives, targets and strategy for investment funds/mandates are communicated to investors through a range of different documents and updates provided in quarterly and annual investor meetings. These documents will include:

Private Placement Memorandum
Marketing materials, including examples of ESG focused documents
Quarterly and annual investor reporting
Quarterly and annual investor meetings

Three of the funds managed by Principal Real Estate participate in the GRESB ESG benchmark on an annual basis. The GRESB benchmark includes information on the funds’ ESG targets and progress towards achieving those targets. Copies of GRESB benchmarking reports are made available to investors on request.

Information is also made available to investors through our website, this includes Principals’ commitment to sustainable investing, ESG policies and regulatory disclosures. Relevant links to the Principal website are provided below.

Principal Real Estate Sustainability Report

Principal Finance Group Sustainability Report

List of financial products mentioned under Article 8 and 9 of the Disclosure Regulation (SFDR)

As of 31 December 2023, Principal Real Estate was managing 4 OPPCIs and 5 Luxembourg funds for a total of € 575M assets under management. Principal Real Estate manages funds solely investing in real estate in France; there is no plan to extend the activity to other mandates or ESG services.

Two of the funds were classified as Article 8 according to the SFDR, representing € 360M and 63% as a percentage of the outstanding amount managed. These funds are dedicated to professional investors. None of these funds had an NAV as of 31 December 2023 exceeding €500M.

Fund	AUM (in €m)	Classification
Principal European Data Centre Fund	147	Article 8
Principal European Core Fund	213	Article 8

The remaining funds are classified as Article 6 according to the SFDR. Those represent € 215M and 37% as a percentage of the outstanding amount managed.

Integration of environmental, social and governance quality criteria in the decisionmaking process for the allocation of new management mandates

Not applicable to Principal Real Estate.

Adherence of the entity to a charter, code, initiative, or obtaining certification for taking account of environmental, social and governance quality criteria

The Group has a long-standing commitment to corporate stewardship and an established track record in responsible property investing, starting with the first iteration of the responsible property investing framework in 2008. Since then, the framework has been expanded and enhanced to encompass environmental, social, governance and resilience, becoming the Pillars of Responsible Property Investing (PRPI) platform. This organization-wide platform guides our investment management practices and is utilized by Principal and our third-party joint venture partners and property management companies.

In addition, separate targets and strategic ESG objectives are adopted at fund/mandate level, as an example, for one of our Article 8 managed fund these targets include:

Net Zero by 2030
40% energy usage reduction by 2035
20% water reduction by 2035
20% waste diversion by 2035
50% data coverage by 2025
20% of total energy use from renewable energy
ESG building certifications on 50% of total SF by 2035

Balanced representation of women and men

Principal has a long-standing commitment to diversity and inclusion. Principal recognized the value of diversity almost 50 years ago by adding a woman and person of color to our Board of Directors. As of year end 2023, at Group level, 38 % of our 13 members executive leadership team consisted of women, and 42% of our independent board members were women. Additionally, employees resource groups are highly focused on cultivating relationships and driving inclusion.

At Principal Real Estate lever, as of year-end 2023, the investments decision team is balanced in term of women and men representation. The objective is to maintain the balance as much as possible and to have at least a third of women.

For additional information about our Group commitment to accountability in these efforts including policies, goals, actions, and measurement, please see our website.

Internal resources deployed by the entity

Principal including PrinREE and Principal Real Estate believes ESG forms part of the responsibilities of all employees and all business areas. To ensure implementation of sustainability topics in the different business areas and support operational teams, a dedicated sustainability team of four persons has been set-up for all real estate activities of the Group, on which Principal Real Estate relies: the Managing Director of ESG and Operations, a Senior ESG Analyst, an ESG and Operations Data Analyst, and an ESG Manager Europe. This team is also supported by several ESG resources within the Group. In addition, there are four external sustainability consultants who provide support for ESG strategy, sustainability program oversight, data collection and analysis, and property initiatives.

The staff of Principal Real Estate regularly receives ESG training and communication. All employees receive ESG education upon joining and throughout their career at the firm. This includes the following but is not limited to:

Quarterly updates to ESG Working Groups, the Group’s ESG Teams on progress towards targets, key initiatives, building certifications, and industry trends
Governance training videos
Code of Conduct and Ethics training
Fiduciary due diligence
Environmental, social, and governance trends
Principal-specific ESG initiatives
Quarterly Sustainability webinars for property managers, asset managers, and fund managers.

Additionally, the Group and our sustainability consultants provide regular training sessions to property management teams. These trainings provide information about the Pillars of Responsible Property Investing ESG platform, Property Manager responsibilities, and resources and best practices.

Approach to take account of environmental, social and governance quality criteria at entity governance level

Governance structures in place to oversee ESG matters

Principal Real Estate utilizes the Group’s Corporate Governance platform as the foundation for our fiduciary responsibility to our clients. It includes several facts:

Investment Oversight and Governance

A system of checks and balances are designed to help prevent conflicts of interest and preserve the integrity of our advisory services:

The portfolio team is responsible for the day-today activities of the portfolio, and for making recommendations to the relevant management board for consideration;
Certain funds we manage have advisory committees, made up of fund investor representatives that oversee fund performance and provide guidance to fund managers;
Investments will be evaluated by an investment committee using a process that includes environmental, social and governance variables. These variables are incorporated into the initial underwriting and annual business plan for each asset; and
All employees subscribe to the Corporate Code of Conduct and Ethics and adherence is monitored by an in-house compliance department.
We leverage the expertise of third-party sustainability consultants to assist with program strategy, administration and technical support, training, reporting, tool and resources development, site assessments, engineering support, and marketing.

ESG Governance bodies at Group level

Strategic Working Group: it is comprised of senior decision makers from across the department who approve the strategy and goals including the sustainable investing strategy;
Sustainability Team: The Managing Director of ESG and Operations works closely with senior management at Group level and regularly reports on performance, progress, and initiatives to the Strategic Working Group and PFG Board of Directors. In addition, the Sustainability Team includes two ESG Analysts and one ESG Manager. The analysts are responsible for researching industry trends and best practices, managing and analyzing environmental performance data, coordinating ESG projects at property and portfolio level, creating communications materials and marketing documents, supporting industry reporting, and overseeing certifications management. The ESG Manager is responsible for implementing the overall ESG strategy in Europe and working with Fund Managers and Asset Managers to implement the funds and assets’ ESG strategy, researching industry trends, ensuring compliance with ESG regulations as well as supporting the funds with ESG reporting;
Sustainability Working Groups: these are made up of key representatives from various disciplines across the organization including acquisitions, asset management, operations, underwriting, loan servicing, engineering, sales and marketing, and portfolio management with representation from each of the investment strategies. The purpose of these groups is to set both organizational and investment strategy level priorities and to help drive those through the organization.

Policies and Procedures Compliance

Rigorous standardized procedures and practices help ensure control and compliance with management direction:

Ongoing review and audit of investment management services;
Engaging with independent third-party vendors to perform annual audits of investment processing controls and audits of investment vehicles’ financial statements; and
Conducting on-site property management financial and operational audits to help ensure compliance with policies and procedures and to educate and enforce best practices.

We conduct thorough and extensive due diligence and underwriting on all of our joint venture partners to help insist that they abide by the same high standards for ethics, governance, and financial practices that we demand from ourselves. This process typically involves financial checks, reference checks, and Office of Foreign Assets Control verification on all potential joint venture partners and vendors.

Inclusion in remuneration policies of information on how those policies are consistent with the integration of sustainability risks ESG matters

The Group Remuneration Policy describes the criteria that are used to determine bonuses. It includes in particular the achievement of sustainability objectives within an individual’s performance goals, where such individual is actively involved in transaction and portfolio management.

Sustainability Risk Policy

SFDR Remuneration Disclosure

Integration of environmental, social and governance quality criteria into the by-laws of the entity’s board of directors or supervisory board

The Principal Sustainability Task Force is made up of members appointed by Chairman, President, and CEO Dan Houston. The members are leaders across the organization and report quarterly to the Nominating and Governance Committee of the Board of Directors. The role of the Sustainability Task Force is to ensure that material issues are integrated into and help guide our business decisions, drive our comprehensive ESG strategy, and continually engage with stakeholders. This keeps us aligned with internal goals, thirdparty standards and other business groups and signatories, such as the United Nations Global Compact

Throughout 2023, the Sustainability Task Force met monthly to discuss our approach to sustainability reporting frameworks, such as GRI, SASB, TCFD, and CDP, public policy engagement, social and environmental key performance indicators, goal setting, performance against our ESG commitments, and the company’s long-term purpose strategy.

In conjunction with our corporate strategy, four employees are dedicated to enterprise sustainability on a full-time basis. Our Director of ESG and Emerging Strategies works closely with her team, which is made up of an Assistant Director, a Senior ESG Strategist and an ESG Strategist. Each who are responsible for managing and advancing Principal Financial Group’s sustainability strategy and goals. The team has over 20 years of combined sustainability-related experience.

As we further operationalize our efforts, we are adding sustainability-related accountabilities into more job descriptions, performance management goals and day-to-day agile workstreams.

Engagement strategy and its implementation

Not applicable to Principal Real Estate.

European taxonomy

The EU Taxonomy Regulation requires EU financial undertakings subject to the Non-Financial Reporting Directive (NFRD) / Corporate Sustainability Reporting Directive (CSRD) to disclose their share of EU Taxonomy-aligned investments. Principal Real Estate falls below the regulatory thresholds under the definition of a ‘large company’ and therefore is not required to disclose the share of EU Taxonomy-aligned investments at the present time.

Information on the strategy for alignment with the international climate change limitation objectives of the Paris agreement

Principal Real Estate has a target for net zero emissions by 2050 and an interim target of 40% reduction in emissions by 2035 based on a 2019 baseline. The Principal European Core Fund as well as the Principal Europe Durable Income Fund have set their net zero carbon target for 2030.

The net zero target covers Scope 1 and 2, and to the extent possible, Scope 3 emissions. We define net zero in accordance with the Net Zero Asset Managers Initiative: reducing the annual carbon emissions generated from a building’s use of greenhouse-gas-emitting energy to zero based on the adoption of energy efficiency, on and offsite renewable energy sources, and lastly carbon removal offsets, if needed.

We define the organizational boundary of our funds greenhouse gas emissions inventory in alignment with the World Resources Institute’s (WRI) Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (“Corporate Standard”). The GHG inventory is a consolidated statement of emissions from business activities that fall within an organizational boundary. The WRI’s Corporate Standard is a widely accepted guidance document for companies that want to understand, account for, and address their GHG emissions. Developed by the WRI and the World Business Council for Sustainable Development, the Corporate Standard outlines methods for accurately representing the emissions associated with a company’s activities. A Corporate Standard-compliant GHG inventory is meant to provide a holistic representation of the emissions from a company’s activities. The Corporate Standard allows for two methods for determining this boundary:

Equity Share, where the emissions from a company’s activities are tallied pro-rata with its owners’ equity share; or
Control, where 100% of the emissions from a company’s activities are attributed to the organization that controls those activities, with control being based on either:
- Financial Control: If a company can make financial decisions (e.g., purchase or sale) or gains economic benefit from an activity it is said to have financial control of that activity; or
- Operational Control: If a company can introduce and implement operating policies of an activity, it is said to have operational control.

We use the operational control method as the organizational boundary for our funds’ GHG Inventory.

Our operational boundary categorizes emissions as direct (emissions from sources we own and control) or indirect (emissions that occur because of our activities but from sources owned or otherwise controlled by another company). This translates into the three scopes of emissions as:

Scope 1 Direct Emissions Fuel combustion that is owned and controlled by an asset in an investment vehicle managed by Principal Real Estate.
Scope 2 Indirect Emissions Emissions that occur due to the consumption of electricity and steam which is purchased by an asset in an investment vehicle managed by Principal Real Estate.
Scope 3 Other Indirect Emissions Emissions that occur due to electricity and steam purchased by the tenant(s) at assets owned by an investment vehicle managed by Principal Real Estate. Of the 15 distinct categories of scope 3 emissions, relevant categories for Principal Real Estate include Scope 3: Category 13 (downstream leased assets) and Scope 3: Category 15 (investments in assets where the Principal investment vehicle does not have operational control).

The internal approach is cumulative and is to input utility data into the management tool ENERGY STAR Portfolio Manager, on a monthly basis, at a property level. The data is then downloaded into a database where it is tracked through quarterly reporting that is published with emissions performance for the quarter. The time horizon for evaluation is from 2019 to 2050.

Climate risk analysis is done on all new and standing assets, so the coverage rate of this is 100%. Historically, climate risks were assessed through “MSCI Real Estate Climate Value at Risk” reporting. MSCI maps the location of each asset and provides a risk level and estimates the property’s value at risk (expressed as a dollar amount and percent of overall value). MSCI Transition risk assessments are calculated on three different degree pathways – 1.5°C, 2.0°C, and 3. 0°C – using different carbon price inputs. The sources of the integrated assessment models are:

AIM CGE – Asia-Pacific Integrated Assessment/Computable General Equilibrium
GCAM – Global Change Assessment Model
IMAGE – Integrated Model to Asset the Global Environment
REMIND – Regional Model of Investment and Development

Transition scenarios are based on CRREM 2C and CRREM 1.5C. Physical scenarios are based on RCP8.5.

Going forward, climate risks are assessed using Moody’s Climate on Demand. The Moody’s analysis estimates the property’s annualize damage rate (expressed as a dollar amount and percent of overall value) for hazards based on both the RCP 4.5 and 8.5 scenarios. Results are based on outputs from 20 to 32 statistically downscaled models, based on the hazard. Transition risk assessments are completed using the CRREM analysis tool.

ESG factors are evaluated throughout the investment lifecycle, starting at the acquisition of an asset. When acquiring an asset, our standard due diligence checklist includes analysis and review of a broad spectrum of ESG issues include but are not limited to:

Overall building performance
Energy, water and waste usage and efficiency
History of the location for type and frequency of natural hazards
Climate risk assessment to identify future high-risk climate hazards (coastal flooding, fluvial flooding, tropical cyclones, extreme heat and extreme cold) and transition risks (greenhouse gas emissions, regulatory requirements)
Ecological impact assessment (for new development projects)
Viability of green certifications
Indoor environmental quality
Occupant health and safety
Presence of toxic materials and proximity to health and environmental concerns such as pollution sources and sensitive ecologies
Phase 1 environmental assessments
Compliance with accessibility regulations
Affordable housing (for multifamily assets)
Tenant satisfaction

Owned assets in our Article 8 managed funds will have a decarbonization strategy which helps to evaluate and accelerate progress towards the net zero targets. This includes an analysis of each asset’s sources and uses of emissions, documents efficiency projects already completed, and identifies emissions reduction projects to be completed.

Principal Real Estate does not generally invest in assets powered by coal or emitting unconventional hydrocarbons. Air conditioners that emit hydro and fluorocarbons are replaced as feasible with lower emitting alternatives.

Management monitors progress towards targets at least annually as data is collected in conjunction with GRESB reporting. To the extent data is available on a quarterly basis, management is working to the impacted funds in quarterly reporting.

Emissions reduction is evaluated at least annually for funds reporting to GRESB (PECF, PEDIF, PEDCF). Yearend data is reported in June, as this allows time to collect as much data as possible and conduct quality control checks.

Information on the strategy for alignment with long-term biodiversity goals

Not applicable to Principal Real Estate.

Accounting for environmental, social and governance quality criteria in risk management

The Principal Group assesses physical and transition climate risk as part of its standard due diligence process for new developments and acquisitions and regularly as part of the portfolio-level property review. Physical risks reviewed using Moody’s include flooding, heat stress, hurricanes and typhoons, sea level rise, water stress, wildfires, and earthquakes. For any identified high-risk hazards, relevant due diligence consultants are alerted to consider the high risks in their analysis of the property. Recommended mitigation strategies identified by the due diligence consultants are incorporated as needed in underwriting and business planning. Post-close, information on high risks, pre-identified mitigation strategies, and climate risk prescriptions are shared with the asset manager and property manager. From a policy and legal perspective, an increasing number of jurisdictions and regional governments are adopting climate action plans, renewable energy portfolio standards, or other environmental regulations targeting greater energy efficiency and reduced carbon emissions associated with commercial buildings. Our transition risk analysis through the CRREM analysis, provides a rating for each asset’s estimated risk in relation to compliance with the 1.5°C warming scenario. This is based on the property’s actual emissions depending on data availability and CRREM modeling assumptions. Biodiversity is reviewed as warranted during the acquisitions process. Biodiversity impact reduction and risk mitigation plans are created if needed.

In addition to the climate risk analysis, we have identified the below climate-related risks and opportunities:

Current and emerging regulation—Principal properties are subject to climate-related transition risks, which includes emerging regulations. New benchmarking and disclosure laws are created each year to monitor and reduce greenhouse gas emissions at a city or country level. Principal Real Estate considers current and emerging regulation both a risk (due to fines from non-compliance or costs associated with required building upgrades) and an opportunity (due to high-performing buildings receiving positive recognition from a jurisdictional level).
Acute physical damage and disruptions to property operations—Climate change may lead to an increase in the frequency and severity of natural disasters, such as changes in precipitation extremes and droughts.
Chronic physical damage and disruptions to property operations—In addition to acute increases in frequency and severity of natural disasters, climate change may also lead to an ongoing increase in the frequency and severity of natural disasters or change from one form of natural disaster to another over time.
Changing operational parameters—Climate change is forecasted to increase the duration and intensity of heating and cooling days, thus necessitating longer HVAC and capital equipment utilization schedules. Principal Real Estate relies on capital equipment to ensure the comfort and well-being of tenants. Ensuring systems and equipment can operate under more intensive temperature extremes and focusing on efficiency and maintenance of capital equipment will potentially reduce asset risk.
Rising utility costs—Climate change may impact utility availability and pricing due to supply and demand. Principal Real Estate relies on utilities to provide building occupants with services, and we must be aware of any threat to utility availability and changes to utility costs. Principal Real Estate considers rising utility costs both a risk (due to increased operational costs) and an opportunity (due to resource efficient buildings whose operations are not negatively impacted by rising utility costs, which could give our buildings a competitive advantage against peers).
Rising insurance premiums—Climate change may lead to rising insurance premiums due to potential increased property damage from changing climate patterns and increased severity of natural disasters. Principal may have assets that could be deemed to be in a vulnerable area, leading to possible increased insurance premiums.
Reputation—Climate change may lead to reputational damage since physical damage to properties negatively impacts a variety of factors, including building occupant comfort, tenant/resident health and safety, work and lifestyle disruption, loss of continuity of operations, loss of client confidence in our investments, and more. Principal Real Estate prides itself on providing best-in-class property operations and valuable investment opportunities for clients. Principal Real Estate Investors considers reputation as both a risk (due to potential loss of clients and building occupants from negatively affected operations or asset value) and an opportunity (due to potential gain of clients and building occupants if climate adaptation strategies help properties retain their value and maintain operations during climate change events).

Material transition risks have been identified in four categories: Policy and Legal, Technology, Market, and Reputation.

Policy and Legal: All Principal Real Estate property managers are contractually required to ensure their properties are in compliance with all local rules and regulations, including current and emerging climate-related laws, such as benchmarking regulations. Additionally, Principal continually monitors reporting obligations, such as the SFDR. Principal recognizes that there are costs associated with compliance with emerging regulations, such as the costs associated with monitoring regulations and for energy audits and upgrades in order to comply with new regulations. Non-compliance with emerging regulations will also result in fines and judgements.
Technology: Principal Real Estate continuously monitors low carbon technology options and their associated costs including solar panels, efficient building systems, and others. Where financially appropriate, Principal will invest in low carbon technologies.
Market: Principal Real Estate monitors market trends and changing customer behavior for low carbon buildings. In addition to our internal research teams who review industry trends, we also have a third party ESG expert conduct market research.
Reputation: Principal Real Estate recognizes that many investors are increasingly looking for low carbon products. Additionally, Principal's internal research teams and third party ESG expert also conduct research about changes in customer preferences.

Risk management scope, including insurance and climate risk is reviewed annually.

Utility data is collected from utility companies who automatically upload data or property managers who input data in the ENERGY STAR Portfolio Manager tool. Asset level detail tracked in Yardi and Principal Real Estate’s Sustainability Management System is collected following standard procedures for the Principal Real Estate Operations team and Pillars of Responsible Property Investing (PRPI) processes, such as our annual compliance survey and climate risk analysis.

Data is collected on an ongoing basis, with quarterly oversight to ensure data is up-to-date and accurate and are reviewed by Principal Real Estate's third-party sustainability consultant, RE Tech Advisors, reviews on a quarterly basis.

ESG related risks are assessed throughout the investment cycle. When acquiring an asset, the transaction team is required to assess ESG risk as part of the initial due diligence process. This will cover Environmental aspects (GHG emissions, energy certification, climate or physical risks (e.g. flooding)), Social (tenant activity, impacts on local community) and although more limited in scope for a real estate acquisition, Governance.

The level of risk identified during the initial due diligence will then dictate the scope of the acquisition due diligence to be completed. This may include the appointment of external consultants to complete detailed environmental risk assessments looking at the risks associated with flooding or other natural disasters, an environmental audit of the asset assessing GHG emissions and measures that can be taken to improve performance.

The impact of identified risks are assessed during the underwriting stage. Based on input from external consultants where required, sensitivity analysis will be undertaken to assess the financial impact of the risks. In the case of real estate, this may be reducing rents due to poor ESG performance or reduced liquidity and value on exit.

Historically, Climate risk analysis were assessed using the MSCI climate risk analysis tool, which provides an overview of risks and value impact for each asset acquired or held by one of our mandates. Going forward, climate risks are assessed using Moody’s Climate on Demand.

The assessment of ESG risks forms part of the annual business planning process and is reviewed at both asset and fund level. This should cover the change of local regulation and any operating or capital expenditures required at asset level to meet new standards or mitigate potential risks.

The overall physical value at risk for the strategies analyzed for climate risk is -17.56%. This is primarily driven by three assets that have high coastal flooding risk and seven assets with high extreme heat risk. The model used (MSCI Climate Value at Risk) analyzes physical risk through 2100. Two assets are newer acquisitions and were analyzed using a different climate model (Moody’s Climate on Demand). These two assets have an overall annualized damage rate of 0.00430%. One asset was flagged as high risk for earthquake.

The overall transition value at risk for properties with available energy or emissions data within the strategies analyzed is -11.91%. Energy or emissions data was available for 38% of the assets in the strategies analyzed. The model used (MSCI Climate Value at Risk) analyzes transition risk through 2100.

Principal Real Estate – AMF authorization GP-13000036

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If any provision of these Terms of Use is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions.

No Waiver
No waiver by Principal Global Investors of any right under or term or provision of these Terms of Use will be deemed a waiver of any other right, term, or provision of these Terms of Use at the time of such waiver or a waiver of that or any other right, term, or provision of these Terms of Use at any other time.

Indemnity
In exchange for using this website, you agree to indemnify and hold Principal Global Investors, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from your use of this website, from your violation of these terms and conditions or from any decisions that the visitor makes based on such information.

Breaches of these Terms of Use
Without prejudice to Principal Global Investors’ other rights under these Terms of Use, if you breach these Terms of Use in any way, Principal Global Investors may take such action as Principal Global Investors deems appropriate to deal with the breach, including suspending your access to the website, prohibiting you from accessing the website, blocking computers using your IP address from accessing the website, contacting your internet service provider to request that they block your access to the website and bringing court proceedings against you.

Variation
Principal Global Investors may revise these Terms of Use from time to time. Revised Terms of Use will apply to the use of this website from the date of their publication on this website. Please check this page regularly to ensure you are familiar with the current version.

Entire Agreement
These Terms of Use, together with the Principal Financial Group Disclosures, Terms of Use, Privacy and Security links provided below, constitute the entire agreement between you and Principal Global Investors in relation to your use of this website, and supersede all previous agreements in respect of your use of this website.

Law and Jurisdiction
These Terms of Use will be governed by and construed in accordance with Iowa law, and any disputes relating to these Terms of Use will be subject to the exclusive jurisdiction of the courts of Iowa.

If you have questions, please email us.

Click "Accept" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue.

Principal Global Investors, LLC, the issuer of this website, does not hold a Singapore Capital Markets Services licence or any Securities and Futures Commission licences in Hong Kong. This website contains general information only on investment matters and nothing in this website is intended to constitute an offer or inducement to provide capital markets products and services to Singapore investors or any investment services to Hong Kong investors.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Principal Global Investors, LLC and the other member firms of Principal Global Investors (collectively, the “Firms”)* do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information.

It contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. Products and services mentioned in this website may or may not be registered in your jurisdiction for retail distribution or suitable for all types of investors. The general information it contains does not take account of any investor›s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding investment or the markets in general. All expressions of opinion and prediction in this website are subject to change without notice. Any reference to a specific investment or security does not constitute a recommendation to buy, sell, or hold such investment or security.

Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Access to this website and its content is only permitted for “institutional investors” in Singapore within the meaning given to that term in section 4A of the Securities and Futures Act 2001 (“Act”) or “Professional Investors” in Hong Kong within the meaning given to that term under the Securities and Futures Ordinance. It is not intended for any retail investors.

The website may contain information on funds that are registered as restricted schemes under the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations in Singapore. The offer, holding and subsequent transfer of shares are subject to restrictions and conditions stipulated under the Act and the units in those funds are not allowed to be offered to the retail public. The shares of these funds are being offered only on the basis of the information contained in the relevant Information Memorandum. The Information Memorandum is not a prospectus as defined in the Act and accordingly, statutory liability under the Act in relation to the content of prospectuses does not apply. The Monetary Authority of Singapore has not, in any way, considered the investment merits of the funds and assumes no responsibility for the contents of the website and/or that of the Information Memorandum.

It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. If you are not an “institutional investor” in Singapore or a “Professional Investor” in Hong Kong you may not access this website and you should select the “I Do Not Accept” button below.

By selecting the “Accept” button below, and entering this website, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the website and that you have agreed to these terms and confirm and represent that you are an “institutional investor” in Singapore or a “Professional Investor” in Hong Kong."

Principal Global Investors (Australia) Ltd. (ABN 45 102 488 068, AFS Licence No. 225385) ("we", "us", "our") is regulated by the Australian Securities and Investments Commission.

The information in this website, and on pages linked by this website, is general information only and is not intended to constitute financial product advice or a recommendation to buy, sell or hold any particular security or investment. It does not take into account any investor's investment objectives, particular needs or financial situation. Any investor should consider whether an investment fits their investment objectives, particular needs and financial situation before making any investment decision.

While the information on this website is updated from time to time, it is subject to change in the intervening period. None of Principal Global Investors (Australia) Limited or its related entities (together "Principal") guarantee the accuracy, completeness or timeliness of the information on this website. Information may become outdated and opinions may change, including as a result of new information becoming available or changes in the markets. To the extent permitted by law, Principal does not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, this information.

We offer financial products only to wholesale investors (as defined in sections 761G and 761GA of the Corporations Act) and to persons investing through an investor directed portfolio service under the product disclosure statements that can be accessed from this website.

The information contained in this website is intended only for Australian residents and investors and is not intended for use in any country or jurisdiction where such use would constitute a violation of law. There is no intention to offer or sell products in countries or jurisdictions where such offer or sale would be unlawful under the relevant domestic law.

Protecting Your Privacy

At Principal Global Investors (Australia) Ltd, we give priority to protecting the privacy of your personal information. We do this by handling personal information in a responsible manner and in accordance with the Privacy Act 1988 (Cth).

If it is reasonable and practicable to do so, we collect personal information directly from you. How we collect your information will depend upon how you interact with us. We may collect it through application forms, telephone, email and internet contact, from correspondence with you or your consultant and in person.

The information collected may include what time you visited our website, how long you were on our site, if you've been to the site before, what web pages you visited, and what type of browser you used to access our website. This information is collected through the use of cookies.

Use of cookies on this site is outlined in the Principal Online Privacy Policies, Information Collected by Use of Cookies and Spotlight Tags. In accepting these terms and conditions, you accept the terms of the use of cookies from this site. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent. Refer to your browser instructions or help screens to learn about these functions. If you reject all cookies, you may not be able to use our web sites.

We may collect, hold and use personal information in order to process applications, administer the investments and provide related services. If you do not provide your personal information to us, we may not be able to process and administer your investment. We may also use your personal information to tell you about other products and services offered by us or other members of the Principal Financial Group. Please contact us if you do not wish to receive this ongoing information.

We may disclose your personal information to other related companies within the Principal Financial Group®, agents and other external service providers (who supply administrative, financial or other services), some of which are located overseas. Where this occurs, we take steps to protect personal information against misuse or loss however you should be aware that in the event the overseas recipient fails to handle the personal information consistently with the Australian Privacy Principles, we will not be accountable under the Privacy Act and you will not be able to seek redress under the Act. The countries this information may be disclosed to will vary from time to time, but may include Brazil, Chile, China, Hong Kong, India, Japan, Malaysia, Singapore, the United Kingdom and the United States and other countries where the Principal Financial Group® has a presence. A list of locations in which the Principal Financial Group® operates can be found at https://www.principal.com/about-us/our-company/company-overview/worldwide-locations. Our Privacy Policy contains information about how you can gain access to the personal information that we hold about you and seek correction of that information, subject to certain exemptions under law. Our Privacy Policy also contains information about how you may raise concerns regarding privacy with us and how we will deal with your concerns.

You can obtain a copy of our Privacy Policy by clicking on the link below:

Privacy at Principal Global Investors (Australia) Limited

By clicking "Accept", you consent to us dealing with your personal information in the manner set out in our Privacy Policy. You also acknowledge and understand that by providing such consent that we will not be required to take such steps as are reasonable in the circumstances to ensure overseas recipients of your personal information comply with the Australian Privacy Principles.

"Principal Financial Group is a global organization that operates in many different jurisdictions worldwide. Principal Financial Group’s diversified group of companies and affiliates provide comprehensive asset management solutions for institutional investors, investment funds and individuals in key markets around the world. Principal Financial Group has investment offices in the United States, [Mexico, South America, Europe, the Middle East, and throughout Asia]. Where appropriate, Principal Financial Group entities are registered with appropriate regulatory authorities in the jurisdictions in which they are required to be registered to carry on their respective business activities.

All products or services provided to you by any Principal Financial Group company shall only be available in the jurisdiction(s) within which the company providing the product or service is authorized to operate. The relevant Principal Financial Group company reserves the right to make the final determination on whether or not you are eligible for any particular product or service. If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that Site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction.

Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"Principal Global Investors, LLC, the issuer of this website, is a branch registered in the Dubai International Financial Centre and is authorized by the Dubai Financial Services Authority as a representative office.

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Principal Global Investors, LLC and the other member firms of Principal Global Investors (collectively, the ""Firms"")* do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client's investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor's investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for ""sophisticated institutional investors/professional clients"". If you are not a ""sophisticated institutional investor/professional client"", you may not access this website and you should select the ""Decline"" link below.

By selecting the ""Accept"" button below, and entering this website, you agree to these terms and confirm and represent that you are a "" sophisticated institutional investor/professional client""."