Capital Call and Portfolio Update

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

Capital Call and Portfolio Update

Legal Entity Identifier: 549300D8JHZTH6GI8F97

Capital Call

JPMorgan Global Core Real Assets Limited (the 'Company' or 'JARA') is pleased to announce that $11.1m of the Company's committed capital has been called and funded into the US Real Estate Mezzanine Debt strategy. This investment will take JARA to being effectively 100%1 invested and was funded from its cash balance and by reducing the liquid real asset allocation portion of JARA's portfolio.

This investment will provide JARA with exposure to a portfolio of 15 existing loans with a bias towards multifamily and office loans. The weighted average duration of the portfolio of loans is 2.7 years. At full investment and with the addition of the Mezzanine Debt strategy, the Company will have positively increased its sensitivity to rising interest rates, given the Mezzanine strategy's 64% exposure to floating rate loans. This allocation will also help to increase JARA's portfolio income as the underlying Mezzanine strategy has provided an income of 7.4% over one year and an annualised return of 6.9% since inception2. Target total returns for the Mezzanine strategy are 7-9% gross and 6-8% net3, this return will be primarily income orientated.

In 2021 commercial real estate markets were on a very positive path. Investment sales volumes were strong, debt flows remained high, and core real estate equity returns climbed to approximately 20% for the full year. Core real estate mezzanine debt benefits from these strong underlying fundamentals and continues to offer an attractive relative value to other fixed income investment products seeking similar current income return.

The funding has changed JARA's asset allocation, which, based on its exposures as of its last NAV (30th November 2021) are as per below. Updated exposure details including more granular sector and currency exposures will be released alongside JARA's next NAV which should be available in due course. The impact of this recent allocation to JARA's portfolio yield will be effective from April.

As at 25th February 2022. Numbers may not sum due to rounding.

Portfolio Update

The Manager would like to highlight that JARA's portfolio and its underlying strategies are performing as expected and JARA's portfolio is not directly exposed to Ukrainian or Russian assets, either on a NAV or income basis. The Manager believes that the global geographic and asset level diversification, coupled with the core nature of the portfolio assets and exposure to non-sterling assets, means JARA is well positioned to weather the current volatility.

 The current market and political volatility, added to what was already an inflationary environment, is focusing investors' minds on robust defensive strategies that combine both reliable income and opportunities for capital growth. JARA has delivered strong NAV total returns since its portfolio has been near fully invested and recent events, both geopolitical and macro in nature, serve to underscore the attractiveness of JARA's differentiated offering and attractive risk / return value proposition. The addition of the Mezzanine strategy should further bolster this mix and shows the flexibility of the JPM platform in being able to adapt to changing market conditions.

1 c.1% of capital remains uninvested for cost and liquidity requirements

2 Mezzanine Strategy inception 5th December 2019

3 The difference between Net and Gross return is due to management fees levied

4th March 2022

Alison Vincent

JPMorgan Funds Limited - Company Secretary

Telephone 0207 742 4000