Monthly Net Asset Value

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

(the "Company" or "JARA")

MONTHLY NET ASSET VALUE

Legal Entity Identifier: 549300D8JHZTH6GI8F97

The Company announces that the unaudited net asset value ('NAV') as at 31 January 2023 was 100.97 pence per share.

An analysis of the components to this NAV and the relevant dates for their valuation is provided below. Given elevated levels of market volatility, additional commentary is also provided in this NAV release.

Strategies

Exchange rates

The GBP/USD exchange rate was 1.2311 as at 31 January 2023.

Commentary

Overall, the Company's NAV declined by 0.8% over the month, primarily driven by the -2.3% depreciation of USD against GBP over the month. The Board and Manager are pleased with the NAV performance, given background market conditions. JARA's diversified portfolio is acting as it was intended, with areas of strength, some of which are a direct beneficiary of increased interest rates and higher inflation, offsetting write-downs in other areas of the portfolio.

Three private strategies have reported their quarterly valuations as at 31 December 2022. The decline in the valuation of the US Real Estate Equity allocation was offset by gains in the US Real Estate Debt and the Infrastructure strategies, both of which delivered a positive return over the quarter. The Real Estate Debt strategy was fully drawn down on 23 February 2022 to capitalise on the pronounced market dislocation post COVID and is now benefitting from rising rates. Collectively this resulted in a -2.8% USD return from the Company's US real estate exposure in Q4. The Company notes that the real estate debt exposure has helped reduce the volatility in the US property allocation and speaks to the diversification of JARA's portfolio. JARA's portfolio has no exposure to private real estate in Europe or the UK, where rising rates have particularly impacted real estate valuations. The Liquid strategy delivered a positive return over the month.

The valuations for the two remaining private asset strategies (Transportation and Asia-Pacific Real Estate) as at 31 December 2022 are expected to be incorporated into the Company's February NAV. Core transportation has historically been a resilient market during periods of stress and the capital market adjustments which have driven a lot of the repricing in US real estate should have less of an effect in Asia-Pacific markets, where interest rate regimes differ significantly and cap rates were at less compressed levels compared to the US and Europe.

20 February 2023

Emma Lamb

JPMorgan Funds Limited - Company Secretary

Telephone 0207 742 4000

Notes

The Company aims to provide holders of the Ordinary Shares with a stable income and capital appreciation, measured on a constant currency basis, through exposure to a globally diversified portfolio of Core Real Assets in accordance with the Company's investment policy. The Company obtains exposure to Core Real Assets through various real asset strategies, namely: Global Infrastructure, Global Real Estate, Global Transport and Global Liquid Real Assets. J.P. Morgan's Alternative Solutions Group has the primary responsibility for managing the Company's portfolio.