Jpmorgan Global Regulatory News (JARA)

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

QUARTERLY NET ASSET VALUE AND PORTFOLIO UPDATE

Legal Entity Identifier: 549300D8JHZTH6GI8F97

JPMorgan Global Core Real Assets Limited ("JARA" or "the Company") announces an unaudited Net Asset Value ("NAV") per share as at 30th November 2021 of 95.08 pence. During the quarter to 30th November 2021 the Company paid a dividend of 1 penny per share on 29th November 2021, bringing the total return for the quarter to 5.03%. This has resulted in a total NAV return of 10.31% over the last two quarters. The 12 month return, inclusive of the two most recent quarters, comes to 8.44%. This is representative of JARA's portfolio performing strongly since the Company has been near fully invested. JARA has now paid out 7 pence per share of dividends since IPO and the Manager notes that income from the underlying portfolio has increased markedly in recent quarters.

Across both public and private allocations, and measured in local currency, JARA's real estate, infrastructure and transportation allocations returned 2.3%, 1.9% and 1.5%, respectively, over the three month period. This local currency return is in line with JARA's long term return targets. The 3.9% appreciation of the US dollar versus sterling over the quarter[1] benefitted JARA's NAV, given its 60% US dollar exposure.

The reopening of the global economy continues to benefit JARA's portfolio and specifically real estate sectors. This has more recently been led by private markets and in particular U.S. real estate, which experienced one of its best quarters on record. As a result, real estate was again the largest driver of returns for the Company over the period.

The transportation and infrastructure allocations continue to perform well, offering a higher income level to the portfolio than real estate. Both these sectors are also benefiting from the increase in economic activity but to a lesser extent than real estate. As a core investor, the Company is focused on access to these markets through assets with longer term contracts and sectors which are less economically sensitive. The pipelines of the private strategies are currently focused on renewables, regulated utilities, contracted power and energy logistic assets. The Company's listed allocation was impacted by the volatility leading into the Company's quarter end resulting in a marginally negative return over the period for this allocation.

We note the emergence of new variants of COVID and while this puts some degree of uncertainty on the horizon, JARA's portfolio performed well during the acute phase of the COVID disruption in 2020. The core nature and relatively low leverage of the overall portfolio, along with the expertise honed in operating portfolio assets through difficult market conditions means, given current information, the Manager is comfortable with its ability to deliver target returns going forward.

Dividends

The most recent quarterly dividend of 1 penny per share was paid to investors on 29th November 2021, representing an annualised yield of 4.7%[2]. In the absence of unforeseen circumstances, the Board expects distributions to be within the target range of 4 - 6% yield on issue price, as set out in the Company's IPO prospectus.

Issued share capital

No new shares were issued during the quarter. As at 30th November 2021, there were 217,407,952 shares in issue. Since its IPO in September 2019 JARA has seen its share capital expand by 45.9%; healthy evidence of the interest and support for the diversified real assets investment proposition which differentiates JARA in the market.

Portfolio Construction

As at 30th November 2021, the Company's portfolio was valued at £203.9 million and was 96% invested.

Over the period there were no new commitments and the manager is awaiting the drawdown of the allocation to JPM's US Real Estate Mezzanine Debt Strategy, which aims to capture the attractive returns currently available in that sector and will serve to boost contracted income. As at 30th November 2021, the Company had uncalled commitments of £14 million. We would highlight that JARA's Private Asia property exposure is primarily logistics, with a smaller allocation to office and a small residential exposure to Japanese multi family dwellings. There is no residential or office exposure in China. The Asia property portfolio is performing well with solid income returns across all sectors and appreciation in the industrial/logistics sector.

Sector exposure Percentage of NAV

As at 30th November 2021. Numbers may not sum due to rounding.

Geographical exposure Percentage of NAV

Geographical exposures only include invested capital.

Private asset portfolio metrics

The private assets have the most detailed asset-level data set compared to the listed portion of JARA's portfolio; therefore below we have included the aggregated detail from the private portion of the Company's portfolio to allow further analysis and comparison on a time series basis. Private asset exposure currently represents 74% of JARA's NAV.

Investments

· 251 investments and at a more granular individual asset level, look through exposure to 957 individual assets (31st August 2021: 922)

Private Portfolio Operating Metrics

Discount Rates

· The blended average discount rate is 7.4%. Asset level discount rate will vary by strategy, with real estate currently having a blended rate of 6.2% and infrastructure and transport being 8.8%. The discount rate will change to some degree as new assets are acquired. The discount rates have remained relatively stable over the last few quarters.

Lease Duration

· 4.7 years average lease duration in real estate and transportation, with just 7% of JARA's portfolio leases due to expire in 2022.

Occupancy/Utilisation

· 97% occupancy/utilisation of leased assets in real estate and transportation, of which 98% paid income as expected in Q3 2021, a marginal improvement on Q2 2021. This was driven by improving economic conditions and a marginally higher weighting to transportation, where we continue to receive 100% of all expected payments. At an overall portfolio level, occupancy and income receipts are in line with what the Manager expects as optimal portfolio performance.

Loan To Value ("LTV")

· 39% portfolio weighted average loan to value across private assets. Asset level LTVs will vary by strategy, with the real estate blended LTV of 30% and infrastructure and transport blended LTV of 48%. The underlying strategies generally take a conservative view on overall leverage.

Debt

· 3.2% blended average cost of debt across the strategies, with 81% being fixed and 19% floating and a weighted average maturity of 5.9 years.

Development Profile

· The private asset portfolio had less than 3% exposure to development assets. This allocation allows the Manager, where appropriate, to capitalise on areas where construction is a more effective way to gain access to assets due to the rich pricing in markets. Currently the development allocation is mainly focused on three areas; Logistic assets, US single family residential and Energy Logistic transportation. Each underlying strategy has the capacity to engage in a small degree of development and this demonstrates the strength and flexibility of the JPM Alternatives Platform.

We would expect construction exposure across JARA's portfolio to remain relatively low on an aggregate basis.

Currency

The main currency exposures of the portfolio (including liquidity funds) are as follows:

 As at 30th November 2021 - may not sum to 100% due to rounding.

14 December 2021

Alison Vincent

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 constant currency capital appreciation through exposure to a globally diversified portfolio of Core Real Assets in accordance with the Company's investment policy. The Company is seeking 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.