Jpmorgan Glbl $ Regulatory News (JARU)

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

("JARA" or the "Company")  

COMPLETION OF MANAGED WIND-DOWN

AND

PROPOSED VOLUNTARY LIQUIDATION

Legal Entity Identifier: 549300D8JHZTH6GI8F97

Introduction

The Board of JARA is pleased to announce that the Company's Investment Manager, J.P. Morgan Asset Management Inc., has largely completed the process of realising the Company's portfolio holdings, through a combination of redemptions and disposals to third parties. As a result, the Board is now taking the necessary steps to put forward proposals to Shareholders for the Company to be placed into voluntary liquidation and for outstanding entitlements to be distributed to Shareholders thereafter in a timely manner. This represents a material acceleration of the previously projected realisation timetable of a targeted return of more than 80% of assets (those held as at 31st December 2024) by the end of 2026.

Portfolio Update

The Company's holding in the Infrastructure strategy has been fully redeemed and the cash proceeds have been received. The unaudited net asset value ("NAV") per Share as at 31st May 2026 was 92.77 pence. Of its £26.6m of net assets as at that date, the Company held:

- 78.1% of its NAV (£20.8m) in the Real Estate Equity - US strategy (the "US Strategy"); and

- the balance of 21.9% of its NAV (£5.8m) in cash and near cash.

On 29 June 2026, the Company entered into a Sale and Purchase Agreement with a third party for the disposal of the entirety of the Company's US Strategy (its US real estate fund). The disposal is being undertaken at a price representing a small discount to the most recent quarterly valuation of the US Strategy (as at 31st March 2026), reflecting the benefit to Shareholders of achieving liquidity in the immediate term rather than over the extended and uncertain period which it was expected the redemption of the entire US Strategy would otherwise have taken.

Pro forma for the sale of the US Strategy, and inclusive of an initial estimate of the associated costs of this sale, the NAV per share is 88.73 pence. This NAV does not include any allowance for the costs of liquidation (see below).

Proposed Liquidation

Since the Company's assets, post the disposal of the US Strategy, will be in cash, near cash or receivable assets, the Board believes it is now appropriate to put forward proposals for the voluntary liquidation of the Company.

The Company has engaged KPMG in the Crown Dependencies as its prospective liquidator and to review its current financial position. In particular, the terms of the fund documentation relating to JARA's private fund investments provide, as is customary for funds of this nature, for retention provisions in respect of withholding tax and for the potential clawback of prior distributions in order to meet certain specified liabilities of the relevant fund. The quantum and duration of such retentions and the potential for such a clawback, if any, will have a bearing on the magnitude and timing of the distributions to be made by JARA in its liquidation. Following this review, a shareholder circular is expected to be published in July setting out details of the proposed winding-up process, the costs of liquidation and timing of liquidation distributions and giving notice of a General Meeting of the Company, to be held in August/early September 2026, at which a Special Resolution will be put forward proposing that the Company be wound up. If the Special Resolution is approved by the requisite majority of Shareholders (being 75 per cent. or more of votes validly cast), the Company will go into liquidation immediately thereafter.

Extension of Financial Year-End

Since launch, the Company's financial year-end has been 28th/29th February. DTR 4.1.3 of the Disclosure Guidance and Transparency Rules, which applies to entities admitted to the Official List of the UK Financial Conduct Authority, requires an issuer to make public its annual financial report at the latest four months after the end of the relevant financial year. Accordingly, the Company is required to publish its annual report in respect of the financial year ended 28th February 2026 by 30th June 2026.

In light of the proposal to place the Company into liquidation as described above, and given that the Company's activities during the last financial year were confined to pursuing an orderly managed wind-down, on which regular updates have already been provided, the Board believes that any benefit to Shareholders of the production of an annual report is materially outweighed by the cost saving which would be achieved if no report is produced. The Board has therefore resolved, and in accordance with the Companies (Guernsey) Law, 2008, that the Company's accounting period be extended by six months to 31st August 2026; and as a result, the latest date by which the Company is required under DTR 4.1.3 to produce an annual report is now 31st December 2026. With the Company expected to go into voluntary liquidation in August, it is therefore proposed that no annual report will be produced by the Company.

30 June 2026

For Further Information

Priyanka Vijay Anand / Neil Martin / William Talkington

For and on behalf of

JPMorgan Funds Limited - Company Secretary and Manager

Telephone: 0800 20 40 20 or +44 1268 44 44 70

E-mail: jpmam.investment.trusts@jpmorgan.com

David Yovichic / Tom Skinner

Investec Bank plc - Broker

Telephone: 020 7597 4000