Monthly Portfolio Update

Summary by AI ^BETAClose X

JPMorgan Global Core Real Assets Limited reported an unaudited net asset value of 94.09 pence per share as of December 31, 2025, a 1.4% decrease from the previous month, with a share price of 76.70 pence resulting in an 18.5% discount to NAV. The company's portfolio is primarily allocated to Real Estate Equity in the US (37.8%) and Asia Pacific (28.0%), with 30.5% held in net current assets including sterling cash following recent redemptions. Shareholders can expect a third payment of approximately £20 million by the end of February 2026, effected through a compulsory partial redemption of shares.

Disclaimer*

JPMorgan Global Core Real Assets Ld

08 January 2026

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

("JARA" or the "Company")

MONTHLY PORTFOLIO UPDATE

Legal Entity Identifier: 549300D8JHZTH6GI8F97

Net Asset Value

The Company's unaudited net asset value ('NAV') as at 31st December 2025 was 94.09 pence per share (30th November 2025 NAV: 95.42 pence per share), a decrease of 1.4%. The Company's share price as at 31st December 2025 was 76.70 pence and the discount to NAV was 18.5%.

An analysis of the components to this NAV, and the relevant dates for their valuation, are provided below.

Strategies

Name	Date of price for Strategy	% of JARA's NAV as at 31st December 2025
Real Estate Equity - US	30th September 2025	37.8%
Real Estate Equity - Asia Pacific	30th September 2025	28.0%
Infrastructure	30th September 2025	2.8%
Transportation	30th September 2025	0.8%
Net current assets including cash - held in Sterling	31st December 2025	30.5%

Exchange Rates

The GBP/USD exchange rate was 1.34505 as at 31st December 2025 (30th November 2025: 1.32500).

Return of Capital

Following the receipt in late December 2025 of proceeds of redemptions from the Real Estate Equity - Asia Pacific and Transportation strategies, 30.5% of the Company's assets are now comprised of net current assets (including cash or cash equivalents held in sterling). The Board expects that a third payment of approximately £20m will be made to the Company's shareholders by the end of February 2026. A further announcement providing details of the third payment, which will be effected through a compulsory partial redemption of shares, will follow by the end of January 2026.

8th January 2026

For and on behalf of

JPMorgan Funds Limited - Company Secretary

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

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

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