JPMorgan Global Core Real Assets Limited Annual Report & Financial Statements for the year ended 28th February 2023

Contents Strategic report Key Features 3 Financial Highlights and Key Statistics 8 Chairman’s Statement 10 Investment Manager’s Report 13 Environmental, Social and Governance Report 22 Portfolio Information 26 Company Purpose, Investment Objective, Policies and Guidelines 29 Principal and Emerging Risks 33 Long Term Viability 38 Duty to Promote the Success of the Company 39 Directors’ report Board of Directors 42 Directors’ Report 43 Corporate Governance Statement 45 Audit Committee Report 49 Directors’ Remuneration Report 52 Statement of Directors’ Responsibilities 55 Independent Auditor’s Report 57 Financial statements Statement of Comprehensive Income 65 Statement of Changes in Equity 65 Statement of Financial Position 66 Statement of Cash Flows 67 Notes to the Financial Statements 68 Regulatory disclosures Alternative Investment Fund Managers AIFMD Directive Disclosure 89 Securities Financing Transactions Regulation Disclosure 89 Shareholder information Notice of Annual General Meeting 91 Glossary of Terms and Alternative Performance Measures 94 Where to Buy J.P. Morgan Investment Trusts 96 Information About the Company 97 2 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023

Key Features J.P. Morgan Asset Management 3 JPMorgan Global Core Real Assets Limited (the ‘Company’ or ‘JARA’) is a closed-ended investment company incorporated in accordance with The Companies (Guernsey) Law, 2008. The address of its registered office is at Mill Court, 1 La Charotterie, Guernsey GY1 1FH. The principal activity of the Company is investing in securities as set out in the Company’s Investment Objective and Investment Policy. Investment objective The Company seeks to provide shareholders with stable income and capital appreciation from exposure to a globally diversified portfolio of Core Real Assets. Investment policy The Company pursues its investment objective through diversified investment in private funds or managed accounts managed or advised by entities within J.P. Morgan Asset Management (collectively referred to as ‘JPMAM’), the asset management business of JPMorgan Chase & Co. Please refer to pages 29 and 30 for full details of the Company’s investment policies. Dividend policy The Company has a target annual dividend yield of 4% to 6%, based on the initial issue price of 100.0p per share. Capital structure As at 28th February 2023, the Company’s share capital comprised 219,407,952 ordinary shares of no par value. Management Company The Company engages JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM UK’) which further delegates the management to J.P. Morgan Asset Management, Inc., Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc. (collectively referred to as ‘JPMAM’ or the ‘Investment Manager’ or ‘Investment Managers’). All of these entities are wholly owned subsidiaries of J.P. Morgan Chase & Co. Management fees JPMF is entitled to receive from the Company a management fee in respect of that part of the Company’s net asset value which is invested in JPMAM products, calculated at the rate of 0.05% per annum. The Company’s investments in the JPMAM products also bear the management fee charged by the relevant manager at the level of the relevant JPMAM product (the ‘underlying management fees’). The total overall management fee payable to JPMAM is the aggregate of the management fee and the underlying management fees. No management fee is charged on uninvested assets held in cash or cash equivalents. The total overall management fee borne by the Company is currently 0.93% per annum, as set out in the table below: Company’s Net Asset Value Total Overall invested in JPMAM Products Management Fee £100m 0.93% £300m 0.91% £500m 0.86% £1,000m 0.81% Further details on the management fee and the underlying fees payable to the relevant managers of the JPMAM products can be found on page 43. Administrator and Company Secretary The Company engages J.P. Morgan Administration Services (Guernsey) Limited as its administrator and JPMF as its Company Secretary. Gearing The Company may use gearing, in the form of a bank facility or revolving credit facility, for cash management, currency hedging purposes or other short term needs. Borrowings may be in Sterling or other currencies. The Company’s total borrowings will not exceed 20% of net asset value calculated at the time of drawdown. The Company does not currently have any borrowing facilities. Continuation resolution In accordance with the Company’s Articles of Incorporation, the Directors are required to propose a resolution that the Company continue as a closed-ended investment company at the annual general meeting in 2024 and every fifth year thereafter. Financial Conduct Authority (‘FCA’) regulation of ‘non-mainstream pooled investments’, MiFID II ‘complex instruments’ and EU Sustainable Finance Disclosure Regulation The Company currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the rules of the FCA in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment company. The Company’s shares are not classified as ‘complex instruments’ under the FCA’s revised ‘appropriateness’ criteria adopted in the implementation of the Markets in Financial Instruments Directive (‘MiFID II’). The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. Association of Investment Companies (‘AIC’) The Company is a member of the AIC. Website The Company’s website, which can be found at www.jpmrealassets.co.uk , includes useful information on the Company, such as daily share prices, factsheets and current and historic half year and annual reports.

4 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Key Features A cornerstone allocation to Global Core Real Assets JARA is a vehicle for investors looking to build an allocation in the alternatives market, specifically real assets. Real assets underpin everyday society, from power generation to global transport networks, and from logistics parks to apartment blocks. By investing through JPMAM’s $215 billion alternatives platform, JARA can access institutional real asset strategies that are typically not available to individual investors in other real asset vehicles. These strategies are established, mature portfolios which provide JARA shareholders with predictable cash flows, diversification across real asset categories and geographies, and a return that is uncorrelated with other traditional asset classes. JARA’s investment process JARA’s portfolio is managed by JPMAM’s Alternatives Solutions Group (ASG); a team with over 30 years of experience in managing alternatives solutions. ASG actively manage the portfolio by combining top-down views and capital market assumptions with bottom-up market data from JPMAM’s 300+ alternative investment professionals. JARA predominantly allocates towards ‘core’ real assets, which have forecastable and durable cash flows over long periods of time. As such, it is expected that a significant part of JARA’s investment return will be derived from income and typically these cash flows are contracted to high quality counterparties in developed, mostly OECD markets. Asset classes in which JARA invests Sector exposure Data as at 28th February 2023. Numbers may not add to 100 due to rounding. Geographic exposure Source: J.P. Morgan Asset Management. Data as of February 2023. Please note that the geographic allocation to Global Transport has been split equally between North America, APAC, and Europe (ex UK). Numbers may not add to 100% due to rounding. Real Estate Equity 47% Infrastructure 21% Real Estate Debt 8% Transportation 22% Cash 1% Asia – Pacific 28% North America 54% Other 0% Europe 16% UK 2%

J.P. Morgan Asset Management 5 Underlying strategies Infrastructure Transport Real Estate Listed Real Assets Exposure to global themes JARA’s portfolio is truly diversified across geographies, giving shareholders exposure to key global themes that are positioned to deliver long-term growth. Global trends within JARA’s portfolio Source of the images: Getty Images. For illustrative purpose only. As of February 2023. Percentages show the proportion of JARA’s net asset value allocated to the respective secular themes, rounded to the nearest 1/20th. Assets can be included in multiple secular themes. 1 – In actively managed assets deemed by J.P. Morgan Asset Management to be ESG integrated under our governance process, we systematically asses financially material ESG factors amongst other factors in our investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not change a strategy’s investment objective, exclude specific types of companies or constrain a strategy’s investable universe. l Listed exposure across real estate, infrastructure and transportation securities l Listed real estate includes all-tranche REIT approach whereby investment is also diversified into debt securities l High quality real estate, across the U.S. and Asia-Pacific region. Exposure is through allocation to both equity and debt assets l Core property sectors – logistics, residential, office and retail – in major growth markets with attractive demographics targeting the most dynamic liquid gateway cities, which are important hubs for economic growth l Exposed predominantly to industrial/logistics, multifamily and office l Real estate debt allocation is primarily floating rate and therefore provides a more defensive, rate sensitive allocation l Yield-focused backbone transport assets with long term leases with on average investment grade counterparties l Providing income, uncorrelated returns and global exposure l Maritime, energy logistics, aircraft, rail and fleet leasing l Core/core+ infrastructure in OECD markets l Sectors focus on renewables, contracted power, utilities and storage l Platform investing approach allowing for long term value creation Emerging Core Sectors l ~5% of JARA’s portfolio is exposed to this theme l As the world evolves so will our definition of ‘core’ real assets l Examples include: single-family housing, data centres etc E-commerce Acceleration l ~25% of JARA’s portfolio is exposed to this theme l JARA owns assets across the supply chain including Logistics and Containerships l E-commerce trend magnified by COVID-19 Energy Transition l ~20% of JARA’s portfolio is exposed to this theme l JARA has exposure to 6GW+ of renewable energy l Exposure extends beyond just renewable energy assets to other ancillary renewable sectors (e.g. wind farm maintenance vessels) Positive Social Impact l Underlying strategies are ESG integrated 1 l Undertake third party ratings where possible l Actions and investments taken whilst keeping communities, tenants and service providers in mind Key Features

6 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Key Features How real assets can enhance a portfolio Real assets provide a good diversifier against traditional assets like fixed income and bonds, helping investors spread the risk of their overall portfolio and have another driver of growth and income. Double diversification benefits to real assets Low correlations vs. financial assets and between real asset categories Public and private market correlations Diversification does not guarantee positive returns and does not eliminate the risk of loss. Source: J.P. Morgan 2023 Long Term Capital Market Assumptions (LTCMA), estimates as of September 2022. Correlations are based on 2023 LTCMA asset class assumptions, asset class data denominated in GBP. The expected correlations are for illustrative purposes only and are subject to significant limitations. It is also important to highlight how JARA’s aggregate portfolio compares to single real asset categories such as global infrastructure, global transport and region-specific real estate. Whilst JARA aims to deliver a similar total return to these asset classes its volatility is expected to be lower – making it a more efficient investment. This is driven by the uncorrelated nature of JARA’s component investments. As such, JARA looks to benefit from a double layer of diversification as its dedicated real asset categories offer an uncorrelated return to public markets but also each other thereby reducing portfolio level volatility versus any one single real asset category allocation. Further to the above, a variety of inflation pass-through mechanisms are embedded within real assets, with varying degrees to time lag before they are reflected in income generation. Examples of these mechanisms are given below and this quality should be a tailwind for JARA’s portfolio in an environment where inflation is persistent. Infrastructure Note: GDP sensitive may be inclusive of rolling stocks, liquid bulk storage, fixed transport assets. Contracted power inclusive of renewable and conventional energy. Real Estate Transportation Year 1 Year 10 Year 5 Years for single asset to adjust to higher levels of inflation

Strategic Report

Financial Highlights and Key Statistics 8 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Total returns (including dividends reinvested) to 28th February 2023 2022 Return to shareholders 1,APM Return on net assets 2,APM Dividend per share 1 Source: Morningstar. 2 Source: J.P. Morgan/Morningstar, using cum income net asset value per share. APM Alternative Performance Measure. A glossary of terms and APMs is provided on pages 94 and 95. +7.0% –8.9% +11.6% +12.9% 4.05p 4.00p Key statistics Data as of 28th February 2023. Average lease duration, contracted income received and contracts negotiated in 2023 only consider private real estate and private transportation assets as these assets have leases associated with them. All other above metrics relate to the private assets of JARA. All statistics are calculated on a weighted average based on private asset allocations, normalised to 100%. All reporting relating to debt is look-through. NUMBER OF PRIVATE INVESTMENTS/ PRIVATE ASSETS 335/1,230 AVERAGE LEASE DURATION 4.8 years CONTRACTED INCOME RECEIVED Q4 2022 97% CONTRACTS TO BE NEGOTIATED IN 2023 12% Private Assets AVERAGE DISCOUNT RATE 7.9% LOOK THROUGH LOAN-TO-VALUE 36.6% LOOK THROUGH COST OF DEBT 3.7% LOOK THROUGH FIXED/FLOATING DEBT 78%/22% Balance Sheet

Financial Highlights and Key Statistics J.P. Morgan Asset Management 9 Strategic Report Summary of results 28th February 28th February 2023 2022 % change Total returns (including dividends reinvested) Return to shareholders 1,APM +7.0% –8.9% Return on net assets 2,APM +11.6% +12.9% Dividend per share 3 4.05p 4.00p +1.3 Net asset value, share price, discount and market data Shareholders’ funds (£’000) 223,728 206,589 +8.3 Net asset value per share APM 102.0p 95.0p +7.4 Share price 86.8p 84.7p +2.5 Share price premium/(discount) to net asset value per share APM (14.9)% (10.8)% Exchange rate 1 = 1.211 1 = 1.342 –4.0 Shares in issue 219,407,952 217,407,952 +0.9 Gain for the year Gain attributable to shareholders (£’000)* 23,830 23,693 Gain per share 10.91p 11.06p Net cash APM (1.7)% (0.9)% Ongoing charges excluding performance fee payable 4,APM 1.23% 1.35% Ongoing charges including performance fee payable 4,APM 1.29% 1.35% 1 Source: Morningstar. This is the total return (i.e. including dividends reinvested) on the Company’s share price. 2 Source: Morningstar/J.P. Morgan. This is the total return (i.e. including dividends reinvested) on the Company’s net asset value per share. 3 Under Guernsey company law, the Company is permitted to pay dividends despite losses provided solvency tests are performed and passed ahead of dividend declaration. 4 Performance fee is payable on the investment in IIF UK 1 LP (Infrastructure Investments Fund UK 1 LP). APM Alternative Performance Measure. * Based on the changes in net assets during the year. A glossary of terms and APMs is provided on pages 94 and 95. $ $ £ £

10 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Chairman’s Statement I am pleased to present a robust set of results for the Company for the year ended 28th February 2023 (the ‘Period’) against a challenging and volatile macroeconomic environment. Performance The Company’s strategy is continuing to generate attractive returns for investors, delivering a share price total return of +7.0% for the Period, but it must be recognised that a significant part of this return derives from the strengthening of the US dollar against our reference currency, sterling. The Company’s NAV performance was +11.6%, the difference between this number and the share price return reflecting the higher discount prevailing at the end of the Period as compared with that at the start of the year. During the Period the price at which the Company’s shares traded relative to its underlying NAV fluctuated from a discount at the start of –10.8%, to a premium in the middle (which allowed for incremental share issuance in August 2022), with the Company ending its financial year at a discount of –14.9%. The discount has since narrowed and, at the time of writing, stands at –9.5% to NAV. The share price has been relatively stable post year end, through what has been a volatile time for markets overall. It is worth noting that over the Period significant changes were seen in global financial markets, with the end of an extended period of very low interest rates. This has had a major impact on asset prices, especially in the public markets. Higher rates have weighed on real assets, although not to the same extent seen in the public markets. Within our portfolio, an appropriate debt structure and some inflation linkage for cashflows have been important in offsetting the impact of higher rates, which JARA has to date been able to manage well. Measured in local currency terms, the Listed Real Assets investment registered a decline in its NAV, but the other strategies in which the Company was invested posted positive returns over the Period in their local currencies. Given the testing macroeconomic and financial conditions during the year, the Board regards this as a respectable outcome, one which supports both the diversification and in aggregate defensive characteristics of the portfolio. Most of the Company’s assets are denominated in U.S. dollars and a variety of other currencies, so returns were significantly assisted by sterling’s general weakness over the Period. One of JARA’s attributes is that it offers shareholders access to real assets globally and with this comes a global currency exposure. It should be noted that, subsequent to the Period end, sterling has strengthened and acted as a drag on the NAV. Later in this Statement I describe the Board’s recent actions to reduce the Company’s exposure to foreign exchange volatility. The Investment Manager’s Report reviews the Company’s performance and gives a detailed commentary on the investment strategy and portfolio construction, and an outlook for the individual strategies which comprise JARA’s portfolio. Portfolio As described in more detail in the Investment Manager’s Report, the Company remains well diversified across a range of different sectors throughout the real asset spectrum. Relatively new additions to the portfolio mix, such as real estate debt, have offered useful stability and a growing income stream, with potential for further increases due to its exposure to floating rates. An important aspect of JARA is its diversification, which aims to ensure no over-exposure to any one sector, asset or counterparty. JARA benefits from the active management at both the portfolio and underlying strategy level to drive returns and manage risk for investors. One example of this active allocation saw a reduction in office exposure by 4% and an increase in energy logistics. Since the Period end, the Investment Manager has started the process of restoring the allocations in infrastructure and transport to their target range after strong performance in the other portfolio allocations. This rebalancing should help increase the level of portfolio income and provide further stability to the NAV given the long-term predicable nature of the cashflows of the underlying transport and infrastructure assets. Share Issuance The Company grew its share capital by circa 1% through the issue of 2,000,000 new shares. As at 28th February 2023, the Company had 219,407,952 shares in issue and net assets of £223.7 million. These proceeds were invested in line with the Company’s investment policies across the underlying investment strategies. John Scott Chairman

J.P. Morgan Asset Management 11 Strategic Report Chairman’s Statement Share issuance is always executed at a premium to the prevailing cum-income NAV per share and so is accretive to existing shareholders. If conditions are appropriate, the Company will continue to issue new shares which, as well as assisting with premium management, will also enhance liquidity and continue to underpin the Company as an attractive investment. The Board also assesses the need for buybacks when the shares are trading at a discount to NAV and will aim to balance factors such as changes on the shareholder register and whether buybacks would be more accretive to NAV when compared to any foregone opportunity for potential investment opportunities. Revenue and Dividends The Board declared total dividends of 4.05 pence per share in respect of the financial year under review, comprising three quarterly dividends of 1 penny per share and a fourth quarterly dividend of 1.05 pence per share, providing an uplift on the prior year (2022: 4.00 pence per share). This dividend has been delivered notwithstanding the macroeconomic challenges of recent years, including inflation, COVID-19, energy shortages and the impact of the war consequent upon the Russian invasion of the Ukraine, all of which have affected valuations and revenues across all sectors of real assets. The first interim dividend for the financial year ending 29th February 2024, being 1.05 pence per share, was paid to shareholders on 31st May 2023; the Directors intend for there to be three further interim dividends and – following the pattern established in the 2022/23 financial year – if the Directors believe that an increase in distributions is warranted this will be paid as part of the last dividend for the financial year. Your Board believes that, over the longer term, the success of the underlying businesses and strategies into which JARA invests will facilitate a steadily growing level of dividends. Currency Exposure Since JARA’s IPO in September 2019 there has been no currency hedging employed across the portfolio (although the ability to do so has always been available) and it has therefore been primarily exposed to currencies other than the Company’s base currency of GBP. Currency volatility since IPO has been significantly above long-run levels, and this has resulted in additional volatility in the NAV. Following a review of the approach to currency exposure, and taking into account recent investor feedback, the Board has resolved to introduce a currency hedging strategy with the aim of reducing, but not eliminating, the currency-related volatility in returns. The initial step in this strategy will be the reallocation of the existing unhedged investment in the Infrastructure allocation to the GBP hedged investment and the Board will continue to monitor its currency hedging strategy. The Board and Corporate Governance In accordance with the Company’s Articles of Incorporation and the AIC Code of Corporate Governance, all Directors will be retiring and seeking re-election by shareholders at the Company’s Annual General Meeting. The Board’s knowledge and experience is detailed on page 42. The Board recognises the importance of having a diverse range of views and experiences, along with broad professional expertise, to support decision-making. The current Board composition – with one female director on a board of four and no director from a minority ethnic background – means that the Board composition does not currently comply with the recommendations made by the FTSE Women Leaders Review (the successor of the Hampton-Alexander Review and the Davies Review) and Parker Review as well as the Financial Conduct Authority’s Listing Rule. The Board’s succession planning is considered and discussed by the Nomination Committee, which will take into account these recommendations for future Board appointments. Environmental, Social and Governance (‘ESG’) The Investment Manager continues to enhance its ESG approach which ensures it best captures the fundamental insights of the investment team. The Board continues to engage with the Investment Manager on ESG considerations and how the investment team integrates ESG into investment decisions.

12 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Chairman’s Statement Across the portfolio the Investment Manager considers climate change risk and its mitigation, which is strongly supported by the Board. This involves identifying and measuring physical risks, then assessing and developing mitigation strategies for high-risk assets. Finally, it involves analysing climate-related transition risks and opportunities. Further details can be found in the ESG Report on pages 22 to 25. Keeping Investors Informed The Company releases monthly NAVs to the market, as well as quarterly NAVs with more detailed commentary at the end of May, August, November and February, all via the London Stock Exchange’s Regulatory News Service. The monthly NAVs contain the latest pricing for the liquid strategy and exchange rates, with the private strategies being priced on a quarterly basis. Annual General Meeting The Company’s fourth Annual General Meeting (‘AGM’) will be held on Wednesday, 2nd August 2023 at 12.30 p.m. at the offices of JPMorgan, Level 3, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ. I would encourage all shareholders to vote. If shareholders are unable to attend the AGM, they are welcome to raise any questions in advance of the meeting with the Company Secretary at the Company’s registered address, shown on page 97 of this report, or via email to [email protected] . Outlook The current environment is both at the political and macro level one of the most uncertain in the last decade, if not since the global financial crisis of 2008/09. The public capital markets have adjusted rapidly to the increase in central bank rates and monetary tightening; the private markets have begun this process, but the market has been and will continue to go through a process of price discovery as views on the trajectory of inflation and rate movements become clearer and therefore allow both buyers and sellers to focus on what is an acceptable range of pricing. The resetting of rates has also led many investors to revisit levels of leverage and portfolio allocations, leading to a large dispersion of sector and asset level returns. In many ways the Company was designed with such an environment in mind, given that its exposure to multiple asset classes and interest rate environments ensures that no one external change either at the monetary, economic or political level should threaten the viability of the Company. Overall, the Board believes that the Company is well placed to continue navigating the evolving core real asset landscape, given the experience and scale of the underlying strategies and overall size and reach of the Alternatives Platform. The Board is confident that the portfolio will, in aggregate, benefit from the inflation which has become a feature in all Western economies, and which seems likely to be with us for some time. On the basis of this confidence, the Board envisages providing shareholders with a progressive dividend profile, paid quarterly, but as in the Period under review, with increments paid as part of the fourth distribution. There remains a significant appetite for new capital, not least in the area of decarbonising our energy cycle, notably the substitution of wind, solar and nuclear electricity for fossil fuelled generation. An advantage enjoyed by your Company is that, even as the current environment sees capital raising in the investment trust market all but closed, the underlying strategies in which the Company is invested, given their perpetual life and core nature, are able to recycle capital and change their allocations to adapt to this shift. Global, secular trends such as the drive to net zero and increasing digitisation of industry and consumer experience, will be long term asset growth drivers, fundamental to shaping the economies of tomorrow. JARA, through its underlying portfolios, is well placed to harness these opportunities. John Scott Chairman 29th June 2023

J.P. Morgan Asset Management 13 Strategic Report Investment Manager’s Report Portfolio Review During the financial year, the Company continued to implement its multi-alternatives allocation strategy across global real estate, infrastructure and transportation markets, providing access to many investment opportunities that are otherwise difficult for UK retail investors to access. JARA’s low UK exposure means it is well-positioned to complement UK investors’ allocations to domestic real assets. (See graphic on page 26 showing the portfolio’s weighting to each sector as at end February 2023.) A central tenet of JARA’s investment philosophy is to provide shareholders with a diversified real asset portfolio allocated not only across asset classes, but also across end user counterparties and regions. This flexibility proved crucial in the past year, as inflation, rising interest rates and geopolitical events had a significant impact on financial markets, and some real assets were also challenged. At the year-end, JARA’s allocation remained truly global and very diversified, as shown below. Data as of February 2023. Please note that the geographic allocation to Global Transport has been split equally between North America, APAC, and Europe (ex UK). Public assets include cash holdings. Currency breakout based on underlying assets currency exposure; numbers may not add to 100% due to rounding. Source of the images: J.P. Morgan Asset Management. This diversification allowed the Company to weather the year’s market volatility and deliver an NAV total return of +11.6% (in GBP terms), while the local currency performance was +3.9%. The difference between the GBP return and the local currency return was caused by the weakness of sterling, which was accretive to the Company’s GBP NAV. This was the case because, as always, the Company’s portfolio is unhedged and therefore foreign exchange risk is incurred when allocating to overseas markets. This can impact performance in GBP terms both positively, as in the past year, and negatively.

14 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Investment Manager’s Report The table below shows the contributors to JARA’s performance calculated using each strategy’s investment performance and its average weighting within the portfolio throughout the year. Source: J.P. Morgan Asset Management. Numbers may not sum due to rounding. Currency impact also includes return earned from cash holdings over the year. Table shows the components of return contribution made up of income and capital. Strategy level returns are net of associated management fees. Company level costs includes the management fee charged by JPMF (0.05% pa) and the Company’s other administration expenses. The strategy returns above are net returns and include the impact of the relevant management fee of each strategy. Capital contribution may be negative for reasons including asset depreciation, asset write downs or due to income return including some return of capital. Interest rates rose rapidly and significantly from their historic lows across most developed markets in the year just past, making the extent, cost and nature of leverage across private real asset markets a clear focus for investors, including JARA. At the year-end, JARA had no company level leverage. However, on a look-through basis, JARA’s underlying vehicles do utilise leverage, primarily at an asset level. The weighted average loan-to-value for JARA’s private asset exposure was 36.6% at the end of the reporting period. Importantly, over 70% of this debt is fixed rate, which provided the portfolio with significant protection from the year’s rates hikes. As is to be expected in the current market environment, higher interest rates have lifted discount rates. The weighted average discount rate of the portfolio’s private assets was 7.9% at year end, up from 7.3% at the end of the previous year. This increase in discount rates over the year has, to some extent, been offset by increasing allocations to lower risk sectors such as liquid natural gas and utilities, whose discount rates are, on average, relatively lower due to their risk profile. Source: J.P. Morgan Asset Management. Latest available data as of 28th February 2023, unless otherwise stated. For discussion purposes only, allocation subject to change. 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Total GBP Return Company Level Costs Currency Impact Total Local Return Listed Real Assets U.S. RE Mezzanine Debt Global Transportation Global Infrastructure Asia-Pacific Real Estate U.S. Real Estate 1.1% 0.5% 1.1% 2.2% 0.4% –1.4% 3.9% 8.0% –0.4% 11.6% Increase Decrease Total

J.P. Morgan Asset Management 15 Strategic Report Investment Manager’s Report Portfolio Movement As shown in the table below, at the year end, JARA was fully invested across a range of different sectors throughout the real asset universe. This positioning aligns with both our strategic asset allocation and also areas of conviction in the medium term. ‘Direction of travel’, shows how each sector has moved as a percentage of JARA’s portfolio over the previous 12 months. Source: J.P. Morgan Asset Management. As of February 2023. Number may not sum due to rounding. Review of underlying strategies A further detailed review of the individual underlying strategies can be found below. Global Private Real Estate The Company’s investments in global private real estate fall into several categories: • High quality real estate equity, across the US and Asia-Pacific regions. The focus is on core property sectors – logistics, warehouses, residential, office and retail – in major growth markets and in the most dynamic gateway cities, which are important hubs for economic growth. These core real assets are low risk investments which have reliable, highly predictable, long-term cash flows; • ‘Extended core’ real estate equity. The strategy seeks assets with exposure to structural shifts in the way we shop, work and live. This includes ‘extended core’ sectors, for example truck terminals, outdoor storage, and other facilities which serve new, high growth industries such as healthcare and biotech companies. These assets tend to cluster in parts of the market overlooked by other property investors; and • Core real estate mezzanine debt in the US. This is an income-producing portfolio of loans backed by high quality, moderately leveraged core real estate assets. These investments were new to the portfolio over the past year, and serve as both an income diversifier, and as a dampener on volatility, as mezzanine real estate debt is less sensitive to macroeconomic fluctuations than real estate equity. In addition, by being more senior in the debtors’ capital structure than equity financing, this allocation is less exposed to changes in real estate values. Trains and Railcars

16 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Investment Manager’s Report The financial year under review was a tale of two halves within the real estate sector. The year began on a positive note, supported by extraordinary demand fuelled by a tight job market, upbeat consumers and relative supply constraints. However, this very strong early year performance cooled, and in some cases, reversed, in the second half as investors became increasing concerned about the pace of interest rate increases and their inevitable adverse impact on the sector. The Company’s overall allocation to real estate has been broadly stable over the review period. During much of the first two quarters, JPMorgan’s real asset platform (explained in further detail on page 5) utilised the favourable real estate environment to evolve its exposure, focusing on sectors, geographies and assets in which we have the highest long-term conviction. For example, we increased our exposure to Industrial Logistics by 1%, via investments in both infill locations (assets near urban areas) and assets across the Asia-Pacific market. In early 2022, the global energy supply chain was upended by Russia’s invasion of Ukraine. This caused a major shift in how countries, particularly in Europe, source their energy and think about their future energy security. These major ructions benefitted assets involved in the transportation of oil and gas around the globe (referred to as Energy Logistics), which saw a surge in demand. In response, we increased exposure to Energy Logistics by 2%. The other significant change to the Company’s real estate positioning was a £14.4 million allocation to real estate mezzanine debt, for reasons discussed above. This investment, which represented 7% of the Company’s real estate holdings at year end, was made at the end of February 2022, and unitised on 1st April 2022. In terms of divestments, the underlying strategy sold more than $4 billion of retail and office assets that fell short of its long-term growth objectives. For example, the disposal of some US office investments was motivated by what was perceived as a structural decline in demand for office space, as this market adapts to more flexible working patterns. As the year progressed, the twin drags of higher borrowing costs and reduced liquidity adversely impacted both real estate transaction activity and valuations. However, these effects were not felt equally across all real estate markets, and as such, JARA’s global exposure and diversification across both real estate equity and debt provided significant stability compared with standalone sector and country-specific allocations. This can be seen in the returns; JARA’s US real estate exposure contributed 0.5% to the Company’s total return over the year, while our Asia-Pacific exposure added 1.1% and real estate debt contributed a further 0.4%. US real estate saw the greatest reversal over the course of the year. Sectors that have seen the greatest appreciation in the last few years – namely industrial and residential – gave back most of the gains realised in H122. While these sectors generally continued to see growth in rents, some moderation in the rate of rental increases saw cap rates expand, driving valuations lower. Asia-Pacific (APAC) real estate outperformed, remaining consistently positive throughout the year. This sector did not experience the same appreciation in 2021 and early 2022 as the US, and so escaped the same degree of subsequent decline. This relative stability was driven in part by the diversity of the region, where economies are in varying stages of their economic cycles and interest rate tightening journeys. There are also specific trends in the APAC region which helped create differentiated performance relative to other regions. For example, while the US office sector has been one of the most operationally challenged, due to the widespread adoption of flexible working, this has not been the case in much of the APAC region, where flexible working has proved less popular amongst workers and employers. This has underpinned the APAC office market, especially in business hubs like Singapore. The allocation to real estate debt, initiated just before the beginning of the financial year, was also a consistent, but more modest, performer. The interest rate structure of the debt within the strategy’s portfolio of real estate loans is primarily floating rate, which generated increasing income as rates rose over the year – the annualised yield of this allocation is now in excess of 8%. At end-February 2023, the real estate allocation, on a look through basis, held 299 assets and loans globally, equating to $49 billion in value (including leverage). The average leverage (loan-to-value) across the real estate portfolio was 25%.

J.P. Morgan Asset Management 17 Strategic Report Investment Manager’s Report Global Private Infrastructure & Transportation JARA invests in core and core+ infrastructure and transportation assets. Within Infrastructure, the Company has exposure to a global portfolio of +20 operating company platforms, each benefiting from dedicated management, and are active across a diverse range of infrastructure sectors such as power generation, regulated and unregulated utilities and fixed transportation. JARA’s infrastructure allocation therefore represents a conglomerate of separately managed and incentivised businesses operating to maximise efficiency and grow within their respective market places. These investments come with specialised management teams and a unique avenue of capital deployment due to the ability to add smaller assets over time via acquisitions, developments and build outs. This approach can provide the means for long term value creation. While there were some larger transactions in the past financial year, over the last ten years, investment through this platform investment approach has accounted for approximately half of all capital deployed. We continue to see significant opportunities to employ this form of investment, especially in the utility and renewables spaces. These industries are currently fragmented, and thus ripe for consolidation, and there will be an ongoing need for investment as the global transition to renewable energy gathers momentum. Over the past year, overall exposure to infrastructure was stable but the Company’s infrastructure allocation has shifted away from ‘GDP-sensitive’ assets such as airports and seaports, towards contracted power provision and utilities. In our view, these sectors exhibit strong cash-flow generation, with lower sensitivity to fluctuations in demand and macroeconomic developments, which leaves them well-positioned to cope with slowing growth. In addition, these sectors will remain supported by broader structural trends – primarily the push towards net zero carbon emissions. JARA’s private infrastructure allocation had a strong year, contributing 1.1% to the Company’s total return. In this part of the portfolio, a significant majority of the return is generated by income, with income returns typically within the 6%-9% range. This performance illustrates the resilience of infrastructure markets, and the sector’s ongoing popularity amongst investors seeking refuge from declines in conventional equity and bond markets. Power generation was one area of outperformance, as this industry has benefited from significantly higher energy prices. Whilst JARA’s exposure is primarily focused on fixed long-term energy supply contracts, many assets do retain some merchant (spot market) exposure – typically in the region of 20%-30% – and these served to enhance returns over the past year as spot prices rose. In addition, several of the underlying strategy’s fixed transportation assets, such as ports and airports, which comprise part of our infrastructure portfolio, also performed strongly, thanks to post-COVID rebounds, which had been delayed in some cases by congestion and operational challenges such as shortages of trained staff. Japan’s decision to re-open its borders to foreign tourists last October, which was closely followed by China’s surprise decision to lift all pandemic restrictions, also boosted the performance of these assets. At year end, the underlying strategy owned a total of 141 infrastructure assets (or 931, if look-through assets are considered), equating to $62 billion in asset value (including leverage)). The average loan- to-value ratio of these assets was 47%. The strategy within the transportation sector focuses on leasing out large, ‘backbone’ transport assets such as ships, aircraft, rail and fleet leasing and energy logistics, which are critical to the functioning of global trade. It is preferred, on average, to deal with investment grade counterparties, and these assets are leased to some of the largest corporates in the world. JARA’s exposure to transportation assets rose marginally over the past year and this sector contributed +2.1% to the Company’s total return over the period. As is the case with infrastructure investments, most of the return on the Company’s transport allocation is income orientated. Performance from our transport allocation was in line with expectations, and the strategy collected all lease payments on time. Although JARA’s exposure in Energy Logistics real assets benefited from changes to the energy sector sparked by Russia’s invasion of Ukraine, as mentioned above, the Company’s largest exposure to recent developments in the energy market is via its investments in liquid natural gas (LNG) carriers. Demand for these vessels has surged as gas pipelines have become less reliable, and we

Investment Manager’s Report 18 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report believe that the carriers to which JARA is exposed are particularly competitive and attractive, as they are new and highly fuel efficient. Towards the end of the year, the strategy added exposure to several new transportation sub-sectors, including electric vehicle (EV) charging points and railcar leasing. Demand for EV charging points is certain to increase as these vehicles become more popular. Railcar leasing is an integral part of the North American supply chain, currently representing c. 26% of annual US freight ton miles. This share is likely to rise over time as moving freight by rail rather than road significantly reduces greenhouse gas emissions. Demand for existing railcar inventory is therefore likely to strengthen, and there is scope for the sector to grow substantially as efforts to achieve ‘net zero’ carbon emissions intensify. Liquid Real Assets JARA’s exposure to liquid real assets comprises listed investments across real estate, infrastructure and transportation securities. The Company’s listed real asset allocation is made up of two distinct strategies: US all-tranche REITs, in which investments are diversified into debt securities; and a broader allocation across a variety of other listed real assets, including sectors such as data centres and medical real estate. We are currently equally weighted between these two strategies. Our allocations to liquid real assets bring dual benefits. Their liquidity provides us with greater flexibility within our asset allocation process, and they are also an additional diversifier in terms of both returns and sectoral exposure. Overall exposure to liquid real assets declined over the year. The past year was a volatile period for public markets and, as a result, our allocation to liquid real assets was the only area which detracted from returns. Our investments in liquid assets declined by 1.4% over the period. However, historically, such sell-offs in public markets are typically followed by rebounds, and these rebounds often coincide with sell-offs in private markets, which tend to lag developments in public markets. This lack of correlation between the returns across public and private markets helps smooth performance across the portfolio over time, and we expect a similar dynamic to play out in the current market environment. Indeed, public markets began to rebound in the months since the Company’s year-end. Real Asset Market Outlook Inflation is expected to remain elevated throughout the course of 2023, with labour shortages and pricing pressures likely to continue. This suggests that the current high interest rate environment will remain in place throughout 2023. The impact these high rates will have on real assets, as well as other financial markets, will thus remain a major focus for investors, and volatility will stay high across asset classes. Other macroeconomic drivers such as China’s faltering recovery, combined with simmering geo-political tensions, may add further uncertainty to the prevailing climate. However, on the positive side, core real assets provide essential economic services, and are thus largely immune to adverse short-term macroeconomic developments. The impact of higher rates on real asset markets will be dependent on several factors, including the timing of refinancing, the level of fixed vs. floating debt and assumptions regarding the trajectory of interest rates and the equity cost of capital over the long-term. Possibly most importantly, performance will hinge on the extent of repricing of both debt and equity required to reflect the new, higher rate environment. Investors who based valuations on consistent long-term methodologies – typically inherent across most core real asset markets – will be best placed to cope with current tight monetary conditions.

Investment Manager’s Report J.P. Morgan Asset Management 19 Strategic Report Global Real Estate Outlook: Divergence across markets calls for a diversified approach We expect to see divergence across real estate markets by sectors, regions and security types over coming months, although by the end of 2023, asset valuations should stabilise, as the outlook for inflation and interest rates becomes clearer. In this climate, diversified portfolios should prove most resilient, so adopting a globally diversified approach remains as important as ever. In the US real estate market, we expect the risk of recession to linger, while growth in rents will slow further and transaction volumes will stay low. The availability of debt financing is likely to remain limited and will be further constrained as US regional banks reassess their lending practices in the wake of recent turmoil in the sector. As mentioned above, office real estate has been under pressure due to the enduring popularity of flexible working patterns. Going forward, tenants are likely to be more selective in the office space they rent. This can already be seen in the net absorption levels – the net newly occupied space minus the newly vacant space (see graph above). As shown, newer assets, are continuing to see demand a premium whilst older, lower quality assets are struggling. In the APAC real estate markets, performance patterns have differed markedly from other regions, for reasons discussed above, and we expect the APAC region to maintain its comparatively steady course, due to the lack of correlation in economies across the region and the nuances of local market dynamics. Real estate across the region will be the main beneficiary of China’s reopening. These factors all support the case for ongoing exposure to the APAC region. On the positive side, commercial vacancy rates are still comparatively low, and despite the recent slowdown, rent growth is still trending above its long-term average, so real estate fundamentals are broadly holding up. This, combined with low levels of liquidity, suggests that it is a lenders’ market for investors such as JARA. We believe core mezzanine lending constitutes a particularly attractive way to invest during the current market dislocation, as it provides a high-quality hedge against rising rates, declining values and inflation, and thus helps to moderate volatility in returns. We will therefore remain vigilant for opportunities to add more of this form of real estate debt to our portfolio. Longer-term, real estate performance will continue to be driven by how we consume, work and live. Investors therefore need to look beyond the current market volatility and uncertainties and consider how best to reposition their portfolios to take advantage of longer-term trends in consumption, working practices and lifestyles. We believe it is especially important to focus on opportunities in ‘extended’ subsectors, such as truck terminals, outdoor storage, single family rentals, age-restricted housing and life sciences facilities, so we will be monitoring these areas closely. Source: Preliminary CoStar as of 1Q 2023.

Investment Manager’s Report 20 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Infrastructure Outlook: Positive, with the transition to renewable energy set to boost certain energy assets The outlook for core private infrastructure remains strong, despite the macroeconomic headwinds. The asset class offers investors a highly attractive mix of built-in inflation protection, uncorrelated returns and consistent income. Core private infrastructure is proving to be immune to the economic cycle, in large part due to the essential nature of the services provided by the underlying assets. This should ensure relatively low volatility and steady returns. Yields are therefore likely to remain consistent, and in some sectors, especially core focused infrastructure, the ability to pass on commodity cost increases to end customers will boost revenues. The cycle agnostic nature of utilities can be seen on the right-hand side – the chart shows how household utility spending has not, in the past, been negatively impacted by periods of recession. The transition to renewable energy is expected to remain foremost in the considerations for many investors, in both the immediate future and over the mid- to long-term. This represents a major opportunity for utilities and renewable energy assets contributing to the decarbonisation of energy sources. On the downside, persistently high interest rates will hamper some more opportunistic approaches to infrastructure, as most projects are reliance on leverage, which is more expensive in the current environment. Transportation outlook: Ship and aircraft leasing rates should remain well-supported We are also constructive on global transportation in the year ahead, and longer- term. We do not expect further significant bottlenecks in ports, as the backlogs that accumulated during the pandemic have now largely dissipated. However, sanctions against Russia are shifting and lengthening supply chains, especially in energy transport, and causing other forms of disruption. While the global transport fleet has been growing steadily, worldwide order books for new ships remain relatively weak. The graph on the right-hand side shows how the Orderbook as a percentage of the operating fleet has dropped and remains significantly lower than during the Global Financial Crisis. In our view, this is due at least in part to uncertainties related to future asset designs. In any case, shipyards are already operating above full Source: Bloomberg, Bureau of Economic Analysis, SNL, AEU, J.P. Morgan Asset Management. Data is based on availability as of 31st May 2023. Source: Clarksons Research, MSI, Sea/net, Data are based on availability as of 31st May 2023.

Investment Manager’s Report J.P. Morgan Asset Management 21 Strategic Report capacity, so the supply of new assets will remain tight. These supply constraints, combined with shifting supply chains, should continue to support lease rates across the industry. Beyond shipping markets, we are also positive on the prospects for aviation and land-based transport assets. The continued recovery in travel demand, combined with inflation kickers and a limited supply of new aircraft, should all have a positive impact on aircraft lease rates in 2023/2024. Sovereign- backed carriers should remain attractive counterparties if governments prioritise airline services and support national carriers, as they have done in the past. In the land-based transport sector, rail freight will remain a highly fuel-efficient means of transporting cargo, compared to road haulage, and is thus an attractive alternative for shippers in the current, higher fuel cost environment, and longer-term, as they step-up their efforts to reduce carbon-emissions. Real assets – worthy of a place in all truly diversified portfolios Recent events attest to the resilience of real asset markets, even in times of extreme market uncertainty. Investment in real assets also provides diversification benefits, inflation protection and exposure to major investment themes such as the transition to renewable energy. All this suggests that real assets deserve a place in any fully diversified portfolio, especially at times when the performance of more traditional asset classes such as equities and bonds has been disappointing. We believe JARA offers investors the ideal means of investing in this exciting, but otherwise hard to access, asset class. Investment Manager J.P. Morgan Asset Management, Inc. Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc. 29th June 2023

22 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Environmental, Social and Governance Report Introduction The Company believes Environmental, Social and Governance (‘ESG’) considerations are important when seeking responsible, safe and ultimately economical investment in real assets. Awareness of these issues has increased significantly in recent years among investment practitioners, our shareholders, and indeed society at large. As an asset manager J.P. Morgan Asset Management (‘JPMAM’) is guided by its duty to act in the best interests of its clients and therefore look to include consideration of these factors (amongst other factors) where financially material in its investment decisions with the goal of managing risk and improving long-term returns. The basics: What is ESG? l E is for Environmental. This considers issues related to the quality and functioning of the natural environment and natural systems. l S is for Social. Social factors address issues related to the rights, wellbeing and interests of people and communities. Within real assets this may include tenants, customers and employee interests. l G is for Governance. This component relates to how assets and companies are managed and overseen. It considers measuring and deploying the best practices of corporate governance. What does ESG mean to JARA? JPMAM believes that in certain actively managed strategies such as JARA the consideration of material ESG issues should be included within the investment process. By considering financially material ESG factors (alongside other relevant factors) we believe we can inform better long-term investment decision making and can help build stronger portfolios for JARA’s shareholders. As an example, considering how real assets might be managed in a responsible and safe way can help ensure returns are not materially adversely impacted in the future by these elements. Integrating certain ESG factors into investment decision making does not change the strategy’s investment objective, exclude specific types of companies/assets or constrain a strategy’s investable universe. Within JARA there are, in effect, two layers of portfolio management and across both of these ESG factors are considered. Firstly, the Investment Manager, which is responsible for the strategic asset allocation of the Company will, in its investment process, considers how ESG risks may impact broader asset class returns and will also engage with underlying investment teams on ESG factors, performance and reporting. Further to this, the Investment Manager has underlying teams focused on managing assets within its dedicated asset class. At this level, ESG is incorporated to identify financially material risks through the acquisition process, ongoing management, measurement and reporting. Systematically integrating ESG information into each stage of the investment process, including research, portfolio construction and asset engagement, where material and relevant, should contribute to better-informed investment decisions and strengthened risk management. The term for this approach is ESG integration: using financially material ESG factors to generate enhanced risk-adjusted returns. The Board of the Company has oversight over the management of ESG matters by the Investment Manager and receives reports from the Investment Manager on these matters. The following sections detail how ESG considerations are incorporated across each of the asset classes in which JARA invests. Asset Class Approach: Real Estate Across real estate JPMAM believes that continuous improvement of assets with respect to environment, social, governance and resiliency policies (‘ESG+R’) will ultimately improve the environment in which those assets exist and, more importantly, enhance their competitiveness and asset value. We integrate ESG+R into investment decisions and have fully integrated these into our overall business strategy. Sustainability issues are identified and quantified as part of our real estate asset investment due diligence process, not only as a prerequisite for responsible investing, but also as a tool to identify and mitigate potential risks.

J.P. Morgan Asset Management 23 Strategic Report Environmental, Social and Governance Report Our ESG+R Objectives for Real Estate are summarised as follows: Environmental Conserving resources • Reduce, measure, and report building energy, emissions, water & waste within our control • Measure and improve performance to reduction targets • Evaluate and implement property enhancements and capital improvements • Evaluate and pursue energy ratings and green building certifications, where possible Social Regularly engaging with our identified stakeholders • Investors • Joint venture partners • Employees • Property managers • Tenants • Community • Suppliers Governance Leadership & transparency • Disclose ESG+R strategy and performance to enhance transparency • Integrate ESG+R throughout the investment process Resilience Mitigate climate-change related risk • Assess and measure physical risks • Assess and develop mitigation strategies at high-risk assets • Analyse climate-related transition risks & opportunities Investing on the basis of sustainability/ESG criteria involves qualitative and subjective analysis. There is no guarantee that the determinations made by the adviser will align with the beliefs or values of a particular investor. Specific assets/companies are not excluded from portfolios explicitly on the basis of ESG criteria. Sustainability issues are identified and quantified as part of our investment due diligence process, not only as a pre-requisite for responsible investing, but also as a tool to help mitigate potential risks. Alongside this, JPMAM’s real estate strategies, where appropriate, submit to the Global Real Estate Sustainability Benchmark (‘GRESB’). GRESB is a globally recognised assessment that measures the sustainability performance of direct real estate portfolios. The assessment collects information on ESG+R performance at the portfolio and corporate level, including but not limited to: energy and water consumption, green building certifications, sustainability risk assessments, and indicators related to governance and stakeholder engagement. Driven by the industry, GRESB strives to encourage transparency by disclosing global sustainability accomplishments of real estate funds and companies. J.P. Morgan strategies have participated in the annual GRESB assessment since its inception (in 2009) and there are now over 1,500 GRESB participants globally. On average our core strategies achieved an overall score of 86 in 2022. As illustrated below, this is a significant outperformance vs. the GRESB average. Combined GRESB scores over time 1 1 GRESB ratings are not reliable indicators of current and/or future results or performance of the underlying assets. ESG+R considerations are one aspect of our decision-making process. The underlying funds will continue to only make investments that we believe will be return-enhancing and accretive to clients’ portfolios. JPM Average represents average score between Strategic Property Fund & Strategic Property Fund Asia. As of February 2023. 60 65 70 75 80 85 90 95 2022 2021 2020 2019 2018 71 68 73 70 90 84 72 80 86 74 JPM Average GRESB Average

Environmental, Social and Governance Report 24 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Asset Class Approach: Infrastructure Infrastructure as an asset class involves investments across a number of sectors, many of which include assets that support communities, clients and employees. ESG is a critical part of infrastructure investing and we will continue to lead with a thoughtful approach to continuous improvement in our data, reporting and progress. ESG is very broad, encompasses a wide range of practices, and can be difficult for business leaders to translate from theory into strategy, operations, culture and risk management. This is why within infrastructure we have a common language and a framework to assess material ESG risks and opportunities. We have created an ‘ESG in Action’ framework (‘S and the five Cs’), details below, that categorises ESG into component parts that are actionable, measurable and relate to the daily activities of an organisation with its employees, customers, communities and other important stakeholders. ESG in Action: Safety and the Five C’s Safety: Safety is at the top of the framework because it is considered a priority at the Fund and each portfolio company begins with having the right culture in place l Health and safety initiatives for all stakeholders including employees, customers, contractors and communities Examples: Safety policies and procedures, benchmarking, trainings above and beyond required compliance, system maintenance, incident reporting system and whistle blower policies. Culture: The ‘glue’ of an organisation and a key driver of sustainable outcomes l Strong governance is critical to implement effective ESG practices, identify risks and opportunities and achieve objectives; includes proper oversight of management, culture of transparency and alignment of incentives Examples: Defining values and mission, applying practices into daily habits, implementing employee feedback and fostering collaborative, inclusive teams. Customer: Provide safe, clean, affordable and reliable services l Connecting with customers to receive feedback and focus on continuous improvement; understanding customer preferences, needs and affordability of services; delivering services through any environment Examples: Utility customer receiving bills in real time, receiving billing assistance or learning if power is going to be cut off to prepare for a storm; water efficiency and energy conservation programs to help customers use water efficiently, decrease bills and positively affect environment. Community: Provide essential services to local communities in which assets operate—our employees, customers and communities are the same people l Proactive engagement with communities and broader stakeholders to continuously earn the social license to operate Examples: Community funding, philanthropic initiatives, public stakeholder meetings/events, ongoing and transparent communications, local job opportunities, school internships and overall economic growth support. Cyber: Policies, processes and continuous trainings to protect company and customer data, including supply chain l Cybersecurity and data protection initiatives, protecting customer data and complying with cybersecurity laws in geographies of operation Examples: Increased trainings, including Board trainings, to prevent and prepare for cyber-attacks, phishing scams or other disruptions, sharing of lessons learned across the portfolio when an incident does occur, creating a culture of protection and having resiliency plans. Climate: Viewed as a long-term risk at the Fund and each portfolio company and managed through governance and risk frameworks l Building resilience for both short‑term and long-term events l Managing infrastructure assets through the long-term Examples: Physical and transition risks, increased severity of extreme weather events, potential results from longer-term changes in climate patterns, including stranded asset risks, and risks related to disruption (policy, legal, technological, market) due to climate change and a transition to a lower carbon economy, identifying decarbonisation opportunities. This framework allows a focus on providing safe, clean, reliable and affordable essential services to local communities. In addition, the long-term investment approach is aligned with reducing assets carbon footprint and investing in energy transition opportunities over time. Critical infrastructure has many stakeholders – JPMAM looks to actively engage with regulators,

Environmental, Social and Governance Report J.P. Morgan Asset Management 25 Strategic Report government entities, customers and communities on material risks, including the companies’ impact on climate change. Each company has actionable plans in place that involve reducing its environmental impact and increasing investments in renewable energy, renewable natural gas projects, hydrogen, electric vehicles and locomotives, biofuels, energy efficiencies and technology. Asset Class Approach: Transport Within Transportation our process reflects the broader J.P. Morgan Global Alternatives platform and considers investing in a responsible manner, applying good governance, and seeking to protect and improve the environment as integral to our approach to the acquisition, and active management of, our assets. Within shipping, the International Maritime Organisation ‘IMO’ (a UN body) sets the mandatory standards for the industry (individual nations, may set higher standards for their local waters) and for aircraft industry the International Civil Aviation Organisation (a UN body) does the same. As with other asset classes we expect that, over time, the industry becomes more institutionalised, investors and operators will look beyond the mandatory standards and that ESG benchmarking will become more prevalent. Key principles of our ESG approach within Transportation are detailed below: Environmental l Target assets with modern efficient engines – Lower fuel consumption – Lower sulphur emissions – Lower noise footprint l Invest in antipollution technology – Ballast water treatment systems – Optimised hull lines l All assets meet ballast water management regulations ahead of 2024 deadline l Meeting IMO 2020 regulations through the use of clean fuels Social l Supporting crew with the highest sanitation standards and social distancing policies l Focused on ensuring highest level of safety for crew l Compliance with the maritime Labour Convention l Compliance with STCW standards (Standards of training, Certification and Watch keeping for Seafarers) Governance l Full in house Know Your Customer and Anti-Money Laundering review l Selection of top-quality managers with best-in-class labour relations and safety track records l Asset & counterparty monitoring – KPI’s, benchmarking, geographic positions Further to these principles JARA’s transportation allocation has a focus on younger, more fuel-efficient vessels with a current average age of less than five years. A number of assets also assist with the goal of helping operators and other market participants in enabling the energy transition and producing a more energy efficient transportation market. This includes assets which are actively involved in assisting the expansion of the renewables sector such as wind farm maintenance vessels and other areas of the energy transition, such as Liquid Natural Gas Carriers. Other assets also enable more efficient transportation activity such as inland waterway vessels – inland waterway transport can significantly reduce CO2 emission per ton of freight versus other methods of transport. J.P. Morgan Asset Management, Inc. Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc.

26 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Portfolio Information Sector exposure Source: J.P. Morgan Asset Management. Data as of February 2023. Geographic exposure Source: J.P. Morgan Asset Management. Data as of February 2023. Please note that the geographic allocation to Global Transport has been split equally between North America, APAC, and Europe (ex UK). Numbers may not add to 100% due to rounding. Currency exposure Source: J.P. Morgan Asset Management. Data as of February 2023. Currency breakout based on underlying asset currency exposure. Other includes currency exposures which are less than 2% of overall currency exposure, this includes NZD, CAD, GBP, HKD, SKW, DKK, CHF, SEK. Numbers may not add to 100% due to rounding. Real Estate Equity 47% Infrastructure 21% Real Estate Debt 8% Transportation 22% Cash 1% Asia – Pacific 28% North America 54% Other 0% Europe 16% UK 2% USD 65% EUR 11% JPY 7% AUD 5% SGD 3% RMB 3% Other 6%

J.P. Morgan Asset Management 27 Strategic Report Portfolio Information Private Collective Investment Schemes SPF FIV5 (Lux) SCSp (Strategic Property Fund FIV5 (Lux) SCSp) 1 46,905 Global Transport Income Fund Feeder Partnership SCSp 42,224 Strategic Property Fund Asia SCSp 40,596 IIF UK 1 LP (Infrastructure Investments Fund UK 1 LP) 37,604 U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp 16,023 Total Collective Investment Schemes 183,352 Equities United States of America Prologis 1,311 Public Storage 1,078 Equinix 715 American Homes 4 Rent 665 Digital Realty Trust 641 Simon Property 600 Vornado Realty Preference 5.25% 463 Equity Residential 406 Kite Realty Trust 404 Ventas 395 Alexandria Real Estate Equities 370 CubeSmart 364 Camden Property Trust 346 Apartment Income REIT 326 Federal Realty Investment 321 AvalonBay Communities 310 Kimco Realty Preference 5.25% 308 Host Hotels & Resorts 302 Healthpeak Properties 296 VICI Properties 286 First Industrial Realty 241 Welltower 237 SL Green Realty Preference 6.50% 229 DiamondRock Hospitality Preference 8.25% 220 Life Storage 210 Mid-America Apartment Communities 207 Invitation Homes 200 SITE Centers 183 Urstadt Biddle Properties Preference 5.88% 179 Regency Centers 175 Pebblebrook Hotel Preference 6.38% 160 Equities United States of America (continued) Equity LifeStyle Properties 157 Douglas Emmett 156 Ryder System 142 Schneider National 142 UDR 141 Essex Property 137 Boston Properties 136 Landstar System 134 Marten Transport 134 Spire 130 Office Properties Income Trust 129 Werner Enterprises 128 United Parcel Service 126 CH Robinson Worldwide 125 Iron Mountain 125 Heartland Express 125 Other investments 5,034 19,349 Japan Seino 140 Maruwa Unyu Kikan 137 Electric Power Development 136 Sankyu 133 Kyushu Railway 128 Tokyo Gas 127 Nikkon 125 Other investments 2,010 2,936 Canada TFI International 151 Other investments 1,980 2,131 Australia Other investments 1,223 1,223 United Kingdom SSE 131 National Grid 129 Severn Trent 128 Other investments 820 1,208 Valuation Company £’000 Valuation Company £’000 List of investments As at 28th February 2023 Holdings which have a value of £125,000 or more are disclosed on an individual basis, holdings which have a value of less than £125,000 are disclosed in aggregate, per country, as Other investments.

Portfolio Information 28 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Equities (continued) Hong Kong MTR 125 Other investments 991 1,116 Italy A2A 136 Terna – Rete Elettrica Nazionale 128 Other investments 789 1,053 Spain Cia de Distribucion Integral Logista 130 Naturgy Energy 129 Iberdrola 125 Other investments 427 811 France Mercialys 150 ALD 135 Other investments 411 696 Singapore Other investments 674 674 Germany E.ON 129 RWE 127 Other investments 406 662 Denmark D/S Norden 180 Other investments 239 419 Portugal EDP - Energias de Portugal 120 Other investments 161 281 Finland Other investments 223 223 China Other investments 150 150 Equities (continued) Belgium Other investments 145 145 New Zealand Other investments 130 130 Austria Oesterreichische Post 126 126 Switzerland Other investments 124 124 Netherlands Other investments 96 96 Sweden Other investments 75 75 Ireland Other investments 28 28 TOTAL EQUITIES 33,656 Bonds United States of America Healthpeak Properties 2.875% 2031 190 Boston Properties 6.75% 2025 170 VICI Properties 4.75% 2028 291 Digital Realty Trust 3.60% 2029 287 Kimco Realty OP 3.80% 2028 148 SITE Centers 3.625% 2025 146 Federal Realty 3.94% 2024 127 Other investments 1,593 2,952 TOTAL BONDS 2,952 TOTAL INVESTMENTS 2 219,960 1 Invests into the Strategic Property Fund providing access into the US property market. 2 All investments are listed on a stock exchange, except the Collective Investment Schemes. Valuation Company £’000 Valuation Company £’000 List of investments (continued) As at 28th February 2023 Holdings which have a value of £125,000 or more are disclosed on an individual basis, holdings which have a value of less than £125,000 are disclosed in aggregate, per country, as Other investments

J.P. Morgan Asset Management 29 Strategic Report Company Purpose, Investment Objective, Policies and Guidelines The aim of the Strategic Report is to provide shareholders with the ability to assess how the Directors have performed their duty to promote the success of the Company during the period under review. To assist shareholders with this assessment, the Strategic Report sets out the structure and objective of the Company, its investment policies and risk management, investment restrictions and guidelines, performance, total return, revenue and dividends, key performance indicators, share capital, Board diversity, discount, social, community and human rights issues, principal and emerging risks and how the Company seeks to manage those risks and finally it’s long term viability. The Company’s purpose, values, strategy and culture The purpose of the Company is to provide a cost effective, sustainable investment vehicle for investors who seek a stable income and capital appreciation from exposure to a globally diversified portfolio of core real assets, taking account of wider issues including ESG. To achieve this, the Board of Directors is responsible for engaging and overseeing an investment management company that has appropriate investment expertise, resources and controls in place to meet the Company’s investment objective. To ensure that it is aligned with the Company’s purpose, values and strategy, the Board comprises Directors who have a breadth of relevant experience and contribute in an open boardroom culture that both supports and challenges the investment management company and its other third party suppliers. For more information, please refer to page 42. Investment objective The Company seeks to provide shareholders with stable income and capital appreciation from exposure to a globally diversified portfolio of core real assets. Structure of the Company JARA is a non-cellular company limited by shares, incorporated under The Companies (Guernsey) Law, 2008, as amended and has been authorised by the Guernsey Financial Services Commission as a registered closed ended investment scheme. In seeking to achieve its objective, the Company engages JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM UK’) which further delegates the management to J.P. Morgan Asset Management, Inc., Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc. (collectively referred to as ‘JPMAM’ or the ‘Investment Manager’ or ‘Investment Managers’). All of these entities are wholly owned subsidiaries of J.P. Morgan Chase & Co. The Board has determined an investment policy and related guidelines and limits, as described below. The Company is subject to Guernsey, UK and European legislation and regulations (where Guernsey and the UK have voluntarily implemented legislation equivalent to that applicable in the EU). This includes Guernsey company law, International Financial Reporting Standards, the UK Listing Rules, Prospectus, Disclosure Guidance and Transparency Rules, the Market Abuse Regulation, taxation law and the Company’s own Articles of Incorporation. The Company’s underlying investments are also subject to some worldwide regulations. Investment policies and risk management The Company pursues its investment objective through diversified investment in private funds or managed accounts managed or advised by JPMAM. These JPMAM products comprise ‘private funds’, being private collective investment schemes, and ‘managed accounts’, which will typically take the form of a custody account the assets in which are managed by a discretionary manager. For more information on the underlying investments and the Company’s capital deployment status please refer to the Investment Manager’s Report on pages 13 to 21. Core real assets JPMAM defines real assets as ‘core’ if their cash flows are stable and forecastable for long time periods of typically five years or more with a low margin of error. The Company currently seeks exposure to core real assets through the pursuit of the following strategies: (1) Global Real Estate Asset Strategy; (2) Global Transport Asset Strategy; (3) Global Infrastructure Asset Strategy; (4)U.S. Real Estate Mezzanine Debt Strategy; and (5)Global Liquid Real Asset Strategy, (together, ‘real asset strategies’). The real asset strategies allow the Company to be exposed to global real estate assets, global transport assets, global infrastructure assets and global liquid real assets. Further information on these real asset strategies is set out on pages 4 to 6. The Manager intends that the real asset strategies listed above will form the basis of the Company’s portfolio in the long term. The Manager may, however, also evaluate existing and any new real asset strategies launched by JPMAM in order to assess whether the real assets concerned are suitable for the Company’s portfolio and consistent with the risk and return profile of the Company from time to time. The Company may, dependent on the form of any real asset strategy, also invest in equity, equity-related instruments, debt, physical assets and/or other instruments with similar economic characteristics as such assets, with the objective of providing exposure to core real assets. The Manager intends to make long term, strategic asset allocation decisions as between the various real asset

Company Purpose, Investment Objective, Policies and Guidelines 30 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report strategies available on the JPMAM platform based on the perceived stability of the blended long term cash flows potentially available from such real asset strategies, coupled with adherence to an overall strategic outlook. The Manager maintains a diverse portfolio at the underlying investment level and the Company’s exposure is spread across primarily OECD Countries and certain emerging markets that satisfy the risk profile of the Company from time to time, in compliance with the investment restrictions set out below. The Manager seeks to grow the income and capital value of the Company using this long term approach. Where the Company invests in private funds it does so by subscribing for shares in new or existing funds. Such investments may require the Company to make a capital commitment that is drawn down, or called, from time to time, at the absolute discretion of the manager of that private fund. Investment restrictions The Company observes the following investment restrictions when its capital is fully deployed: Range for Strategy Strategy Allocation (% of Assets)* Global Real Estate Assets 20 – 50% Global Transport Assets 10 – 30% Global Infrastructure Assets 10 – 30% U.S. Real Estate Mezzanine Debt Strategy 10 – 30% Global Liquid Real Assets 0 – 30% Cash/Cash Equivalent 0 – 10% *The NAV percentage allocation restriction for each real asset strategy does not take into account indirect exposure to real asset strategies through the Company’s investment in global liquid real assets. • The Company will not hold more than 30% of its assets in real asset strategies other than those listed above, which may include other assets that share similar characteristics to the allocation across real asset strategies from time to time. • The Company will not invest or commit more than 20% of its assets in the securities, or other interests, of any single company or other entity. 1 • The Company will not invest or commit more than 10% of its assets in other listed closed-ended investment companies, provided that this restriction does not apply to investments in any such listed closed-ended investment companies which themselves have published investment policies to invest no more than 15% of their total assets in other such closed-ended investment companies, in which case the limit will be no more than 15% of assets. Each of the above restrictions will be calculated at the time of investment or commitment (as appropriate) and, where applicable, on a look-through basis. Since these investment restrictions apply at the time of investment or commitment, the Company will not be required to rebalance its portfolio in accordance with such investment restrictions as a result of a change in the value of any investment or of the Company as a whole. Performance In the year ended 28th February 2023, the Company produced a total return to shareholders of 7.0% and a total return on net assets of 11.6%. At 28th February 2023, shareholder funds amounted to £223.7 million. The Investment Manager’s Report on pages 13 to 21 includes a review of developments during the year as well as information on investment activity within the Company’s portfolio and the factors likely to affect the future performance of the Company. Total return, revenue and dividends As detailed on page 65, gross return for the period amounted to £27.8 million (2022: £26.8 million) and net return after finance costs, administrative expenses and taxation, amounted to £23.8 million (2022: £23.7 million). The Directors have declared quarterly interim dividends totalling 4.05p (2022: 4.00p) per ordinary share for the year which totalled £8.8 million (2022: £8.6 million). The year end retained earnings, after allowing for these dividends, amount to £4.6 million (2022: £10.5 million deficit). Key performance indicators (‘KPIs’) The Board uses a number of financial KPIs to monitor and assess the performance of the Company. The principal KPIs are: • Performance against the Company’s peers The principal objective is to achieve stable income and capital appreciation for shareholders. However, the Board also monitors performance relative to a broad range of appropriate competitor funds, both in the UK and the U.S. • Share price relative to NAV per share The Board recognises that the possibility of a widening premium or discount can be a disadvantage of investment companies that can discourage investors and influence the liquidity of the Company’s shares. The Board therefore has a share issuance and repurchase programme that seeks to address imbalances in supply of and demand for the Company’s shares within the market and thereby reduce the volatility and absolute level of the discount or premium to NAV at which the Company’s shares trade. In the year ended 28th February 2023, the shares traded between a premium of 1.5% and a discount of 15.0% (daily figures calculated to include income). 1 The Company does not have the ability to control or influence investment decisions made at the JPMAM product-level but it will assess on an ongoing basis its exposure to underlying assets and it will rebalance its portfolio to ensure that its exposure in any securities, or other interests of any single company or entity, does not exceed 20% of its assets.

Company Purpose, Investment Objective, Policies and Guidelines J.P. Morgan Asset Management 31 Strategic Report • Ongoing charges ratio The ongoing charges ratio represents the Company’s management fee and all other operating expenses, excluding finance costs expressed as a percentage of the average daily net assets during the year. The ongoing charges ratio for the year ended 28th February 2023 was 1.29% (2022: 1.35%). Share capital As disclosed in the Company’s Prospectus dated 1st July 2019, the Company has the authority to allot up to one billion ordinary shares and/or C shares on a non pre-emptive basis for five years up to the date of the Company’s 2024 Annual General Meeting and, therefore, no resolution authorising the allotment of ordinary shares or C shares is being proposed at this year’s Annual General Meeting (‘AGM’). Issuance is limited to 20% of issued share capital in a 12 month period, unless a further prospectus is issued by the Company. During the year to 28th February 2023, the Company took advantage of its premium rating and of investor demand to issue 2 million shares, raising £2,154,992 of proceeds. This reflects the Board’s assessment of the benefits that come from additional share issuance, along with the short term disadvantages, not the least of which is the possible dilution of returns that can arise pending full deployment of its portfolio. The Company has the authority to repurchase shares in the market for cancellation (or to be held in Treasury). During the year the Company did not repurchase any ordinary shares into Treasury (2022: nil) or for cancellation. A resolution to renew the authority to repurchase shares for cancellation or to be held in Treasury will be put to shareholders at the forthcoming AGM. The full text of this resolution is set out in the Notice of Meeting on page 91. Board diversity At 28th February 2023, there were three male Directors and one female Director on the Board. The Directors bring a range of skills, knowledge and experience to the Board, thus bringing a diversity of thought to the Board’s decision making processes. The Company has no employees. The Board recognises the importance of, and the benefits of improving, the gender and ethnic balance of the Board. Notwithstanding this, it is the Board's policy to appoint individuals of a high calibre based on merit in the context of the skills, experience, independence and knowledge which the Board as a whole requires to be effective, with due regard to the benefits of diversity on the Board. The Financial Conduct Authority’s (‘FCA’) Listing Rules requires listed companies to report information and disclose against targets on the representation of women and ethnic minorities on its Boards. With the current size of the Board being four directors, it is small, focused and experienced. The following tables show the breakdown of the Board in terms of gender and ethnic background: Number of Board Percentage of Number of Gender Members Board Senior Roles 1 Men 3 75% 2 Women 1 25% 1 Ethnicity White British (or any other white background) 4 100% 0 Ethnic Minority 0 0% 0 1 The Board considers the role of chair of the Audit Committee as a senior position. All Board appointments are subject to a formal, rigorous and transparent procedure. The Board, through the Nomination Committee, has reviewed the Company’s succession plan and it is intended that gender and ethnicity considerations will be important factors when recruiting its next director to the Board. The Nomination Committee intends to use an external recruitment consultancy so that gender and ethnicity considerations form part of the recruitment process. Employees, social, community and human rights issues The Company has a management contract with JPMF. It has no employees and all of its Directors are non-executive. The day to day activities are carried out by third parties. There are therefore no disclosures to be made in respect of employees. The Board notes the JPMAM policy statements in respect of Social, Community and Environmental and Human Rights issues, as highlighted in italics: JPMAM believes that companies should act in a socially responsible manner. Although our priority at all times is the best economic interests of our clients, we recognise that, increasingly, non-financial issues such as social and environmental factors have the potential to impact the share price, as well as the reputation of companies. Specialists within JPMAM’s environmental, social and governance (‘ESG’) team are tasked with assessing how companies deal with and report on social and environmental risks and issues specific to their industry. JPMAM is also a signatory to the United Nations Principles of Responsible Investment, which commits participants to six principles, with the aim of incorporating ESG criteria into their processes when making stock selection decisions and promoting ESG disclosure. Our approach to how we implement the principles is set out in the ESG Report on pages 22 to 25. The Manager has implemented a policy which seeks to restrict investments in securities issued by companies that have been identified by an independent third party provider

Company Purpose, Investment Objective, Policies and Guidelines 32 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report as being involved in the manufacture, production or supply of cluster munitions, depleted uranium ammunition and armour and/or anti-personnel mines. Shareholders can obtain further details on the policy by contacting the Manager. Further details of the Investment Manager’s approach to ESG is set out on pages 22 to 25. Greenhouse gas emissions As an investment trust the fundamental environmental impact the Company makes is indirectly through the investments in its portfolio. Further details can be found in the ESG Report on pages 22 to 25. The Investment Manager recognises the importance of operating in a sustainable matter. JPMAM is a signatory to Carbon Disclosure Project. JPMorgan Chase is also a signatory to the Equator Principles on managing social and environmental risk in project finance. The Company has no premises and consumes no fossil fuels, other than that consumed in connection with travel to Board meetings. It does not provide goods or services and does not have its own customers. It follows that the Company has little to no direct environmental impact. Consequently, the Company does not have a measureable scope 1 carbon footprint and therefore is currently exempt from the disclosures required under the Streamlined Energy and Carbon Reporting criteria. Reporting under the Taskforce on Climate Related Financial Disclosures In accordance with the requirements of the Taskforce on Climate Related Financial Disclosures (‘TCFD’), JPMAM will provide product level reports for the investment trusts it manages in late June 2023 and annually, thereafter. The report will be made available on the Company’s website. Key elements of the report will include Scope 1 and 2 greenhouse gas (‘GHG’) emissions for the portfolio, total carbon footprint, weighted average carbon intensity and, from June 2024, scope [Scope] 3 GHG emissions. The report will also include a scenario analysis of how climate change is likely to impact the Company’s assets under orderly, disorderly and hothouse world scenarios, and a discussion of the most significant drivers of performance. The Modern Slavery Act The Modern Slavery Act (the ‘MSA’) requires companies to prepare a slavery and human trafficking statement for each financial year of the organisation. As the Company has no employees and does not supply goods and services to consumers, the MSA does not apply directly to it. The MSA requirements more appropriately relate to JPMF and JPMAM. JPMorgan’s Group statement on the MSA can be found on the following website: https://www.jpmorganchase.com/about/our- business/human-rights Corporate criminal offence The Company maintains zero tolerance towards tax evasion. Shares in the Company are purchased through intermediaries or brokers, therefore no funds flow directly into the Company. As the Company has no employees, the Board’s focus is to ensure that the risk of the Company’s service providers facilitating tax evasion is also low. To this end it seeks assurance from its service providers that effective policies and procedures are in place.

Principal and Emerging Risks J.P. Morgan Asset Management 33 Strategic Report The Board has overall responsibility for the Company’s system of risk management and internal controls. The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of JPMF, the Audit Committee and Market Risk Committee, chaired by Helen Green and Simon Holden, respectively, have drawn up a risk matrix, which identifies the key risks to the Company. These are reviewed and noted by the Board. The principal and emerging risks identified and the broad categories in which they fall, and the ways in which they are managed or mitigated, are summarised below. The AIC Code of Corporate Governance requires the Audit Committee to put in place procedures to identify emerging risks and to provide an explanation of how these are managed or mitigated. Principal risk Description Mitigating activities Investment management and performance Discount control risk Investment company shares often trade at discounts to their underlying NAVs, although they can also trade at a premium. Discounts and premiums can fluctuate considerably leading to volatile returns for shareholders. The Board monitors the level of both the absolute and sector relative premium/discount at which the shares trade. The Board reviews both sales and marketing activity and sector relative performance, which it believes are the primary drivers of the relative premium/discount level. In addition, the Company has authority, when it deems appropriate, to buy back its existing shares to enhance the NAV per share for remaining shareholders and to reduce the absolute level of discount and discount volatility. Foreign exchange risk to income There is a risk that material sterling strength or volatility will result in a diminution of the value of income received when converted into sterling. Foreign exchange risk to NAV/share price volatility There is a risk that material sterling strength or volatility will result in a volatile NAV/share price since most the Company’s assets are denominated in U.S. dollars, or in currencies which tend to be closely correlated with the dollar. A decision was taken at launch not to hedge the capital value of the portfolio into sterling, nor to hedge the income generated by the portfolio into sterling. One of JARA’s attributes is that it offers shareholders access to real assets globally and with this comes a global currency exposure. Whilst this currency impact has benefited the Company over the last year and post the year end, experience of recent years suggests that currency movements have a habit of reversing themselves and should represent a neutral impact for shareholder returns in the long run. The Board keeps the decision on whether to hedge the capital value or income generation under review. Please see the Chairman’s Statement on page 10 for further details. Income generation risk There is a risk that the Company fails to generate sufficient income from its investment portfolio to meet the Company’s target annual dividend yield of 4 to 6%, based on the initial issue price of 100.0p per share. The Board reviews quarterly detailed estimates of revenue income and expenditure prepared by the Manager and, if required, challenges the Manager as to the underlying assumptions made in earnings from the underlying strategies and the Company’s expenditure. Under Guernsey company law, the Company is permitted to pay dividends despite losses provided solvency tests are performed and passed ahead of dividend declaration. The Board manages these risks by diversification of investments and through its investment restrictions and guidelines, which are monitored and reported on by the Manager. The Manager provides the Directors with timely and accurate management information, including performance data, revenue estimates, liquidity reports and shareholder analyses. Poor implementation of the investment strategy, for example as to thematic exposure, sector allocation, undue concentration of holdings, factor risk exposure or the degree of total portfolio risk, may lead to the Company not achieving its investment objective of providing a stable income and capital appreciation, and/or underperformance against the Company’s peer companies. Underperformance

Principal and Emerging Risks 34 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Principal risk Description Mitigating activities Operational risks The Board is able to seek information from the Manager in relation to counterparty concentration and correlation of providers. As counterparty quality is key to maintaining predictable income streams, the Manager seeks regular contact with key counterparties throughout the supply chain and with revenue-providing counterparties, while also actively monitoring the financial strength and stability of all these entities. The nature of the contractual frameworks that underpin many of the real assets within the underlying strategies necessitate close partnerships with a range of counterparties. In addition to the financial risks arising from exposure to customers, client and lenders, there are a large number of operational counterparties including construction and maintenance subcontractors. Counterparty risk would primarily manifest itself as either counterparty failure or underperformance of contractors. Counterparty risk The Company benefits directly or indirectly from all elements of JPMorgan’s Cyber Security programme. The information technology controls around physical security of JPMorgan’s data centres, security of its networks and security of its trading applications, are tested by independent auditors and reported every six months against the AAF Standard. The threat of cyber attack, in all guises, is regarded as at least as important as more traditional physical threats to business continuity and security. In addition to threatening the Company’s operations, such an attack is likely to raise reputational issues which may damage the Company’s share price and reduce demand for its shares. Cyber crime The Manager monitors and reports to the Board on ‘queue’ length and the underlying pattern of deployment in the underlying strategies. Any slowing of deployment patterns is reported to Board and the income impact is modelled. Investment into underlying strategies could be delayed resulting in loss of expected income and capital growth opportunity. Investment delay Corporate strategy and shareholder demand The corporate strategy, including the investment objectives and policies, may not be of sufficient interest to current or prospective shareholders. Certain buyers within the sector will only consider investing into an investment trust where its AUM is over a certain level; the Company’s AUM currently stands below these levels. The Manager has a dedicated investment company sales team that engages with both existing and prospective shareholders of the Company. This engagement includes the education/description of how JARA’s portfolio is invested and the exposures that this generates. The Board regularly reviews its strategy, and assesses, with its broker and Manager, shareholder demand. Details of how the Board monitors the services provided by JPM and its associates and the key elements designed to provide effective risk management and internal control are included within the Risk Management and Internal Controls section of the Corporate Governance Statement on pages 45 to 48. The Manager has a comprehensive business continuity plan which facilitates continued operation of the business in the event of a service disruption (including and disruption resulting from the COVID-19 pathogen). Directors have received reassurance that the Manager and its key service providers have business continuity plans in place and that these are regularly tested. Disruption to, or failure of, the Manager’s accounting, dealing or payments systems or the Depositary or Custodian’s records may prevent accurate reporting and monitoring of the Company’s financial position or a misappropriation of assets. Outsourcing

Principal and Emerging Risks J.P. Morgan Asset Management 35 Strategic Report Principal risk Description Mitigating activities Regulatory risks Environmental risks The Manager and its advisers continually monitor any potential or actual changes to regulations to ensure its assets and service providers remain compliant. Most social and transportation infrastructure concessions provide a degree of protection, through their contractual structures, in relation to changes in legislation which affect either the asset or the way the services are provided. Regulators seek to balance protecting customer interests with making sure that investments have enough money to finance their functions. Various legal and regulatory changes may adversely impact the Company and its underlying investments. This could take the form of legislation impacting the supply chain or contractual costs or obligations to which the underlying strategies are exposed. Certain investments in the underlying strategies are subject to regulatory oversight. Regular price control reviews by regulators determine levels of investment and service that the portfolio company must deliver and revenue that may be generated. Particularly severe reviews may result in poor financial performance of the affected investment. The Company invests in real assets via a series of private funds. The operation of these entities including their ability to be bought, held or sold by investors across a number of jurisdictions and the taxation suffered within the funds and by investors into the funds depend on a complex mix of regulatory and tax laws and regulations across a wide range of countries. These may be subject to change that may threaten the Company’s access to and returns earned from the private funds. Regulatory change In the Board’s and Manager’s view, investments that successfully manage climate change risks will perform better in the long-term. Consideration of climate change risks and opportunities is an integral part of the investment process. The Manager aims to influence the management of climate related risks through engagement and voting with respect to the equity portion of the portfolio, and is a participant of Climate Action 100+ and a signatory of the United Nations Principles for Responsible Investment. Generally, the Manager (or, in the case of an investment made by a JPMAM product, the relevant manager) performs market practice environmental due diligence of all of the investments to identify potential sources of pollution, contamination or other environmental hazard for which such investment may be responsible and to assess the status of environmental regulatory compliance. Climate change is one of the most critical emerging issues confronting asset managers and their investors. Climate change may have a disruptive effect on the business models and profitability of individual investments, and indeed, whole sectors. The Board is also considering the threat posed by the direct impact of climate change on the operations of the Manager and other major service providers. The Company may be exposed to substantial risk of loss from environmental claims arising in respect of its underlying real assets that have environmental problems, and the loss may exceed the value of such underlying assets, although for some real assets this can be mitigated to some extent by contracted lease commitments. Furthermore, changes in environmental laws and regulations or in the environmental condition of investments may create liabilities that did not exist at the time of acquisition of an underlying asset and that could not have been foreseen. It is also possible that certain underlying assets to which the Company will be exposed could be subject to risks associated with natural disasters (including wildfire, storms, hurricanes, cyclones, typhoons, hail storms, blizzards and floods) or non climate related manmade disasters (including terrorist activities, acts of war or incidents caused by human error). Climate change

Principal and Emerging Risks 36 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Principal risk Description Mitigating Factor Global risks Emerging risk Description Mitigating Factor This risk is managed to some extent by diversification of investments and by regular communication with the Manager on matters of investment strategy and portfolio construction which will directly or indirectly include an assessment of these risks. The Board can, with shareholder approval, look to amend the investment policy and objectives of the Company to gain exposure to or mitigate the risks arising from geopolitical instability although this is limited if it is truly global. The Company’s investments are exposed to various geopolitical and macro-economic risks incidental to investing. Political, economic, military and other events around the world (including trade disputes) may impact the economic conditions in which the Company operates, by, for example, causing exchange rate fluctuations, interest rate changes, heightened or lessened competition, tax advantages or disadvantages, inflation, reduced economic growth or recession, and so on. Such events are not in the control of the Company and may impact the Company’s performance. The crisis in Ukraine has affected energy and commodity markets and may cause further damage to the global economy. The ongoing conflict between Russia and Ukraine has heightened the possibility that tensions will spill over and intensify geo-political unrest between other countries sharing a common border. Geopolitical risk There is a degree of inflationary linkage within the investment portfolio, albeit on a lagging basis. Global inflation is largely stablising. However, the Board is unable to forecast macro-economic developments. Excessive inflation is likely to increase the Company’s cost of capital and cost of operations. Inflation The Board manages these risks through maintaining a diversified portfolio of investments, ensuring the underlying investment team consider these threats in portfolio construction and investment plans and are aware of the investment opportunities as well as the threats presented by these shifts in the sectors in which they invest. The returns generated from the underlying investment strategies in which the Company is invested may be materially affected by new or emerging changes in technology which change the behaviour of individuals or corporations, or may require substantial investment in new or replacement technologies. Such changes may include the decline in demand for office space as remote working technologies become widespread, material changes in transport technologies and new technologies for the generation and transmission of energy. Technological and behavioural change During the year under review, much of the world adapted to living with COVID-19 and the disruption caused by the pandemic. The Board receives reports on the business continuity plans of the Manager and other key service providers. The effectiveness of these measures have been assessed throughout the course of the COVID-19 pandemic and the Board will continue to monitor developments as they occur and seek to learn lessons which may be of use in the event of future pandemics. China in particular was affected by its pursuit of ‘Zero COVID’. This approach changed by the end of the year, when restrictions were removed. The Company has minimal exposure to China, circa 3% of the Company’s NAV. The emergence of COVID-19 has highlighted the speed and extent of economic damage that can arise from a pandemic from both known or unknown pathogens, or unforeseen global emergencies. The Company is at risk from both the financial impacts of such an event, as well as possible disruption to the day-to-day activities of its service providers. Pandemics

Principal and Emerging Risks J.P. Morgan Asset Management 37 Strategic Report Emerging risk Description Mitigating Factor Emerging Risks The Board continually monitors the changing risk landscape and any emerging and increasing threats to the Company’s business model, as they come into view via a variety of means, including advice from the Manager, the Company’s professional advisors and Directors’ knowledge of markets, changes and events. These threats and/or changes have a degree of uncertainty in terms of probability of occurrence and possible effects on the Company. Should an emerging risk become sufficiently clear and the implications evaluated, it may be moved to a principal risk. The Board escalated Climate Change and Geopolitical risks as Principal Risks from Emerging Risks. The assets are on long term leases. Significant reduction in global trade reduces demand/pricing for maritime assets. Rising environmental awareness reduces demand for aviation and increased emission obligations increase the cost and reduce the demand for aviation. Transport Real Estate Material shift in real estate usage patterns (increasing working from home, accelerating decline of retail) or substantial increase in environmental standards expected of new and built properties renders current real estate strategies inappropriate or unable to meet expected returns. The portfolio is actively managed with a focus on ensuring that the properties are ESG rated in accordance with GRESB. Please see the ESG Report on pages 22 to 25. Energy Cost of renewable energy drops materially either through increased supply or new rival technologies (e.g. fusion) materially reducing returns from renewable energy projects. The Company has a broadly diversified portfolio and has exposure to energy transition assets which expands both traditional and renewable sources. Renewable assets tend to be on long-tern off-take agreements providing a stabilised cash flow.

Long Term Viability 38 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report The AIC Code of Corporate Governance requires the Directors to make a statement regarding the viability of the Company, the period for which they have made the assessment and why they consider that period to be appropriate. Taking account of the Company’s current position and strategy, the principal and emerging risks that it faces and their potential impact on its future development and prospects, the Directors have assessed the prospects of the Company, to the extent that they are able to do so, over the next three years. They have made that assessment by considering those principal and emerging risks, the Company’s investment objective and strategy, current cash levels, the current and projected level of income generated by the Company, a sustainable value proposition intrinsic to the assets that make up our diverse portfolio, the investment and operational capabilities of the Manager and the current outlook for relevant markets. This work has included a review of scenarios with extreme reductions in both the liquidity of the Company’s listed and fund investments and in income earned from these holdings. They have taken into account the robustness of performance to date and of the contracted future income, where, for example, the unexpired lease term on the properties held within the Company’s real estate investments is currently approximately five years. In addition, particular consideration has been paid to the current volatile macro environment. Furthermore, the Board has also considered the requirement to propose a resolution to approve the continuation of the Company as an investment company at the Company’s Annual General Meeting in 2024. In determining the appropriate period of assessment, the Directors consider that, given the Company’s objective of providing shareholders with stable income and capital appreciation from exposure to a globally diversified portfolio of core real assets, shareholders should consider the Company as a long term investment proposition. The Company, in the majority, targets core assets whose cash flows are stable and forecastable for periods of typically three years or more with a low margin of error. Thus, the Directors consider three years to be an appropriate time horizon to assess the Company’s viability. The Directors confirm that, taking account of the Company’s risk profile set out in note 21 on pages 81 to 86, and other factors set out under this heading, they remain confident in the fundamentals of the markets in which the Company has invested and will invest, and have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the three-year period to February 2026. By order of the Board Emma Lamb, for and on behalf of JPMorgan Funds Limited Secretary 29th June 2023

Duty to Promote the Success of the Company J.P. Morgan Asset Management 39 Strategic Report The Company is not required to comply with the provisions of the UK Companies Act 2006, but it is a requirement of the AIC Code of Corporate Governance to report upon Section 172 of this statute. Section 172 of the Companies Act 2006 requires that a Director must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members (i.e. shareholders) as a whole and in doing so, have regard (amongst other matters) to the likely consequences of any decision in the long term; the need to foster the Company’s business relationships with suppliers, customers and others; the impact of the Company’s operations on the community and the environment; the desirability of the Company maintaining a reputation for high standards of business conduct; and the need to act fairly as between members of the Company. The Board is responsible for all decisions relating to the Company’s investment objective and policies, gearing, discount management, corporate governance and strategy, and for monitoring the performance of the Company’s third party service providers, including the Manager. The Board’s philosophy is that the Company should foster a culture where all the Company’s stakeholders are treated fairly and with respect and the Board recognises the importance of acting fairly between them, front of mind in its key decision making. As an externally managed investment company with no employees, the Board considers that the Company’s key stakeholders are its shareholders, its Manager, its underlying investments, and its other professional third party service providers (corporate broker, administrator, registrar, auditor, custodian and depositary) and wider society. The Board believes the best interests of the Company are aligned with those of these key stakeholders as all parties wish to see and ultimately benefit from the Company achieving its investment objectives whilst carrying on business in compliance with the highest possible regulatory, legal, ethical and commercial standards. The table below sets out details of the Company’s engagement with these stakeholders: Stakeholder Engagement Shareholders Continued shareholder engagement is critical to the continued existence of the Company and the successful delivery of its long term strategy. The Board is focused on fostering and maintaining good working relationships with shareholders and understanding the views of shareholders in order to incorporate them into the Board’s strategic thinking and decision-making. Full details on how the Board ensures it is fully appraised of shareholder views and how it engages with all shareholder groups can be found on pages 46 and 47. The Board also monitors the discount or premium to NAV at which the Company’s shares trade and secondary market liquidity in absolute terms and in comparison with peer group companies as these factors are an important contributor to current shareholders’ returns and to the appeal of the Company to future investors. Manager The principal service provider is the Manager, in particular the investment management team who are responsible for managing the Company’s assets in order to achieve its stated investment objective. The Board maintains a good working relationship with the Manager, who also provides administrative support and promotes the Company through its investment company sales and marketing teams. The Board monitors the Company’s investment performance at each Board Meeting in relation to its objective and also to its investment policy and strategy. The Board also maintains strong lines of communication with the Manager via its dedicated company secretary and client director whose interactions extend well beyond the formal business addressed at each Board and Committee meeting. This enables the Board to remain regularly informed of the views of the Manager and the Company’s shareholders (and vice versa). Investee companies and funds The Board is committed to responsible investing and monitors the activities of its underlying investments through its delegation to the Manager. In order to achieve this, the Manager has discretionary powers to exercise voting rights on behalf of the Company on all resolutions proposed by the listed equity investments within the portfolio (full details can be found in the ESG report on pages 22 to 25). The Board monitors the investment activity undertaken by the Manager and within the underlying funds and strategies in which the Company invests. In-depth analysis and questioning of the investment teams is carried out regularly in the course of scheduled Board meetings and ahead of new material commitments into underlying funds. This questioning extends beyond pure investment strategy and addresses the operational and financial risk appetites and mitigation in place alongside key non-financial factors such as the approach to ESG, engagement with asset users, tenants or lessees and engagement with operating partners and service providers.

Duty to Promote the Success of the Company 40 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Strategic Report Other key service providers The Board ensures that it promotes the success of the Company by engaging specialist third party suppliers, with appropriate capability, performance records, resources and controls in place to deliver the services that the Company requires for support in meeting relevant obligations and safeguarding the Company’s assets. For this reason, the Board consider the Company’s Administrator, Custodian, Depositary, Registrar, Auditor and Broker to be stakeholders. The Board maintains regular contact with its key external service providers, either directly, or via its dedicated company secretary or client director, and receives regular reporting from these providers at Board and Committee meetings. The Board meets annually to complete a formal review and appraisal of its key service providers. Wider society and the environment Whilst strong long term investment performance is essential for an investment company, the Board recognises that to provide an investment vehicle that is sustainable over the long term, both it and the Manager must have regard to ethical and environmental issues that impact society. Hence ESG considerations are integrated into the Manager’s investment process and will continue to evolve. Further details of the Manager’s integrated approach to ESG can be found on pages 22 to 25. The Directors confirm that they have considered their duty under Section 172 when making decisions during the financial year under review. Key decisions and actions during the year which have required the Directors to have regard to applicable section 172 factors include: Key Decisions and Actions Dividends payable to shareholders The Company intends to provide investors with stable income and capital appreciation through exposure to a globally diversified portfolio of core real assets in accordance with the Company’s investment policy. Over the year the Board noted the robust income generation from the underlying portfolio. It robustness speaks to the strength of the underlying teams’ investment approaches, the diversified overall portfolio construction and the defensive nature of the assets owned by the Company. The Board declared a fourth quarterly interim dividend of 1.05 pence per share in respect of the Company’s financial year ending 28th February 2023. This declared dividend brought the forward yield on a constant basis to 4.20 pence per share and as the portfolio is now fully invested the Board expects the level of income to increase further and will assess the dividend levels which, in the absence of unforeseen circumstances, it expects to be within the target range of 4 to 6% yield on issue price as set out in the Company’s IPO prospectus. Share issuance Ensuring both that liquidity is maintained for the Company’s shares and that an excessive premium to NAV does not develop in the Company’s share price rating are important to shareholders. The Company has issued 2 million new shares during the year at a premium to NAV. This policy provides liquidity, is accretive to the NAV of existing Shareholders and also helps moderate share price volatility. By order of the Board Emma Lamb, for and on behalf of JPMorgan Funds Limited, Secretary 29th June 2023

Directors’ Report

John Scott (Chairman) A Director since 2019. Last reappointed to the Board: 2022. Remuneration : £61,800. Mr Scott is a former investment banker who spent 20 years with Lazard and was, until 2017, Chairman of Scottish Mortgage Investment Trust PLC (the UK’s largest investment trust and a FTSE 100 company). Mr Scott is Chairman of Bluefield Solar Income Fund Limited. He is also former director of JPMorgan Claverhouse Investment Trust plc and former Chairman of Alpha Insurance Analysts and Impax Environmental Markets plc. Shared directorships with other Directors: None. Shareholding in Company: 238,649. Helen Green (Chair of the Audit Committee) A Director since 2019. Last reappointed to the Board: 2022. Remuneration : £51,500. Mrs Green, a Guernsey resident, qualified as a chartered accountant in 1987 and has a part-time role with Saffrey Champness, a top 20 firm of chartered accountants, that she has held since 1984. Since 2000 she has been based in the Guernsey office where she was Client Liaison Director, responsible for trust and company administration. She is Chairman of CQS Natural Resources Growth and Income plc and a director of abrdn China Investment Company Limited and Landore Resources Limited. She is a member of the Guernsey Investment Funds Association (GIFA) NED Committee and of the Guernsey NED Forum. Shared directorships with other Directors: None. Shareholding in Company: 10,000. Simon Holden (Chair of the Market Risk Committee and Senior Independent Director) A Director since 2019. Last reappointed to the Board: 2022. Remuneration : £55,650. Mr Holden, a Guernsey resident, brings board experience from both private equity and portfolio company operations roles at Candover Investments then Terra Firma Capital Partners. Since 2015, he has become an active independent director on listed alternative investment companies (HICL Infrastructure Plc, Hipgnosis Songs Fund Limited, Trian Investors 1 Limited and Chrysalis Investments Limited), private equity funds and trading company boards. In addition, he acts as the pro-bono Business Advisor to Guernsey Ports; a States of Guernsey enterprise that operates all of the Bailiwick’s critical airport and harbour infrastructure. He is a Chartered Director accredited by the Institute of Directors, graduated from the University of Cambridge with an MEng and MA (Cantab) in manufacturing engineering and is an active member of Guernsey’s GIFA, NED Forum and IP Commercial Group. Shared directorships with other Directors: None. Shareholding in Company: 50,000. Chris Russell (Chair of the Nomination Committee) A Director since 2019. Last reappointed to the Board: 2022. Remuneration : £43,300. Mr Russell, a Guernsey resident, is non-executive chairman of Ruffer Investment Company Ltd and a non-executive director of Hanseatic Asset Management LBG and Les Cotils Charitable Company LBG. He was former chairman of the London listed F&C Commercial Property Trust Limited, Macau Property Opportunities Fund Limited and a former non-executive director of HICL Infrastructure Company Limited, JPMorgan Japan Small Cap Growth & Income plc and director of Gartmore Investment Management Plc, where he was Head of Gartmore’s businesses in the US and Japan, after being a holding board director of the Jardine Fleming Group in Asia. He is a Fellow of the UK Society of Investment Professionals and a Fellow of the Institute of Chartered Accountants in England and Wales. Shared directorships with other Directors: None. Shareholding in Company: 130,000. Board of Directors 42 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Directors’ Report

The Directors present their Annual Report & Financial Statements for the year ended 28th February 2023. Management of the Company The Manager and Company Secretary is JPMF, a company authorised and regulated by the FCA. JPMF is a wholly-owned subsidiary of JPMorgan Chase Bank which, through other subsidiaries, also provides marketing, banking and dealing services to the Company. Custodian services are provided by a JPMorgan Chase Bank subsidiary, via a contract with the Company’s depositary. The Investment Management Agreement is subject to an initial period of five years and thereafter will continue until terminated at any time by either party giving to the other not less than six months’ written notice. The Company may also terminate the Investment Management Agreement with immediate effect on the occurrence of certain circumstances, including: if JPMF commits a material breach which is not remedied within a 30 day grace period; certain insolvency events occurring; if required by an applicable regulatory authority; if JPMF ceases to be authorised under FSMA; or if JPMF ceases to maintain its permission with the FCA to act as an AIFM. The Board has thoroughly reviewed the performance of JPMF in the course of the year. The review covered the performance of the Manager, its management processes, investment style, resources and risk controls and the quality of support that the Company receives from JPMF and is satisfied on all fronts. The Board is of the opinion that the continuing appointment of the Manager is in the best interests of shareholders as a whole. Such a review is carried out on an annual basis. The Alternative Investment Fund Managers Directive (‘AIFMD’) JPMF is the Company’s alternative investment fund manager (‘AIFM’). JPMF has been approved as an AIFM by the FCA. For the purposes of the AIFMD the Company is an alternative investment fund (‘AIF’). JPMF has delegated responsibility for the day to day management of the Company’s portfolio to JPMAM UK which further delegates the management to JPMorgan Asset Management, Inc., Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc. The Company has appointed Bank of New York Mellon (International) Limited (‘BNY’) as its depositary. BNY has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian. BNY remains responsible for the oversight of the custody of the Company’s assets and for monitoring its cash flows. The AIFMD requires certain information to be made available to investors in AIFs before they invest and requires that material changes to this information be disclosed in the annual report of each AIF. An Investor Disclosure Document, which sets out information on the Company’s investment strategy and policies, leverage, risk, liquidity, administration, management, fees, conflicts of interest and other shareholder information is available on the Company’s website at www.jpmrealassets.co.uk . There have been no material changes (other than those reflected in these financial statements) to this information requiring disclosure. Any information requiring immediate disclosure pursuant to the AIFMD will be disclosed to the London Stock Exchange through a primary information provider. The Company’s leverage and JPMF’s remuneration disclosures are set out on page 89. Dividends Details of the Company’s dividend policy and payments are shown on pages 11 and 29 of this Report. Management fees JPMF is entitled to receive from the Company a management fee in respect of that part of the Company’s net asset value which is invested in JPMAM products, calculated at the rate of 0.05% per annum. The Company’s investments in the JPMAM products also bear the management fee charged by the relevant manager at the level of the relevant JPMAM product (the ‘underlying management fees’). The total overall management fee payable to JPMAM is the aggregate of the management fee and the underlying management fees. No management fee is charged on uninvested assets held in cash or cash equivalents. The total overall management fee borne by the Company, including management fees incurred in the underlying funds, is currently 0.93% per annum, falling on a tiered basis if the Company’s NAV is increased as set out in the table below: Company’s NAV Total Overall invested in JPMAM Products Management Fee £100m 0.93% £300m 0.91% £500m 0.86% £1,000m 0.81% The element of the management fees payable by the Company to JPMF is calculated and paid quarterly, in arrears, based on the average net asset value of the relevant quarter and on the Company’s portfolio allocation over the relevant quarter. Directors The Directors of the Company who held office at the end of the year are detailed on page 42. The Company’s Articles of Incorporation require that at each annual general meeting of the Company all Directors will retire from office and each Director may offer themselves for election or re-election by the shareholders. All Directors will be standing for re-election at the Company’s forthcoming AGM. Directors’ Report J.P. Morgan Asset Management 43 Directors’ Report

The terms and conditions of Directors’ appointments are set out in formal letters of appointment, copies of which are available for inspection on request at the Company’s registered office and at all annual general meetings. Director indemnification and insurance As permitted by the Company’s Articles of Incorporation, the Directors have the benefit of an indemnity which is a qualifying third party indemnity. The indemnity was in place during the period and as at the date of this report. An insurance policy is maintained by the Company which indemnifies the Directors of the Company against certain liabilities arising in the conduct of their duties. There is no cover against fraudulent or dishonest actions. Disclosure of information to auditor In the case of each of the persons who are Directors of the Company at the time when this report was approved: (a) so far as each of the Directors is aware, there is no relevant audit information of which the Company’s auditor is unaware; and (b) each of the Directors has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information (as defined) and to establish that the Company’s auditor is aware of that information. Independent auditor PricewaterhouseCoopers CI LLP has expressed its willingness to continue in office as Auditor to the Company and a resolution proposing its reappointment and authorising the Directors to determine its remuneration for the ensuing year will be put to shareholders at the AGM. Capital structure and voting rights Capital structure The Company’s capital structure is summarised on the inside front cover of this report. Voting rights in the Company’s shares Details of the voting rights in the Company’s shares as at the date of this report are given in note 15 to the Notice of AGM on page 93. Notifiable interests in the Company’s voting rights At the date of this report, the following had declared a notifiable interest in the Company’s voting rights: Number of % voting Shareholders voting rights % Quilter Plc 32,162,173 14.8% Brewin Dolphin Ltd 15,619,954 7.2% JPMorgan Asset Management Holdings Inc 10,942,714 5.0% Miscellaneous information The rules concerning the appointment and replacement of Directors, amendment of the Articles of Incorporation and powers to issue or repurchase the Company’s shares are contained in the Articles of Incorporation of the Company and The Companies (Guernsey) Law, 2008. There are no restrictions concerning the transfer of securities in the Company; no special rights with regard to control attached to securities; no agreements between holders of securities regarding their transfer known to the Company; no agreements which the Company is party to that affect its control following a takeover bid; and no agreements between the Company and its Directors concerning compensation for loss of office. Listing rule 9.8.4R Listing Rule 9.8.4R requires the Company to include certain information in a single identifiable section of the Annual Report or a cross reference table indicating where the information is set out. The Directors confirm that there are no disclosures to be made in this report. Annual general meeting The notice covering the AGM of the Company to be held on Wednesday, 2nd August 2023 is given on pages 91 to 93. The full text of the Resolutions is set out in this notice. Resolutions relating to the following items of special business will be proposed at the forthcoming AGM: (i) Authority to repurchase the Company’s shares (Resolution 9) A resolution will be proposed at the AGM that the Company be authorised to repurchase in the market up to 14.99% of the Company’s issued share capital as at the date of the passing of the resolution. If resolution 9 is passed at the AGM, shares repurchased might not be cancelled but rather held as treasury shares. The Company does not have authority to re-issue shares from treasury at a discount to NAV, therefore any reissue of shares from treasury would be at a premium to the prevailing NAV. The full text of the resolution is set out in the Notice of Meeting on page 91. Repurchases will be made at the discretion of the Board and will only be made in the market at prices below the prevailing NAV per share, thereby enhancing the NAV of the remaining shares as and when market conditions are appropriate. (ii) Approval of dividend policy (resolution 10) The Directors seek approval of the Company’s dividend policy to continue to pay four quarterly interim dividends during the year. Directors’ Report 44 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Directors’ Report

Recommendation The Board considers that resolutions 9 and 10 are likely to promote the success of the Company and are in the best interests of the Company and its shareholders as a whole. The Directors unanimously recommend that shareholders vote in favour of the resolutions as they intend to do in respect of their own beneficial holdings which amount in aggregate to 428,649 shares, representing approximately 0.20% of the existing issued share capital of the Company. Corporate governance statement Compliance The Board is committed to high standards of corporate governance. It has considered the principles and provisions of the AIC Code of Corporate Governance published in 2019 (the ‘AIC Code’), which addresses the principles and provisions set out in the UK Corporate Governance Code (the ‘UK Code’) published in 2018, as they apply to investment companies. It considers that reporting against the AIC Code, which has been endorsed by the UK Financial Reporting Council and the Guernsey Financial Services Commission, provides more relevant information to the Company’s shareholders. The Board confirms that the Company has complied with the principles and provisions of the AIC Code, in so far as they apply to the Company’s business, throughout the year under review. As all of the Company’s day-to-day management and administrative functions are outsourced to third parties, it has no executive directors, employees or internal operations and therefore has not reported in respect of the following: • the role of the executive directors and senior management; • executive directors’ and senior management remuneration; and • the workforce. Copies of the UK Code and AIC Code may be found on the respective organisations’ websites: www.frc.org.uk and www.theaic.co.uk Role of the Board A management agreement between the Company and JPMF sets out the matters over which the Manager has delegated authority. This includes management of the Company’s assets within the guidelines established by the Board from time to time and the provision of accounting, company secretarial, administration and some marketing services. All other matters are reserved for the approval of the Board. A formal schedule of matters reserved to the Board for decision has been approved. This includes determination and monitoring of the Company’s investment objectives and policy and its future strategic direction, gearing policy, management of the capital structure, appointment and removal of third party service providers, review of key investment and financial data and the Company’s corporate governance and risk control arrangements. The Board meets on at least five occasions each year and additional meetings are arranged as necessary. Full and timely information is provided to the Board to enable it to function effectively and to allow Directors to discharge their responsibilities. The Board visited the Manager’s New York offices in 2022. Further information on meetings and committees can be found below. The Board has procedures in place to deal with potential conflicts of interest and confirms that the procedures have operated effectively during the period under review. There is an agreed procedure for Directors to take independent professional advice in the furtherance of their duties and at the Company’s expense. This is in addition to the access that every Director has to the advice and services of the Company Secretary, JPMF, which is responsible to the Board for ensuring adherence to Board procedures and compliance with applicable rules and regulations. Board composition All of the Directors held office throughout the year under review and will stand for reappointment at the forthcoming AGM. The skills and experience that each Director brings to the Board, and hence why their contributions are important to the long term success of the Company, are detailed on page 42. The Board, having considered their qualifications, performance and contribution to the Board and its committees, confirms that each Director proposed for reappointment continues to be effective and demonstrates commitment to the role and the Board recommends to shareholders that they be reappointed. Tenure Directors are initially appointed until the following annual general meeting when, under the Company’s Articles of Incorporation, it is required that they be elected by shareholders. Thereafter, subject to the performance evaluation carried out each year, the Board will agree whether it is appropriate for each Director to seek re-election. In accordance with corporate governance best practice, Directors continuing in office seek annual re-election and no Director, including the Chairman, will seek re-election after having served for nine years on the Board other than in exceptional circumstances for the benefit of the Company. The Board keeps plans for its orderly succession and refreshment under continual review. A list of potential conflicts of interest for each Director is maintained by the Company. These are considered carefully, taking into account the circumstances surrounding them, and, if considered appropriate, are approved. Induction and training On appointment, the Manager and Company Secretary provide all Directors with induction training. Thereafter, regular briefings are provided on changes in law and Corporate Governance Statement J.P. Morgan Asset Management 45 Directors’ Report

regulatory requirements that affect the Company and Directors. Directors are encouraged to attend industry and other seminars covering issues and developments relevant to investment companies. Reviews of the Directors’ training needs will be carried out by the Board by means of the evaluation process described below. Meetings and committees The Board delegates certain responsibilities and functions to committees. Details of membership of committees are shown with the Directors’ profiles on page 42. The table below details the number of formal Board and Committee meetings held during the year. All Directors were in attendance on each occasion. Market Audit Risk Nomination Board Committee Committee Committee John Scott 5 3 2 1 Helen Green 5 3 2 1 Simon Holden 5 3 2 1 Chris Russell 5 3 2 1 As well as the formal meetings detailed above, the Board meets on a quarterly basis to discuss and approve dividend payments and communicates frequently by email, videoconference or telephone to deal with day to day matters as they arise. Board committees Nomination committee The Nomination Committee, chaired by Chris Russell, consists of all of the Directors and meets at least annually. The Nomination Committee reviews the composition, structure and diversity of the Board, succession planning, the independence of the Directors and whether each Director has sufficient time available to discharge their duties effectively. The Committee confirms that it believes that the Board has an appropriate balance of skills and experience, that all Directors should be considered as independent in accordance with the provisions of the AIC Code of Corporate Governance. The Board remains committed to appointing the most appropriate candidate and seeks to ensure that it does not unwittingly exclude any group. Therefore, no targets have been set against which to report. Board Evaluation The Committee leads the annual performance evaluation. This year, the Committee examined the results of the evaluation reports after the assessment of the Board, its committees, individual directors and the Chairman conducted by an independent external third party through the use of questionnaires. The conclusions were discussed with the Chairman of the Committee and subsequently the key findings from the evaluation were discussed with the whole Board. Following the evaluation, it was concluded that the Board had the appropriate balance of skills, experience, and knowledge and that the Board continued to operate effectively. The Board's Committees were considered to be well chaired and well operated. The Chairman was considered to have the respect of his Board colleagues who had all felt that he had led the Board very well, with his accessibility and support highly valued. No other areas of particular significance or concern were identified in the evaluation. Following review of the Directors’ time commitment and duties, and their contributions and attendance at all Board and Committee meetings and discussions held outside these formal meetings, the Board believes that each Director continues to be effective and demonstrates the necessary commitment to the role. The Board considers that outside commitments have not impacted on their duties as Directors, and have enhanced the knowledge brought to the Board meetings. Market risk committee The Market Risk Committee, chaired by Simon Holden, consists of all the Directors and will meet at least twice a year. Additionally the Market Risk Committee meets ahead of initial capital deployment into the underlying private strategies to complete a risk assessment. The Committee has the responsibility for overseeing the market risk in relation to the Investment Policy. The Market Risk Committee is tasked with analysing and assessing the Company’s risk assessment policies with a view to updating the policies where relevant and making sure they remain fit for purpose in the current market. The Market Risk Committee also assesses the performance of the Investment Manager in addressing the Company’s key risks. Audit committee The report of the Audit Committee is set out on pages 49 and 50. Terms of reference The Nomination, Market Risk and Audit Committees have written terms of reference which define clearly their respective responsibilities, and copies of which are available on the Company’s website and for inspection on request at the Company’s registered office. Relations with shareholders The Board regularly monitors the shareholder profile of the Company. It aims to provide shareholders with a full understanding of the Company’s activities and performance and will report formally to shareholders twice a year by way of the Annual Report & Financial Statements and the Half Year Report. This is supplemented by the regular publication, Corporate Governance Statement 46 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Directors’ Report

through the London Stock Exchange and the Company’s factsheet, of the net asset value of the Company’s shares. Shareholders have the opportunity, and are encouraged, to attend the Company’s annual general meeting, at which the Directors and representatives of the Manager are available in person to meet shareholders and answer their questions. During the period, the Company’s Manager held regular discussions with larger shareholders and made the Board fully aware of their views. The Chairman and Directors made themselves available as and when required to support these meetings and to address shareholder queries. The Directors may be contacted through the Company Secretary whose details are shown on page 98. The Company’s Annual Report & Financial Statements is published in time to give shareholders at least 20 working days’ notice of the annual general meeting. Shareholders who cannot attend the meeting but wish to raise questions in advance of the meeting are encouraged to write to the Company Secretary at the address shown on page 98. Details of the proxy voting position on each resolution will be published on the Company’s website shortly after the AGM. Risk management and internal control The AIC Code requires the Directors, at least annually, to review the effectiveness of the Company’s system of risk management and internal control and to report to shareholders that they have done so. This encompasses a review of all controls, which the Board has identified to include business, financial, operational, compliance and risk management. The Directors are responsible for the Company’s system of risk management and internal control which is designed to safeguard the Company’s assets, maintain proper accounting records and ensure that financial information used within the business, or published, is reliable. However, such a system can only be designed to manage rather than eliminate the risk of failure to achieve business objectives and therefore can only provide reasonable, but not absolute, assurance against fraud, material misstatement or loss. Since investment management, custody of assets and all administrative services are provided to the Company by JPMF and its associates, the Company’s system of risk management and internal control mainly comprises monitoring the services provided by the Manager and its associates, including the operating controls established by them, to ensure that they meet the Company’s business objectives. There is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company (see Principal and Emerging Risks on pages 33 to 37). This process has been in place for the period under review and up to the date of the approval of the Annual Report & Financial Statements and it accords with the Financial Reporting Council’s guidance. Given the foregoing, and in common with most investment trust companies, the Company does not have an internal audit function of its own. The Manager’s internal audit department conducts regular and rigorous reviews of the various functions within its asset management business. Any significant findings that are relevant to the Company and/or the Manager’s investment trust business are reported to the Board. The key elements designed to provide effective internal control are as follows: Financial reporting – Regular and comprehensive review by the Board of key investment and financial data, including revenue projections, analysis of transactions and performance comparisons. Management agreement – Evaluation and appointment of a manager and custodian regulated by the FCA, whose responsibilities are clearly defined in a written agreement. Management systems – The Manager’s system of risk management and internal control includes organisational agreements which clearly define the lines of responsibility, delegated authority, control procedures and systems. These are monitored by JPMorgan’s Compliance department which regularly monitors compliance with FCA rules and reports to the Board. Investment strategy – Authorisation and monitoring of the Company’s investment strategy and exposure limits by the Board. The Board keeps under review the effectiveness of the Company’s system of risk management and internal control by monitoring the operation of the key operating controls of the Manager and its associates as follows: • the Board reviews the terms of the investment management agreement and receives regular reports from JPMorgan’s Compliance department; • the Board, through the Audit Committee reviews a report, which is also independently reviewed, on the internal controls and the operations of its custodian, JPMorgan Chase Bank; • the Board reviews every six months a report from the Company’s Depositary, Bank of New York Mellon (International) Limited, which summarises the activities performed by the Depositary during the reporting period; and • the Board reviews every six months an independent report on the internal controls and the operations of JPMF’s investment trust department. By means of the procedures set out above, the Board confirms that it has reviewed the effectiveness of the Company’s system of risk management and internal control for the year ended 28th February 2023, and to the date of approval of the Annual Report & Financial Statements. During the course of its review of the system of risk management and internal control, the Board has not identified nor been advised of any failings or weaknesses Corporate Governance Statement J.P. Morgan Asset Management 47 Directors’ Report

which it has determined to be significant. Therefore a confirmation in respect of necessary actions has not been considered appropriate. Going concern The Directors believe that having considered the Company’s investment objective (see page 3), risk management policies (see pages 80 to 86), capital management policies and procedures (see page 86), the nature of the portfolio and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. They have not identified any material uncertainties to the Company’s ability to continue to do so over a period of at least 12 months from the date of approval of these financial statements. This conclusion follows a review of scenarios with extreme reductions in both the liquidity of the Company’s listed and fund investments and in income earned from these holdings. The Board has taken into account the robustness of performance to date and of the contracted future income, where, for example, the unexpired lease term on the properties held within the Company’s real estate investments is currently approximately five years. Furthermore, the Board has also considered the requirement to propose a resolution to approve the continuation of the Company as an investment company at the Company’s Annual General Meeting in 2024. The Directors do not believe this resolution should automatically trigger the adoption of a basis other than going concern in line with the Association of Investment Companies Statement of Recommended Practice which states that it is more appropriate to prepare financial statements on a going concern basis unless a continuation vote has already been triggered and shareholders have voted against continuation. In addition, consideration has been paid to the impact of the COVID-19 pandemic and more recently the Russian invasion of Ukraine where the Board has taken into account the impact both of the significant market turbulence and of the threats to the operational and investment systems arising from these events. Corporate governance and voting policy The Company delegates responsibility for voting to JPMAM. The following information in italics is a summary of JPMAM’s policy statements on corporate governance, voting policy and stewardship/engagement issues, which has been reviewed and noted by the Board. Details on social and environmental issues are included in the Strategic Report on pages 22 to 25. Corporate governance JPMAM believes that corporate governance is integral to its investment process. As part of its commitment to delivering superior investment performance to clients, it expects and encourages the companies in which it invests to demonstrate the highest standards of corporate governance and best business practice. JPMAM examines the share structure and voting structure of the companies in which it invests, as well as the board balance, oversight functions and remuneration policy. These analyses then form the basis of JPMAM’s proxy voting and engagement activity. Proxy voting JPMAM manages the voting rights of the shares entrusted to it as it would manage any other asset. It is the policy of JPMAM to vote in a prudent and diligent manner, based exclusively on reasonable judgement of what will best serve the financial interests of clients. So far as is practicable, JPMAM will vote at all of the meetings called by companies in which it is invested. Stewardship/engagement JPMAM recognises its wider FRC stewardship responsibilities to its clients as a major asset owner. To this end, it supports the introduction of the FRC Stewardship Code, which sets out the responsibilities of institutional shareholders in respect of investee companies. Under the Code, managers should: – publicly disclose their policy on how they will discharge their stewardship responsibilities to their clients; – disclose their policy on managing conflicts of interest; – monitor their investee companies; – establish clear guidelines on how they escalate engagement; – be willing to act collectively with other investors where appropriate; – have a clear policy on proxy voting and disclose their voting record; and – report to clients. JPMAM endorses the FRC Stewardship Code for its UK investments and supports the principles as best practice elsewhere. We believe that regular contact with the companies in which we invest is central to our investment process and we also recognise the importance of being an ‘active’ owner on behalf of our clients. JPMAM’s Voting Policy and Corporate Governance Guidelines are available on request from the Company Secretary or can be downloaded from JPMAM’s website: https://am.jpmorgan.com/gb/en/asset- management/institutional/about-us/investment- stewardship/ By order of the Board Emma Lamb, for and on behalf of JPMorgan Funds Limited, Secretary 29th June 2023 Corporate Governance Statement 48 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Directors’ Report

Audit committee report The Audit Committee, chaired by Helen Green, consists of all Directors, and meets at least twice each year. Given the size of the Board it has been determined that the Chairman of the Board, John Scott, should be a member of the Audit Committee. The members of the Audit Committee consider that at least one member has recent and relevant financial experience and that the Committee as a whole has competence relevant to the sector in which the Company operates. The Committee reviews the actions and judgements of the Manager in relation to the Half Year and Annual Report & Financial Statements and the Company’s compliance with the AIC Code. It examines the effectiveness of the Company’s internal control systems through the review of reports on internal controls from its key service providers, receives information from the Manager’s compliance department and also reviews the scope and results of the external audit, its cost effectiveness and the independence and objectivity of the external Auditor. The Audit Committee has reviewed the independence and objectivity of the Auditor and is satisfied that the Auditor is independent. The Audit Committee also has the primary responsibility for making recommendations to the Board on the reappointment and the removal of the external Auditor. The Audit Committee, in conjunction with the Company’s Market Risk Committee, has reviewed and updated the Company’s risk matrix. This is done at least bi- annually. The Company’s Principal and Emerging Risks and Uncertainties are set out on pages 33 to 37. Financial statements and significant accounting matters During its review of the Company’s financial statements for the year ended 28th February 2023, the Audit Committee considered the following significant accounting matters, including those communicated by the Auditor during its reporting: Significant issue How the issue was addressed The valuation of investments is undertaken in accordance with the accounting policies, disclosed in note 2 to the financial statements. In relation to private collective investment schemes, the Audit Committee relies upon the audited financial statements and quarterly valuations from the underlying private fund investments. Given that the underlying private collective investment schemes do not have contemporaneous reporting periods with that of the Company, these are adjusted based on material changes in benchmarks and other industry data, FX movements and net income generation, to obtain an estimated valuation at the period end for the Company’s reporting requirements. Significant issue How the issue was addressed The Company has engaged BDO LLP to assist with the valuation process for the Company’s holdings in its private collective investment schemes. The valuations produced by the Manager and using input from BDO LLP are ultimately approved by the Board. The Company has appointed Bank of New York Mellon (International) Limited (‘BNY’) as its depositary. BNY has appointed JPMorgan Chase Bank, N.A., as the Company’s custodian. BNY remains responsible for the oversight of the custody of the Company’s assets. A representative from BNY reports directly to the Audit Committee on an annual basis. The management fees are calculated in accordance with the Investment Management Agreement. The Board reviews controls reports, expense schedules and the management fee calculation. The recognition of investment income is undertaken in accordance with accounting policy note 2.9 to the financial statements. Income recording is conducted by the Manager and the methodology is reported upon to the Board within a six monthly independent report on the operations of the Manager. Auditor appointment and tenure Representatives of the Company’s Auditor, PricewaterhouseCoopers CI LLP, attended the Audit Committee meeting at which the draft Annual Report & Financial Statements were considered have regular meetings with the Chair of the Audit Committee and also engage with Directors as and when required. Having reviewed the performance of the external Auditor, including assessing the quality of work, timing of communications and work with the Manager, the Committee considered it appropriate to recommend its reappointment. The Board supported this recommendation which will be put to shareholders at the forthcoming AGM. The Board reviews and approves any non-audit services provided by the external Auditor and assesses the impact of any non-audit work on the ability of the Auditor to remain independent. The Auditor also provides confirmation that they are independent within the meaning of all regulatory and professional requirements and that objectivity of the audit is not impaired. Details of the Auditor’s fees paid for audit are disclosed in note 7 on page 73. No non-audit services have been provided by the Auditor in the current year (2022: £nil). Valuation, existence and ownership of investments Valuation, existence and ownership of investments (continued) Calculation of management fees Recognition of investment income J.P. Morgan Asset Management 49 Directors’ Report Audit Committee Report

The current tenure of the external Auditor dates from the inception of the Company in 2019. A competitive tender must be carried out by the Company at least every ten years. The Company is therefore required to carry out a tender no later than in respect of the financial year ending 28th February 2029. The Auditor had a newly appointed audit engagement leader Mr Alex Burne, for the reporting period. Ethical standards generally require the rotation of the lead audit partner every five years for a listed client. Fair, balanced and understandable As a result of the work performed, the Committee has concluded that the Annual Report & Financial Statements for the year ended 28th February 2023, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s position and performance, business model and strategy, and has reported on these findings to the Board. The Board’s conclusions in this respect are set out in the Statement of Directors’ Responsibilities on page 56. Helen Green Audit Committee Chair 29th June 2023 50 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Directors’ Report Audit Committee Report

Directors’ Remuneration Report

The Board presents the Directors’ Remuneration Report for the year ended 28th February 2023. As all of the Directors are non-executive, the Board has not established a Remuneration Committee. Instead remuneration of the Directors is considered by the Board on an annual basis. Directors’ Remuneration Policy The Board has decided to seek annual approval of the Directors’ Remuneration Policy from shareholders. An ordinary resolution to approve this report will be put to shareholders at the forthcoming AGM. The policy, subject to the vote, is set out in full below and is currently in force. The Board’s policy for this period and subsequent years is that Directors’ fees should properly reflect the time spent by the Directors on the Company’s business and should be at a level to ensure that candidates of a high calibre are recruited to the Board and retained. The Chairman of the Board, the Chair of the Audit Committee, the Chairman of the Market Risk Committee and the Senior Independent Director are paid higher fees, reflecting the greater time commitment involved in fulfilling those roles. Reviews are based on information provided by the Manager and industry research carried out by third parties on the level of fees paid to the directors of the Company’s peers and within the investment trust industry generally. The involvement of remuneration consultants has not been deemed necessary as part of this review. The Company has no Chief Executive Officer and no employees and therefore no consultation of employees is required and there is no employee comparative data to provide in relation to the setting of the remuneration policy for Directors. All of the Directors are non-executive. There are no performance- related elements to their fees and the Company does not operate any type of incentive, share scheme, award or pension scheme and therefore no Directors receive bonus payments or pension contributions from the Company or hold options to acquire shares in the Company. Directors are not granted exit payments and are not provided with compensation for loss of office. No other payments are made to Directors, other than the reimbursement of reasonable out-of-pocket expenses incurred in attending the Company’s business. In the year under review, Directors’ fees were paid at the following annual rates: Chairman £61,800; Chair of the Audit Committee £51,500; Chairman of the Market Risk Committee and Senior Independent Director £55,650 (one Director fulfills both these roles); and the remaining Director £43,300. With effect from 1st March 2023 fees have been increased to £64,280, £53,560, £57,876, and £45,032 for the Chairman, Audit Committee Chair, Market Risk Committee Chairman and Senior Independent Director, and other Directors respectively. The Company’s Articles of Incorporation provide that any increase in the maximum aggregate annual limit on Directors’ fees, currently £300,000, requires both Board and shareholder approval. The Company has not actively sought shareholder views on its remuneration policy, but it takes careful account of any comments from shareholders on this matter. The terms and conditions of Directors’ appointments are set out in formal letters of appointment which are available for review at the Company’s AGM and the Company’s registered office. Details of the Board’s policy on tenure are set out on page 45. Directors’ remuneration policy implementation The Directors’ Remuneration Report, which includes details of the Directors’ remuneration policy and its implementation, is subject to an annual advisory vote and therefore an ordinary resolution to approve this report will be put to shareholders at the forthcoming AGM. There are no changes to the policy currently proposed for the year ending 28th February 2024. At the annual general meeting held on 5th August 2022, of votes cast, 99.88% were in favour of (or granted discretion to the Chairman who voted in favour of) both the remuneration policy and the remuneration report and 0.12% voted against. Votes withheld were the equivalent of less than 0.1% of the votes cast. Similar details for the 2023 AGM will be given in next year’s Annual Report & Financial Statements. Details of the implementation of the Company’s remuneration policy are given below: Single total figure of remuneration The single total figure of remuneration for each Director is detailed below. Single Total Figure Table 1 2023 2022 Total Total Directors £ £ John Scott 61,800 60,000 Helen Green 51,500 50,000 Simon Holden 55,650 54,000 Chris Russell 43,300 42,000 Total 212,250 206,000 1 Other subject headings for the single figure table are not included because there is nothing to disclose in relation thereto. Directors’ Remuneration Report 52 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Directors’ Remuneration Report

Directors’ shareholdings There are no requirements pursuant to the Company’s Articles of Incorporation for the Directors to own shares in the Company. The Directors’ beneficial shareholdings are detailed below. All shares are held beneficially. 28th February 28th February Directors’ Name 2023 2022 John Scott 238,649 150,000 Helen Green 10,000 10,000 Simon Holden 50,000 50,000 Chris Russell 130,000 100,000 Expenditure by the Company on remuneration and distributions to shareholders Period ended 28th February 2023 2022 Remuneration paid to all Directors £212,250 £206,000 Distribution to shareholders — by way of dividend £8,846,000 £8,608,000 For and on behalf of the Board John Scott Chairman 29th June 2023 Directors’ Remuneration Report J.P. Morgan Asset Management 53 Directors’ Remuneration Report

Statement of Directors’ Responsibilities

Statement of Directors’ Responsibilities J.P. Morgan Asset Management 55 Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual Report & Financial Statements in accordance with applicable law and regulations. The Companies (Guernsey) Law, 2008 (‘the law’) requires the Directors to prepare the Financial Statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards to meet the requirements of applicable law and regulations. Under Company law the Directors must not approve the Financial Statements unless they are satisfied that, taken as a whole, the Annual Report & Financial Statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company’s position, performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable International Financial Reporting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business and the Directors confirm that they have done so. The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the law. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The accounts are published on the www.jpmrealassets.co.uk website, which is maintained by the Company’s Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the accounts since they were initially presented on the website. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The accounts are prepared in accordance with International Financial Reporting Standards. Under applicable law and regulations the Directors are also responsible for preparing a Directors’ Report, Corporate Governance Statement and Directors’ Remuneration Report that comply with that law and those regulations. Each of the Directors, whose names and functions are listed on page 42 confirms that, to the best of their knowledge: • the financial statements, which have been prepared in accordance with International Financial Reporting Standards and applicable law, give a true and fair view of the assets, liabilities, financial position and return or loss of the Company; and • the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal and emerging risks and uncertainties that it faces. The Board also confirms that it is satisfied that the Strategic Report and Directors’ Report include a fair review of the development and performance of the business, and the position of the Company, together with a description of the principal and emerging risks and uncertainties that the Company faces. For and on behalf of the Board John Scott Chairman 29th June 2023

Independent Auditor’s Report

Independent Auditor’s Report J.P. Morgan Asset Management 57 Independent Auditor’s Report Independent auditor’s report to the members of JPMorgan Global Core Real Assets Limited Report on the audit of the financial statements Our opinion In our opinion, the financial statements give a true and fair view of the financial position of JPMorgan Global Core Real Assets Limited (the ‘company’) as at 28th February 2023, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and have been properly prepared in accordance with the requirements of The Companies (Guernsey) Law, 2008. What we have audited The company’s financial statements comprise: • the statement of financial position as at 28th February 2023; • the statement of comprehensive income for the year then ended; • the statement of changes in equity for the year then ended; • the statement of cash flows for the year then ended; and • the notes to the financial statements, which include significant accounting policies and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements of the company, as required by the Crown Dependencies’ Audit Rules and Guidance and, we have fulfilled our other ethical responsibilities in accordance with these requirements. Our audit approach Overview Audit scope • The company is a closed-ended registered collective investment scheme, incorporated in Guernsey, whose ordinary shares are admitted to trading on the Main Market of the London Stock Exchange. • The company engages JPMorgan Funds Limited to manage its portfolio. JPMorgan Funds Limited delegates the management of the company’s portfolio to JPMorgan Asset Management (UK) Limited, which further delegates the management to J.P. Morgan Asset Management, Inc., Security Capital Research & Management Inc. and J.P. Morgan Alternative Asset Management Inc. JPMorgan Funds Limited and its delegates are collectively referred to as the ‘Investment Manager’. • We conducted our audit of the financial statements in Guernsey using information provided by J.P. Morgan Administration Services (Guernsey) Limited (the ‘Administrator’) and its related group entities to whom the Board of Directors has delegated the provision of certain functions. We also had significant interaction with representatives of the Investment Manager in completing aspects of our audit work. • We tailored the scope of our audit, and structured our audit team, taking into account the nature and industry sector of the assets held within the investment portfolio; the involvement of third parties referred to above and the accounting processes and controls. Key audit matters • Valuation of investments held at fair value through profit or loss. Materiality • Overall materiality: £4.47 million (2022: £4.13 million) based on 2% of net assets. • Performance materiality: £3.35 million (2022: £3.09 million).

The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. Key audit matters Key audit matters are those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditor, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. Key audit matter How our audit addressed the key audit matter In auditing the fair value of the company’s investments: • We assessed the accounting policy for investments, as set out in note 2.3, for compliance with International Financial Reporting Standards (‘IFRS’). • We understood and evaluated the process and internal controls in place at the Investment Manager over the valuation of the private collective investment schemes and at the Administrator over the valuation of publicly listed securities. Publicly listed securities • We independently obtained confirmation from The Bank of New York Mellon (International) Limited (the ‘Depositary’) of the ownership of all investments and checked that these agreed to or were appropriately reconciled to the company’s financial records as at the year end. • We independently verified the per share/unit price of 100% of the publicly listed securities, as at the year end, using independently obtained pricing information. • We recalculated the fair value of the publicly listed securities using the per-share/unit prices independently obtained and the independently obtained Depositary confirmation as at the year end. Valuation of investments held at fair value through profit or loss Refer to note 2 and 12 to the financial statements. The company’s investments of £219.96 million consist of publicly listed securities (equity and debt instruments £36.61 million) and investments in private collective investment schemes (£183.35 million), all of which are managed or advised by entities within the JPMorgan group. The publicly listed securities are traded in active markets and their fair values are based on quoted market prices at the close of trading as at the statement of financial position date (the ‘year end’). The investments in the private collective investment schemes are illiquid, are held through special purpose vehicles (‘SPVs’), and are valued using data that is not publicly available and may be subject to significant levels of estimation and judgement, all of which could materially impact the outcome of the valuation. Given the relevant subjectivity involved, the valuation of investments in the private collective investment schemes is considered a significant risk for the audit. As investments, as a whole, are material to the financial statements, and an area of focus for the audit, we have considered the valuation of investments held at fair value through profit or loss to be a key audit matter. Independent Auditor’s Report 58 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Independent Auditor’s Report

Independent Auditor’s Report J.P. Morgan Asset Management 59 Independent Auditor’s Report Key audit matter How our audit addressed the key audit matter Private collective investment schemes • We independently obtained confirmation from the Depository of the total commitment amounts, number of units held and capital called as at the year end and agreed these to the company’s financial records as at the year end. • We assessed the appropriateness of the Investment Manager’s valuation methodology of determining the fair value of each of the underlying private collective investment schemes, to understand and challenge the critical accounting estimates, judgements and valuation methodologies adopted in determining the fair value of the units held by the company as at the year end. • Due to the unavailability of NAV reports as at the year end, the company appointed BDO LLP (‘BDO’) as management’s expert to assist in determining an appropriate fair value as at the year end. ● We have assessed the terms of engagement, independence, objectivity and competence of management’s experts. ● We obtained and considered the BDO report and associated workings for each of the private collective investment schemes and agreed the allocation of returns through to the fair value calculation prepared by the Investment Manager. ● Where available at the time of the audit, we obtained both the 31st December 2022 and 31st March 2023 quarterly net asset values of the private collective investment schemes to validate the inputs used in BDO’s report. ● We performed back testing procedures on the valuation of the private collective investment schemes to evaluate the respective investment manager’s estimation reliability. We do this by obtaining the latest available audited financial statements and comparing the coterminous fund net asset value provided by the Investment Manager/administrator in the quarterly net asset value/capital statements to the net asset value in the audited financial statements obtained. Based on the audit work set out above, we have not identified any matters to report to those charged with governance.

How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the company, the accounting processes and controls, the industry in which the company operates, and we considered the risk of climate change and the potential impact thereof on our audit approach. Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Overall materiality £4.47 million (2022: £4.13 million) How we determined it 2% of net assets Rationale for benchmark applied We believe that net assets is the most appropriate basis for determining materiality since this is a key consideration for members of the company when assessing financial performance. It is also a generally accepted measure used for companies in this industry. We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75% (2022: 75%) of overall materiality, amounting to £3.35 million (2022: £3.09 million) for the company’s financial statements. In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range was appropriate. We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £0.2 million (2022: £0.2 million) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. Reporting on other information The other information comprises all the information included in the Annual Report & Financial Statements (the ‘Annual Report’) but does not include the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the financial statements that give a true and fair view in accordance with International Financial Reporting Standards, the requirements of Guernsey law and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Independent Auditor’s Report 60 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Independent Auditor’s Report

Independent Auditor’s Report J.P. Morgan Asset Management 61 Independent Auditor’s Report In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern over a period of at least twelve months from the date of approval of the financial statements. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Use of this report This report, including the opinions, has been prepared for and only for the members as a body in accordance with Section 262 of The Companies (Guernsey) Law, 2008 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Report on other legal and regulatory requirements Company Law exception reporting Under The Companies (Guernsey) Law, 2008 we are required to report to you if, in our opinion: • we have not received all the information and explanations we require for our audit; • proper accounting records have not been kept; or • the financial statements are not in agreement with the accounting records. We have no exceptions to report arising from this responsibility. Corporate governance statement The Listing Rules require us to review the directors’ statements in relation to going concern, longer-term viability and that part of the corporate governance statement relating to the company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other information are described in the Reporting on other information section of this report. The company has reported compliance against the 2019 AIC Code of Corporate Governance (the ‘Code’) which has been endorsed by the UK Financial Reporting Council as being consistent with the UK Corporate Governance Code for the purposes of meeting the company’s obligations, as an investment company, under the Listing Rules of the FCA. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement, included within the Strategic Report and Directors’ Report is materially consistent with the financial statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to: • The directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks; • The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an explanation of how these are being managed or mitigated; • The directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them, and their identification of any material uncertainties to the company’s ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; • The directors’ explanation as to their assessment of the company’s prospects, the period this assessment covers and why the period is appropriate; and • The directors’ statement as to whether they have a reasonable expectation that the company will be able to continue in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. Our review of the directors’ statement regarding the longer-term viability of the company was substantially less in scope than an audit and only consisted of making inquiries and considering the directors’ process supporting their statements; checking that the statements are in alignment with the relevant provisions of the Code; and considering whether the statement is consistent with the financial statements and our knowledge and understanding of the company and its environment obtained in the course of the audit. In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit: • The directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for the members to assess the company’s position, performance, business model and strategy; • The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and • The section of the Annual Report describing the work of the Audit Committee. Independent Auditor’s Report 62 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Independent Auditor’s Report

Independent Auditor’s Report J.P. Morgan Asset Management 63 Independent Auditor’s Report We have nothing to report in respect of our responsibility to report when the directors’ statement relating to the company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review by the auditors. Ross Alexander Houlihan Burne For and on behalf of PricewaterhouseCoopers CI LLP Chartered Accountants and Recognised Auditor Guernsey, Channel Islands 29th June 2023

Financial Statements

J.P. Morgan Asset Management 65 Statement of Comprehensive Income Financial Statements For the year ended 28th February 2023 Year ended Year ended 28th February 28th February 2023 2022 Notes £’000 £’000 Gains on investments held at fair value through profit or loss 4 16,763 15,896 Net foreign currency gains 183 905 Investment income 5 10,853 9,846 Interest receivable and similar income 5 44 183 Total return 27,843 26,830 Management fee 6 (2,231) (1,628) Other administrative expenses 7 (687) (1,023) Return before finance costs and taxation 24,925 24,179 Finance costs 8 (1) (1) Return before taxation 24,924 24,178 Taxation 9 (1,094) (485) Return for the year 23,830 23,693 Return per share 10 10.91p 11.06p The Company does not have any income or expense that is not included in the net profit for the year. Accordingly the ‘Return for the year’, is also the ‘Total comprehensive income for the year, as defined in IAS1 (revised). All Items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. The notes on pages 68 to 87 form an integral part of these financial statements. Statement of Changes in Equity Share Retained premium earnings Total £’000 £’000 £’000 Year ended 28th February 2022 At 28th February 2021 209,136 (25,619) 183,517 Issue of ordinary shares 7,987 — 7,987 Return for the year — 23,693 23,693 Dividends paid in the year (note 11) — (8,608) (8,608) At 28th February 2022 217,123 (10,534) 206,589 Year ended 28th February 2023 At 28th February 2022 217,123 (10,534) 206,589 Issue of ordinary shares 2,155 — 2,155 Return for the year — 23,830 23,830 Dividends paid in the year (note 11) — (8,846) (8,846) At 28th February 2023 219,278 4,450 223,728 The notes on pages 68 to 87 form an integral part of financial statements.

66 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Statement of Financial Position Financial Statements At 28th February 2023 2023 2022 Notes £’000 £’000 Assets Non current assets Investments held at fair value through profit or loss 12 219,960 204,667 Current assets Other receivables 13 990 1,063 Cash and cash equivalents 14 3,541 1,175 4,531 2,238 Liabilities Current liabilities Other payables 15 (763) (316) Net current assets 3,768 1,922 Total assets less current liabilities 223,728 206,589 Net assets 223,728 206,589 Amounts attributable to shareholders Share premium 219,278 217,123 Retained earnings 4,450 (10,534) Total shareholders’ funds 223,728 206,589 Net asset value per share 17 102.0p 95.0p The financial statements on pages 52 to 87 were approved and authorised for issue by the Directors on 29th June 2023 and were signed on their behalf by: John Scott Chairman The notes on pages 68 to 87 form an integral part of these financial statements. Incorporated in Guernsey with the company registration number: 66082.

J.P. Morgan Asset Management 67 Statement of Cash Flows Financial Statements For the year ended 28th February 2023 Year ended Year ended 28th February 28th February 2023 2022 £’000 £’000 Operating activities Return before taxation 24,924 24,179 Deduct dividend income (10,770) (9,730) Deduct investment income – interest (83) (116) Deduct deposit and liquidity fund interest income (44) (183) Less interest expense (1) (1) Add indirect management fee 1,265 880 Add performance fee 128 — Deduct gains on investments held at fair value through profit or loss (16,763) (15,896) Decrease/(increase) in prepayments and accrued income 6 (14) Increase/(decrease) in other payables 255 (101) (Deduct exchange gains)/add exchange losses on cash and cash equivalents (6) 107 Taxation (1,101) (484) Net cash outflow from operating activities before interest and taxation (2,190) (1,359) Dividends received 10,856 9,413 Investment income – interest 80 150 Deposit and liquidity fund interest received 44 183 Interest expense 1 — Purchases of investments held at fair value through profit or loss (21,148) (53,630) Sales of investments held at fair value through profit or loss 21,408 27,279 Net cash inflow/(outflow) from operating activities 9,051 (17,964) Financing activities Issue of ordinary shares 2,155 7,987 Dividends paid (8,846) (8,608) Net cash outflow from financing activities (6,691) (621) Increase/(decrease) in cash and cash equivalents 2,360 (18,585) Cash and cash equivalents at start of year 1,175 19,867 Exchange movements 6 (107) Cash and cash equivalents at end of year 1 3,541 1,175 1 Cash and cash equivalents includes liquidity funds. The notes on pages 68 to 87 form an integral part of these financial statements.

68 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements For the year ended 28th February 2023 1. General information The Company is a closed-ended investment company incorporated in accordance with The Companies (Guernsey) Law, 2008. The address of its registered office is Level 3, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ. The principal activity of the Company is investing in securities as set out in the Company’s Objective and Investment Policies. The Company was incorporated on 22nd February 2019. The Company was admitted to the Main Market of the London Stock Exchange and had its first day of trading on 24th September 2019. Investment objective The Company will seek to provide Shareholders with stable income and capital appreciation from exposure to a globally diversified portfolio of core real assets. Investment policy The Company will pursue its investment objective through diversified investment in private funds or accounts managed or advised by entities within J.P. Morgan Asset Management (together referred to as ‘JPMAM’), the asset management business of JPMorgan Chase & Co. These JPMAM Products will comprise ‘Private Funds’, being private collective investment vehicles, and ‘Managed Accounts’, which will typically take the form of a custody account the assets in which are managed by a discretionary manager. 2. Summary of significant accounting policies 2.1 Basis of preparation (a) Statement of compliance The Company’s financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’), which comprise standards and interpretations approved by the International Accounting Standards Board (‘IASB’), the IFRS Interpretations Committee and interpretations approved by the International Accounting Standards Committee (‘IASC’) that remain in effect and The Companies (Guernsey) Law, 2008. (b) Basis of accounting These financial statements have been prepared on a going concern basis in accordance with IAS 1, applying the historical cost convention, except for the measurement of financial assets including derivative financial instruments designated as held at fair value through profit or loss (‘FVTPL’) that have been measured at fair value. All of the Company’s operations are of a continuing nature. (c) Standards and amendments to existing standards effective 1st March 2022 There are no standards, amendments to standards or interpretations that are effective for annual periods beginning on 1st March 2022 that have a material effect on the financial statements of the Company. (d) New standards, amendments and interpretations effective after 28th February 2023 that have not been early adopted A number of new standards, amendments to standards and interpretations that are effective for annual periods beginning after 28th February 2023, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company upon adoption. (e) Going Concern The financial statements have been prepared on a going concern basis. 2.2 Foreign currency translation (a) Functional and presentation currency The Board of Directors considers pound sterling as the functional currency for the presentation of the financial statements. Further explanation is provided in note 3.2.

J.P. Morgan Asset Management 69 Notes to the Financial Statements Financial Statements (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency assets and liabilities are translated into the functional currency using the exchange rate prevailing at the statement of financial position date. Foreign exchange gains and losses arising from translation are included in the statement of comprehensive income. Foreign exchange gains and losses relating to cash and cash equivalents are presented in the statement of comprehensive income within ‘net foreign currency gains or losses’. Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value through profit or loss are presented in the statement of comprehensive income within ‘Gains/(Losses) on investments held at fair value through profit or loss’. 2.3 Financial assets and financial liabilities at fair value through profit or loss (a) Classification (i) Assets The Company classifies its investments based on both the Company’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Company is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The Company has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Company’s debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Company’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss. (ii) Liabilities Derivative contracts that have a negative fair value are presented as derivative financial liabilities at fair value through profit or loss. As such, the Company classifies all of its investment portfolio as financial assets or liabilities at fair value through profit or loss. The Company’s policy requires the Manager and the Board of Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information. (b) Recognition, derecognition and measurement Regular purchases and sales of investments are recognised on the trade date – the date on which the Company commits to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed as incurred in the statement of comprehensive income. Redemptions within the private fund investments are recognised on a settled basis as redemption orders would settle over a period of time to manage liquidity within the underlying funds. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or financial liabilities at fair value through profit or loss’ category are presented in the statement of comprehensive income within ‘Gains/(Losses) on investments held at fair value through profit or loss in the period in which they arise. (c) Fair value estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the reporting date. The Company utilises the last traded market price for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, management will determine the point within the bid-ask spread that is most representative of fair value.

70 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 2. Summary of significant accounting policies (continued) (c) Fair value estimation (continued) If a significant movement in fair value occurs subsequent to the close of trading on the year end date, valuation techniques will be applied to determine the fair value. A significant event is any event that occurs after the last market price for a security, close of market or close of the foreign exchange, but before the Company’s valuation time that materially affects the integrity of the closing prices for any security, instrument, currency or securities affected by that event so that they cannot be considered ‘readily available’ market quotations. The fair value of financial assets and liabilities that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques. The Company uses, together with a third party expert, a variety of methods and makes assumptions that are based on market conditions existing at each reporting date. Valuation techniques used include the use of comparable recent ordinary transactions between market participants, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity-specific inputs. Investments in private collective investment schemes not traded in active markets are valued based upon the last available NAV of the investment. Given that the underlying private collective investment schemes do not have contemporaneous reporting periods with that of the Company, these are adjusted based on material changes in benchmarks and other industry data, FX movements and net income generation, to obtain an estimated valuation at the period end for the Company's reporting requirements. This may be adjusted for expected income and capital returns to the year-end date where the available NAV is not the same as the Company’s year-end date. (d) Transfers between levels of the fair value hierarchy Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period. 2.4 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. 2.5 Due from and due to broker Amounts due from and to brokers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. The due from broker balance is held for collection. These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Company shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Company shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due. Any contractual payment which is more than 90 days past due is considered credit impaired. Redemption in the private collective investments can have a significant delay between the date of initial redemption instruction and the settlement date, based on the redemption processes of the private collective investment schemes. The resulting proceeds will be based on the prevailing NAV/most recently reported NAV of the private collective investment schemes closer to the settlement date and therefore could be higher or lower than the valuation of the units at the date of the initial redemption instruction. As a result, the redemptions proceeds are recognised on settlement so as to reflect the prevailing NAV/most recently reported NAV of the units being redeemed over the period between initial instruction and settlement.

J.P. Morgan Asset Management 71 Notes to the Financial Statements Financial Statements 2.6 Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less, bank overdrafts and liquidity funds. Cash and cash equivalents are shown in current assets while bank overdrafts are shown in current liabilities in the statement of financial position. 2.7 Other expenses Other administrative expenses are recognised on an accruals basis. 2.8 Interest income and interest from financial assets at fair value through profit or loss Interest is recognised on a time-proportionate basis using the effective interest method. Interest income includes interest from cash and cash equivalents. Interest from financial assets at fair value through profit or loss includes interest from debt securities. 2.9 Dividend and distribution income Dividend income is recognised when the right to receive payment is established. Dividends are recorded gross of withholding taxes in the statement of comprehensive income. 2.10 Transaction costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, are immediately expensed as they are incurred. 2.11 Taxation The Company has been granted exemption from Guernsey Income Tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989, and is charged an annual fee of £1,200. The Company incurs withholding taxes imposed by certain countries on investment income and capital gains. Such income or gains are recorded gross of withholding taxes in the statement of comprehensive income. Withholding taxes are shown as a separate item in the statement of comprehensive income. 2.12 Collateral Cash collateral provided by the Company is identified in the statement of financial position as margin cash and is not included as a component of cash and cash equivalents. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pledge the collateral, the Company classifies that asset in its statement of financial position separately from other assets and identifies the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, a disclosure of the collateral provided is made in the notes to the financial statements. 2.13 Share Capital Ordinary Shares have no fixed redemption date and do not automatically participate in the net income of the Company but are entitled to receive dividends. They are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds net of tax. 3. Critical accounting estimates and judgements 3.1 Critical accounting estimates and assumptions Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below. (a) Fair value of derivative financial instruments The Company may, from time to time, hold financial instruments that are not quoted in active markets, such as over-the-counter derivatives. Fair values of such instruments are determined by using valuation techniques. Where valuation techniques (for example, models) are used to determine fair values, they are validated and periodically reviewed by experienced personnel at JPMorgan Asset Management, independent of the party that created them. Models are calibrated by back-testing to actual transactions to ensure that outputs are reliable.

72 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 3. Critical accounting estimates and judgements (continued) (b) Fair value of securities not quoted in an active market The fair value of such securities not quoted in an active market may be determined by the Company using reputable pricing sources (such as pricing agencies) or indicative prices from bond/debt market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. The Company would exercise judgement and estimates on the quantity and quality of pricing sources used. Where no market data is available, the Company may value positions using its own models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. The models used to determine fair values are validated and periodically reviewed by experienced personnel at JPMorgan Asset Management, independent of the party that created them. The models used for private collective investment schemes are based mainly on the net asset value per share of such underlying private investment funds. Non-coterminous illiquid investments not traded in active markets are valued based upon the last available NAV of the investment, adjusted for expected income and capital returns to the year-end date. The adjustment for income returns is based on the assumption the net income accrues evenly. The adjustment for capital returns is based upon a review of comparable index sources. Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilities and correlations require management to make estimates. Changes in assumptions about these factors could affect the reported fair value of financial instruments. The sensitivity to unobservable inputs is based on management’s expectation of reasonable possible shifts in these inputs, taking into consideration historical volatility and estimations of future market movements. In the event of the Company redeeming units in the private collective schemes, there could be a significant delay between the date of initial redemption instruction and the settlement date, based on the redemption processes of the private collective investment schemes. The resulting proceeds will be based on the prevailing NAV/most recently reported NAV of the private collective investment schemes closer to the settlement date and therefore could be higher or lower than the valuation of the units at the date of the initial redemption instruction. 3.2 Critical judgements The determination of what constitutes ‘observable’ requires significant judgement by the Company. The Company considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Functional currency The Board of Directors considers pound sterling the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. Pound sterling is the currency in which the Company measures its performance and reports its results, as well as the currency in which the Company issues shares to its investors. 4. Gains on investments held at fair value through profit or loss 2023 2022 £’000 £’000 Net realised gains on sales of investments 386 1,353 Net change in unrealised gains and losses on investments 16,404 14,573 Other capital charges (27) (30) Total gains on investments held at fair value through profit or loss 16,763 15,896

J.P. Morgan Asset Management 73 Notes to the Financial Statements Financial Statements 5. Income 2023 2022 £’000 £’000 Investment income UK dividends and distributions 2,264 3,928 UK interest 82 62 Overseas dividends 8,493 5,795 Overseas interest 1 54 Property income distribution from UK REITS 13 7 10,853 9,846 Interest receivable and similar income Deposit interest 7 171 Income from liquidity fund 37 12 44 183 Total income 10,897 10,029 6. Management fee 2023 2022 £’000 £’000 Management fee 838 748 Indirect Management fee 1 1,265 880 Performance fee 2 128 — Total 2,231 1,628 1 Indirect management fees paid in respect of Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP, Strategic Property Fund Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp. (2022: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP and Strategic Property Fund Asia SCSp). These payments were made via cancellation of units in these scheme. 2 Performance fee paid and accrued in relation to Infrastructure Investments Fund UK 1 LP. These are recognised by the cancellation of units held in this scheme. 7. Other administrative expenses 2023 2022 £’000 £’000 Other administration expenses 342 682 Directors’ fees 1 212 206 Auditor’s remuneration for audit services 2 100 107 Depositary fees 33 28 687 1,023 1 Full disclosure is given in the Directors’ Remuneration Report on pages 52 and 53 and in note 19 on page 77. 2 The audit fees in 2022 include additional audit fees of £12,500 in respect of 2021 that was not accrued in that year and was subsequently charged in 2022. 8. Finance costs 2023 2022 £’000 £’000 Interest on bank overdrafts 1 1

74 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 9. Taxation As a tax-exempt Guernsey investment company no tax is payable on capital gains and, as the Company principally invests in assets which do not result in a revenue tax, the only overseas tax arises on assets domiciled in countries with which Guernsey has no double-taxation treaty. The overseas tax charge consists of tax withheld by local governments on dividends that the Company has received. This overseas tax was suffered on dividends from Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, The Cayman Islands, The United States of America and the United Kingdom. This overseas tax charge is irrecoverable. 10. Return per share 2023 2022 £’000 £’000 Total return 23,830 23,693 Weighted average number of shares in issue during the year 218,481,925 214,182,610 Total return per share 10.91p 11.06p 11. Dividends 2023 2022 £’000 £’000 Dividends paid 2022/2023 First interim dividend of 1.00p (2022: 1.00p) per share 2,174 2,088 2022/2023 Second interim dividend of 1.00p (2022: 1.00p) per share 2,174 2,172 2022/2023 Third interim dividend of 1.00p (2022: 1.00p) per share 2,194 2,174 2022/2023 Fourth interim dividend of 1.05p (2022: 1.00p) per share 2,304 2,174 Total dividends paid in the year 8,846 8,608 Dividend declared 2023/2024 First interim dividend declared of 1.05p (2022: 1.00p) 2,304 2,174 12. Investments held at fair value through profit or loss 2023 2022 £’000 £’000 Investments listed on a recognised stock exchange 36,608 44,201 Investments in Private Collective Investment Schemes 183,352 160,466 219,960 204,667

J.P. Morgan Asset Management 75 Notes to the Financial Statements Financial Statements 2023 2022 £’000 £’000 Opening book cost 202,290 175,661 Opening investment holding gains/(losses) 2,377 (12,211) Opening valuation 204,667 163,450 Movements in the year: Purchases at cost 21,340 53,439 Sales proceeds (21,437) (27,237) Units cancelled in lieu of management fees 1 (1,265) (880) Units cancelled in lieu of performance fee 1 (128) — Realised gains on investments 386 1,353 Net change in unrealised gains in investments 16,404 14,573 EIR adjustment (7) (31) Closing valuation 219,960 204,667 Closing book cost 201,179 202,290 Closing investment holding gains 18,781 2,377 Closing valuation 219,960 204,667 1 Indirect management fees paid in respect of Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP, Strategic Property Fund Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp. (2022: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP and Strategic Property Fund Asia SCSp). These payments were made via cancellation of units in these scheme. Performance fee in respect of the Infrastructure Investments Fund UK 1 LP is paid via a cancellation of the units in this scheme. Transaction costs on purchases during the year amounted to £36,000 (2022: £41,000) and on sales during the year amounted to £8,000 (2022: £8,000). These costs comprise mainly brokerage commission. The Company received £22,830,000 (2022: £28,117,000) from investments sold, including amounts from units cancelled in lieu of management fee and performance fee payable in the year. The book cost of these investments when they were purchased was £22,451,000. (2022: £26,795,000). These investments have been revalued over time and until they were sold or units cancelled, and any unrealised gains/losses were included in the fair value of the investments. Current Assets 13. Other receivables 2023 2022 £’000 £’000 Securities sold awaiting settlement 2 — Dividends and interest receivable 937 1,013 Overseas tax recoverable 8 1 Prepayments and accrued income 43 49 990 1,063 The Directors consider that the carrying amount of other receivables approximates to their fair value.

76 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 14. Cash and cash equivalents Cash and cash equivalents comprises bank balances, liquidity funds and short term bank deposits held by the Company. The carrying amount of these represents their fair value. 2023 2022 £’000 £’000 JPM US Dollar Liquidity Fund 460 112 JPM Sterling Liquidity Fund 707 11 Cash at bank 2,374 1,052 3,541 1,175 Current liabilities 15. Other payables 2023 2022 £’000 £’000 Securities purchased awaiting settlement 217 25 Other creditors and accruals 546 291 763 316 The Directors consider that the carrying amount of other payables approximates to their fair value. 16. Share capital (a) Authorised share capital Unlimited number of shares at no par value. (b) Issued As at As at 28th February 28th February 2023 2022 Number of shares at beginning of the year 217,407,952 208,807,952 Shares issued during the year 2,000,000 8,600,000 Number of shares at the end of the year 219,407,952 217,407,952 Share capital transactions The ordinary shares carry the right to receive all dividends declared by the Company, are entitled to all the surplus assets of the Company on a winding up and hold all rights to vote in the Annual General Meeting of shareholders. 17. Net asset value per share 2023 2022 Shareholders funds (£’000) 223,728 206,589 Number of shares in issue 219,407,952 217,407,952 Net asset value per share 102.0p 95.0p

J.P. Morgan Asset Management 77 Notes to the Financial Statements Financial Statements 18. Contingent assets, contingent liabilities and capital commitments As at reporting date, the Company is committed to invest in units of private collective investment funds as indicated below: 2023 2022 Commitment Commitment Currency £’000 Currency £’000 U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp GBP — GBP 6,288 Total commitments — 6,288 There are no other contingent assets or contingent liabilities as at reporting date. 19. Transactions with the Manager and related parties Details of the management contract are set out in the Directors’ Report on page 43. The management fee payable to the Manager for the year was £2,231,000 (2022: £1,628,000) of which £27,000 (2022: £67,000) was outstanding at the year end. The Company holds cash in JPMorgan Sterling Liquidity Fund, which is managed by JPMF. At the year end, this was valued at £0.71 million (2022: £0.01 million). Interest amounting to £28,000 (2022: £4,000) was receivable during the year of which £nil (2022: £nil) was outstanding at the year end. The Company holds cash in JPMorgan US Dollar Liquidity Fund, which is managed by JPMF. At the year end, this was valued at £0.46 million (2022: £0.1 million). Interest amounting to £9,000 (2022: £8,000) was receivable during the year of which £nil (2022: £nil) was outstanding at the year end. Included in administrative expenses in note 7 on page 73 are safe custody fees amounting to £1,000 (2022: £2,000) payable to JPMorgan Chase N.A. of which £nil (2022: £1,000) was outstanding at the year end. Handling charges on dealing transactions amounting to £27,000 (2022: £30,000) were payable to JPMorgan Chase N.A. during the year of which £nil (2022: £4,000) was outstanding at the year end. At the year end, a bank balance of £2,374,000 (2022: £1,052,000) was held with JPMorgan Chase N.A. A net amount of interest of £7,000 (2022: £171,000) was receivable by the Company during the year from JPMorgan Chase N.A. of which £nil (2022: £nil) was outstanding at the year end. Please see below for details of the Directors’ remuneration. Single total figure of remuneration 1 The single total figure of remuneration for each Director is detailed below. 2023 2022 Total Total Directors £ £ John Scott 61,800 60,000 Helen Green 51,500 50,000 Simon Holden 55,650 54,000 Chris Russell 43,300 42,000 Total 212,250 206,000 1 Other subject headings for the single figure table are not included because there is nothing to disclose in relation thereto. Whilst not required by the Company and not constituting part of the Directors’ remuneration, the Directors own shares in the Company. The Directors’ received a dividend from their shares over the reporting period commensurate with their shareholdings, which does not constitute part of their remuneration. There are no balances payable to the Directors at the year end.

78 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 20. Disclosures regarding financial instruments measured at fair value The disclosures required by the IFRS 13: ‘Fair Value Measurement’ are given below. The Company’s financial instruments within the scope of IFRS 13 that are held at fair value comprise its investment portfolio and derivative contracts. The investments are categorised into a hierarchy consisting of the following three levels: Level 1 – valued using unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 – valued by reference to valuation techniques using other observable inputs not included within Level 1. Level 3 – valued by reference to valuation techniques using unobservable inputs. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. Details of the valuation techniques used by the Company are given in note 2 on pages 68 to 71. The following tables set out the fair value measurements using the IFRS 13 hierarchy at 28th February: 2023 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Financial instruments held at fair value through profit or loss As at 28th February 2023 Equity investments 1 33,632 — 24 33,656 Debt securities 2 — 2,952 — 2,952 Private Collective Investment Schemes 3 — — 183,352 183,352 Liquidity funds 4 1,167 — — 1,167 Total 34,799 2,952 183,376 221,127 2022 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Financial instruments held at fair value through profit or loss As at 28th February 2022 Equity investments 42,013 — — 42,013 Debt securities 2 — 2,188 — 2,188 Private Collective Investment Schemes 3 — — 160,466 160,466 Liquidity funds 4 123 — — 123 Total 42,136 2,188 160,466 204,790 1 Consists of the holding of the unquoted stock Home REIT plc purchased on 6th December 2022. 2 Consists of the holding of the listed debt instruments. 3 Consists of the Private Collective Investment Schemes: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP, Strategic Property Fund Asia SCSp, Strategic Property Fund FIV5 (Lux) SCSp) and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp. 4 Presented under Cash and cash equivalents in Statement of Financial Position. There were no transfers between Level 1, 2 or 3 during the year (year ended 28th February 2022: same). A reconciliation of the movement in Level 3 financial instruments for the year ended 28th February 2023 is set out below.

J.P. Morgan Asset Management 79 Notes to the Financial Statements Financial Statements 2023 Private Collective Investment Equity Scheme Total £’000 £’000 £’000 Level 3 At 28th February 2022 — 160,466 160,466 Purchase 32 — 32 Commitment drawndown in the year — 6,260 6,260 Dividend distributions 1 — (1,544) (1,544) Expenses including Management fees 2 — (1,265) (1,265) Performance fee 3 — (128) (128) Interest on commitments drawndown but not yet unitised — 1 1 Unrealised (loss)/gain on investments (8) 19,562 19,554 Closing balance 24 183,352 183,376 2022 Private Collective Investment Equity Scheme Total £’000 £’000 £’000 Level 3 At 28th February 2021 — 122,564 122,564 Purchase — — — Commitment drawndown in the year — 29,227 29,227 Dividend distributions 1 — (1,319) (1,319) Expenses including Management fees 2 — (880) (880) Performance fee 3 — — — Interest on commitments drawndown but not yet unitised — 54 54 Unrealised gain/(loss) on investments — 10,820 10,820 Closing balance — 160,466 160,466 1 In respect of Strategic Property Fund FIV5 (Lux) SCSp. 2 In respect of Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP, Strategic Property Fund Asia SCSp, and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp. (2022: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP and Strategic Property Fund Asia SCSp). 3 In respect of Infrastructure Investments Fund UK 1 LP. The Level 3 financial instruments consists of the Private Collective Investment Schemes: Global Transport Income Fund Feeder Partnership SCSp, Infrastructure Investments Fund UK 1 LP, Strategic Property Fund Asia SCSp, Strategic Property Fund FIV5 (Lux) SCSp) and U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp.

80 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 20. Disclosures regarding financial instruments measured at fair value (continued) As at 28th February 2023 As at 28th February 2022 Date of valuation Date of valuation provided by the Valuation provided by the Valuation Private Fund per unit Private Fund per unit Manager (USD$) Manager (USD$) Global Transport Income Fund Master Partnership SCSp 31st December 2022 110.78 31st December 2021 111.04 Infrastructure Investments Fund UK 1 LP 31st December 2022 0.88 31st December 2021 0.88 Strategic Property Fund Asia SCSp 31st December 2022 113.37 31st December 2021 112.35 Strategic Property Fund FIV5 (Lux) SCSp 31st December 2022 12.43 31st December 2021 12.15 U.S. Real Estate Mezzanine Debt Fund Feeder (Lux) SCSp 31st December 2022 101.14 N/A N/A 21. Financial instruments’ exposure to risk and risk management policies The Directors have delegated to the Manager the management of day-to-day investment activities, borrowings and hedging of the Company which are fully described in the Strategic Report and the Directors’ Report. As a closed ended investment company, the Company’s investments include, but are not restricted to, equities and equity linked securities, fixed interest securities, alternative assets and derivatives held for the long term so as to secure its investment objective stated on the ‘Features’ page. In pursuing this objective, the Company is exposed to a variety of financial risks that could result in a reduction in the Company’s net assets or a reduction in the profits available for dividends. These financial risks include market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk. The Company Secretary, in close cooperation with the Board and the Manager, coordinates the Company’s risk management policy. The objectives, policies and processes for managing the risks and the methods used to measure the risks are set out below. The Company’s classes of financial instruments are as follows: – investments in equity shares, fixed interest securities, private collective investment schemes and derivatives, which are held in accordance with the Company’s investment objective; – cash held within a liquidity fund; – short term debtors, creditors and cash arising directly from its operations; and – short term forward foreign currency contracts, the purpose of which is to manage the currency risk arising from the Company’s investment activities. (a) Market risk The fair value of future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk. Information to enable an evaluation of the nature and extent of these three elements of market risk is given in parts (i) to (iii) of this note, together with sensitivity analyses where appropriate. The Board reviews and agrees policies for managing these risks. The Manager assesses the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis. (i) Currency risk Certain of the Company’s assets, liabilities and income are denominated in currencies other than sterling which is the Company’s functional currency and the currency in which it reports. As a result, movements in exchange rates may affect the sterling value of those items.

J.P. Morgan Asset Management 81 Notes to the Financial Statements Financial Statements Management of currency risk The Manager monitors the Company’s exposure to foreign currencies on a daily basis and reports to the Board, which meets on at least four occasions each year. The Manager measures the risk to the Company of the foreign currency exposure by considering the effect on the Company’s net asset value and income of a movement in the rates of exchange to which the Company’s assets, liabilities, income and expenses are exposed. Income denominated in foreign currencies is converted to sterling on receipt. The Company may use short term forward foreign currency contracts to manage working capital requirements. Foreign currency exposure The fair value of the Company’s monetary items that have foreign currency exposure at 28th February 2023 are shown below. Where the Company’s equity investments (which are not monetary items) are priced in a foreign currency, have been included separately in the analysis so as to show the overall level of exposure. 2023 US Dollar Others Total £’000 £’000 £’000 Current assets 3,339 54 3,393 Creditors (217) — (217) Foreign currency exposure on net monetary items 3,122 54 3,176 Investments held at fair value through profit or loss 205,818 12,932 218,750 Total net foreign currency exposure 208,940 12,986 221,926 2022 US Dollar Others Total £’000 £’000 £’000 Current assets 1,645 80 1,725 Creditors (25) — (25) Foreign currency exposure on net monetary items 1,620 80 1,700 Investments held at fair value through profit or loss 188,418 14,942 203,360 Total net foreign currency exposure 190,038 15,022 205,060 In the opinion of the Directors, the above year end amounts are broadly representative of the exposure to foreign currency risk. Foreign currency sensitivity The following table illustrates the sensitivity of profit/loss after taxation for the year and net assets with regard to the Company’s monetary financial assets and financial liabilities and exchange rates. The sensitivity analysis is based on the Company’s monetary currency financial instruments held at each balance sheet date and the income receivable in foreign currency and assumes a 10% (2022: 10%) appreciation or depreciation in sterling against the currencies to which the Company is exposed, which is considered to be a reasonable illustration based on the volatility of exchange rates during the year.

82 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 21. Financial instruments’ exposure to risk and risk management policies (continued) (a) Market risk (continued) (i) Currency risk (continued) Foreign currency sensitivity (continued) 2023 2022 If sterling If sterling If sterling If sterling strengthens weakens strengthens weakens by 10% by 10% by 10% by 10% £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Total return after taxation for the year (1,170) 1,170 (750) 750 Net assets (1,170) 1,170 (750) 750 In the opinion of the Directors, the above sensitivity analysis is broadly representative of the current year. (ii) Interest rate risk Interest rate risk represents the risk that the fair value or the future cash flows of a financial instrument could fluctuate because of changes in market interest rate levels. Interest rate risk comprises the fair value (present value) risk on fixed interest financial instruments as well as the risk associated with cash flows from variable interest (floating rate) financial instruments. It is related above all to long-term financial instruments. These longer terms can be material for financial assets, securities and financial liabilities. Interest rate movements may affect: – the fair value of the investments in fixed-interest rate securities; – the level of income receivable on cash deposits and floating rate investments; and – the interest payable on variable rate borrowings. Management of interest rate risk The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account as part of the portfolio management and borrowings processes of the Manager. The Company may employ gearing up to a maximum of 20% of Net Asset Value at the time of borrowing. Gearing is expected to be used tactically to make investments consistent with the Company’s investment objective and policy and for working capital purposes. The Board reviews on a regular basis the investment portfolio and borrowings. This encompasses the valuation of fixed rate and floating rate securities and gearing levels. Interest rate exposure The following table shows the Company’s exposure to interest rate risk at the balance sheet date arising from its investments, monetary financial assets and liabilities.

J.P. Morgan Asset Management 83 Notes to the Financial Statements Financial Statements 2023 Within More than one year one year Total £’000 £’000 £’000 Exposure to floating interest rates: JPMorgan US Dollar Liquidity Fund 460 — 460 JPMorgan Sterling Liquidity Fund 707 — 707 Cash and cash equivalents 2,374 — 2,374 Exposure to fixed interest rates: Investments held at fair value through profit or loss — 2,952 2,952 Net exposure to interest rates 3,541 2,952 6,493 2022 Within More than one year one year Total £’000 £’000 £’000 Exposure to floating interest rates: JPMorgan US Dollar Liquidity Fund 112 — 112 JPMorgan Sterling Liquidity Fund 11 — 11 Cash and cash equivalents 1,052 — 1,052 Exposure to fixed interest rates: Investments held at fair value through profit or loss — 2,188 2,188 Net exposure to interest rates 1,175 2,188 3,363 Interest receivable on cash balances is at a margin below SONIA or SOFR. The objective of each of the Liquidity Funds is to achieve a return in the Reference Currency in line with prevailing money market rates while aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity. Interest rate sensitivity The following table illustrates the sensitivity of loss after taxation for the year and net assets to a 4% (2022: 1%) increase or decrease in interest rate in regards to monetary financial assets and investments. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the monetary financial instruments held at the balance sheet date, with all other variables held constant. 2023 2022 4% Increase 4% Decrease 1% Increase 1% Decrease in rate in rate in rate in rate £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Total return after taxation for the year 142 (142) 12 (12) Net assets 142 (142) 12 (12) In the opinion of the Directors, the above sensitivity analysis is broadly representative of the whole year as the level of exposure to floating interest rates may fluctuate.

84 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 21. Financial instruments’ exposure to risk and risk management policies (continued) (a) Market risk (continued) (iii) Other price risk Other price risk includes changes in market prices, other than those arising from interest rate risk or currency risk, which may affect the value of investments. Fair value impacts of changes in interest rates on fixed interest investments are also captured within other price risk. Management of other price risk The Board meets each quarter to consider the asset allocation of the portfolio and the risk associated with particular industry sectors. The investment management team has responsibility for monitoring the portfolio, which is selected in accordance with the investment objective and seeks to ensure that individual securities meet an acceptable risk/reward profile. Other price risk exposure The Company’s exposure to other changes in market prices at 28th February on its investments are as follows: 2023 2022 £’000 £’000 Equity investments held at fair value through profit or loss 30,590 38,209 Interest rate securities 2,952 2,188 Convertible preference 3,066 3,804 Private collective investment schemes 183,352 160,466 219,960 204,667 Other price risk sensitivity The following table illustrates the sensitivity of loss after taxation for the year and net assets to an increase or decrease in the fair value of investments. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on investments and adjusting for change in the management fee, but with all other variables held constant. The other price sensitivity analysis is based on the valuation of investments directly held by the Company. For underlying investment funds this is based on the net assets of such underlying funds as included in the Company’s portfolio of investments at reporting date. The value of certain investments, in particular positions held in underlying funds may vary due to currency, interest rate and credit risks and such risks are not directly considered in the other price risk sensitivity analysis. Effect of a 10% increase or decrease in fair value: 2023 2022 10% Increase 10% Decrease 10% Increase 10% Decrease in fair value in fair value in fair value in fair value £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Total return after taxation for the year 21,796 (21,796) 20,273 (20,273) Net assets 21,796 (21,796) 20,273 (20,273)

J.P. Morgan Asset Management 85 Notes to the Financial Statements Financial Statements (b) Liquidity risk This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company is a closed-ended investment company and therefore the investment manager does not need to manage redemptions through the sale of investments. Management of the risk Liquidity risk is not currently significant as the Company’s assets comprise a significant portion of readily realisable securities, which can be sold to meet funding requirements if necessary. Short term flexibility is achieved through the use of overdraft facilities. Liquidity risk exposure Contractual maturities of the financial liabilities at the year end, based on the earliest date on which payment can be required by the lender are as follows: 2023 More than Three three months months but not more More than or fewer than one year one year Total £’000 £’000 £’000 £’000 Creditors: amounts falling due within one year Securities purchased awaiting settlement 217 — — 217 Other creditors and accruals 546 — — 546 Outstanding commitment to invest in units of private collective investment schemes 1 — — — — 763 — — 763 1 Outstanding commitments are estimated forecasted calls as at 28th February 2023. 2022 More than Three three months months but not more More than or fewer than one year one year Total £’000 £’000 £’000 £’000 Creditors: amounts falling due within one year Securities purchased awaiting settlement 25 — — 25 Other creditors and accruals 291 — — 291 Outstanding commitment to invest in units of private collective investment schemes 1 — 6,288 — 6,288 316 6,288 — 6,604 1 Outstanding commitments are estimated forecasted calls as at 28th February 2022. The liabilities shown above represent future contractual payments and therefore may differ from the amounts shown in the Statement of Financial Position.

86 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Notes to the Financial Statements Financial Statements 21. Financial instruments’ exposure to risk and risk management policies (continued) (c) Credit risk Credit risk is the risk that the counterparty to a transaction fails to discharge its obligations under that transaction, which could result in a loss to the Company. Management of credit risk Portfolio dealing The Company primarily invests in markets that operate Delivery Versus Payment (‘DVP’). The process of DVP mitigates the risk of losing the principal of a trade during the settlement process. The Manager continuously monitors dealing activity to ensure best execution, a process that involves measuring various indicators including the quality of trade settlement and incidence of failed trades. Counterparty lists are maintained and adjusted accordingly. Cash and cash equivalents Counterparties are subject to regular credit analysis by the Manager and deposits can be placed only with counterparties that have been approved by JPMAM’s Counterparty Risk Group. The Board regularly reviews the counterparties used by the Manager. Cash and cash equivalents comprise balances held at JPMorgan Chase Bank, N.A. (credit rating of AA). Liquidity Funds in which the Company invests have credit ratings of AAA. Exposure to JPMorgan Chase and Bank of New York Mellon JPMorgan Chase Bank, N.A. is the custodian of the Company’s assets. The Company’s assets are segregated from JPMorgan Chase’s own trading assets. Therefore these assets are designed to be protected from creditors in the event that JPMorgan Chase was to cease trading. The Depositary, Bank of New York Mellon (International) Limited, is responsible for the safekeeping of all custodial assets of the Company and for verifying and maintaining a record of all other assets of the Company. However, no absolute guarantee can be given on the protection of all the assets of the Company. Credit risk exposure The amounts shown in the Statement of Financial Position under investments, other receivables and cash and cash equivalents represent the maximum exposure to credit risk at the year end. (d) Fair values of financial assets and financial liabilities All financial assets and liabilities are either included in the statement of financial position at fair value, or the carrying amount in the Statement of Financial Position is a reasonable approximation of fair value. 22. Capital management policies and procedures The Company’s capital comprises the following: 2023 2022 £’000 £’000 Equity: Share Premium and Reserves 223,728 206,589 Total capital 223,728 206,589 The Company’s capital management objectives are to ensure that it will continue as a going concern and to maximise the income and capital return to its shareholders through an appropriate level of gearing. The Board’s policy is that total borrowings will not exceed 20% of net asset value at the time of drawdown. The Board, with the assistance of the Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes: – the planned level of gearing, which takes into account the Manager’s views of the market; – the need to buy back equity shares, either for cancellation or to hold in Treasury, which takes into account the share price discount or premium; and – the opportunity for issues of new shares, including issues from Treasury.

J.P. Morgan Asset Management 87 Notes to the Financial Statements Financial Statements 23. Subsequent events On 26th April 2023, the Board declared a first dividend for the Company’s financial year ending 29th February 2024 of 1.05 pence per share, which was paid to shareholders on 31st May 2023. Following the year end, the Company made two redemption requests as follows: USD 20.3 million into the Strategic Property Fund; USD 6 million into the Strategic Property Fund Asia; In addition, the Company made one subscription request of USD 3 million into the Infrastructure Investments Fund. Since the year end, the Board has implemented currency hedging. Please refer to the Chairman’s Statement for further details.

Regulatory Disclosures

Alternative Investment Fund Managers Directive AIFMD Disclosures (Unaudited) Leverage For the purposes of the Alternative Investment Fund Managers Directive (‘AIFMD’), leverage is any method which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company’s exposure and its net asset value and is calculated on a gross and a commitment method in accordance with AIFMD. Under the gross method, exposure represents the sum of the Company’s positions without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated after certain hedging and netting positions are offset against each other. The Company’s maximum and actual leverage levels at 28th February 2023 are shown below: Gross Commitment Method Method Leverage Exposure Maximum limit 400% 400% Actual 100% 100% JPMorgan Funds Limited (the ‘Management Company’) is the authorised manager of JPMorgan Global Core Real Assets Limited (the ‘Company’) and is part of the J.P. Morgan Chase & Co. group of companies. In this section, the terms ‘J.P. Morgan’ or ‘Firm’ refer to that group, and each of the entities in that group globally, unless otherwise specified. This section of the annual report has been prepared in accordance with the AIFMD, the European Commission Delegated Regulation supplementing the AIFMD, and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authority under the AIFMD. The information in this section is in respect of the most recent complete remuneration period (‘Performance Year’) as at the reporting date. This section has also been prepared in accordance with the relevant provisions of the Financial Conduct Authority Handbook (FUND 3.3.5). Remuneration policy A summary of the Remuneration Policy currently applying to the Management Company (the ‘Remuneration Policy Statement’) can be found at https://am.jpmorgan.com/gb/en/asset- management/gim/per/legal/emea-remuneration-policy . This Remuneration Policy Statement includes details of how remuneration and benefits are calculated, including the financial and non-financial criteria used to evaluate performance, the responsibilities and composition of the Firm’s Compensation and Management Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policy can be requested free of charge from the Management Company. The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a material impact on the risk profile of the Management Company or the Alternative Investment Funds it manages (‘AIFMD Identified Staff’). The AIFMD Identified Staff include members of the Board of the Management Company (the ‘Board’), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis. The Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of AIFMD Identified Staff. The Board last reviewed and adopted the Remuneration Policy that applied for the 2022 Performance Year in June 2022 with no material changes and was satisfied with its implementation. Quantitative disclosures The table below provides an overview of the aggregate total remuneration paid to staff of the Management Company in respect of the 2022 Performance Year and the number of beneficiaries. These figures include the remuneration of all staff of JP Morgan Asset Management (UK) Ltd (the relevant employing entity) and the number of beneficiaries, both apportioned to the Management Company on an Assets Under Management (‘AUM’) weighted basis. Due to the Firm’s operational structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readily available and would not be relevant or reliable. However, for context, the Management Company manages 25 Alternative Investment Funds (with 4 sub-funds) and 2 UCITS (with 44 sub-funds) as at 31st December 2022, with a combined AUM as at that date of £21,559 million and £21,268 million respectively. Fixed Variable Total Number of remuneration remuneration remuneration beneficiaries All staff of the Management Company (US$’000s) 21,662 14,069 35,731 146 The aggregate 2022 total remuneration paid to AIFMD Identified Staff was USD $114,556,000, of which USD $1,232,000 relates to Senior Management and USD $113,324,000 relates to other Identified Staff 1 . 1 For 2022, the AIFMD identified staff disclosures include employees of the companies to which portfolio management has been formally delegated in line with the latest ESMA guidance. Securities Financing Transactions Regulation Disclosure (Unaudited) The Company does not engage in Securities Financing Transactions – as defined in Article 3 of Regulation (EU) 2015/2365 securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-selling back transactions or sell-buy back transactions and margin lending transactions – or Total Return Swaps. Accordingly, disclosures required by Article 13 of the Regulation are not applicable for the year ended 28th February 2023. Regulatory Disclosures J.P. Morgan Asset Management 89 Regulatory Disclosures

Shareholder Information

Notice is hereby given that the fourth Annual General Meeting (‘AGM’) of JPMorgan Global Core Real Assets Limited (the ‘Company’) will be held at the Level 3, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ on Wednesday, 2nd August 2023 at 12.30 p.m. for the following purposes: 1. To receive the Directors’ Report & Accounts and the Auditor’s Report for the year ended 28th February 2023. 2. To approve the Company’s Remuneration Policy. 3. To approve the Directors’ Remuneration Report for the year ended 28th February 2023. 4. To re-elect John Scott as a Director of the Company. 5. To re-elect Helen Green as a Director of the Company. 6. To re-elect Simon Holden as a Director of the Company. 7. To re-elect Chris Russell as a Director of the Company. 8. To re-appoint PricewaterhouseCoopers CI LLP as Auditor of the Company and to authorise the Audit Committee to determine their remuneration. Special Business To consider the following resolutions: Authority to repurchase the Company’s shares – Ordinary Resolution 9. THAT the Company be generally and subject as herein after appears unconditionally authorised in accordance with The Companies (Guernsey) Law, 2008 as amended to make market purchases of its issued ordinary shares in the capital of the Company, which may be cancelled or held as treasury shares, on such terms and in such manner as the Directors shall determine, PROVIDED ALWAYS THAT (i) the maximum number of ordinary shares hereby authorised to be purchased shall be a maximum number of up to 32,889,252 ordinary shares, or, if different, that number of ordinary shares which is equal to 14.99% of the Company’s issued share capital (excluding Treasury shares) as at the date of the passing of this resolution; (ii) the minimum price which may be paid for an ordinary share shall be 1p; (iii) the maximum price which may be paid for an ordinary share shall be an amount equal to the highest of: (a) 105% of the average of the middle market quotations for an ordinary share taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased; or (b) the price of the last independent trade; or (c) the highest current independent bid; (iv) any purchase of ordinary shares will be made in the market for cash at prices below the prevailing net asset value per ordinary share (as determined by the Directors); (v) the authority hereby conferred shall expire on 1st February 2025 unless the authority is renewed at the Company’s annual general meeting in 2024 or at any other general meeting prior to such time; and (vi) the Company may make a contract to purchase ordinary shares under the authority hereby conferred prior to the expiry of such authority which contract will or may be executed wholly or partly after the expiry of such authority and may make a purchase of its ordinary shares pursuant to any such contract. Approval of dividend policy – Ordinary Resolution 10. To approve the Company’s dividend policy to continue to pay four quarterly interim dividends during the year. By order of the Board Emma Lamb, for and on behalf of JPMorgan Funds Limited, Secretary 29th June 2023 Notice of Annual General Meeting J.P. Morgan Asset Management 91 Shareholder Information

Notes These notes should be read in conjunction with the notes on the reverse of the proxy form. 1. A member entitled to attend and vote at the Meeting may appoint another person(s) (who need not be a member of the Company) to exercise all or any of his rights to attend, speak and vote at the Meeting. A member can appoint more than one proxy in relation to the Meeting, provided that each proxy is appointed to exercise the rights attaching to different shares held by him. In the case of joint holders, where one or more of the joint holders purports to appoint one more proxies in respect of the same share(s), only the purported appointment submitted by the most senior holder will be accepted. Seniority shall be determined by the order in which the names of the joint holders stand in the Company’s register of members in respect of the joint holdings. Proxy appointments should be submitted as early as possible and in any event no later than 12.30 p.m. on Monday, 31st July 2023. Shareholders may submit their proxy vote electronically via the Registrar’s portal by visiting www.signalshares.com . To be effective, the proxy vote must be submitted at www.signalshares.com so as to have been received no later than 12.30 p.m. on Monday, 31st July 2023 or, if the meeting is adjourned, 48 hours before the time of the adjourned meeting (excluding UK non-working days). By registering on the Signal shares portal at www.signalshares.com , you can manage your shareholding, including: • cast your vote; • change your dividend payment instruction; • update your address; and • select your communication preference. Details of how to appoint the Chairman of the Meeting or another person as your proxy are set out on www.signalshares.com once you have selected the ‘Proxy Voting’ link and registered as a new user, for which you require your unique investor code, which can be found on your share certificate or tax voucher. If you need help with voting online, please contact our Registrar, Link by email at [email protected] or you may call Link on 0371 664 0391. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the UK will be charged at the applicable international rate. If you hold your Shares in uncertificated form (that is, in CREST) you may appoint a proxy by completing and transmitting the appropriate CREST message (a CREST Proxy Instruction) in accordance with the procedures set out in the CREST Manual (available via www.euroclear.com/CREST ) so that it is received by the Registrar by no later than 12.30 p.m. on Monday, 31st July 2023. 2. A proxy does not need to be a member of the Company but must attend the Meeting to represent you. Your proxy could be the Chairman, another director of the Company or another person who has agreed to attend to represent you. Details of how to appoint the Chairman or another person(s) as your proxy or proxies using the proxy form are set out in the notes to the proxy form. If a voting box on the proxy form is left blank, the proxy or proxies will exercise his/their discretion both as to how to vote and whether he/they abstain(s) from voting. Your proxy must attend the Meeting for your vote to count. Appointing a proxy or proxies does not preclude you from attending the Meeting and voting in person. 3. Any instrument appointing a proxy, to be valid, must be lodged in accordance with the instructions given on the proxy form. 4. You may change your proxy instructions by returning a new proxy appointment. Where two or more valid separate appointments of proxy are received in respect of the same share in respect of the same Meeting, the one which is last sent shall be treated as replacing and revoking the other or others. In order to terminate a proxy appointment you must serve notice of such termination on the Company before the deadline for receipt of proxy appointments. 5. To allow effective constitution of the meeting, if it is apparent to the Chairman that no shareholders will be present in person or by proxy, other than by proxy in the Chairman’s favour, then the Chairman may appoint a substitute to act in his stead for any shareholder, provided that such substitute proxy shall vote on the same basis as the Chairman. 6. To be entitled to attend and vote at the Meeting (and for the purpose of the determination by the Company of the number of votes they may cast), members must be entered on the Company’s register of members as at close of business two business days prior to the Meeting (the ‘specified time’). If the Meeting is adjourned to a time not more than 48 hours after the specified time applicable to the original Meeting, that time will also apply for the purpose of determining the entitlement of members to attend and vote (and for the purpose of determining the number of votes they may cast) at the adjourned Meeting. If however the Meeting is adjourned for a longer period then, to be so entitled, members must be entered on the Company’s register of members as close of business two business days prior to the adjourned Meeting or, if the Company gives notice of the adjourned Meeting, at the time specified in that notice. Notice of Annual General Meeting 92 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Shareholder Information

7. Entry to the Meeting will be restricted to shareholders, with guests admitted only by prior arrangement. 8. A corporation, which is a shareholder, may appoint an individual(s) to act as its representative(s) and to vote in person at the Meeting (see instructions given on the proxy form). In accordance with the provisions of the Company’s Articles of Incorporation, each such representative(s) may exercise the same powers as the corporation could exercise if it were an individual member of the Company, provided that they do not do so in relation to the same shares. It is therefore no longer necessary to nominate a designated corporate representative. Representatives should bring to the meeting evidence of their appointment, including any authority under which it is signed. 9. Members that satisfy the thresholds in the Company’s Articles of Incorporation can require the Company to publish a statement on its website setting out any matter relating to: (a) the audit of the company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid before the AGM; or (b) any circumstances connected with an auditor of the company ceasing to hold office since the previous AGM; which the members propose to raise at the meeting. The Company cannot require the members requesting the publication to pay its expenses. Any statement placed on the website must also be sent to the Company’s Auditors no later than the time it makes its statement available on the website. 10. The Company must cause to be answered at the AGM any question relating to the business being dealt with at the AGM which is put by a member attending the meeting; no answer need be given if it is undesirable in the interests of the Company or the good order of the meeting. 11. Members meeting the threshold requirements in the Company’s Articles of Incorporation have the right to require the Company: (i) to give, to members of the Company entitled to receive notice of the Meeting, notice of a resolution which those members intend to move (and which may properly be moved) at the Meeting; and/or (ii) to include in the business to be dealt with at the Meeting any matter (other than a proposed resolution) which may properly be included in the business at the Meeting. A resolution may properly be moved, or a matter properly included in the business unless: (a) (in the case of a resolution only) it would, if passed, be ineffective (whether by reason of any inconsistency with any enactment or the Company’s constitution or otherwise); (b) it is defamatory of any person; or (c) it is frivolous or vexatious. A request made pursuant to this right may be in hard copy or electronic form, must identify the resolution of which notice is to be given or the matter to be included in the business, must be accompanied by a statement setting out the grounds for the request, must be authenticated by the person(s) making it and must be received by the Company not later than the date that is six clear weeks before the Meeting, and (in the case of a matter to be included in the business only) must be accompanied by a statement setting out the grounds for the request. 12. In accordance with the Company’s Articles of Incorporation, the contents of this notice of meeting, details of the total number of shares in respect of which members are entitled to exercise voting rights at the AGM, the total voting rights members are entitled to exercise at the AGM and, if applicable, any members’ statements, members’ resolutions or members’ matters of business received by the Company after the date of this notice will be available on the Company’s website www.jpmrealassets.co.uk 13. The register of interests of the Directors and connected persons in the share capital of the Company is available for inspection at the Company’s registered office during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted). It will also be available for inspection at the Annual General Meeting. 14. You may not use any electronic address provided in this Notice of Meeting to communicate with the Company for any purposes other than those expressly stated. 15. As at 28th June 2023 (being the latest business day prior to the publication of this Notice), the Company’s issued share capital consists of 219,407,952 ordinary Shares (excluding nil shares held in Treasury) carrying one vote each. Therefore the total voting rights in the Company are 219,407,952. Electronic appointment – CREST members CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the Meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual. See further instructions on the proxy form. Notice of Annual General Meeting J.P. Morgan Asset Management 93 Shareholder Information

An Alternative Performance Measure (‘APM’) is a numerical measure of current, historical or future financial performance, financial position or cash flow that is not defined in accounting standards or law. The following are considered APMs. For each APM a definition and calculation (where necessary) is outlined to provide further detail on each measure. Return to Shareholders (APM) Total return to the shareholder, on a last traded price to last traded price basis, assuming that all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend. Year ended Year ended 28th February 28th February Total return calculation Page 2023 2022 Opening share price (p) 9 84.7 97.2 (a) Closing share price (p) 9 86.8 84.7 (b) Total dividend adjustment factor 1 1.043866 1.045010 (c) Adjusted closing share price (d = b x c) 90.6 88.5 (d) Total return to shareholders (e = (d / a) – 1) 7.0% –8.9% (e) 1 The distribution adjustment factor is calculated on the assumption that the distributions paid out by the Company are reinvested into the shares of the Company at the last traded price quoted at the ex-dividend date. The above calculations may not sum due to roundings. Return on Net Assets (APM) Total return on net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Year ended Year ended 28th February 28th February Total return calculation Page 2023 2022 Opening cum-income NAV per share (p) 9 95.0 87.9 (a) Closing cum-income NAV per share (p) 9 102.0 95.0 (b) Total dividend adjustment factor 1 1.039855 1.044711 (c) Adjusted closing cum-income NAV per share (d = b x c) 106.1 99.2 (d) Total return on net assets (e = d / a – 1) 11.6% 12.9% (e) 1 The distribution adjustment factor is calculated on the assumption that dividends paid out by the Company are reinvested into the shares of the Company at the cum-income NAV at the ex-dividend date. The above calculations may not sum due to roundings. In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the NAV per share when calculating the total return on net assets. Net asset value per share (APM) The value of the Company’s net assets (total assets less total liabilities) divided by the number of ordinary shares in issue. Please see note 17 on page 76 for detailed calculations. Glossary of Terms and Alternative Performance Measures (Unaudited) 94 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Shareholder Information

Gearing/(Net Cash) (APM) Gearing represents the excess amount above shareholders’ funds of total investments, expressed as a percentage of the shareholders’ funds. If the amount calculated is negative, this is shown as a ‘net cash’ position. As at As at 28th February 28th February Gearing calculation Page 2023 2022 Investments held at fair value through profit or loss 74 219,960 204,667 (a) Net assets 76 223,728 206,589 (b) Gearing/(net cash) (c = (a / b) – 1) (1.7)% (0.9)% (c) Ongoing charges (APM) The ongoing charges represent the Company’s management fee and all other operating expenses excluding finance costs payable, expressed as a percentage of the average of the daily cum-income net assets during the year and is calculated in accordance with guidance issued by the Association of Investment Companies. Year ended Year ended 28th February 28th February Ongoing charges calculation Page 2023 2022 Management fee 73 2,103 1,628 Other administrative expenses 73 687 1,023 Total management fee and other administrative expenses 2,790 2,651 (a) Performance fee 128 — (b) Total management fee, other administrative expenses and performance fee payable 2,918 2,651 (c) Average daily cum-income net assets 225,967 196,366 (c) Ongoing Charges excluding performance fee payable (d = a / c) 1.23% 1.35% (d) Ongoing Charges including performance fee payable (e = b / c) 1.29% 1.35% (e) Share Price Premium/(Discount) to Net Asset Value (‘NAV’) per Share (APM) If the share price of an investment trust is higher than the NAV per share, the shares are said to be trading at a premium. The premium is shown as a percentage of the NAV per share. The opposite of a premium is a discount. Glossary of Terms and Alternative Performance Measures (Unaudited) J.P. Morgan Asset Management 95 Shareholder Information

You can invest in a J.P. Morgan investment trust through the following: 1. Via a third party provider Third party providers include: Please note this list is not exhaustive and the availability of individual trusts may vary depending on the provider. These websites are third party sites and J.P. Morgan Asset Management does not endorse or recommend any. Please observe each site’s privacy and cookie policies as well as their platform charges structure. The Board encourages all of its shareholders to exercise their rights and notes that many specialist platforms provide shareholders with the ability to receive company documentation, to vote their shares and to attend general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies’ website at www.theaic.co.uk/aic/shareholder-voting-consumer-platforms for information on which platforms support these services and how to utilise them. 2. Through a professional adviser Professional advisers are usually able to access the products of all the companies in the market and can help you to find an investment that suits your individual circumstances. An adviser will let you know the fee for their service before you go ahead. You can find an adviser at unbiased.co.uk . You may also buy investment trusts through stockbrokers, wealth managers and banks. To familiarise yourself with the Financial Conduct Authority adviser charging and commission rules, visit fca.org.uk . AJ Bell You Invest Barclays Smart investor Bestinvest Charles Stanley Direct Close brothers A.M. Self Directed Service Fidelity Personal Investing Freetrade Halifax Share Dealing Hargreaves Lansdown iDealing IG interactive investor iWeb shareDeal active Willis Owen X-O.co.uk Avoid investment fraud 1 Reject cold calls If you’ve received unsolicited contact about an investment opportunity, chances are it’s a high risk investment or a scam. You should treat the call with extreme caution. The safest thing to do is to hang up. 2 Check the FCA Warning List The FCA Warning List is a list of firms and individuals we know are operating without our authorisation. 3 Get impartial advice Think about getting impartial financial advice before you hand over any money. Seek advice from someone unconnected to the firm that has approached you. Report a Scam If you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www.fca.org.uk/consumers/report- scam-unauthorised-firm. You can also call the FCA Consumer Helpline on 0800 111 6768 If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.actionfraud.police.uk Find out more at www.fca.org.uk/scamsmart Investment scams are designed to look like genuine investments Spot the warning signs Have you been: • contacted out of the blue • promised tempting returns and told the investment is safe • called repeatedly, or • told the offer is only available for a limited time? If so, you might have been contacted by fraudsters. Remember: if it sounds too good to be true, it probably is! Be ScamSmart Where to Buy J.P. Morgan Investment Trusts 96 JPMorgan Global Core Real Assets Limited – Annual Report & Financial Statements 2023 Shareholder Information

FINANCIAL CALENDAR Financial year-end date 28th/29th February Distributions payable February, May, August and November Final results announced June Annual General Meeting August Half year end 31st August Half year results announced November A member of the AIC Information About the Company Shareholder Information History JPMorgan Global Core Real Assets Limited is a Guernsey-incorporated investment company which was launched in September 2019. Directors John Scott (Chairman) Helen Green Simon Holden Chris Russell Company Numbers Company Registration Number: 66082 London Stock Exchange ISIN Code: GG00BJVKW831 Bloomberg: JARA LEI: 549300D8JHZTH6GI8F97 SEDOL: BJVKW83 Market Information The Company’s unaudited NAV is published quarterly via the London Stock Exchange. The Company’s shares are listed on the London Stock Exchange. The market price is shown daily in the Financial Times, and on the Company’s website at www.jpmrealassets.co.uk , where the share price is updated every 15 minutes during trading hours. Website The Company’s website can be found at www.jpmrealassets.co.uk and includes useful information about the Company, such as daily prices, factsheets and will include current and historic half year and annual reports once available. Share Transactions The Company’s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor’s behalf. Manager and Company Secretary JPMorgan Funds Limited Administrator J.P. Morgan Administration Services (Guernsey) Limited Company’s Registered Office Level 3, Mill Court, La Charroterie, St Peter Port Guernsey GY1 1EJ For Company Secretarial and administrative matters, please contact Emma Lamb at the above address. Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA The Depositary has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian. Custodian J.P. Morgan Chase Bank, National Association 25 Bank Street Canary Wharf London E14 5JP Registrar Link Asset Services (Guernsey) Limited Mont Crevelt House Bulwer Avenue St Sampson Guernsey GY2 4LH Telephone number: 0371 664 0300 (Calls cost 10p per minute plus network extras) Calls to this number cost 10p per minute plus your telephone company’s access charge. Lines are open 9.00 a.m. to 5.30 p.m. Monday to Friday. The overseas helpline number is +44 (0)121 415 0224. Email: [email protected] Registered shareholders can obtain further details on their holdings on the internet by visiting www.signalshares.com Independent Auditor PricewaterhouseCoopers CI LLP PO Box 321 Royal Bank Place 1 Glategny Esplanade St Peter Port Guernsey GY1 4ND Broker Investec Bank plc 30 Gresham Street London EC2V 7OP J.P. Morgan Asset Management 97

GB A GCRA | 06/23 CONTACT 60 Victoria Embankment London EC4Y 0JP Tel +44 (0) 20 7742 4000 Website www.jpmrealassets.co.uk