Alternatives Access: Defensive Real Estate Today —The Net Lease Playbook

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NARRATOR: This session is closed to the press. Welcome to the JP Morgan webcast. This is intended for informational purposes only. Opinions expressed herein are those of the speakers and may differ from those of other JP Morgan employees and affiliates. Historical information and outlooks are not guarantees of future results. Any views and strategies described may not be appropriate for all participants and should not be intended as personal investment, financial, or other advice. As a reminder, investment products are not FDIC insured, do not have bank guarantee, and they may lose value. The webcast may now begin.

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A shimmering strip of gold-plated handwriting swirls elegantly across a dark surface. It spells JP Morgan. Jasmine Green-Hogan, a woman with long dark hair, wears a black short-sleeved collared top and sits at a desk with hands clasped, a glass of water and papers in front of her. Floor-to-ceiling windows behind her look out over a sprawling city skyline. A caption reads Jasmine Green-Hogan, Alternative Investments Specialist, J.P. Morgan Private Bank.

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JASMINE GREEN-HOGAN: Hello, everyone, and thanks for joining us. We're back for another episode of Alt Access. My name is Jasmine Green-Hogan. I'm an alternative investment specialist here at JP Morgan's Private Bank, and I'm thrilled that you're going to spend some time with us. We've got an exceptional guest today to talk us through what I think is the net lease playbook, and really going to explain to us what's happening in real estate today and why we should get excited.

So I want to say thank you and welcome to Marc Zahr, co-president of Blue Owl Capital. Thanks for being here.

MARC ZAHR:

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Marc Zahr, a man with short dark hair, sits at the desk in a gray blazer and white shirt across from Jasmine Green-Hogan. The desk front reads J.P. Morgan in script.

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Thank you for having me. It's great to be here.

JASMINE GREEN-HOGAN: I think we're going to have a lot of fun.

MARC ZAHR: Me too.

JASMINE GREEN-HOGAN: All right, so I think we should just start with your view on real estate markets today. There's so much that's taken place over the last, really, one, three, and call it five years' time frame. From your vantage point-- you are all around the world, all around the country-- tell us what you're seeing and what you're thinking about.

MARC ZAHR:

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A caption reads Marc Zahr, CO-PRESIDENT, GLOBAL HEAD OF THE REAL ASSETS PLATFORM BLUE Owl.

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Look, I think give or take, over the last 36 months, commercial real estate has gotten a bad rap. You saw pricing decline. And the reason for that decline was because interest rates picked up relatively quickly. Inflation picked up. Credit availability fell off of a cliff. And the amount of capital raised from equity strategies to go out and do deals also went down. So it was the perfect storm.

And then when you see an environment like that, as I just mentioned, transaction volumes come down, and a lot of groups aren't going out and getting deals done. But that is actually the best time to go out and start doing deals, because you're seeing a pricing correction in the marketplace. So I think it's been the best buying opportunity that I've seen since the global financial crisis. We've been extremely active in the marketplace because buyers and sellers still need to do deals, and sellers, more recently, are open to taking a better price from a buying standpoint.

JASMINE GREEN-HOGAN: Sure. And we'll get into it a little bit later in the conversation about how, in moments of distress or decline more broadly across the market, it could be an interesting opportunity for buying. We think for just real estate in general and portfolios, it has the potential for somewhat of inflation protection, diversification, if anything, and oftentimes, the potential for income in a portfolio. That's oftentimes why we use it in a portfolio.

And

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Slide: Real estate fundamentals appear to be improving. Private equity provides access to high-growth sectors and innovative companies, offering clients unique opportunities that are increasingly absent from public markets. The left panel, titled Net Lease Assets Have Repriced, has two callout boxes reading -21% Asset Repricing (2022 to 2024) and approximately 30bps Change in Values (2024 to 2025). A bar chart rises across four years, navy at 2022 at 5.66%, teal at 2023 at 5.29%, orange at 2024 at 6.85%, and tan at 2025 at 6.87%. The right panel, titled Debt Cost & Availability Have Improved, has two callout boxes reading +239% Increase CMBS Issuance and -17% Reduction in Total Financing Cost. A combined chart plots CMBS Issuance in dollars in billions as bars and Total Financing Cost as a line. The navy bars climb across three years labeled 2022, from $47B to $113B to $158B, while the black line falls from 6.99% to 6.37% to 5.82%. Source: Northmarq Single-Tenant Overall Market 4Q2025; https://www.northmarq.com/trends-insights/research-library/marketsnapshot. Financing costs = loan spreads from Green Street News Commercial Mortgage Alert (CMA) reports + 10-year US Treasury rates; CMBS issuance statistics from JPM Credit Monthly as of 02/09/2026.

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that's the why always, not even the why now. If we jump into our idea one today, for anyone who's joining us and taking a peek at the slides, I'd love for you to bring to life a little bit more of the why now. You alluded to the market environment over the past 36 months creating an interesting opportunity. But if you were talking or having the conversation like we are today, what are the dynamics that have changed that maybe make today interesting?

MARC ZAHR: So it depends on which sectors in commercial real estate you're looking to buy.

JASMINE GREEN-HOGAN: Always.

MARC ZAHR: And for us, what we are always focused on is where we see a supply-demand imbalance. And so there are a few areas that we think are really interesting. One that we spend a lot of time talking about, more than I'd like to, is data centers.

JASMINE GREEN-HOGAN: Sure, all of us included.

MARC ZAHR: So there's just-- when you take a step back and you think about the amount of capex that some of the largest companies with, in my opinion, excellent credit ratings are looking to build out their digital infrastructure footprint, it makes that a very interesting opportunity. Another area that we've been spending a lot of time in thinking about is the onshoring movement-- again, capex needs in manufacturing specifically as we're building here on US soil. Other sectors that we like-- cold storage. When you look at the macro theme there and you think about where assets are pricing, it becomes really interesting.

JASMINE GREEN-HOGAN: One of the things that I think has always been true about real estate is when it's institutionally managed, when you have the right partner, you've done your diligence, you can bring to life some of these key benefits or potential benefits across sectors. I think one of the things that I wanted us to spend time on today-- and the idea too, for those of you who are joining us-- is it's not always just the sector. It can be the structure.

And

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Slide: What is a triple net lease? A net lease is a type of real estate lease agreement in which a tenant is responsible for additional expenses on top of the base rent. A triple net lease (NNN) refers to a net lease in which the tenant is responsible for the taxes, insurance, and maintenance of a property. Net leases typically contain annual contractual rent escalators which can provide investors predictable and steadily increasing income. A diagram has two boxes connected by an arrow labeled Contractual rent payments. The left box, titled Tenant, lists Taxes, Insurance, Maintenance with icons. The right box, titled Blue Owl, lists Landlord receives rent without variable expense exposure, Long-term lease obligations mitigate vacancy risk, Target contractual 2% annual rent escalations provide clarity on future cash flows. A banner below reads NNN can create predictable cash flow from long term rents, net of expenses. This content was created and provided by Blue Owl Capital. For Illustrative Purposes Only. There can be no assurance that Blue Owl Real Estate will be able to implement its investment strategy and achieve its investment objectives. All investments are subject to risk, including the loss of the principal amount invested. Lease payments made net of all operating expenses. Operating expenses include but are not limited to maintenance, taxes, utilities, insurance, and capital expenditures.

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I think for you and your history in the real estate space, what's really been incredible is the work in the triple net lease space. So for clients who are maybe joining us for the first time-- let's say they don't what a triple net lease is. Walk us through what this structure is and why it can make sense in a portfolio in real estate in particular.

MARC ZAHR: So a triple net lease is a lease where the tenant in the building, not us as the landlord or the investor, is paying the taxes, insurance, and maintaining the asset. And when you structure it well, obviously, they're also paying the utilities and the capex. So I think-- again, I say this all the time-- I'm biased-- but it's one of the most elegant structures that you can have.

So we are a diversified real estate asset manager, but what we are myopically focused on is structure. Because if you can structure your deals where the tenant in the building, not us as the landlord, is covering the expense side of the equation, you've really done a nice job mitigating risk in my opinion.

JASMINE GREEN-HOGAN: What are the complexities that might exist in something like a triple net lease structure? Why isn't everyone doing this?

MARC ZAHR: I think there's a lot of groups that are, and I think that it is much more common than people think. I think a triple net lease is, when you're thinking about an industrial asset or a retail property or a data center, is actually the common lease type. Now, how well a triple net lease is written, there's some variability there. And the other aspect that I think is key is duration of the lease.

So from our perspective, something we want to focus on is long-duration leases, which should, if the tenant pays as they're obligated to do-- should give you visibility on your net operating income for as long as the contract or the lease is in place.

JASMINE GREEN-HOGAN: And I think one of the things that's interesting about what you said is it being sort of a common structure or common practice, maybe we're just less familiar with it. One of the things that I think would be helpful in bringing to life is there's this idea that maybe a triple net lease is too good to be true.

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Slide: Sale-leasebacks can benefit both tenants and investors. Private equity provides access to high-growth sectors and innovative companies, offering clients unique opportunities that are increasingly absent from public markets. Two columns of benefits with icons. The left column, titled Potential benefits for tenants, lists Tenants retain control over property with no disruption to operations, Can unlock the hidden value of their real estate, Potentially better suited for corporate planning with clear visibility into future rent payments, May benefit from favorable accounting. The right column, titled Potential benefits for investors, lists Predictable and growing tax-advantaged income over long-dated triple net leases, Potential downside mitigation when transacting with investment grade or creditworthy tenants, Return premium opportunity relative to corporate bonds, while owning underlying real estate as collateral, Potential inflation hedge given lack of exposure to operating expenses and contractual N.O.I. growth. A banner below, titled Potential risks, lists Concentration Risk, Tenant Credit Risk, Lease Renewal Risk, Interest Rate Risk, Illiquidity. This content was created and provided by Blue Owl Capital. There is no guarantee these potential benefits will be realized. Potential predictable income is on the net lease itself. Rising income stream is tied to the net leases not the distributions. A security rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Investment-grade companies must have a BBB- rating or higher by S&P or an equivalent rating from a nationally recognized statistical rating organization (NRSRO). Creditworthy refers to businesses that Blue Owl deems financially sound enough to justify an extension of credit or engage in a lease. This is not a fixed income product. The investment payout is not as predictable as a bond. Inflation hedge is not protection and downside buffer is not protection.

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And idea three or slide three really brings this to life, is there are benefits for both the tenant and investors, because you don't get something for nothing, as they say. So I'm curious what you think are both sides of the equation. It makes a ton of sense for the landlord. Why does this make sense for the tenant?

MARC ZAHR: Yeah, well, look again, taking a big step back, these companies are not in the business of owning and managing real estate. They're in the business of doing something else. A grocer's in the business of selling their produce or whatever it may be from their grocery store. A data center is doing what a data center is doing.

So if you take a step back and you think of it from this perspective, and if you focus on just investment grade-rated companies, the amount of PP&E, property, plant, and equipment-- because not every single company discloses real estate as a line item-- is in the trillions. And they don't earn anything to own those assets.

People aren't investing in Amazon because of their real estate footprint.

JASMINE GREEN-HOGAN: That's right. I want my two-day shipping.

MARC ZAHR: That's exactly right. It's an inefficient use of their capital base. So what people and groups like ours should be doing is helping those companies unlock the value tied up in their real estate so they can redeploy back into operations, make an acquisition, pay down debt, et cetera.

JASMINE GREEN-HOGAN: And it, one, brings to life the simple reminder that operating businesses have a core business, and being a real estate landlord or owner is typically weighing them down. That's not their core business, so this makes a ton of sense. What are the things, maybe, that I'm not thinking of when it comes to risk or just key considerations?

If a client is assessing this and saying, OK, that makes sense from a landlord perspective, it makes sense from the tenant perspective, what are the things, as an investor, that they should be keeping their eye on or just things that they should be thinking about when they come to the space for the first time?

MARC ZAHR: So just like any investment, there's a number of things to take into consideration. One of the benefits of a triple net lease is what we just talked about. The expense side of the equation should be covered by the tenant in the building. Now, that's only as good as the credit quality of the tenant in the building that's agreeing to take on that expense out of the equation and pay you rent on top of that.

So one of the things that I think investors should be spending time on is credit quality of the underlying tenant, which is interesting because you don't hear a lot of real estate strategies talk about tenant credit quality. The other thing is you're still buying real estate, so you still need to do your real estate underwriting as part of this project, understanding is this a good market. How does the rent compare in this market to assets?

Another aspect which a lot of groups, I don't think, spend as much time on, but is really important, is how important is the asset, how mission-critical is it to the company that wants to occupy that space. So if, for some reason, that company doesn't want to be there, how quickly can you replace them with somebody else that wants to do that? But just to be clear, if you structure your lease the right way, they're still obligated to pay the rent for the life of the lease.

JASMINE GREEN-HOGAN: And I think part of what you're describing also is what you alluded to earlier on the duration of these leases. Will you talk a little bit about in tandem with the credit quality of the tenant with your ability to, one, maybe secure the length of time in leases? Is longer always better? How do you think about the durability or potential durability for a lease in the duration of them?

MARC ZAHR: So that's a good question. So again, I debate this all the time with people, other investors, partners, peers in the industry. I don't think that you can debate that a gross lease is better than a triple net lease. Again, in any situation, would you rather be responsible for paying the expenses, or would you rather have your counterparty responsible for paying the expenses?

JASMINE GREEN-HOGAN: That's a no-brainer.

MARC ZAHR: That's a no-brainer, right? So it comes down to-- the debate is duration. So if you are signing a three-year lease, that means that you are making a bet that you believe in 36 months, that you can replace that tenant with some other tenant that's going to pay you more. And so from my perspective, I can't tell you what's going to happen next month, let alone in 36 months.

And so the view that we take is as longer is better. The more lease term that you have, the more contractual rent is coming in. And remember, because of the lease structure, I go back and say it's not rent. Its net operating income. So it's actually the bottom line. The longer you have that and the more contractual net operating income growth or rent growth you have, the better. I think it's just simplistic.

JASMINE GREEN-HOGAN: And the mitigation, too-- what we hear oftentimes in contractual parts of portfolios is the releasing risk is what you're describing. It's helpful to have you bring it to life in that way. I think one of the things clients continue to think about and really ask us about in any conversation across asset classes, not even just real estate, is, what has the asset class done historically? And

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Slide: Net lease income: resilient through a historical period of volatility… Investment-grade Net Lease outperformed other real estate asset classes through the Great Recession. A line chart titled N.O.I. Index: Q1 2008 – Q4 2010. The vertical axis runs from 80 to 105, and the horizontal axis spans 2008 to 2010. Five lines start together at 100. The green Net-leased IG line stays flat and climbs slightly to end highest at 101.96. The navy Apartment line drops sharply to a trough near 84 in 2009, then recovers steeply to 100.32. The teal Industrial line dips to about 88 and ends at 89.13. The tan Retail line falls and ends at 88.80. The orange Office line drops to about 86 and ends at 88.21. A banner below reads Recession resistant nature of investment-grade tenants highlights the strong performance of the asset class during global financial crisis. This content was created and provided by Blue Owl Capital. Past performance is not a guarantee of future results. All investments involve risk of loss, including loss of principal invested. There can be no assurance that historical trends will continue. Source: CoStar Research & Data. NOI Index represents Net Operating Income, which is total income less operating expenses and adjustments but before mortgage payments, tenant improvements, and leasing commissions.

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we know that past performance isn't always the best indicator of go-forward but I do think seeing what an asset class or what a sector has done in times of distress can be helpful-- for one, just assessing what level of risk you may be stepping into, but also having an understanding of what liquidity may exist and what liquidity might not exist.

So idea four, for everyone who's still trekking along with us-- this, I think, brings to life, again, the net lease sort of income that has existed historically through a particular period of time here, '08 through 2010. How do you think about how this asset class has performed through times of volatility, and what are your expectations in general for how you think about the way it fares through further cycles?

MARC ZAHR: So again I go back to this, and I'm extremely biased because it's what we've built our real assets platform on and what we believe is the right durable nature of investing. And so when you go back to the global financial crisis, you saw a lot of asset classes' values drop dramatically. Long-duration, triple net lease backed by investment-grade tenants held up really, really well. Because again, you're sitting there in a situation where that net rent was still coming in every single month unless you saw a default from the company on paying the rent, which was really, really low during that period of time.

Another great example of this was not in the global financial crisis, was during the global pandemic. I think it's the first real test that any of us faced as investors after the GFC about 11 years or so later. And so the easiest way to measure a real estate manager during that period of time is, how much rent did they collect when the world was shut down? And I think if you look at the data, historically, net lease did far better than most other sectors from a rent collection standpoint.

JASMINE GREEN-HOGAN: Sure. And I can imagine that if you've done your diligence, you're working with an institutional partner who has the capability, the scale, the resources, the team, and again, deep focus on structure and credit quality. I can imagine, too, that you stepped into it with the expectation that distress could, in fact, happen.

MARC ZAHR: Absolutely.

JASMINE GREEN-HOGAN: Yeah. And again, exactly one of the things that you were speaking to as far as risk and key considerations that clients should be thinking about. So

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Slide: Thematic outlooks. Three columns, each with a photo, an icon, and a titled heading. The first, titled Essential Retail, has a photo of a supermarket storefront and reads Essential retail continues to benefits from durable, needs-based demand, inflation-resilient cash flows, and strong tenant credit. The potential to transact via off-market sourcing mechanisms circumvents the need for formal brokering / bidding – driving attractive acquisitions metrics for Blue Owl. The second, titled Industrial Cold Storage, has a photo of a large warehouse and reads Cold storage remains a critical piece of infrastructure for the global food supply chain – a necessity driven, recession-resilient market with long term secular tailwinds. Newer vintage assets are outperforming older stock due to superior energy efficiency, automation, and operational cost advantages. The third, titled Data Centers, has an aerial nighttime photo of lit buildings and reads Demand for data center assets continues to accelerate, driven by secular trends in cloud computing, AI, and digital transformation. We believe this segment may offer favorable risk-adjusted returns and a supportive supply-demand backdrop. This content was created and provided by Blue Owl Capital. The views expressed are Blue Owl Net Lease's views and subject to change without notice as market and other conditions change.

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the thing that I want us to end on, idea five, is just all of the things we should get excited about. You talked a little bit about sectors when we first started, mentioned cold storage, mentioned data centers.

But I think in the spirit of the triple net lease playbook, if you will, that you've experienced and that you've built your platform and your business on, what is it about essential retail, industrial, cold storage, and data center, as just three examples, that get you most excited? And are there any shifts you expect to see over the next decade, or really a continuation of maybe these three sectors in focus?

MARC ZAHR: So generally, people hate my answer when I give this.

JASMINE GREEN-HOGAN: OK, well, I'll brace myself.

MARC ZAHR: Yeah, because look, we try to be-- I try to be-- and I try to talk to our team about this all the time-- try to be sector-agnostic. And most groups that you talk to say we have this view, we have this theme that this is where we want to be allocating money. And I think you can get in trouble with that.

So you want to be nimble enough to say, OK, where do we see the most value today? And then go back to your disciplined criteria. A triple net lease-- check. Long duration, i.e. 15-plus years-- check. Good credit quality, having a counterparty that you feel good about-- check. Focusing on your entry point, not just saying, oh, we love this market or we love this sector, and we're willing to pay anything to get in there because there's going to be so much growth.

So for all those reasons, we try to be sector-agnostic. That said, since probably 2017, until very recently, there were two main sectors that we have focused on because they have been, in our opinion, extremely resilient. One is essential retail. What's essential retail?

Essential retail are assets that most of us use regardless of the economic environment-- grocery store, gas and convenience, auto parts retailerm and industrial. And when people talk about industrial, they say it in such a general sense. Within industrial, there are so many different subsectors.

So we like distribution. There's a lot of robotics and automation happening in that sector today. We think that's really interesting. We like manufacturing, light and heavy. And a lot of groups stayed away from heavy manufacturing. We think it's actually very compelling because of the mission criticality to the companies. They pour so much money into the asset themselves.

And last and certainly not least is what we talked about earlier, which is data centers. Supply-demand imbalance is unlike anything that I have seen. And then when you double click on that supply demand imbalance and you look at the nature of those leases-- the structures, the length, the net operating income growth, and the credit quality of those hyperscalers-- Microsoft, Google, Amazon-- they are some of the best credits around. And so from our perspective, that's where we are seeing the most value today.

JASMINE GREEN-HOGAN: Sure. And I love you bringing to life some of the hyperscalers-- one, for their credit qualityness, all investment-grade in nature. But I think it also speaks to how you're thinking about the sectors. To your point around being agnostic, you're not doubling down or building a portfolio around one theme or one sector because you feel like you have to, but looking for the best opportunities.

When you think about a go-forward, just in the spirit of all that's happening with AI and the build-out around data centers and continued growth there, what is your expectation, call it, for the next decade? Is it just further growth? Is there a tap-out in spending? How are the companies and partners that you're talking to thinking about their growth? Is there a slowdown near term?

MARC ZAHR: We are not seeing any slowdown anywhere. And so again, when you're not seeing any slowdown anywhere and you are in a good position from a capital standpoint, i.e. to pick and choose what deals you want to do--

JASMINE GREEN-HOGAN: Sure. I'm sure that's key.

MARC ZAHR: You can be really selective. You can focus on the best credit quality. You can not agree to certain things in leases that others may agree to. So being extremely selective and sticking to your criteria and trying to reduce risk where you can is what every investor should be focused on.

JASMINE GREEN-HOGAN: Sure. In the spirit of things that investors should be focused on, do you think there's one common misconception with the triple net lease structure or this part of the business that maybe people have wrong or just thinking about in a different way?

MARC ZAHR: Yeah, and I think it was actually proven out very recently. I think for many years, investors, and maybe other groups that didn't do this, would say that net lease isn't a good inflation hedge because in a rising inflationary environment, you should be able to increase your rents so dramatically. But what's key, and what we just saw in the environment that we just lived through-- what happens in an inflationary environment? What definitely goes up is the expense side of the equation.

JASMINE GREEN-HOGAN: That's right.

MARC ZAHR: Taxes go up dramatically. Insurance costs go up dramatically. In some of the best real estate markets, California and Florida, you couldn't even get insurance at a certain period of time.

JASMINE GREEN-HOGAN: That's right.

MARC ZAHR: The cost to build increases so much. Your utilities go up-- all of these things that, if you are in a gross lease, you're on the hook for. So you're trying to catch up to all these expenses. And if you're in a short-duration asset, you're trying to increase your rent more than this expense that's running away from you. And if you're in the wrong sector, such as multi-tenant office at that time period, you're in trouble. So I think net lease is an excellent inflation hedge because the tenant in the building is covering the expense side of the equation, and your net operating income is going up contractually.

JASMINE GREEN-HOGAN: Sure. Just another lever in the playbook that clients can be thinking about to build into their portfolios. That's super helpful.

Well, one, I want to thank you for your time. We got five ideas. I think we did it in 25 minutes. But I really want to thank all of you who joined us this morning or this afternoon, wherever you're watching and listening from. We will continue to have these conversations. I hope they resonate. I hope they're helpful.

But in the spirit of time, I think I can sneak maybe one more in. And I think one of the things that I just want us to end on is in all that you've seen over the past-- call it 12 months-- you speak to a lot of investors. You speak to a lot of strategic partners. Is there anything that you've heard in every single conversation?

And I'm sure you've talked about geopolitical risk and all of the conflict that's happening around the world. You've talked about data centers and AI and so on and so forth. But is there anything that every investor, every partner that you were talking to was thinking about? Maybe it was inflation, maybe it was the administration. What are the things, maybe, that you're hearing around the world that people are thinking about?

MARC ZAHR: I can't say every, but I can say something that has dominated most of the conversations that I've had recently is much more of a focus on durability of income versus chasing total returns. It seems to me that based on the environment that we've just lived through, investors are much more focused on something that they can count on. And I know it's hard to say that you can count on anything, but I think that's why this is resonating so much more in the conversations that I'm having.

JASMINE GREEN-HOGAN: Sure. Well, one, I think interesting because it's not too dissimilar from a lot of the client conversations I've had over the past year. I think more than ever, real estate has entered the conversation again. Infrastructure has entered the conversation again, really for all of the reasons we love-- lower correlation to public equities, again, inflation protection to the extent you can build that in, and ultimately, diversification in a portfolio. So thank you for bringing that to life.

And I want to thank everyone for their time. We'll be back next month with another episode. Thank you all for spending time with us.

NARRATOR: Thank you for joining us. Prior to making financial or investment decisions, you should speak with a qualified professional in your JP Morgan team. This concludes today's webcast. You may now disconnect.

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IMPORTANT INFORMATION. An investment in alternative investment strategies involves substantial risks, and potential investors should clearly understand the risks involved. Investing in alternative investment strategies is speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment, which can include: loss of all or a substantial portion of the investment due to leveraging, short-selling or other speculative investment practices; lack of liquidity in that there may be no secondary market for the fund and none expected to develop; volatility of returns; restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; delays in tax reporting; less regulation and higher fees than mutual funds; and advisor risk. This communication is provided for information purposes only and therefore does not constitute an offer or a solicitation of an offer of shares or investment services. Certain investment opportunities may not be available in all jurisdictions, may not be suitable for all investors and may require the signature of certain additional documentation before they may be offered. Certain opinions, estimates, investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice. This material should not be regarded as research or as a J.P. Morgan research report. Investors may get back less than they invested. Past performance is not a reliable indicator of future results. Please read all Important Information. To the extent that this material relates to investment activities, it is directed solely at persons to whom it may be lawfully directed, as provided for under section 238 of the FSMA, the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001, as amended from time to time, and Chapter 4 of the Financial Conduct Authority's Conduct of Business Sourcebook. Any investment services and products will only be available to, or engaged in with, such persons, and no other person should rely or act upon information contained in this communication. Some of the products and/or services mentioned may not be available in all jurisdictions.

IMPORTANT INFORMATION. Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments involve greater risks than traditional investments and should not be deemed a complete investment program. They are generally not tax efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. The value of the investment may fall as well as rise and investors may get back less than they invested. Real estate, hedge funds, and other private investments may not be suitable for all individual investors, may present significant risks, and may be sold or redeemed at more or less than the original amount invested. Private investments are offered only by offering memoranda, which more fully describe the possible risks. There are no assurances that the stated investment objectives of any investment product will be met. Hedge funds (or funds of hedge funds): often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge fund. Alternative investments are not available to the general public and may be promoted in Hong Kong to Professional Investors and in Singapore to Accredited Investors only. With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. Receipt of this material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund's securities in compliance with the laws of the corresponding jurisdiction. Presentation produced by the Alternative Investments Team. Please read important disclosures at the end.

KEY RISKS OF INVESTING IN ALTERNATIVES. Additional risks. There may be additional risks inherent in the underlying investments within funds. Currency risks and non-United States investments. Investments may be denominated in non-U.S. currencies. Accordingly, changes in currency exchange rates, costs of conversion and exchange control regulations may adversely affect the dollar value of investments. Dependence on manager. Performance is more dependent on manager-specific skills, rather than broad exposure to a particular market. Event risk. Given certain funds' niche specialization (e.g., in an industry or a region), market dislocations can affect some strategies more adversely than others. Financial services industry risk factors. Financial services institutions have asset and liability structures that are essentially monetary in nature and are directly affected by many factors, including domestic and international economic and political conditions, broad trends in business and finance, legislation and regulation affecting the national and international business and financial communities, monetary and fiscal policies, interest rates, inflation, currency values, market conditions, the availability and cost of short-term or long-term funding and capital, the credit capacity or perceived creditworthiness of customers and counterparties, and the volatility of trading markets. Financial services institutions operate in a highly regulated environment and are subject to extensive legal and regulatory restrictions and limitations and to supervision, examination and enforcement by regulatory authorities. Failure to comply with any of these laws, rules or regulations, some of which are subject to interpretation and may be subject to change, could result in a variety of adverse consequences, including civil penalties, fines, suspension or expulsion, and termination of deposit insurance, which may have material adverse effects.

KEY RISKS OF INVESTING IN ALTERNATIVES. General/Loss of capital. An investment in private equity funds involves a high degree of risk. There can be no assurance that (i) a private equity fund will be able to choose, make and realize investments in any particular company or portfolio of companies, (ii) the private equity fund will be able to generate returns for its investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions that constitute the fund's investment strategy or (iii) an investor will receive any distributions from the private equity fund. Accordingly, an investment in a private equity fund should only be considered by persons who can afford a loss of their entire investment due to its high degree of risk. Investors in the private equity fund could lose up to the full amount of their invested capital. The private equity fund's fees and expenses may offset the private equity fund's profits. Past performance is not indicative of future results. J.P. Morgan's role. J.P. Morgan generally acts as a placement agent to the funds. The investment managers or general partners (or the equivalent) may pay (or cause the funds to pay) J.P. Morgan an initial fee and/or an ongoing servicing fee in connection with its services. In addition, where J.P. Morgan acts as placement agent, an origination fee of up to 2% will be paid by investors in the funds (including those investing through a conduit vehicle and in the Vintage Funds) to J.P. Morgan at the closing and will be in addition to, and not in reduction of, capital commitments to the applicable fund. The origination fee is in addition to fees charged by a fund. J.P. Morgan also provides investment advice and/or administrative functions for certain private investment funds (including the Vintage funds and funds serving as conduit vehicles investing in the funds); J.P. Morgan receives a fee for providing these services in some cases (including with respect to the Vintage Funds). Lack of information. The industry is largely unregistered and loosely regulated with little or no public market coverage. Investors are reliant on the manager for the availability, quality and quantity of information. Information regarding investment strategies and performance may not be readily available to investors. Leverage. The capital structures of many portfolio companies typically include substantial leverage. In addition, investments may be consummated through the use of significant leverage. Leveraged capital structures and the use of leverage in financing investments increase the exposure of a company to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the company or its industry and make the company more sensitive to declines in revenues and to increases in expenses.

KEY RISKS OF INVESTING IN ALTERNATIVES. Limited liquidity for private equity. Investments in private equity funds are intended for long-term investors who have the financial ability and willingness to accept the risks associated with making speculative and primarily illiquid investments. Interests in the private equity funds are generally not redeemable. An investor in such a fund may not freely transfer, assign or sell any interest without the prior written consent of the fund manager. An investor may not, save in particular circumstances, withdraw from a private equity fund. Interests in private equity funds will not be registered under the U.S. Securities Act of 1933, as amended or any other securities laws in any jurisdiction. There is no liquid market for such interests and none is expected to develop. Consequently, a commitment may be difficult to sell or realize. Limited liquidity generally. Interests are not publicly listed or traded on an exchange or automated quotation system. There is not a secondary market for interests, and as a result, invested capital is less accessible than that of traditional asset classes. Also, withdrawals and transfers are generally restricted. Potential conflicts of interest. Investors should be aware that there will be occasions when a private equity fund's general partner and its officers and affiliates may encounter potential conflicts of interest in connection with the fund. Fund professionals may work on other matters and, therefore, conflicts may arise in the allocation of management resources. The payment of carried interest to the general partner may create an incentive for the general partner to cause the private equity fund to make riskier or more speculative investments than it would in the absence of such incentive.

KEY RISKS OF INVESTING IN ALTERNATIVES. Risks associated with infrastructure investments generally. An infrastructure investment is subject to certain risks associated with the ownership of infrastructure and infrastructure-related assets in general, including: the burdens of ownership of infrastructure assets; local, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availability of funds, which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure assets acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in the price of energy, raw materials and labor; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; force majeure acts, terrorist events, underinsured or uninsurable losses; sovereign and sub-sovereign risks; contract counterparty default risk. Risks of certain investments. The securities of portfolio companies and the ability of such companies to pay debts could be adversely affected by interest rate movements, changes in the general economic or political climate, or the economic factors affecting a particular industry, changes in tax law or specific developments within such companies. The securities in which a private equity fund will invest generally will be among the most junior in the portfolio company's capital structure, and thus may be subject to the greatest risk of loss. Most of a private equity fund's investments will not have a readily available public market, and disposition of such investments may require a lengthy time period or may result in distributions in kind to investors. A private equity fund's manager generally has a limited ability to extend the term of the fund, therefore the fund may have to sell, distribute or otherwise dispose of investments at a disadvantageous time as a result of dissolution. Speculation. Alternative investments often employ leverage, sometimes at significant levels, to enhance potential returns. Investment techniques may include the use of derivative instruments such as futures, options and short sales, which amplify the possibilities for both profits and losses and may add volatility to the alternative investment fund's performance. Taxation considerations. An investment in a private equity fund or hedge fund may involve complex tax considerations, which may differ for each investor. Each investor is advised to consult its own tax advisers. Changes in applicable tax laws could affect, perhaps adversely, the tax consequences of an investment.

KEY RISKS OF INVESTING IN ALTERNATIVES. Valuation. Because of overall size or concentration in particular markets of positions held by the alternative investment fund or other reasons, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim valuations arrived at by the alternative investment fund. Private investments are subject to special risks. Individuals must meet specific suitability standards before investing. This information does not constitute an offer to sell or a solicitation of an offer to buy. As a reminder, hedge funds (or funds of hedge funds), private equity funds, real estate funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any such fund. For complete information, please refer to the applicable offering memorandum. Securities are made available through J.P. Morgan Securities LLC, Member FINRA, and SIPC, and its broker-dealer affiliates. Hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any such fund. For complete information, please refer to the applicable offering memorandum.

Liquid alternative funds are registered funds that seek to accomplish the fund's objectives through non-traditional investments and trading strategies. They differ significantly from both hedge funds and traditional mutual funds because they can be redeemed on any business day, they are said to be liquid. Such funds do not follow the typical buy and hold strategy of a traditional mutual fund and generally hold more nontraditional investments and use more complex trading strategies than a traditional mutual fund, which may make an investment in a liquid alternative fund riskier. Non-traditional investments may include, but not limited to private equity, derivatives, commodities, real estate, distressed debt and hedge funds. While investments in private equity funds provide potential for attractive returns, access to opportunities not available in the public markets and diversification, they also present significant risks including illiquidity, long-term time horizons, loss of capital and significant execution and operating risks that are not typically present in public equity markets. Private equity funds typically have a 10-15 year term and will begin to monetize investments after holding them for 4-5 years.

KEY RISKS OF INVESTING IN ALTERNATIVES. Hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge fund. Economy, currency, tax and market conditions, including market liquidity, may increase the risks of these investments and may impact performance of the funds. The views and strategies described herein may not be suitable for all investors, and more complete information is available which discusses risks, liquidity, and other matters of interest. Hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge fund. Any investment associated with leverage will include additional risks such as implied volatility, exposure to rising interest rates (borrowing costs) and margin calls, which may occur if the underlying investment declines below its minimum lending values. Leverage will have the effect of magnifying losses or gains. Please note that lines of credit are extended at the discretion of J.P. Morgan, and J.P. Morgan has no commitment to extend a line of credit or make loans available under the line of credit. Margin calls may include sale of the asset serving as collateral if the collateral value declines below the amount required to secure the line of credit. In exercising its remedies, J.P. Morgan will not be required to marshal assets or act in accordance with any fiduciary duty it otherwise might have.

KEY RISKS. This material is for information purposes only and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. (JPM). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information. GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE. Certain information contained in this material is believed to be reliable, however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/ reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events. Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST. Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, J.P. Morgan) have an actual or perceived economic or other incentive in its management of our clients' portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client's account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client's portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account. Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio's investment objective. As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST. While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios. The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services. LEGAL ENTITY, BRAND & REGULATORY INFORMATION. In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC. JPMorgan Chase Bank, N.A. and its affiliates (collectively JPMCB) offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

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