STRICTLY PRIVATE | CONFIDENTIAL

J.P. Morgan Infrastructure and Maritime Investment Review

City of Pompano Beach General Employees’ Retirement System | February 2021

Confidential and Not For Public Distribution

FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Today’s Speakers

Mina Zorrilla, Vice President, works in the Asset Management division of J.P. Morgan Asset & Wealth Management. Based in New York, Mina has been an employee with J.P. Morgan Asset Management since 2015. Mina partners with client advisors to serve the investment needs of institutional investors, including corporate and public pension plans. In this role, she sources the firm's global resources across a spectrum of traditional and alternative asset classes to help institutions address investment challenges. Mina earned a B.A. in economics from Vassar College. She holds FINRA Series 7 and 63 licenses.

Matthew Quinn, Vice President, is a client strategist for the Global Transportation investment platforms and is responsible for marketing and business development. Matt's responsibilities include supporting the group's fundraising efforts, managing investor relationships, creating marketing collateral, and coordinating communications and reporting for institutional investors. Matt holds a B.S. in management and concentrations in accounting and finance from Boston College.

​Daniel Galinko, Executive Director, is an Investment Specialist in the Infrastructure Investments Group at J.P. Morgan. Prior to joining J.P. Morgan in 2017, he was a Senior Associate at StepStone Group where he served on the research team, conducting due diligence on primary fund, co- investment, and secondary investments across the private equity, natural resources, and infrastructure asset classes. StepStone Group provides advisory and asset management services to institutional clients on a global basis. Before joining StepStone, Daniel started his career at Oppenheimer & Company where he supported that firm's private equity fund of funds and co-investment platform. Daniel earned a BA in Economics and East Asian Studies from Brandeis University and an MA in Regional Studies East Asia from Harvard University.

1 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Global Maritime Investment Fund

2 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION STRICTLY PRIVATE | CONFIDENTIAL

Global Maritime Investment Fund (“GMIF”) overview Global Maritime Investment Fund

■ NAV as of Q4 2020 is estimated at ~USD383.8mm

■ The fleet is comprised of 63% Dry Bulk, 22% Container, 11% Pure Car and Truck Carrier (“PCTC”), and 4% Tanker vessels.

■ Of the remaining 54 vessels, 46 are owned via joint ventures, and 8 are wholly-owned.

■ The fleet’s average age is 7.2 years(1), and consists of high-quality, fuel-efficient vessels, with 62% built in Japan.

■ The Fund peaked at 92 vessels and after recent sales, is now at 54 vessels.

■ During 2020, the pandemic’s impact on asset values and market liquidity impacted the ability of the Fund to pursue asset dispositions.

Fleet Profile

…By segment (vessel count) ..By age (years) ..By yard PCTC Tanker Other 14% PCTC 4% Korea 2% Dry Bulk 11% 11% 45% 0-5Y: 49% China Containers 6-10Y: 40% 25% 24% Containers Japan 22% 11-15Y: 4% 62% Dry Bulk 63% >15Y: 7%

Tankers 17% On Water: 100% Peak: 92 vessels Current: 54 vessels Total: 2.8 mm DWT Total: 2.8 mm DWT

Source: J.P. Morgan Asset Management – Global Alternatives. As of January 2021. Note: (1)Tonnage-weighted average age. The charts and/or graphs shown above and throughout the presentation are for illustration and discussion purposes only. DWT = Dead Weight Tonnage. Notes

3 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Global Transportation Group: Maritime Market Update Seaborne trade expected to contract by 3.8% in 2020. (2009: -4.1%) Growth of 4.7% is expected in 2021.

Global Seaborne Trade Growth by Sector Idle Containership capacity as % of Fleet (in tonne miles) 14.0% 15.0% 12.7% 12.0% 8.8% 10.0% 5.7% 10.0% 5.0% GFC GCC 8.0% 6.0% 0.0% 4.0% -5.0% -1.1% 2.0% 6.0% -10.0% 0.0% -10.1% -15.0%

2009 2010 2011 2020 2021

Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2020

Jan-2012 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020 Jan-2021 Dry Bulk Oil Products Containers Gas Jan-2011

Global Port Calls^ (No. Calls, 7dma) Global Orderbook as % of Fleet 11,000 60.0% 55% 50.0% 10,000 40.0%

9,000 30.0% 7.5% 8,000 20.0% Latest date: 2019 10.0% th 7,000 24 January 2021 101% 2020 0.0% (of 2019) 2021

6,000

Q1-2006 Q1-2007 Q1-2008 Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014 Q1-2015 Q1-2016 Q1-2017 Q1-2018 Q1-2019 Q1-2020 Q1-2021

1-Jul

7-Oct

8-Apr

1-Jan 3-Jun

9-Sep 4-Nov 2-Dec

15-Jul 29-Jul

6-May

22-Apr 21-Oct

15-Jan 29-Jan 17-Jun

11-Mar 25-Mar

12-Feb 26-Feb

12-Aug 26-Aug 23-Sep 18-Nov 16-Dec 30-Dec 20-May

Source: JPMAM, Clarksons, MSI, January 2021. China Port Calls basis calls at mainland Chinese ports (3 day moving average). Port calls defined as all instances of a vessel entering and leaving a defined port location, excluding instances where vessel not recorded as travelling at less than 1 knot, and combining multiple consecutive instances at the same port where the vessel has not left a buffered shape around the port. Data basis date vessel last recorded in port location. ^Global Port Calls excludes calls at ports by tugs. *Europe-5 includes Germany, Italy, Spain, UK and France. ~Deep Sea Cargo series now includes only larger bulkers. 4 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION GMIF Valuation Development - Inception Through Q3 2020

Final Close: December 2011 First Close: June 2010 End of Investment Period: December 2014 USD780.3m (USD750mm target) (USD 000s) ~USD480mm (USD 000s)

60,000 Net Operating Income (LHS) 900,000 Fund Expenses (LHS) Management Fees (LHS) 800,000 40,000 Net Change in Fair Market Value of Investments (LHS) Cumulative Contributions (RHS) (1) Positive Cash Flows Net Asset Value (including Distributions) (RHS) 700,000

20,000

600,000

0 500,000

-20,000 400,000

300,000 -40,000

200,000

-60,000

100,000

-80,000 . Total Distributions: USD 78mm 0

-100,000 -100,000

Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320

Source: JPMAM, as of September 2020. (1) NAV inclusive of USD78mm of distributions paid through Q3 2020

5 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION GMIF Investment Overview – Q4 2015 Through Q3 2020

Unrealized(1),(2)

Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- IRR 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 Bulkers -51% -64% -52% -42% -37% -24% -18% -13% -11% -9% -7% -6% -5% -7% -8% -7% -7% -9% -11% -10% Tankers(3) NM NM NM 153% 98% 65% 55% 50% 47% 43% 40% 32% 31% 29% 27% 25% 24% 23% 20% 17%

Containers -1% -5% -10% -7% -8% -10% -8% -6% -4% -4% -3% -1% 9% 8% 8% 8% 7% 5% 2% 3%

Car Carriers 4% 10% -2% -13% -13% -15% -11% -12% -11% -11% -4% -11% -13% -12% -11% -11% -10% -12% -14% -13%

Portfolio Total Gross -13% -21% -22% -21% -20% -15% -12% -9% -8% -7% -5% -4% -4% -5% -5% -5% -5% -7% -8% -8%

Portfolio Total Net -19% -26% -27% -25% -24% -19% -15% -12% -11% -10% -8% -8% -7% -8% -8% -8% -7% -9% -11% -10%

Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Multiple 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 Bulkers 0.6x 0.5x 0.5x 0.5x 0.5x 0.6x 0.7x 0.7x 0.7x 0.8x 0.8x 0.8x 0.8x 0.7x 0.7x 0.7x 0.7x 0.6x 0.6x 0.6x Tankers 1.7x 2.0x 1.8x 1.6x 1.6x 1.6x 1.7x 1.8x 1.9x 1.9x 2.0x 1.9x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 1.9x 1.8x Containers 1.0x 0.9x 0.8x 0.9x 0.9x 0.8x 0.9x 0.9x 0.9x 1.0x 1.0x 1.0x 1.4x 1.4x 1.4x 1.3x 1.2x 1.2x 1.1x 1.2x Car Carriers 1.0x 1.2x 1.0x 0.8x 0.8x 0.8x 0.8x 0.8x 0.8x 0.8x 0.8x 0.6x 0.6x 0.7x 0.7x 0.7x 0.7x 0.6x 0.5x 0.5x Portfolio Total Gross 0.8x 0.7x 0.7x 0.7x 0.7x 0.7x 0.8x 0.8x 0.8x 0.8x 0.9x 0.9x 0.9x 0.8x 0.8x 0.8x 0.8x 0.7x 0.6x 0.7x Portfolio Total Net 0.7x 0.7x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x 0.7x 0.7x 0.8x 0.8x 0.8x 0.7x 0.7x 0.7x 0.7x 0.6x 0.5x 0.5x

Realized(1),(2),(3)

Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 Tankers - Gross 174% 187% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% 188% IRR Tankers - Gross 2.1x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x 1.9x Equity Multiple Containers - Gross ------n/a n/a n/a n/a n/a n/a n/a n/a IRR Containers - Gross ------0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x Equity Multiple

Notes: JPMAM as of September 2020 (1) The Investment Adviser seeks to achieve the stated objectives. There can be no guarantee those objectives will be met (2) Gross of management fees, incentive allocation and estimated fund level expenses. IRR and Equity Multiples shown are calculated based upon internal Investment Adviser data. There can be no guarantee the IRR or Equity Multiples will be achieved. (3) Returns in excess of 300% shown as not meaningful (“NM”). 6 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION GMIF, While Down, Has Outperformed Comparable Composite Benchmarks Inception-to-date as of Q3 2020(1) (Gross IRR / Equity Multiple) Dry Bulk Tankers Containerships Car Carriers Portfolio

GMIF -10.2% / 0.6x +16.9% / 1.8x +2.8% / 1.2x -13.4% / 0.5x -7.7% / 0.7x

Composite -13.9% +3.9% 0.0% - -8.6% Benchmark

. The table above compares historical returns for the GMIF portfolio from May 2011 through Q3 2020 with a composite, equally-weighted, by sector, market portfolio of returns – a benchmark to performance over the same time period, with similar leverage and asset composition.

LOW SUPPLY DEBT IMPROVING SCRAPPING GROWTH REMOVAL DEMAND

The projected performance is for illustrative purposes only and are subject to significant limitations. An investor should not expect to achieve actual performance similar to the projected performance shown above. Because of the inherent limitations of the projected performance, potential investors should not rely on them when making a decision on whether or not to invest in the strategy. Please see the complete Target Return disclosure at the conclusion of the presentation for more information on the risks and limitation of projected performance.

Source: JPMAM as of September 2020. Notes: (1)Only includes unrealized investments. (2)Includes all fund assets.

7 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION GMIF – Portfolio Update and Extension of the Term of the Partnership

Fund Term Extension

 The Fund Term was set to expire in December 2020.

 Given the onset of the COVID-19 (coronavirus) pandemic and the consequent disruption to global markets, we believed it would have been challenging to exit a significant number of investments at prudent values in the near term: – The size of the fleet remains large with 54 assets across four segments with varying levels of liquidity in each segment. – We believe that the Fund will be better positioned to achieve attractive sale prices for vessels in 2021 and 2022.

 In order to optimize returns, we approached LPs to extend the term of the Partnership, which expired on 9 December 2020, until 9 December 2022 – the extension was subject to approval by Investors’ Consent, which was granted in May 2020

 It remains our intention to exit the entire fleet as soon as possible, but we believe that the flexibility to time exits with segment recovery, in a post-COVID-19 environment, will increase our ability to generate higher values.

Source: J.P. Morgan Asset Management – Global Alternatives. As of February 2021. Fund Term Extension is not guaranteed, and is subject to Investors’ Consent, as outlined in the GMIF Partnership Agreement.

8 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION STRICTLY PRIVATE | CONFIDENTIAL

Infrastructure Investments Fund (“IIF” or “Fund”) Established 2006

As of December 31, 2020 and in U.S. dollar terms unless otherwise specified. The Investment Advisor seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

IIF Purpose ─ Mission Statement & Values

We aim to provide IIF's investors stable, sustainable, long-term returns in high quality infrastructure investments by developing and leading exceptional teams made up of individuals who share a common mission and values Mission Statement Values

Fiduciary Standard Integrity We uphold the highest standards of professional behavior and ethics. We We conduct ourselves and make all decisions transparently, and in the seek to earn and maintain the trust of our stakeholders and teammates by best interests of our investors. consistently demonstrating and valuing honesty, transparency and fairness. Focus on Governance Accountability We drive a culture of strong governance at the Fund and portfolio We invest the retirement funds of tens of millions of families in assets that company level to foster sustainable businesses and returns consistent employ thousands of employees and serve millions of customers, and we with our long-term investment horizon. recognize and accept our responsibility to our stakeholders. We are accountable for the safety, sustainability and resilience of our operations, Operational Excellence and Performance communities and the environment. As owners and partners, we are also accountable to one another as we strive for continuous improvement and We strive for excellence in all we do and are accountable for our the achievement of collective results. performance. We drive an agenda of continual improvement at the portfolio companies and at the Fund. Inclusion We value diversity of opinion and are committed to hiring, developing, Responsible Investment retaining and promoting diverse and talented team members. We encourage open and honest dialogue, healthy debate and respectful We prioritize transparency, integrity, fairness and responsibility in all challenge to consensus opinion. We strive to work collaboratively, aspects of our business, in all communities in which we serve, and with communicate clearly, listen effectively and solicit and deliver feedback our personnel, investors, stakeholders and partners. frequently. Leadership We are driven, results-oriented and resilient. We are committed to disciplined and efficient decision-making, long-term sustainability and innovative solutions. Through clarity and certainty, we build strong relationships and exercise dynamic and adaptable leadership to achieve appropriate outcomes for all stakeholders.

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Core/Core+ Infrastructure is Essential

Distribution/Regulated Assets Contracted/Power Assets GDP-Sensitive Assets

Monopolistic regulatory frameworks give Long-term contracts Mature assets with significant demand visibility into stable cash flows with volume minimums history often underpinned by contracts

Essential services that often operate on a monopolistic basis either by regulatory structure or long-term contract, which drives visibility into strong EBITDA margins & cash yield

Inflation Diversification Cash Yield D I Protection Y

■ Downside protection and ■ Inflation is a pass-through ■ Strong cash flow generation lower volatility under many contractual and regulatory structures ~50%+ EBITDA margins -0.1 correlation to Strong historic relationship Majority of return in cash yield Global equities1 with utilities returns2

For illustrative purposes only. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Photo source: JPMAM 1. Source: JPMAM Guide to Alternatives Q4-2020. 10-year correlation of MSCI AC World Index vs. MSCI Global Quarterly Infrastructure Asset Index 2. Source JPMAM Guide to Alternatives Q1-2020. U.S. utilities’ return on equity and inflation ROE (2-year lagged), CPI % change vs. prior year, 1980-2018

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Core/Core+ Infrastructure is an Essential Element of a Balanced Portfolio Consistent Cash Generation Results in a Lower Relative Expected Risk Profile

Illustrative Expected Cash Yield vs. Total Return Profile

8

CORE / CORE+ INFRA ASSETS 1 Cashflow drives significant yield & underpins IIF (Net Local Returns) 6 stability of total return & diversification potential

4 NON-CORE INFRA ASSETS GBP 60/40 Growth & capital appreciation with greater risks

Expected Yield (%) Yield Expected reducing portfolio level diversification US 60/40

2 World Govt. MSCI AC World Bond Hedged Equity

Euro 60/40 Private Equity

2 4 6 8 10 12 14 Expected Total Return (%) Source: The projections in the chart above are based on JPMAM’s 2021 proprietary long term capital markets assumptions (10 – 15 years) for risk, return and correlations between major asset classes. The assumptions are presented for illustrative purposes only. They must not be used, or relied upon, to make investment decisions. The assumptions are not meant to be a representation of, nor should they be interpreted as JPMAM investment recommendations. Note that these asset class assumptions are passive-only; they do not consider the impact of active management. An investor should not expect to achieve actual returns similar to the target returns shown above. Because of the inherent limitations of the target returns, potential investors should not rely on them when making a decision on whether or not to invest in the strategy. Please see the complete Target Return disclosure at the conclusion of the presentation for more information on the risks and limitation of target returns. The return and yields from MSCI AC world equity index and the world government bond – hedge portfolio are combined and adjusted for FX to estimate the yield and return of the US, UK, and EUR 60/40 portfolios. Please note the expected yield is an estimate. 1Yield in the middle of the Fund’s target 5-7% target. Actual cash yield for the last 5 years was 8.2% as of 12/31/2020. Please refer to the IIF Historical Return & Yield Summary slide for returns for IIF net of fees and full disclosure regarding fee calculations. IIF in local currency assumptions based on 10.1% Fund level weighted average discount rate as of 09/30/2020 net of fees, tax, expenses and excluding F/X. The target returns are for illustrative purposes only and are subject to significant limitations. 12 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

IIF ─ Quality Open Ended Core/Core+ Infrastructure Portfolio Diversification, inflation protection, stable cash yield (“D.I.Y.”)

Summary Summary of Key Strategy Elements

 Long Term: founded in 2006; open-ended structure Net Asset Value  USD 17.0 billion  Cash Yield: 8.2% cash yield p.a. over 5 years; 10.7% LTM Target Return & Cash Yield  8-12% net & 5-7% on NAV respectively1  Governance: co-largest/controlling owner in nearly all companies  19 portfolio companies (560 assets) in 22 Diversification  Platform Investing: 51% deployed behind current companies since 2013 countries & 11 subsectors

 ESG: strong ESG ratings across external benchmarks Leverage  54% LTV5, 81% fixed/index2, 10.1 avg. life2

 Guideline Midpoints : Regulated: ~40%, Contracted/Power: ~40%, GDP  Significant IIG team investment in addition to IIG Team Alignment Sensitive: ~20% incentive fee

 Dedicated Team: Diverse 50+ person Infrastructure Investment Group Commitment Queue  Estimated 6 - 12 months or less from closing (“IIG”) supervised by IIF Independent Board

Cash Yield as Foundation of Total Return (% p.a.)3 Portfolio Geography Portfolio Sub-Sectors $1,450 $1,075 Canada, Midstream Regulated Other, $795 10.7% 3.5% 2.5% Electric $560 Australia, 3.4% Gas Gen. 13.0% $220 $250 $345 9.0% US 38.8% 5.6% 8.2% 4.8% Regulated $157 7.0% Renewables Gas 6.2% 6.2% 6.1% 24.3% 10.1% 5.0% Regulated Water

USD USD millions in 5.6% Continent al Europe Sea Ports 38.8% 2.7% District 2013 2014 2015 2016 2017 2018 2019 2020 Heating Rail Leasing UK 10.7% 9.4% One Year4 Three Year4 Five Year4 Ten Year 4.1% Airports Storage 7.9% 14.8% Net Total Return Local Currency 5.3% 7.3% 7.0% 7.0% All data as of December 31, 2020 unless otherwise stated. The Investment Adviser seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. 1 The target returns and cash yield are for illustrative purposes only and are subject to significant limitations. An investor should not expect to achieve actual returns or yield similar to the targets shown above. Please see the complete Target Return disclosure at the conclusion of the presentation for more information on the risks and limitation of target returns. 2 As of September 30, 2020. 3 Yield on NAV, the one-year cash yields were calculated using individual quarterly cash yields. 4 Performance numbers represent a composite return of the combined fund investor vehicles (FIVs) in existence as of December 31, 2020. Specific FIV and investor returns are shown on the quarterly investor statements. Investment performance does not include hedging gains/(losses) resulting from the Hedging Program. 5 post 01/01/2021 capital call which repaid Fund Credit Facility

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IIF Historical Return & Yield Summary

The portfolio is currently being held at a ~10% weighted average equity discount rate.

Annualized Returns for Period Ended December 31, 20201

Quarter 1-Yr2 3-Yr2 5-Yr2 10-Yr2 Inception2 MOIC4 5-yr Vol. Since July 1st, 2007

Gross Asset Performance (Local Currency) 2.9% 6.3% 8.9% 8.8% 9.2% 8.2% 2.9x5

Net Total Return Local Currency 2.4% 5.3% 7.3% 7.0% 7.0% 5.9% 2.2x 1.5%

Net Total USD Unhedged Return 5.2% 9.1% 7.3% 7.4% 6.2% 4.0% 1.7x 4.6%

Cash Yield (Distributions / NAV) 1.5% 10.7% 9.3% 8.2% 7.1% 5.9%

Quarter One Year2 Two Year2 Since October 1st, 2018

Net Total USD Hedged Return3 1.4% 4.1% 7.5%

All data as of December 31, 2020 unless otherwise stated. Past performance is not a reliable indicator of current and future results. Returns include the re-investment of income. All performance numbers have been calculated in US dollar terms. Please refer to the Fund’s return snapshot and quarterly reporting for more information and detail. 1 Performance numbers represent a composite return of the combined fund investor vehicles (FIVs) in existence as of December 31, 2020. Specific FIV and investor returns are shown on the quarterly investor statements. Investment performance does not include hedging gains/(losses) resulting from the Hedging Program. 2 Returns for periods greater than one quarter are time-weighted rates of return calculated by linking quarterly returns. Returns of greater than one year are annualized. 3 Reflects the returns of IIF Hedged LP as of September 30, 2020. 4 Since Inception Multiple of Invested Capital (MOIC) with reinvestment of cash yield. 5 Gross of fees, expenses and taxes

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Reliable Returns With Less Volatility Than Other Asset Classes Since Inception

Evolution of USD 1 Invested in Q2 2007 to Q4 2020

Peak to Trough Decline – Financial Crisis Since inception (Dec 31, 2007 to Dec 31, 2009) Gross of fees, net of expenses and taxes $2.75 Global IIF (gross, Local) local currency Global Listed Hedge IIF (Gross, MOIC of ~ 2.9x Equities Infra. U.S R/E P/E Funds Local) IIF (gross, USD) $2.50 -8% US private real estate

-21% Global equities $2.25 -28% -38% Global listed infrastructure (S&P) -44% -49% $2.00 Global bonds

Hedge funds $1.75

$1.50

$1.25

$1.00

$0.75

$0.50

Source: Bloomberg, NCREIF, J.P.Morgan Asset Management. Global equities, global listed infrastructure, global bonds, and US real estate are measured by MSCI World, S&P Global Infrastructure Index, Barclays Global Agg, and NFI-ODCE, respectively. All series are based on gross of fees, net of taxes and expenses total return indices (reinvestment of yield), and denominated in USD; please refer to the IIF Historical Return & Yield Summary slide for returns for IIF net of fees and full disclosure regarding fee calculations. Data as of Q4-2020. Past performance is not a reliable indicator of current and future results. Indices do not include fees or operating expenses and are not available for actual investment. 15 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

Cash Generation is Foundational to Total Return

Sustainable cash yield reflects the risk profile of an infrastructure portfolio, is the key diversifier away from traditional asset classes and provides liquidity to investors particularly in economic downturns

Fund Cash Yield on NAV Since Inception (% p.a.) - 12 month trailing1

12% Annualized Cash Yield for Period Ended December 31, 2020 Since 1-Yr 3-Yr 5-Yr 10-Yr Distributions are paid quarterly and Inception may be reinvested or taken in cash 10% Operational Cash Yield2 7.0% 6.7% 5.6% 5.5% 4.8% Return of Capital2 3.5% 2.5% 2.5% 1.5% 1.1% Distributed Cash Yield 8% 10.7% 9.3% 8.2% 7.1% 5.9%

6%

4%

2%

0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Operational Cash Yield Return of Capital

All data as of December 31, 2020. The Investment Adviser seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. Past performance is not a reliable indicator of current and future results. 112-month trailing data represents linking of quarterly yields on an annualized basis. 2 Return of Capital represents the cost basis of the sale of any investments or the cost basis of any refinancing proceeds. Any other proceeds are included in Operational Cash Yield. 16 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

Strategic Platforms Represent Approximately 75% of Portfolio Control positions facilitate IIF platform investing approach Denotes Platform Investments 100% Varme 2.1% Southern 2.1% SWWC 3.5% Distribution/Regulated (38.1%)

90% NorteGas 4.6% SouthWest Water Southern Water Summit Utilities Adven Company Services Regulated natural gas District Heating Summit 5.4% Regulated water utilities Regulated water utilities distribution utilities 100% control 100% control4 ~39% control4 100% control 80% Adven 7.4% El Paso Electric Nortegas Värmevärden Electric utility Gas distribution company District Heating 100% control 59.3% control 100% control 70% El Paso 13.0%

60% North Sea 2.9% Contracted/Power (32.4%) 1 5.2% Novatus Sonnedix Power North Sea Ventient Energy2 Holdings3 Midstream Partners Portfolio of wind farms 50% SWGen 5.6% Global solar Natural gas transportation 100% control 100% control 50% control5 Ventient2 9.3% Southwest Generation Novatus Energy1 40% Gas fired generation Wind and solar 100% control 100% control4 Sonnedix3 9.3% 30% Beacon 4.1% GDP-Sensitive (29.5%) BWC 5.1% 20% Storage & Rail Leasing (18.8%) Airports & Ports (10.6%) Beacon Rail Koole Terminals Nieuport Aviation Noatum Ports Koole 9.6% Rolling stock leasing European liquid bulk storage Billy Bishop Airport Terminals operator 100% control 100% control 100% control4 various control 10% Noatum 2.7% Nieuport 3.5% BWC Terminals North Queensland Liquid bulk storage NQA 4.4% Airports 0% 100% control Cairns and Mackay Airports 66.1% control

Note: December 31, 2020 NAV Control includes managed co-investment stakes. Diversification does not guarantee investment returns and does not eliminate the risk of loss. There can be no guarantee they will be met. 1 Includes Coastal Winds. Ownership for Coastal includes tax equity interests. 2 Includes the Vision Renewables platform. 3 Comprises many assets. 4 Includes managed stake 5Split control with financial partner and includes management stake. 17 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

Diverse IIG team of 50+ Supervised by IIF Independent Board and Supported by 90+ Independent PC Directors

Paul Ryan, Managing Director Matthew LeBlanc, Managing Director Brian Goodwin, Managing Director Portfolio Manager Chief Investment Officer Head of Portfolio Asset Management New York New York New York

Investment & Asset Management Team — New York Investment & Asset Management Team — London

Landy Gilbert Andrew Kapp Hai-Gi Li Rob Hardy John Lynch Mark Walters Managing Managing Managing Managing Managing Managing Director Director Director Director Director Director

Marko Josipovic Kathleen Lawler Dan Mitaro Stephen Leh Ben Francis Mark Scarsella Sara Sulaiman Gary Blackburn Executive Executive Executive Vice President Executive Executive Executive Vice President Director Director Director Director Director Director

Clara Lequin Jack Gillespie Sneha Sinha Michelle Georgina Yea Preston Scherer Martin Michael Karp Vice President Vice President Vice President van Ryneveld Vice President Vice President Berkowitz Associate Associate Vice President

Patrick Mauricio Sophia Lisandro Frederico Mawuse Doe Alexandru Godoroja Glodkowski Palazzi Sciabica Cardinali Correia Associate Associate Associate Associate Associate Associate Associate

Client Strategy Fund Execution Research

Nick Moller Gilly Zimmer Dan Galinko Amanda Wallace Hannah Logan Ebru Sert Karthik Executive Director Executive Director Executive Director Managing Director Executive Director Executive Director Narayan New York New York New York New York London New York Vice President New York Cassie Winn Chris Simard Hardip Syan Elaine Ashe Katarina Roele Executive Director Vice President Vice President Analyst Associate New York New York London New York London

Client Service, Finance & Tax

Stephen Liu Manu Ed Wu Esandra Esther Cho Simon Choi Executive Director Miriyagalla Executive Director Blackwood Vice President Vice President Executive Director Vice President

April Lee Jonathan Sara Ali Akmal Nina Maurio Vice President Schwartz Scoppetuolo Associate Associate Vice President Vice President

All listed individuals are employees of JPMAM. There can be no assurance that the professionals currently employed by JPMAM will continue to be employed by JPMAM or that the past performance or success of any such professional serves as an indicator of such professional’s future performance or success. Source: JPMAM, as of February 2021. Photo source: JPMAM 18 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

ESG in Practice ― Engagement vs. Exclusion

We believe a focus on ESG, safety and diversity/inclusion is critical to optimizing resilient risk-adjusted returns

 Majority Control – key for implementation of sustainable practices

Governance  Independent Boards of Directors – provides diversity of thought, relationships and experience

 Stakeholder engagement is critical for maintaining social license to operate Stakeholders  Proactive approach to managing relationships, including customers, employees, communities and regulators

 “A” rating for Direct Infrastructure on the 2020 UN PRI annual assessment report1 UN PRI & SDG  More than 80% of the IIF portfolio contributes to the achievement of the United Nations Sustainable Development Goals  $30 billion commitment toward advancing racial equality via homeownership, affordable rental housing, small business support and 2  Global Real Estate Sustainability Benchmark (GRESB) member and philanthropic causes GRESB Fund ranked 5th out of 17 in its peer group in 2020  Adopting a Paris-aligned financing th  12 of 75 in overall Fund score commitment and launching a Center for Carbon Transition

 ~52% of IIG Team is diverse, including ~40% female  Offsetting 100% of employee air travel for the past 10+ years through the purchase of Verified Diversity, Equity &  ~30% of IIF appointed Independent Directors are female Emission Reduction credits Inclusion  ~100% of PCs include DEI as part of the Board’s discussions around business plan and strategy 3

As of December 31, 2020. 1JPMAM is the signatory to UN PRI. For more information regarding the PRI assessment methodology or to view the 2020 JPMAM RI Transparency Report, please go to www.unpri.org.The 2020 JPMAM assessment Report is available upon request. 2JPMAM is a member of GRESB Infrastructure. 3 From 2020 DEI survey results where 16 IIF portfolio companies participated. PRI and GRESB ratings are not reliable indicators of current and/or future results and past performance is not a reliable indicator of current and future results. Investing on the basis of sustainability/ESG criteria involves qualitative and subjective analysis. There is no guarantee that the determinations made by the Investment Adviser will align with the beliefs or values of a particular investor. Companies identified by an ESG policy may not operate as expected and adhering to an ESG policy may result in missed opportunities. Photo source: JPMAM

19 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

Demonstrated Strategic Platform Investment Strategy

 Platform add-ons to existing portfolio companies expected to allow for a more efficient and de-risked capital deployment strategy

 Strategic Platforms represent approximately 75% of portfolio by NAV

 Since 2013, approximately 51% of the Fund’s capital has been deployed behind platform investments – More than 200 separate investments with average equity check size of ~$75mm – Many of these investments are non-competitive processes

 EBITDA margin was ~48% LTM as of Q4 2020 - a foundation of cash yield

Cumulative Net Investment 2013 – Q4 2020 – Platform vs. New

16,000.0 Breakdown of 2020 deals submitted to investment committee & independent 14,000.0 board per size ($mm): 75% 70% 12,000.0 50% 22% 25% 8% 0% 10,000.0 51% Less than $100 $101-500 More than $500

8,000.0

6,000.0

4,000.0 49%

2,000.0

0.0 Dec/2013 Dec/2014 Dec/2015 Dec/2016 Dec/2017 Dec/2018 Dec/2019 Dec/2020

Net New Investment Net Platform Investment

Note: Net Investment includes the sale and co-investments at the asset level.

Source: JPMAM. All data as of December 31, 2020 unless otherwise stated. Net capital invested into platforms includes (a) IIF equity provided to portfolio companies for acquisitions and capital improvements and (b) IIF equity used for the acquisition of portfolio company ownership interests from co- shareholders. Past performance is not a reliable indicator of current and future results.

20 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 41edd520-25eb-11eb-81c0-eeee0aff22b2 - November 14, 2020

2020 Select Transaction Activity

El Paso Electric Adven

 El Paso Electric Company (“EPE”), a  Adven is a Finland-based provider of vertically integrated electric utility in outsourced energy infrastructure and Texas and New Mexico. district heating in the Nordic and Baltic regions.  In Q2-2019, entered into a definitive agreement to purchase EPE. Closed  In October, closed on the acquisition

in July 2020 of Adven

Investments Portfolio Company Company Portfolio

Q1 2020 Q2 2020 Q3 2020 Q4 2020

BWC Varme Sonnedix Sonnedix SWWC SWGen Beacon Ventient BWC Terminals Acquired 15 Ventient Energy BWC signed Acquired 51% of 17.7 MW of BW Terminals 4.6 MW of Signed an Acquired the new-build closed on the the acquisition district heating projects in Italy and Contanda projects agreement for Mankato CBD90, acquisition of a of Texas City networks in Dala and 5.5 MW of successfully in Spain the acquisition Energy Center battery- Portuguese terminals from Energi Värme projects in merged their of Ni Pacolet ("Mankato"), a operated, wind company NuStar Energy AB and Rättvik Japan management Milliken Utilities 720 MW gas- hybrid with 31 L.P. Energi AB teams and fired power financial plant in shunting operational

reporting Minnesota locomotives wind farms Platform Investments Investments Platform Sonnedix

74.7 MW of projects in Spain

As of January 2021. These examples are included solely to illustrate the investment process and strategies which have been utilized by IIF. It should not be assumed that investments within the portfolio have or will perform in a similar manner to the investments above. Please note that these investments are not necessarily representative of future investments that IIF will make. Past performance is not a reliable indicator of current and future results. 21 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 576b5d40-203d-11eb-ba4c-eeee0aff09c0 - November 6, 2020

El Paso Electric – US Electric Utility

 During July 2020 the Infrastructure Investments Fund (“IIF”) closed on the acquisition of El Paso Electric Company (“EPE”)

 ~$2.2bn equity investment by IIF increasing exposure to both the US and to regulated utilities

ACQUISITION HIGHLIGHTS

 Vertically integrated electric utility serving ~424,000 residential, commercial, industrial, public authority and wholesale customers in Texas and New Mexico

 ~2,085 MW of owned generation capacity and ~1,100 employees

 Environmentally-favorable (coal-free) generation asset base, with close proximity to high-quality, and underutilized, renewable resources

 Regulatory regimes which are well understood by market participants

 Service territory with strong economic development plan and consistently increasing and above industry-average customer and load growth

 IIF is aligned with EPE and its mission to support the growth and success of EPE, its employee base, customers and communities

 IIF is making a significant investment in EPE’s service territory with a $100 million commitment to regional economic development

These examples are included solely to illustrate the investment process and strategies which have been utilized by IIF. It should not be assumed that investments within the portfolio have or will perform in a similar manner to the investment above. Please note that this investment is not necessarily representative of future investments that IIF will make. There can be no guarantee of future success. As of 7/31/2020. Photo source: JPMAM 22 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION d6613300-22a3-11eb-81c0-eeee0aff22b2 – November 10, 2020

Investment Case Study ― Adven

 In September 2020, the Infrastructure Investments Fund (“IIF”) entered into an agreement to acquire Adven. The acquisition closed in 4Q 2020

 Adven is a leading provider of district heating and industrial energy solutions (“IES”) across the Nordics and Baltics, with operations across five countries through over DH Sites = 233 300 sites IES Sites = 99 Värmevärden ACQUISITION HIGHLIGHTS Sites = 24

 Combined potential of Värmevärden and Adven, two independently strong businesses, creates a leading sustainable energy platform, delivering an aggregate 5.2 TWh of energy to customers, with 2.7 GW of installed capacity

 Step change in IIF’s Nordic footprint, enhancing the scale and capability of our ongoing investment outlook in the region

 Quasi-regulated, residential district heating provision to a diversified and stable customer base

 Long term contracted energy provision for business-critical processes to industrial customers with strong credit ratings

 Significant growth opportunity as the leading participant in the IES space given solid track record and structural need for green energy solutions

 Enhanced platform for inorganic consolidation of highly fragmented district heating markets

 ESG and sustainability leader with goals to reduce CO2 emissions by 200,000 tons between 2020 and 2025 through improving clients’ energy efficiency and facilitating their switch to renewable energy sources

 Upside potential through a platform approach, operational excellence and best practice sharing

As at November 2020. These examples are included solely to illustrate the investment process and strategies which have been utilized by the Investment Adviser. It should not be assumed that investments within the portfolio have or will perform in a similar manner to the investment above. Please note that this investment is not necessarily representative of future investments that the Investment Adviser will make. There can be no guarantee of future success.

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Quality Portfolio Construction Underpins Reliable Long-Term Cash Flows and Returns

 15-year projection of IIF’s NAV by underlying exposure illustrates its base case portfolio construction over the long term.

 IIF’s NAV is underpinned by core essential services anticipated to have strong and stable cash flow generation through market cycles.

 Long-term contracted/regulated exposures projected to grow to 63% of IIF’s NAV over the next 15 years.

 Forecast does not assume any material acquisitions/divestments that would change the current portfolio construction.

IIF Forecast NAV Breakdown by Underlying Cash Flow Risk Profile

100% 16% 15% 15% 15% 90% 17% 17% 17% 16% 16% 16% 15% 16% 16% 16% 16%

80% 20% 23% 23% 23% 22% 23% 23% 21% 21% 20% 22% 22% 22% 22% 70% 22%

60% 23% 23% 23% 22% 50% 24% 23% 23% 23% 22% 28% 27% 26% 26% 25% 24% 40%

30%

20% 39% 41% 41% 39% 39% 40% 41% 34% 35% 35% 35% 36% 37% 38% 42% 10%

0% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Regulated Contracted GDP-Sensitive Uncontracted Power

Source: J.P. Morgan Asset Management. Data as of 4Q 2020. Opinions, estimates, forecasts, and projections are based on current market conditions, constitute IIF's judgment and are subject to change without notice. There can be no guarantee they will be met. Past performance is not a reliable indicator of current and future results.

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A Long-Term Focus on Quality Creates Resilient Competitive Advantages

High Quality ■ Established in 2006 providing mature and diversified exposures in core OECD industries Portfolio ■ $17.0bn portfolio of 19 portfolio companies (560 assets) in 22 countries & 11 subsectors

■ 8.2% p.a. for last 5 years with operating cash yield being ~70% of total (5.6% p.a.) Cash Yield ■ 6%+ cash yield each of the past 7 years

Risk-Adjusted ■ 5yr local currency net return of 7.0% p.a. (5.3% 1yr) with 1.5% p.a. vol. over 5 years Return ■ Less drawdown than listed equity indices during global financial crisis and COVID crisis to date

■ Focus on attractive mid market opportunities, approx. 51% of capital deployed since 2013 with Platform average investment size of ~$75mm across more than 200 investments Investing ■ Deployed ~$14.3bn net since 2013 while improving returns/yield and reducing leverage

■ Control investments - Co-largest/controlling owner in close to all portfolio companies ESG & Alignment ■ Social license and ESG management essential for optimizing risk-adjusted sustainable returns ■ Significant IIG team personal investment alongside investors in addition to incentive fee

Source: JPMAM, as of December 31, 2020 unless otherwise stated. The Investment Adviser seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. Opinions, estimates, forecasts, and projections are based current market conditions, constitute IIF’s judgment and are subject to change without notice. Past performance is not a reliable indicator of current and future results.

25 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Appendix

26 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

Key Terms & Conditions

Summary of Key Terms & Conditions

Currency  Denominated in USD; Unhedged and select currency hedged Fund Vehicles available

Target Return  8-12% net1

Target Cash Yield  5-7% on NAV1 (Cash distributions)

Distributions  Quarterly. Can be received as cash or reinvested

 Semi-annual on best efforts basis with 4-year soft lock

Repurchases  Repurchase requests made prior to the fourth anniversary of the final drawdown of an Investor’s Commitment subject to a 4% repurchase discount

 USD 10 million ― May be waived at investment advisor’s discretion (may be subject to different terms and conditions Minimum Commitment including additional costs or higher fees) $20bn+ Fund NAV 2 Current

 < USD 10mm: See Minimum Commitment  < USD 10mm: See Minimum Commitment

 USD10mm to

 USD 500mm to

 USD 1bn and above: 54bps  USD 1bn and above: 57bps

 15% over 7% net local currency return hurdle (no-catch-up)

Incentive Fee  1-year measurement period; vesting in year 2 and 3 subject to continued performance

 Cap of 13.5% net return (reduced to 10% for 2020 – 2022)

 Snapshot: ~30-40* days after quarter end  Quarterly Report: ~60-90* days after quarter end Reporting  Investor Statement: ~40* days after quarter end  Annual Report: ~90-120* days after year end

 Generally available for commitments USD 50mm+ (subject to agreement of mutually acceptable terms and Side Letters conditions) Note: Please refer to the PPM for additional information. 1 The target returns and yield are for illustrative purposes only and are subject to significant limitations. An investor should not expect to achieve actual returns or yield similar to the targets shown above. Please see the complete Target Return disclosure at the conclusion of the presentation for more information on the risks and limitation of target returns. 2 Decreases by another 5% when Fund NAV reaches USD 30bn rounded to nearest basis point *Estimate based on current practice. Generally provided on the earlier side of the range in practice.

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IIF Optional Currency Hedging Program ─ Summary

In October 2018, IIF established an optional currency hedging program. ~USD 7 billion of committed capital in the program as of December 31, 2020

Summary of IIF Currency Hedging Program

 IIF Australian 1 Trust, IIF LP, IIF Canadian 1 LP, IIF Cayman 1 Ltd, IIF UK 1 LP, IIF Luxembourg & IIF ERISA LP, HFIVs Currently Available and IIF Canadian 2 LP

Currencies Offered  AUD, CAD, EUR, GBP, JPY, SEK & USD currently

Hedging Strategy  Anticipate rolling 3-month forwards; directly hedge portfolio company reporting currencies

Fees  JPM does not charge any additional fees for managing the program

 Anticipate ongoing operational costs to be ~5bps1 p.a. dependent on program scale

 Additional interest cost of use of credit facility to cover F/X mark-to-market (“MTM”) (if necessary) will be Estimated Costs allocated to the applicable Hedging Investors

 F/X forward market pricing also results in a benefit or cost. Depends on market conditions and currencies being hedged and evolves over time as the result of relative interest rates

 Settled with use of the Fund’s credit facility and then repaid by Hedging Investors

 Fund distributions held back (if necessary) to recover F/X MTM F/X Settlement  Ability to redeem units or call capital above commitment amount from the hedged investor to cover MTM of the hedge

Election (Existing  Annual election anticipated May 31 for every July 1 Investors)  Ability to partially hedge and move into and out of HFIV

Third Party Administrator  Chatham Financial

As of January 2021. 1 Generally varies from ~3-10bps at the individual vehicle level depending in particular both on the scale of the overall program and specific vehicle Note: Please refer to the PPM for important additional risks, disclosures and information.

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A Diversified Long Term Investor Base Built Over More Than a Decade

IIF has commitments from 724 client accounts across 37 countries

Commitments By Geography Commitments by Investor Type

Asia ex Japan Unions/multi- Endowments, 3% employer Foundations Australia 5% & Other 2% plans 7% Government- sponsored UK 27% Japan 8% pension plans Other 5% 36%

Middle East Insurance 7% 11%

Canada 13%

US 20%

Europe ex UK Corporate 17% pension plans 38%

Based on committed client accounts as of December 31, 2020. Opinions, estimates, forecasts, and projections are based on current market conditions, constitute IIF's judgment and are subject to change without notice. There can be no guarantee they will be met. Past performance is no guarantee of comparable future results.

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100+ Independent Directors Provide Governance Best Practices

Expertise, networks and independent oversight regarding audit, risk, health and safety, etc. from these board members are critical to the effective management of portfolio companies and sourcing new investments IIF Independent Board (12 total)

Mike Nagle Henry Fayne Rita Sallis Chris Ward Extensive experience in law, 30+ yrs experience, Former Former Chief Investment 30+ years experience, Port legal, corporate CFO, American Electric Officer of New York City’s Authority of NY and NJ communications and human Power, an electric utility co. $100 billion pension system resources Vumi Dube Anne Cleary Extensive experience in 30+ years experience across Accounting, client service all areas of the electric utility and relationship space management Portfolio Company Boards (90+ total)

Kathy Alexander Anne Berner Leanne Bell Jane Bird Summit Utilities Värmevärden Ventient Energy, Southwest Nieuport Aviation Extensive experience in Former Finnish Minister of Generation 20+ yrs in infrastructure utilities and security sectors Transport and 35+ yrs experience project management Communications investment banking Lindsay Brace-Martinez Randy Daniels Sherina Edwards Michele Golodetz Novatus Energy BWC Terminals SWWC BWC Terminals; U.S. Inv. Former NY Secretary of Extensive experience in Law, 20+ yrs in investment and Experience in sustainability, State government and forestry sectors in Chile natural resources infrastructure Susan Gonzalez Keith Howard Petros Kitsos Diane Smith-Gander Sonnedix Beacon Rail Leasing Sonnedix North Queensland Airports Extensive experience in law, 20+ yrs in rolling stock 22+ yrs in aerospace, defense Former management technology and infrastructure owning companies & diversified industrials consultant

Coby van der Linde Frank Cassidy Liz Barry Karen Plessinger Koole El Paso Beacon Rail Leasing SWWC + Sonnedix Extensive background in Electric + gas utility industry Extensive experience in the 30+ yrs energy and utility European and international veteran with 40 yrs in senior aerospace sector; 35+ yrs in finance, investment and energy markets executive roles asset & lease finance sector private equity experience Source: JPMAM, as of December 31, 2020. There can be no assurance that the professionals listed will continue to be associated with IIF and past performance is not a reliable indicator of current and future results. Photos were sourced by individuals referenced.

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IIF Historical Investment Performance

Investment Performance as of 12/31/20201

Since July 1st, 2007 Quarter One Year2 Three Year2 Five Year2 Ten Year2 Inception2,3 Cash Yield (Distributions / NAV) 1.5% 10.7% 9.3% 8.2% 7.1% 5.9% Operational Cash Yield4 0.5% 7.0% 6.7% 5.6% 5.5% 4.8% Return of Capital4 1.0% 3.5% 2.5% 2.5% 1.5% 1.1% Gross Asset Performance (Local Currency) 2.9% 6.3% 8.9% 8.8% 9.2% 8.2% Less: Taxes5 (0.1%) 0.3% (0.2%) (0.3%) (0.4%) (0.4%) Less: Fund Expenses6 (0.1%) (0.4%) (0.5%) (0.5%) (0.5%) (0.6%) Less: Management & Incentive Fees7 (0.2%) (0.8%) (0.9%) (0.9%) (1.1%) (1.3%) Net Total Return Local Currency 2.4% 5.3% 7.3% 7.0% 7.0% 5.9% Unhedged F/X Impact8 2.8% 3.8% 0.0% 0.4% (0.8%) (1.8%) Net Total USD Unhedged Return 5.2% 9.1% 7.3% 7.4% 6.2% 4.0%

Past performance is not indicative of future returns. Returns include the re-investment of income. All performance numbers have been calculated in US dollar terms. 1 Performance numbers represent a composite return of the combined fund investor vehicles (FIVs) in existence as of December 31, 2020. Specific FIV and investor returns are shown on the quarterly investor statements. Investment performance does not include hedging gains/(losses) resulting from the Hedging Program. 2 Returns for periods greater than one quarter are time-weighted rates of return calculated by linking quarterly returns. Returns of greater than one year are annualized. The sum of Asset performance, taxes, expenses, management fees, and F/X impact may not equal Net total USD returns due to the compounding effects of linking quarterly 3 Inception to date returns have been calculated beginning July 1, 2007, which represents the first full quarter of Investor participation in the Fund. 4 Return of Capital represents the cost basis of the sale of any investments or the cost basis of any refinancing proceeds. Any other proceeds are included in Operational Cash Yield. 5 Taxes mainly relate to deferred taxes on net appreciation of the Fund. 6 Includes Fund-level income and expenses. 7 Starting Q1 2020, incentive fees are being accrued within the Fund for those investors who elected the new fee structure. 8 FX gains and losses at the underlying portfolio companies are included in FX and represent an impact on the Quarterly, One Year, Three Year, Five Year, Ten Year and Inception to Date returns of 0.0%, -0.7%, -0.7%, -0.1%, -0.1%, 0.0.%, and 0.0%, respectively.

31 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION f0206b50-252b-11eb-9087-eeee0aff85e8 - November 13, 2020

F/X Currency Hedging Program Performance

Oct 1st, 2018 through AUD EUR GBP JPY USD September 30th, 2020 (% p.a.)1

Net Total Return - Local Currency 6.3% 6.3% 6.3% 6.2% 6.2%

FX Impact2 0.1% 0.1% 0.1% 0.1% 0.1% Net Total USD Return - Pre Hedging 6.4% 6.4% 6.5% 6.2% 6.3%

FX Translation to Home Currency3 -0.1% -0.7% 0.1% -3.7% 0.0% Impact of Hedging4 -1.1% -0.8% -0.9% 2.2% 1.0% Hedging Expense -0.1% -0.1% -0.1% -0.1% -0.1%

Net Home Currency Return - Post Hedging 6.7% 5.0% 6.2% 4.8% 7.5%

As of September 30, 2020 Past performance is no guarantee of future results. Returns include the re-investment of income. Returns represent a composite of the returns of all investors in each particular FIV. Individual returns may vary. AUD = IIF Australian Trust 1, EUR = IIF UK 1 Hedged LP; GBP = IIF UK 1 Hedged LP, JPY = IIF Canadian 1 Hedged LP; USD = IIF Hedged LP.

1 Returns for periods greater than one quarter are time-weighted rates of return calculated by linking quarterly returns. Returns of greater than one year are annualized. 2 Relates to changes in the exchange rates of the underlying portfolio companies held in local currency terms and the USD, the Fund's reporting currency 3 Relates to the exchange rates of the Fund currency (USD) to an investors home currency 4 Relates to the gains/(losses) on the FX currency forward contracts between the underlying portfolio companies' currency and Investor's home currency.

Please refer to the PPM for important additional risks, disclosures and information.

32 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Risk and Disclosures

NOT FOR RETAIL DISTRIBUTION: This communication has been prepared exclusively for institutional, wholesale, professional clients and qualified investors only, as defined by local laws and regulations.

This is a promotional document and is intended to report solely on investment strategies and opportunities identified by J.P. Morgan Asset Management and as such the views contained herein are not to be taken as advice or a recommendation to buy or sell any investment or interest thereto. This document is confidential and intended only for the person or entity to which it has been provided. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. This presentation is qualified in its entirety by the offering memorandum, which should be carefully read prior to any investment in a fund. The purchase of shares of a fund is suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in such fund’s investment program. An investment in the funds involves a number of risks. For a description of the risk factors associated with an investment in a fund, please refer to the section discussing risk factors in the offering memorandum (available upon request). Shares of the funds are not deposits, obligations of, or endorsed or guaranteed by, JPMorgan Chase Bank, NA or any other bank and are not insured by the FDIC, the Federal Reserve Board or any other government agency. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of J.P. Morgan Asset Management, unless otherwise stated, as of the date of issuance. They are considered to be reliable at the time of production, but no warranty as to the accuracy and reliability or completeness in respect of any error or omission is accepted, and may be subject to change without reference or notification to you. Investments in Alternative Investment Funds (AIFs) involves a high degree of risks, including the possible loss of the original amount invested. The value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying investment. Both past performance and yields are not reliable indicators of current and future results. There is no guarantee that any forecast will come to pass. Any investment decision should be based solely on the basis of any applicable local offering documents such as the prospectus, annual report, semi-annual report, private placement or offering memorandum. For further information, any questions and for copies of the offering material you can contact your usual J.P. Morgan Asset Management representative. Any reproduction, retransmission, dissemination or other unauthorized use of this document or the information contained herein by any person or entity without the express prior written consent of J.P. Morgan Asset Management is strictly prohibited.

In the United Kingdom, the Funds are categorized as a Non-Mainstream Pooled Investment as defined by the Financial Conduct Authority (FCA). The Funds are not available to the general public and may only be promoted in the UK to limited categories of persons pursuant to the exemption to Section 238 of the Financial Services and Markets Act 2000 (FSMA 2000). This information is only directed to persons believed by JPMorgan Asset Management (UK) Limited to be an eligible counterparty or a professional client as defined by the FCA. Persons who do not have professional experience in matters relating to investments should not rely on it and any other person should not act on such information.

In Switzerland, JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 37, 8002 Zurich, acts as Swiss representative of the funds and J.P. Morgan (Suisse) SA, 8 Rue de la Confédération, 1204 Geneva, as paying agent of the funds. JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from Switzerland it receives commissions pursuant to Art. 34 para. 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006. These commissions are paid out of the management fee as defined in the fund documentation. Further information regarding these commissions, including their calculation method, may be obtained upon written request from JPMorgan Asset Management (Switzerland) LLC.

Investors should note that there is no right to cancel an agreement to purchase shares under the Rules of the Financial Conduct Authority, the normal protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme is not available. J.P. Morgan Asset Management or any of its affiliates and employees may hold positions or act as a market maker in the financial instruments of any issuer discussed herein or act as the underwriter, placement agent or lender to such issuer. The investments and strategies discussed herein may not be suitable for all investors and may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdictions. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products.

Investing in infrastructure assets or debt associated with infrastructure involve a variety of risks, not all of which can be foreseen or quantified, and which include, among others: the burdens of ownership of infrastructure; 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; risks related to construction, regulatory requirements, labor actions, health and safety matters, government contracts, operating and technical needs, capital expenditures, demand and user conflicts, bypass attempts, strategic 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, investments in other funds, troubled infrastructure assets and planning laws and other governmental rules; changes in energy prices; negative developments in the economy that may depress travel activity; force majeure acts, terrorist events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Fund or the Investment Adviser. Many of these factors could cause fluctuations in usage, expenses and revenues, causing the value of the Investments to decline and negatively affecting the Fund’s returns.

33 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Risk and Disclosures (cont’d)

The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative and financial and monetary policy interventions designed to mitigate the pandemic and address its negative externalities, all of which are evolving rapidly and may have unpredictable results. Even if and as the spread of the COVID-19 virus itself is substantially contained, it will be difficult to assess what the longer-term impacts of an extended period of unprecedented economic dislocation and disruption will be on future macro- and micro-economic developments, the health of certain industries and businesses, and commercial and consumer behavior. The financial performance of the Fund’s investments will depend on future developments all of which are highly uncertain and cannot be predicted at this time and the effects of which may be more adverse to the aggregate investment performance and any projected future performance of the Fund and to certain or all of the individual investments described herein than currently anticipated.

Securities products, if presented in the U.S., are offered by J.P. Morgan Institutional Investments, Inc., member of FINRA.

J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy.

This communication is issued by the following entities:

In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be.; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), which this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919).

Target Returns The target returns discussed herein have been established as of the date of this presentation. The target returns have been established based on assumptions and calculations using available data and investment opportunities and is subject to the risks set forth herein and set forth more fully in the applicable Fund’s Memorandum. A more detailed explanation along with the data supporting the target returns is on file with the investment adviser and is available for inspection upon request. The target returns are for illustration/discussion purposes only and are subject to significant limitations. An investor should not expect to achieve actual returns similar to the target returns shown above. The target returns are estimates based on the assumptions, as well as past and current market conditions, which are subject to change. The Fund has the discretion to change the target returns at any time. Because of the inherent limitations of the target returns, potential investors should not rely on them when making a decision on whether or not to invest in any Fund. The target returns cannot account for the impact that economic and market factors have on the implementation of an actual investment program. Unlike actual performance, the target returns do not reflect actual trading, liquidity constraints, fees, expenses, and other factors that could impact the future returns of a Fund. The Fund’s ability to achieve the target returns is subject to risk factors over which the Fund or the investment adviser may have no or limited control. No representation is made that a Fund will achieve the target return or its investment objective. Actual returns could be higher or lower than the target returns. The data supporting the Target Return is on file with J.P. Morgan and is available for inspection upon request..

For U.S. only: If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.

Copyright 2021 JPMorgan Chase & Co. All rights reserved. 843d31a0-6899-11eb-b7ed-eeee0affe7da February 10, 2021

34 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION STRICTLY PRIVATE | CONFIDENTIAL

Risk disclosure

Risks Associated with Investments in Transportation Assets Generally: An investment in the Strategy is subject to certain risks associated with the ownership of transportation assets and the transportation industry in general, including: the burdens of ownership of transportation-related assets; local, national and international economic conditions; the supply and demand for assets; the financial condition of operators, buyers and sellers of assets that include the market values of transportation assets (i.e., ships, aircraft, fleet vehicle and heavy equipment) and lease rates that include the price at which interests in said assets can be acquired, the future value of those assets (particularly at the time the Operating Leases expire), and the Lease Rates applicable to those assets; changes in interest rates and the availability of credit which may render the sale or refinancing of assets difficult or impracticable; changes in environmental laws and regulations, planning laws and other governmental rules and fiscal and monetary policies; Oil and fuel price risks that include significant volatility in fuel prices which make up a material component of a transportation assets’ cost base. Oil price volatility may have an impact on individual operators ability to meet lease payments as well as demand for travel/shipping generally; Concentration risk in the short term whilst the Fund is building its portfolio of assets, there is likely to be a concentration of asset type, lessee and/or region; An investment in the strategy is illiquid. Whilst there is a secondary market for the assets, this will depend on prevailing market conditions; changes in taxation laws or Government taxation policy affecting domestic and international investments and depreciation; planning laws and other governmental rules and fiscal and monetary policies; environmental claims arising in respect of assets acquired with undisclosed or unknown defects or problems resulting in environmental liabilities or as to which inadequate reserves have been established; changes in tax rates; changes in energy prices; negative developments in the economy that depress commercial transportation activity; uninsured casualties; force majeure acts, terrorist and piracy events, under-insured or uninsurable losses; and other factors which are beyond the reasonable control of the Strategy and the Investment Adviser. In addition, as recent experience has demonstrated, transportation assets are subject to long-term cyclical trends that give rise to significant volatility in values. This material is confidential, contains proprietary information of J.P. Morgan Alternative Asset Management, and is for informational purposes only and may not be reproduced, shown or distributed. It is intended solely for the recipient and may not be shared with any third parties without written consent from J.P. Morgan Alternative Asset Management, Inc. This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation Target Return/Target Volatility: The target returns discussed herein have been established as of the date of this presentation. The target returns have been established by each investment adviser based on its assumptions and calculations using data available to it and available investment opportunities and is subject to the risks set forth herein and set forth more fully in the applicable Fund’s Memorandum. A more detailed explanation along with the data supporting the target returns is on file with the applicable investment adviser and is available for inspection upon request. The target returns are for illustration/discussion purposes only and are subject to significant limitations. An investor should not expect to achieve actual returns similar to the target returns shown above. The target returns are the investment advisor’s estimate based on the investment adviser’s assumptions, as well as past and current market conditions, which are subject to change. Each investment adviser has the discretion to change the target returns for the Fund at any time. Because of the inherent limitations of the target returns, potential investors should not rely on them when making a decision on whether or not to invest in any Fund. The target returns cannot account for the impact that economic and market factors have on the implementation of an actual investment program. Unlike actual performance, the target returns do not reflect actual trading, liquidity constraints, fees, expenses, and other factors that could impact the future returns of a Fund. Any investment adviser’s ability to achieve the target returns is subject to risk factors over which such investment adviser may have no or limited control. No representation is made that a Fund will achieve the target return or its investment objective. Actual returns could be higher or lower than the target returns. The data supporting the Target Return is on file with J.P. Morgan and is available for inspection upon request. Back-tested Calculations: The back-tested calculations are shown for illustrated purposes only and are not meant to be representative of actual results achieved by the manager while investing in the respective strategies over the time periods shown. The back-tested calculations for the respective strategies may be shown gross of fees. If fees were included returns would be lower. Back-tested returns reflect the reinvestment of all dividends. The back-tested performance results have certain inherent limitations. Unlike an actual performance record, they do not reflect trading, liquidity constraints, fees and other costs. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact of certain market factors such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. These back-tested results do not take into consideration the ongoing implementation of the manager’s proprietary investment strategies. No representation is being made that any portfolio will or is likely to achieve profits or losses similar to those shown. Past performance is not indicative of future results. Returns will fluctuate and an investment upon redemption may be worth more or less than its original value. Gross of Fee Return: Performance results may be shown gross of management fees. The deduction of an advisory fee reduces an investor’s return. Actual account performance will vary on individual portfolio security selection and the applicable fee schedule. Fees are available upon request. The following is an example of the effect of compounded advisory fees over a period of time on the value of a client’s portfolio: A portfolio with a beginning value of $100 million, gaining an annual return of 10% per annum would grow to $259 million after 10 years, assuming no fees have been paid out. Conversely, a portfolio with a beginning value of $100 million, gaining an annual return of 10% per annum, but paying a fee of 1% per annum, would only grow to $235 million after 10 years. The annualized returns over the 10 year time period are 10.00% (gross of fees) and 8.91% (net of fees). If the fee in the above example was 0.25% per annum, the portfolio would grow to $253 million after 10 years and return 9.73% net of fees. The fees were calculated on a monthly basis, which shows the maximum effect of compounding.

35 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION STRICTLY PRIVATE | CONFIDENTIAL Important Notes (Continued)

Past performance is not indicative of future results. These materials are strictly confidential and may not be reproduced or redistributed in whole or in part nor may their contents be disclosed to any other person. The securities described herein are not deposits or obligations of, or guaranteed or endorsed in any way by J.P. Morgan, or any other bank and are not insured by the FDIC, the Federal Reserve Board, or any other governmental agency. These securities will not be listed on or traded under the rules of any exchange and it may therefore be difficult to sell or obtain reliable information about its value or the extent of the risks to which it is exposed. The value of the investment may fall as well as rise and investors may get back less than they invested. Where securities are issued in a currency other than the investors’ currency of reference, changes in exchange rates may have an adverse effect on the value of the investment. Further information is available on request. Indices presented, if any, are representative of various broad base asset classes. They are unmanaged and shown for illustrative purposes only.

This document is intended solely to report on various investment views held by J.P. Morgan Asset Management. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but we do not warrant its accuracy or completeness. The views and strategies described may not be suitable for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Indices do not include fees or operating expenses and are not available for actual investment. The information contained herein employs proprietary projections of expected returns as well as estimates of their future volatility.

During the ordinary course of its business, J.P. Morgan may seek to perform investment banking services and other services for, and to receive customary compensation from companies in which an investment is made, including acting as underwriter for public offerings for these companies.

NOT FOR RETAIL DISTRIBUTION: This communication has been prepared exclusively for institutional, wholesale, professional clients and qualified investors only, as defined by local laws and regulations. This is a promotional document and is intended to report solely on investment strategies and opportunities identified by J.P. Morgan Asset Management and as such the views contained herein are not to be taken as advice or a recommendation to buy or sell any investment or interest thereto. This document is confidential and intended only for the person or entity to which it has been provided. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. This presentation is qualified in its entirety by the offering memorandum, which should be carefully read prior to any investment in a fund. The purchase of shares of a fund is suitable only for sophisticated investors for whom an investment in such fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in such fund’s investment program. An investment in the funds involves a number of risks. For a description of the risk factors associated with an investment in a fund, please refer to the section discussing risk factors in the offering memorandum (available upon request). Shares of the funds are not deposits, obligations of, or endorsed or guaranteed by, JPMorgan Chase Bank, NA or any other bank and are not insured by the FDIC, the Federal Reserve Board or any other government agency. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of J.P. Morgan Asset Management, unless otherwise stated, as of the date of issuance. They are considered to be reliable at the time of production, but no warranty as to the accuracy and reliability or completeness in respect of any error or omission is accepted, and may be subject to change without reference or notification to you. Investments in Alternative Investment Funds (AIFs) involves a high degree of risks, including the possible loss of the original amount invested. The value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying investment. Both past performance and yields are not reliable indicators of current and future results. There is no guarantee that any forecast will come to pass. Any investment decision should be based solely on the basis of any applicable local offering documents such as the prospectus, annual report, semi-annual report, private placement or offering memorandum. For further information, any questions and for copies of the offering material you can contact your usual J.P. Morgan Asset Management representative. Any reproduction, retransmission, dissemination or other unauthorized use of this document or the information contained herein by any person or entity without the express prior written consent of J.P. Morgan Asset Management is strictly prohibited. In the United Kingdom, the Funds are categorized as a Non-Mainstream Pooled Investment as defined by the Financial Conduct Authority (FCA). The Funds are not available to the general public and may only be promoted in the UK to limited categories of persons pursuant to the exemption to Section 238 of the Financial Services and Markets Act 2000 (FSMA 2000). This information is only directed to persons believed by JPMorgan Asset Management (UK) Limited to be an eligible counterparty or a professional client as defined by the FCA. Persons who do not have professional experience in matters relating to investments should not rely on it and any other person should not act on such information. Investors should note that there is no right to cancel an agreement to purchase shares under the Rules of the Financial Conduct Authority, the normal protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme is not available. J.P. Morgan Asset Management or any of its affiliates and employees may hold positions or act as a market maker in the financial instruments of any issuer discussed herein or act as the underwriter, placement agent or lender to such issuer. The investments and strategies discussed herein may not be suitable for all investors and may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdictions. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products.

36 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION STRICTLY PRIVATE | CONFIDENTIAL Important Notes (Continued)

Securities products, if presented in the U.S., are offered by J.P. Morgan Institutional Investments, Inc., member of FINRA. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://am.jpmorgan.com/global/privacy. For U.S. only: If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance. This communication is issued by the following entities: In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be.; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), which this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919).

In Switzerland, JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 37, 8002 Zurich, acts as Swiss representative of the funds and J.P. Morgan (Suisse) SA, 8 Rue de la Confédération, 1204 Geneva, as paying agent of the funds. JPMorgan Asset Management (Switzerland) LLC herewith informs investors that with respect to its distribution activities in and from Switzerland it receives commissions pursuant to Art. 34 para. 2bis of the Swiss Collective Investment Schemes Ordinance dated 22 November 2006. These commissions are paid out of the management fee as defined in the fund documentation. Further information regarding these commissions, including their calculation method, may be obtained upon written request from JPMorgan Asset Management (Switzerland) LLC.

Copyright 2021 JPMorgan Chase & Co. All rights reserved. 0903c02a82affa5a

37 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION