JPMCB Strategic Property Fund Quarterly Report: December 31, 2016

FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION ABOUT

JPMCB Strategic Property Fund1 pursues a pure core investment strategy designed to deliver a relatively high level of current income combined with moderate appreciation potential. It owns and seeks attractive offi ce, retail, residential and industrial investments in major markets throughout the U.S. with high quality physical improvements, stabilized occupancies, excellent locations and competitive positions within their markets.

The Fund executes its strategy by maintaining a strong balance sheet, investing in the portfolio to drive income return, acquiring new assets for long-term growth and pruning assets with less long-term potential. The Fund’s size, quality, consistent pure core strategy, high occupancy, low lease rollover, solid income, conservative leverage and staggered debt maturities position it to perform well over the long term.

ON THE COVER AND ABOVE: ROYAL HAWAIIAN CENTER, HONOLULU, HI

Royal Hawaiian Center is a 335,667 -square-foot Class A urban shopping center located in Waikiki Beach in Honolulu. The Fund is augmenting the already strong tenant base by replacing underperforming tenants to strengthen retail offerings, diversify merchandising mix and increase sales productivity.

1 Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank, N.A. (“Strategic Property Fund”, “SPF” or “the Fund”). FOURTH QUARTER 2016

STRATEGIC PROPERTY FUND delivered a fourth quarter 2016 total gross FINANCIAL return of 2.2%, comprised of income of 1.0% and appreciation of 1.1%. The total net HIGHLIGHTS return was 1.9%. AS OF DECEMBER 31, 2016 Investment performance Net Asset Value: $30,515,363,858 AS OF DECEMBER 31, 2016 Unit Value: $3,019.87 Income Appreciation Total Gross Asset $41,229,984,564 15 Value:1 Number of Direct Real Property 170 12.5 2 Interests: 11.5 Number of 424 Accounts: 10 9.8 7.2 8.9 8.4 6.4 1 Net Assets refl ected gross of 3.0 Fund’s share of debt at fair value of 2.8

Percent 6.5 approximately $10.7 billion. 3.8 2 Direct real property interests and land 1.1 investments. 5

6.5 5.9 5.4 5.0 2.2 4.8 4.4 1.1

1.0 0

Current One Three Five Ten Fifteen Since (%) quarter year years years years years Jan. 983 SPF 4 Total 2.2 8.4 11.5 12.5 6.5 8.9 9.8

NFI - ODCE 5 Total 2.1 8.8 12.1 12.2 5.8 8.2 9.0

Total returns net of fees were: Current Quarter: 1.9%; One Year: 7.3%; Three Years: 10.4%; Five Years: 11.4%; Ten Years: 5.5%; Fifteen Years: 7.8%; Since Inception: 8.7%. Net returns are based on the highest applicable fee rate for this strategy. The deduction of an advisory fee reduces an investor’s return.

3 SPF’s inception date. 4 Performance results are gross of investment management fees. Past performance is not a guarantee of comparable future results. Actual account performance will vary depending on individual portfolio applicable fee schedule. Total return is calculated based on time-weighted rate of return methodology. 5 The NFI-ODCE (NCREIF Fund Index-Open End Diversifi ed Core Equity) is a fund-level capitalization weighted, time weighted return index and includes property investments at ownership share, cash balances and leverage (i.e. returns refl ect the fund’s actual asset ownership positions and fi nancing strategy).

J.P. MORGAN ASSET MANAGEMENT 1 TO OUR VALUED CLIENTS

Strategic Property Fund delivered a fourth quarter 2016 total gross return of 2.2% and a trailing one year total gross return of 8.4%. The Fund continued to deliver a durable income return of 1.0% for the quarter and 4.4% for the trailing one year period. We anticipate the total gross return for 2017 to be in the range of 6-8%. At quarter end, the gross asset value (GAV) of the Fund was $41.2 billion and net asset value (NAV) was $30.5 billion.

Fourth quarter appreciation was driven primarily from appreciation in the West Coast office assets as well as two of the large regional malls, NorthPark and Royal Hawaiian Center. Rising Treasurys in the fourth quarter resulted in a positive mark to market on the debt. Negative contributors in the fourth quarter included Southeast Financial Center, an office asset located in Miami, FL that sold less for than its carrying value, and Houston Center, our Houston office holding that was devalued to reflect the deteriorating market.

In 2017, SPF will focus on reinvesting in the current portfolio to ensure the existing assets maintain dominant positions in their respective marketplaces across all sectors. Most notably, the Fund has significant redevelopment programs in progress at two of our California malls, University Towne Center and Valley Fair Mall, where we are undertaking renovation and expansion projects with a focus on high-end retail, new restaurant concepts and entertainment.

Acquisition activity will likely be slow in the first half of the year, as investors digest the changing landscape in borrowing costs, softened capital demand for office product and generally slowed rent growth in the multifamily sector as a result of increased delivery of supply. SPF will look to take advantage of any attractive pricing opportunities for high quality assets that may arise as a result. The Fund will focus selective acquisition efforts in the industrial and residential sectors, where we are currently underweight. This may come in the form of core assets or new development opportunities. SPF’s current development exposure is 2.7% of GAV.

Disposition activity in 2017 is anticipated to reflect a more normalized year, with approximately 5% of the NAV of the Fund targeted for sale. Assets anticipated to transact will be across product types, versus the 2016 strategy, which was focused on office sales to help the Fund meet its objective of reducing the overall exposure in the sector.

The Fund ended the calendar year with a cash position of 5.3% of NAV. Reducing the Fund’s leverage was one of our top priorities for 2016 and we successfully brought it down from 27.2% at the end of 2015 to 26.0%. On the liquidity front, we raised over $1.6 billion and accepted $2.4 billion of funded capital during the calendar year. As of December 31, 2016, the contribution queue stood at $489.7 million, approximately 1.6% of the Fund’s net asset value. Investors seeking to increase their Strategic Property Fund position can expect new commitments to be called in approximately three months.

Strategic Property Fund also remains a valuable source of liquidity to our clients, as we distributed $ 3.0 billion to fulfill withdrawal requests for redemptions, management fees and distributable cash flow. The Fund continues to fully satisfy all outstanding redemption requests and is currently operating without a redemption queue.

Thank you for your continued support of Strategic Property Fund and the Real Estate Americas team.

Kimberly A. Adams Ann E. Cole Portfolio Manager Portfolio Manager

2 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 ON THIS PAGE: 10 Hudson Yards New York, NY National Real Estate Overview

REAL ESTATE CAPITAL MARKETS in secondary markets. It appears that investors are chasing The fourth quarter of 2016 has brought with it a host of yields as they move out along the risk spectrum in an effort to changes. A surprising presidential election outcome lead to an meet return requirements. increase in equity market volatility as investors and analysts Despite these headwinds, commercial real estate prices scrambled to determine who the winners and losers would are climbing, thanks to the strength of the underlying be as a new administration takes office. It appears for now fundamentals. With year over year NFI-ODCE same store NOI that the consensus expectation is the economy as a whole growth at 3.7% as of 4Q16; cash flow growth is more than will be the winner as equity markets were up over 4% in the offsetting these other factors. The NFI-ODCE index appreciated two months between Election Day and year end. The pro- by 2.7% in 2016 which is in line with our expectations of growth sentiment has carried over to bond markets as well. moderating appreciation gains to more inflation-like levels. The 10 year treasury rate was up 80 bps from Election Day to When combined with an income return a little shy of 5%, total the end of the year as investors priced in increasing inflation returns for commercial real estate were 7.5% in 2016, which expectations from fiscal stimulus spending and a labor market still compares well to other asset classes. with little slack.

The effect on the commercial real estate market hasn’t been REAL ESTATE SECTOR REVIEW as pronounced, but is still being felt. Cap rates have moved up incrementally, which is likely a reaction to the sharp uptick Market Overview – Retail Sector seen in interest rates. To be clear, the increase in cap rates is Once again, malls posted strong NOI growth in 2016, adding far smaller than the interest rate climb, but it does indicate yet another period of robust operating performance from this that investors are factoring the broader economic changes resilient subsector. In contrast to this strong NOI growth is a into their pricing expectations. Similar to the first half of the more mixed picture for tenant sales. Same store sales growth year, transaction volumes are down and investors appear to is lagging NOI growth by a significant margin and in some be shifting their focus out of the major markets to secondary centers is even negative. This disconnect between sales and ones. Real Capital Analytics is reporting core deal volume in rents means that occupancy costs, or the ratio of a tenant’s the top six markets was down 9% in 2016 while it was up 4% rent to their sales, are climbing to levels which would typically

Direct Real Property Diversification AS OF DECEMBER 31, 2016 DOLLARS IN MILLIONS

TOTAL $28,580.7 100.0% WEST $11,902.6 41.7% Offi ce 11,951.0 41.7% Offi ce 4,391.5 15.4% Industrial 2,921.9 10.2% Industrial 1,040.6 3.6% Residential 6,178.7 21.7% Residential 2,132.6 7.5% Retail 7,529.1 26.4% Retail 4,337.9 15.2% EAST $8,754.9 30.5% Offi ce 5,100.0 17.7% MIDWEST $1,474.8 5.2% Industrial 56.0 0.2% Offi ce 568.2 2.0% Residential 2,489.5 8.7% Industrial 455.3 1.6% Retail 1,109.4 3.9% Residential 336.8 1.2% Retail 114.5 0.4% SOUTH $6,448.4 22.6% Offi ce 1,891.3 6.6% Industrial 1,370.0 4.8% Residential 1,219.8 4.3% Retail 1,967.3 6.9% Direct real property interest only, excluding land investments. Fund’s diversification is based upon investments’ net equity value.

4 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 NATIONAL REAL ESTATE OVERVIEW

raise concerns, particularly in higher-end centers. This shift to fortress malls with the most foot traffic, as retailers are is not happening in isolation, and in large part is more of a likely to shutter multiple inferior sites to make the economics question of how a store’s value is measured. With the rise of at the top locations work. e-commerce, retailers are shifting from the traditional notion that sales alone determine the value-add of a particular When focusing on neighborhood and community centers, location. As brick and mortar retailers transition their business necessity and services still reign supreme and have been over to an omnichannel one, stores are serving as more than one of the only areas that landlords have been able to gain just sales centers. In addition to selling goods, retail locations traction in the market. Restaurants, financial services, personal are now viewed as advertising space to help promote internet services, new exercise concepts as well as traditional gyms sales as well as an easy to access center to help streamline the and even medical services such as dentists, chiropractors, return of unwanted online purchases. In short, as stereotypical podiatrists and veterinarians are a few examples of services brick and mortar retailers build out a larger online presence, that can’t be replaced online and generate trips to the center they are becoming increasingly indifferent to the actual which all tenants benefit from. A central and convenient channel of the sale. This additional value-add of storefronts location for these centers is just as if not more critical than means that tenants are willing to pay more for locations they the other sectors. With e-tailers offering free two day shipping feel promote their brand and help integrate their various on everything from paper towels to a toothbrush, if your asset sales channels. is not quick and easy to get to, consumers will likely just wait the day or two for their product to be delivered as opposed to This shift in strategy is having effects outside of just occupancy heading out to the store. costs. The fluid sales dynamic and rising cost of opening a storefront means that in many cases retailers do not need or Grocery stores also seem to be one of the last bastions of cannot justify multiple store locations in a particular trade goods sales that haven’t transitioned online yet. Whether due area. They are instead focusing on going deeper as opposed to the additional logistical complexities of delivering perishable to broader when planning their footprint. This will serve as an items, or just how engrained an experience going to a physical additional headwind for class B and C malls where a tenant grocery store has become, these formats have so far fended may feel they will not get the visibility they need and a windfall off most attempts at e-competition, at least for now. Even the mighty Amazon has had trouble gaining traction with online

Diversification by Property Type Diversification by Region AS OF DECEMBER 31, 2016 AS OF DECEMBER 31, 2016

Office Industrial Residential Retail Hotel Other East South West Midwest 3.2 100 0.7 100 5.2 9.7 26.4 20.2 80 80 41.7 40.6 21.7 24.3 60 60

10.2

Percent 14.7 40 Percent 40 22.6 19.0

41.7 20 36.9 20 30.5 30.7

0 0 SPF NFI-ODCE SPF NFI-ODCE

Direct real property interest only, excluding land investments. Diversification is based upon investments’ net equity value.

J.P. MORGAN ASSET MANAGEMENT 5 NATIONAL REAL ESTATE OVERVIEW

sales of perishables, so much so that they are now opening generations. The effect of this has been strong multifamily their first brick and mortar grocery store in Seattle, albeit with rent growth over the last six years. Although this growth is a slight spin on pickup and check out. now cooling off, particularly in CBDs where construction has been concentrated, the 3.3% year over year rent growth is still Although e-commerce is having a profound effect on the retail 120bps ahead of inflation. Even with the supply, new buildings industry, both tenants and landlords are adapting to the new are filling up and although flattening, occupancy is holding up. landscape. Focusing on commodity goods that can easily be This demand is encouraging and if developers can maintain a replicated online is a losing proposition and services, necessity bit of discipline going forward, multifamily rent growth could goods and experiences are some of the ways they are striking stabilize at healthy levels. back and seek to protect their market share. Within CBDs, looking at assets at the lower end of the rent Market Overview – Residential Sector scale could present an opportunity. This segment of the market has experienced little if any construction and the lower price Multifamily rent growth continues to slow in 2016. After point helps alleviate some of the affordability issues being peaking at 5.1% in 3Q15, year over year rent growth has encountered by their luxury counterparts. Select suburban decelerated to 3.3% as of December 2016. The construction locations are also worth a look. Many of these areas have pipeline and affordability issues driving the deceleration a strong anti-development attitude as well as top schools have been visible for some time, but recently, they seemed and high home values. The schools provide a strong draw to become more problematic. This is particularly true in for families and the high cost of ownership and tight lending downtown cores where the delivery of new luxury towers is standards makes renting the only option available to young commonplace. Nationally, completions in 2016 will be at the families who have not yet had the time to save for the down highest level since 1988 and deliveries in 2017 will only fall payment or build the credit profile necessary to purchase a slightly behind. The flip side of the increased construction is home. Additionally, the emphasis on maintaining good schools the demand generated by the urbanization trend across the and limiting construction in these communities is unlikely to country, which in large part has been driven by millennials change soon. These policies are viewed as a way to protect rushing into CBDs. As these individuals navigate their home values as well as quality of life and will be difficult way through early adulthood, they have flocked to cities to overcome. and shunned ownership to a greater extent than previous

Real Estate Diversification by Life Cycle Real Estate Diversification by Investment Structure AS OF DECEMBER 31, 2016 AS OF DECEMBER 31, 2016

Operating $27.6 Billion 96.5% Development $0.8 Billion 2.8% Joint venture $15.9 Billion Leasing $0.2 Billion 55.6% 0.7% Wholly owned $12.7 Billion 44.4%

Direct real property interests and land investments. Fund’s diversification is based upon investments’ net equity value.

6 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 NATIONAL REAL ESTATE OVERVIEW

In this cycle, institutional capital has been focused in large buildings further away, the access and cost savings they part on luxury CBD buildings and for good reason. These provide outweigh the increased rent for many retailers. Limited assets have performed excellently so far. However, the benefits available land and competition from other uses including office of multiple expansions are mostly past and incrementally and even single-family housing means that space in these adding exposure to other apartment subsectors with different locations is hard to come by. Demand is now so strong and supply and demand dynamics could prove beneficial. This development sites so scarce, that one developer is beginning additional diversification should be complementary in rounding construction on the first multi-story warehouse project in out a portfolio which may be heavily weighted to high-rise the U.S., just south of Downtown Seattle. As the convenience luxury towers. of online shopping improves, acceptance will grow and infill warehouse locations should continue to reap the benefits.

Market Overview – Industrial Sector With fundamentals in the sector so strong, investors are Industrial market fundamentals continue to improve looking to increase their allocations. Getting the scale nationwide. In contrast to some of the other sectors where necessary to meaningfully shift weights has proven challenging we are seeing a deceleration and flattening, the improvement for many and those in a rush to ramp-up are focusing their in industrial fundamentals is holding steady and in the case efforts on portfolio sales. For experienced operators and of rent growth, even accelerating. Both availability and year developers, this presents an opportunity to monetize gains over year rent growth are at their most favorable levels since on large portions of their holdings in one fell swoop. For the late 90s tech boom. This performance is not surprising, purchasers, this is a chance to get immediate exposure, but considering the growth in the biggest underlying driver, at a cost. Due to the demand, these large transactions are e-commerce. trading at a premium to the value of the underlying real estate. In many cases, portfolios for sale are also being filled E-commerce sales have been growing at 18% annually for the with underperforming buildings as sellers look to unload their last 15 years and with year over year growth of nearly 16% more challenging assets on buyers who are willing to accept as of 3Q16, the pace doesn’t seem to be slowing. Adoption is a few poor assets in return for a large increase in exposure to growing and delivery times are shrinking. The effect of this the sector. These deals can still be beneficial to investors, but is logistics providers are looking to get closer to consumers. they require expertise and discipline to properly underwrite. This proximity not only makes shorter delivery times Underperforming assets need to be identified and pulled out possible, it also makes them cheaper. Due to this, demand and if sellers are unwilling to remove these buildings, the for infill warehouse continues to rise. Although rents in these buyer needs to be willing to walk away or take the necessary properties are higher than those of larger and more efficient steps to appropriately measure and price the risk.

SOUTH FLORIDA LOGISTICS CENTER, MIAMI, FL PARK LANE SEAPORT, BOSTON, MA

J.P. MORGAN ASSET MANAGEMENT 7 NATIONAL REAL ESTATE OVERVIEW

As consumer trends gravitate towards more online purchases, pulled back and deal volume is down from a year ago. Pricing the industrial sector will continue to benefit. The shrinking continues to climb, but gains are moderating and bidder pools of delivery times means more merchandise will have to be are thinning, particularly for the largest deals. available for immediate delivery and distribution hubs will move closer to the end consumer. All of these trends paint a This slowing of investor demand has created an opportunity bright picture for warehouse demand, particularly in dense which hasn’t existed since the early years of the recovery. infill locations. Opportunities now exist to access well-leased, core properties in top markets, without getting into bidding wars. Well- capitalized investors even have the chance to purchase some Market Overview – Office Sector of the largest properties in the market, at pricing and with The office market’s pace of improvement slowed in 2016. The deal terms that have been all but nonexistent over the last fourth quarter vacancy rate was lower than it was last year, but few years. These large asset purchases present a unique at just 20 bps below where the market stood in 4Q15, the pace opportunity to capitalize on an investment strategy which of the decline has slowed to a crawl over the last few quarters. has proven to outperform over time, but up until recently has Absorption was still firmly positive, but decelerated and has become a crowded trade diminishing a portion of the upside been barely outpacing completions. potential.

Large CBD markets lost more leasing momentum than the The underlying drivers also appear to be moving back in favor suburbs. A bleak corporate profit picture has been weighing of gateway office markets and large core deals. With the end of on leasing decisions. Large multinational companies were the third quarter came a strong bounce in corporate earnings, the ones frequently pulling on the reins and this principally and a surprising presidential election outcome in November hurt the larger gateway markets where these tenants tend to has brought forth the promise of substantial fiscal stimulus congregate. New York, Washington, D.C. and Downtown Los and a pro-growth, deregulatory administration focused on Angeles all saw annual absorption flatten or dip negative. In reinvigorating the nation’s corporations and economy. These 2016, even San Francisco, the most dynamic office market are all factors, which at least in the short to medium-term, in this recovery, experienced its first quarter of meaningful bode well for office demand. Capital flows to the sector could negative net absorption since 2010. Investors have also also get a bounce from investors reallocating from fixed income in anticipation of the impact rising long term rates will have on their bond capital values.

WATER GARDEN, SANTA MONICA, CA PACIFIC PLACE, SAN FRANCISCO, CA

8 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 Portfolio Activity

Current quarter One Year 2017 (Estimate) RETAIL SECTOR HIGHLIGHTS Income 1.0% 4.4%4.00 – 4.50% Appreciation 1.1% 3.8%2.00 – 3.50% The retail sector was the top performer during the quarter as Total 2.2% 8.4% 6.00 – 8.00% the Fund’s Class A malls continue to generate steady returns from increased market rents. Our redevelopment efforts in this Valuation of real estate investments and net realized sector progressed well during the fourth quarter and we saw dispositions resulted in total appreciation of $100.8 million strong leasing momentum at several properties. (34 bps) for the quarter. The retail and residential sectors provided the largest outperformance, contributing 89% NorthPark Center in Dallas, TX experienced the largest of the sectors’ total appreciation. Value gains during the value increase in the sector due to a decrease in cap rates quarter were led by improvements in operating fundamentals, and increased market rents. The property has executed primarily rental growth and leasing velocity. The key drivers approximately 35 new leases and renewals since the start of of appreciation by sector are summarized below. The marking the year, the majority of which have been signed at higher debt to market adjustment resulted in appreciation of rents to higher quality credit tenants. During the fourth $233.9 million (78 bps). The valuation activity of direct real quarter, the property signed approximately 10 new leases and estate during the quarter are as follows: renewals for 14,880 total square feet with tenants such as NARS, Roberto Cavalli, Shinola and Williams Sonoma. Retail Residential Industrial Offi ce $mm 56.6 32.7 30.9 -20.5 Royal Hawaiian Center in Honolulu, HI continues to increase Bps 19 11 10 -7 in value due to strong leasing activity and sales performance. The following are the leveraged total returns by sector for the As of November 30, 2016, the sales per square foot average fourth quarter: for the property increased to $ 2,000 , ranking this center as an A++ equivalent mall. Several new leases were executed during Retail Residential Industrial Offi ce the quarter, most significantly the expansion of Hermès, which Income 1.2% 1.0% 1.2% 1.0% Appreciation 1.7% 1.1% 1.1% 1.0% will be completed in December 2018. The retailer will create Total 2.9% 2.1% 2.3% 2.0% a new three-story flagship store totaling 12,301 square feet

Top 10 Markets Leasing by Property Type AS OF DECEMBER 31, 2016 Office Industrial Residential Retail 100 15 96.1 97.1 93.5 90.8 92.6 91.5 91.7 91.8 92.0 13.3 90.3 0.6 12 80 2.9 10.2 9.8 0.1 1.4 60 9 8.3 2.6 1.6 0.3

1.1 2.2 6.4 6.4 Percent Percent 1.3 Percent 6 5.6 5.4 40 2.0 5.2 2.2 9.7 0.8 4.4 2.1 3.7 0.9 1.1 3.3 6.1 2.2 1.8 3 5.8 20 0.3 3.5 0.2 1.9 3.1 2.2 2.1 2.2 2.3 1.4 0 0 3Q16 4Q16 3Q16 4Q16 3Q16 4Q16 3Q16 4Q16 3Q16 4Q16 Office Industrial Residential Retail Total allas, TX D Boston, MA an Jose, CA ew York, NY Houston, TX S an Diego, CA N S Riverside, CA Los Angeles, CA San Francisco, CA Washington, DC Direct real property interest only, excluding land investments. Percent leased is calculated based on weighted net asset value. Diversification is based upon the investments’ net equity value. The 3Q16 leasing percentages shown above reflect revised percentages and differ from what was shown in the 2016 Annual Report.

J.P. MORGAN ASSET MANAGEMENT 9 PORTFOLIO ACTIVITY

with their lease expiring in 2033. Opportunities being explored The Fund generated $88.2 million of net proceeds from the to redevelop the top level of the mall to accommodate an sale of Equinox Apartments in Seattle, WA, with a realized additional entertainment component represent future value IRR of 8.5% and equity multiple of 1.6x. The 204-unit rental add potential for SPF. community is well-located in Eastlake, Seattle which has a strong, growing economy, driven by a broad base of vibrant University Towne Center in La Jolla, CA signed eight new leases industry sectors such as aerospace, manufacturing and high- during the quarter in preparation for the expansion scheduled technology. for a Fall 2017 opening. A few of the leases include Arhaus for 22,054 square feet, Swarovski for 850 square feet and Jo Malone for 825 square feet. In addition, existing tenants such INDUSTRIAL SECTOR HIGHLIGHTS as PBTeen, MAC, The Body Shop and Johnny Rockets signed Industrial assets continue to provide consistent returns as lease renewals for approximately 10-year terms. quality, well-located supply is limited and demand for industrial exposure in key logistic markets increases.

RESIDENTIAL SECTOR HIGHLIGHTS South Bay Industrials in Compton, CA experienced the largest The Fund has experienced some rent increases in appreciation in the sector as the underlying assets continue select markets. to see capital markets compression and increasing rents quarter over quarter. The renewals are outperforming as Park Lane Seaport in Boston, MA had an increase in value due vacancy is at a historic low of 0.5% for the South Bay market to increasing residential base rents reflecting recent leasing and tenants are limited with their relocation options. Due to activity and additional renovated units soon to be delivered. the limited land sites for industrial development, land values The Boston market has an abundant and growing supply of in the Greater Los Angeles market have increased 30% year high quality residential units; however, the unit renovation over year. program currently underway at Park Lane enables the property to differentiate itself and realize higher rents. Indeed, the rent The Fund’s Texas portfolios experienced the largest activity of growth at the property has proven to be stronger than the leases executed during the quarter in the industrial sector. Of general Seaport market. note, American Tire Distributors, Inc. signed a new lease of 756,000 square feet for a ten-year term at Alliance Texas in Viridian in Greenwood Village, CO also experienced Fort Worth, TX. In addition, Scentsy, Inc. signed a new 10-year appreciation due to increased market rents and an increase lease of 115,989 square feet and MTC America Enterprises, Inc. in rent growth year over year. The assumption changes were signed a five-year lease renewal of 6,484 square feet at Dugan also supported by sales of four comparable properties in the Texas in the Dallas Metro Area . Denver area that occurred throughout the past year, reflecting investor appetite for suburban product that is demonstrating stronger rent growth than that in the CBD.

Leasing Expiration by Property Type AS OF DECEMBER 31, 2016

Office Industrial Retail Total 25 22.2 20

15 12.9 10.8 9.6 10.8 10.4 9.1 10 8.3 8.5 9.3 9.4 9.1 8.3 8.1 8.8 Percent 5.9 6.7 7.0 6.9 7.3 5 0 2017 2018 2019 2020 2021

Calculated based on square feet, excludes residential and development properties.

10 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 PORTFOLIO ACTIVITY

The Fund invested $24.5 million to acquire a 162,088-square- Sunnyvale City Center in Sunnyvale, CA had increased market foot building ( Building 6) in Phase II of South Florida Logistics rents based on recent leasing activity. Tenant interest in this Center in Miami, FL. The project is a continuation of the property continues to be strong as Red Hat, Inc. signed a new five fully leased industrial buildings that were acquired in seven-year lease for 28,389 square feet and Radware, Inc. September 2016. signed a new four-year lease for 5,631 square feet. These rents were 68% and 137%, respectively, higher than the tenants previously occupying the space. OFFICE SECTOR HIGHLIGHTS The office sector experienced strong performance due to China Basin, located in San Francisco, CA, signed lease increasing market rents, particularly in the California assets. renewals for a total of 178,152 square feet which includes a Some of the performance was offset by the current market 124,282-square-foot, 15-year renewal for the Regents of the conditions in Houston. Overall rents continue to decline even University of California. This consists of primarily lab space within the context of aggressive concessions. The Houston that would have been extremely capital intensive to re-tenant, office assets detracted 40 bps from overall Fund performance so the renewal is a critical achievement at that asset. on an unlevered basis over the course of 2016. Franklin Park II in Franklin, TN increased in value as the project Water Garden I and II in Santa Monica, CA experienced outsized is nearing its delivery and stabilization date. The property appreciation due to the changes in market rent assumptions. is currently 75% leased with Schneider Electric as the major Rental rates have continued to increase at Water Garden I due tenant (approximately 60% of the building). to the completion of the refresh project, which continues to The Fund ended the year closing on several office disposition drive leasing traffic to the asset. Water Garden II was able to deals that generated a total of $1.2 billion in net proceeds . capture more of the positive impact of the increase in rents as Of note, Southeast Financial Center in Miami, FL generated the property currently has higher vacancy rates and a shorter $506.4 million of net proceeds, with a 3.2% realized IRR and weighted average lease term. 1.3x equity multiple. The property is a 55-story 1.1 million- Century Park in Los Angeles, CA experienced an increase in square-foot office tower in Downtown Miami and was 85% value due to improved market rent assumptions. Century Plaza leased at the time of sale. The trade was executed at 89% Towers and 2000 Avenue of the Stars were appraised with of the carrying value. The Bluffs at Playa Vista in Playa increased market rent assumptions at varying rates throughout Vista, CA consist s of two Class A, five-story low-rise office both properties. buildings totaling 486,673 square feet. The sale generated

Total Leverage AS OF DECEMBER 31, 2016 DOLLARS IN MILLIONS

Total Gross Assets Fund’s Leverage Percentage: Total balance sheet assets $30,516 Total Fund's T1 total leverage $10,714 Fund's share of mortgage loans & other liabilities 11,111 Total gross assets $41,627 Fund's outstanding line of credit – Fund's Leverage Percentage1 25.7% Total Gross Assets $41,627

1 Leverage calculated based on outstanding principal in accordance with PREA NCREIF Reporting Standards which may differ from the Fund’s reported leverage.

J.P. MORGAN ASSET MANAGEMENT 11 PORTFOLIO ACTIVITY

$409.0 million of net proceeds, with a 12.2% realized IRR and BALANCE SHEET 1.8x equity multiple. The Fundalso received $251.3 million of As of December 31, 2016, the Fund’s leverage ratio stood at net proceeds from the sale of Foundry III in San Francisco, 26.0%, remaining at the lower end of our target range, and the CA, a 10-story, 291,039 square foot, newly constructed - - weighted average interest rate was 4.1%. trophy office building, which delivered a 19.6% realized IRR and 1.9x equity multiple. The Fund ended the calendar year with a cash position of 5.3% of NAV. During the quarter, the Fund accepted $280.6 million As a result the Fund’s office exposure was reduced to 41.7% as of new capital from investors and distributed $1.2 billion of year-end, a 660 bps decrease from year-end 2015. for withdrawal requests for management fees, distributable cash flow and redemptions. As of December 31, 2016, the contribution queue stood at $489.7 million, approximately 1.6% of the Fund’s net asset value.

Debt Diversification Upcoming Debt Maturities AS OF DECEMBER 31, 2016 FISCAL YEARS ENDING DECEMBER 31, DOLLARS IN MILLIONS Fixed rate debt % of net asset value Floating $9,037 5.9% rate debt 84.3% 6 $1,314 12.3% 4.7% 4.4% 4.0% 4 3.7% 3.4% Floating rate – 2.8% swapped 2.5% debt $363 2 1.6% 3.4% 1.1% 1.0%

0 2027+2026202520242023202220212020201920182017

Dollars reflect outstanding principal.

12 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 FINANCIAL STATEMENTS AND NOTES For the three-month period ended December 31, 2016 (unaudited) Statement of Net Assets

AS OF DECEMBER 31, 2016 DOLLARS IN THOUSANDS, EXCEPT UNITS AND UNIT VALUE (UNAUDITED)

ASSETS Investments in real estate assets at fair value $28,891,690 Cash and cash equivalents 1,623,858 Other assets 552 Total assets 30,516,100

LIABILITIES Other liabilities 736 Total liabilities 736

NET ASSETS At fair value $30,515,364 Outstanding units 10,104,871 Unit value $3,019.87

The accompanying notes are an integral part of these fi nancial statements.

14 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 Statement of Operations and Changes in Net Assets

DOLLARS IN THOUSANDS (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 INVESTMENT ACTIVITY Investment income Income from investments in real estate assets $308,952 Interest and other income 854 Total investment income 309,806

General fund expenses (579) Line of credit interest and fees (545) Net investment income 308,682

Realized and unrealized gain (loss) on investments Realized gain from sales 162,688 Less: Previously recorded unrealized gain from sales 215,439 Net loss recognized on investments sold (52,751)

Unrealized gain on investments held at end of period 387,384 Net realized and unrealized gain on investments 334,633

Increase in net assets resulting from operations 643,315

PARTICIPANT ACTIVITY Contributions from participants 280,576 Withdrawals by participants (1,240,012) Net participant activity (959,436)

Decrease in net assets (316,121)

NET ASSETS Beginning of period $30,831,485

End of period $30,515,364

The accompanying notes are an integral part of these fi nancial statements.

J.P. MORGAN ASSET MANAGEMENT 15 Statement of Cash Flows

DOLLARS IN THOUSANDS (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 OPERATING ACTIVITIES Net investment income $308,682 Adjustments to reconcile net investment income to net cash provided by operating activities: Undistributed income from investments in real estate assets (114,801) Increase in other assets (283) Decrease in other liabilities (405) Net cash provided by operating activities 193,193

INVESTING ACTIVITIES Contributions to investments in real estate assets (183,083) Distributions from investments in real estate assets 7,253 Proceeds from dispositions of investments in real estate assets 1,347,219 Net cash provided by investing activities 1,171,389

FINANCING ACTIVITIES Contributions from participants 280,576 Withdrawals by participants (1,240,012) Proceeds from line of credit 400,000 Repayment of line of credit (400,000) Net cash used in fi nancing activities (959,436)

Net increase in cash and cash equivalents 405,146

Cash and cash equivalents, beginning of period 1,218,712

Cash and cash equivalents, end of period $1,623,858

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the period for line of credit interest and fees $545

The accompanying notes are an integral part of these fi nancial statements.

16 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 Schedule of Investments

AS OF DECEMBER 31, 2016 DOLLARS IN THOUSANDS (UNAUDITED)

Year Investment Name Acquired1 Location Net Cost2 Net Fair Value OFFICE 10 Hudson Yards 2013 New York, NY $100,703 $223,127 101 Constitution 2007 Washington, DC 212,496 285,105 10-30 S. Wacker 2014 Chicago, IL 305,441 352,246 111 North Canal 2015 Chicago, IL 202,660 215,922 125 W55th Street 2013 New York, NY 287,881 407,494 1345 Avenue of the Americas 2014 New York, NY 637,401 670,694 1501 K Street 2006 Washington, DC 325,475 332,456 1918 Eighth Avenue 2011 Seattle, WA 160,983 284,907 195 Broadway 2013 New York, NY 400,187 514,487 200 Fifth Avenue 2011 New York, NY 349,104 586,231 2000 Avenue of the Stars 2004 Los Angeles, CA 63,478 265,157 224 Building 2012 Portland, OR 65,675 82,991 225 Franklin Street 2014 Boston, MA 157,084 165,072 425 Lexington 2013 New York, NY 361,243 371,088 60 State Street 2014 Boston, MA 141,395 166,320 818 Stewart Street 2011 Seattle, WA 65,994 93,429 888 Walnut Street 2007 Pasadena, CA 133,277 106,706 Advanta Offi ce Commons 2010 Bellevue, WA 116,925 95,765 Alliance Texas 2010 Fort Worth, TX 19,858 24,283 Back Bay - 222 Berkeley 2015 Boston, MA 210,737 220,616 Back Bay - 500 Boylston 2015 Boston, MA 237,043 234,961 Brewery Blocks 2007 Portland, OR 79,085 97,778 Century Plaza Towers 1997 Los Angeles, CA 167,162 562,657 China Basin 2011 San Francisco, CA 266,227 562,583 Corporate Center Offi ce Park 1998-99/2007 Franklin, TN 63,497 73,926 Four Houston Center and Shops 2004 Houston, TX 180,107 137,975 Franklin Park 2011 Franklin, TN 80,848 102,325 La Jolla Commons 2011 San Diego, CA 236,101 388,482 Landmark Center 2011 Boston, MA 382,418 351,819 Market Square 2015 San Francisco, CA 241,324 251,646 McKinney & Olive 2014 Dallas, TX 72,305 112,606 Metropolitan Midtown 2013 Charlotte, NC 38,988 52,840 Network Drive 2012 Burlington, MA 257,240 295,859 One and Two Houston Center 2004 Houston, TX 481,569 425,193 One Memorial Drive 2014 Cambridge, MA 108,592 118,366 Park Place at Bay Meadows 2007 San Mateo, CA 167,373 190,798 Sunnyvale City Center 2007 Sunnyvale, CA 156,919 322,670 Sunnyvale Town Center 2015 Sunnyvale, CA 270,878 287,424 Terminus 2013 Atlanta, GA 88,116 132,720 The Crescent 2004 Dallas, TX 251,205 369,501 The Water Garden 1995 Santa Monica, CA 12,360 193,393 Three Houston Center 2005 Houston, TX 271,015 331,762 Trammell Crow Center 2004 Dallas, TX 135,200 108,552 Two Franklin Park 2011 Franklin, TN 56,764 72,424

1 Year acquired is reported in calendar years. 2 Cost amounts include undistributed income. The accompanying notes are an integral part of these fi nancial statements.

J.P. MORGAN ASSET MANAGEMENT 17 Schedule of Investments (cont.) AS OF DECEMBER 31, 2016 DOLLARS IN THOUSANDS (UNAUDITED)

Year Investment Name Acquired1 Location Net Cost2 Net Fair Value OFFICE (CONT.) Van Ness 2012 Boston, MA 36,061 103,573 Water Garden II 2001 Santa Monica, CA 304,625 605,098 Total Offi ce $8,961,019 $11,951,027

INDUSTRIAL Alliance Center North 1 2014 Fort Worth, TX $5,321 $13,876 Alliance Texas 2010 Fort Worth, TX 612,701 814,301 Andrew Corporation Building 2007 Chicago Metro Area, IL 65,019 43,932 Best Buy Distribution Center 2007 Chicago Metro Area, IL 21,276 20,507 Big 5 Distribution Center 2006 Riverside, CA 48,183 65,994 DCT Industrial Portfolio 2007 Various 234,284 221,511 Dugan Texas 2000 Dallas Metro Area, TX 143,426 191,873 Gateway 673 2015 Pontoon Beach, IL 35,438 35,500 Greater Los Angeles Industrials 1994-95, 1999 Various, CA 179,780 361,399 Kimball Business Park 2016 Chino, CA 55,450 55,308 Kraft Industrial Portfolio 2006 Aurora, IL 129,424 144,291 Metro Chicago Industrial Portfolio 2007 Chicago Metro Area, IL 72,495 57,005 Pico Rivera 2016 Pico Rivera, CA 44,963 44,135 Pompano Business Center 2007 Pompano Beach, FL 32,784 21,018 PortSouth Bryla 2014 Carteret, NJ 28,044 33,225 Procter & Gamble Distribution Center 2013 Edwardsville, IL 103,725 107,896 South Bay Industrials 1996 Compton, CA 49,958 114,443 South Florida Logistics Center 2016 Miami, FL 230,557 229,725 Thousand Oaks 2016 Thousand Oaks, CA 26,621 26,398 Vineyard Industrial I 2015 Ontario, CA 167,920 196,543 Vineyard Industrial II 2015 Ontario, CA 112,390 122,973 Total Industrial $2,399,759 $2,921,853

RESIDENTIAL 100 at Capitol Yards 2012 Washington, DC $98,572 $107,522 1330 Boylston 2008 Boston, MA 41,937 77,552 20 on Hawthorne 2013 Portland, OR 15,402 15,424 3500 Westlake 2013 Austin, TX 41,049 40,360 70 at Capitol Yards 2012 Washington, DC 173,280 184,063 850 Lake Shore Drive 2016 Chicago, IL 70,951 70,248 909 at Capitol Yards 2012 Washington, DC 99,815 106,531 Apollo on H Street 2014 Washington, DC 67,706 86,015 Aqua 2010 Chicago, IL 110,724 152,180 Ascent at City Center 2010 Houston, TX 30,815 46,223 Broadstone Waterfront 2012 Scottsdale, AZ 67,555 88,500

1 Year acquired is reported in calendar years. 2 Cost amounts include undistributed income. The accompanying notes are an integral part of these fi nancial statements.

18 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 Schedule of Investments (cont.) AS OF DECEMBER 31, 2016 DOLLARS IN THOUSANDS (UNAUDITED)

Year Investment Name Acquired1 Location Net Cost2 Net Fair Value RESIDENTIAL (CONT.) Capitol at Chelsea 2002 New York, NY 89,057 239,129 Coast 2011 Chicago, IL 43,928 101,152 Cordoba Phase I & II 2010, 2011 Doral, FL 67,378 87,866 Domain at City Centre 2010 Houston, TX 86,363 83,371 Edgewater 2014 Philadelphia, PA 121,937 128,720 Elizabeth Square 2010 Charlotte, NC 42,812 60,749 Fairways at Raccoon Creek 2007 Littleton, CO 59,091 88,873 Fenway Triangle 2006 Boston, MA 38,874 101,012 Gaslight Commons 2003 South Orange, NJ 49,954 78,223 Grand Isle 2011 Murrieta, CA 23,532 39,299 Grey House 2016 Houston, TX 79,462 76,891 Ink Block 2016 Boston, MA 125,299 131,242 Jacaranda 2011 Fullerton, CA 32,944 43,308 Laguna Niguel Apartments 2006 Laguna Niguel, CA 18,678 25,736 Lakeside at LaVillita 2009 Irving, TX 37,276 50,154 Landings at LaVillita 2006 Irving, TX 54,662 66,025 Liberty Towers 2011 Jersey City, NJ 162,526 222,506 Lincoln Las Colinas 2014 Irving, TX 123,788 136,579 Midtown Green 2014 Raleigh, NC 44,773 48,730 Midtown 5 2013 Miami, FL 49,026 59,829 Mosaic South End 2011 Charlotte, NC 48,797 61,937 Mountain Gate 2006 Littleton, CO 62,817 122,645 Nalle Woods 2010 Austin, TX 42,845 56,356 One City Place 2004 White Plains, NY 127,652 149,455 Outlook DTC 2015 Denver, CO 15,583 14,478 Palazzo Park La Brea Portfolio 2007 Los Angeles, CA 221,537 260,815 Park Lane Seaport Residential 2010 Boston, MA 190,887 271,410 Pasadena Apartments 2006 Pasadena, CA 11,770 16,989 Paseo at Winter Park 2013 Winter Park, FL 8,337 16,119 Polo Lakes Apartments 2002 Wellington, FL 58,679 77,467 Promenade Rio Vista 2003-2004 San Diego, CA 171,255 259,510 Rancho Santa Margarita 2006 Rancho Santa Margarita, CA 13,596 15,573 Seacliff 2006 Huntington Beach, CA 24,754 33,399 St. Johns Wood Apartments 1998 Fairfax, VA 36,650 60,200 Stack House 2015 Seattle, WA 79,855 86,965 Stevenson Ranch 2006 Stevenson Ranch, CA 21,777 26,770 Strata 2010 San Francisco, CA 86,412 153,908 Sunnyvale Town Center 2016 Sunnyvale, CA 63,679 62,972 Temecula Phase I & II Apartments 2006 Temecula, CA 23,233 30,236 Terra Vista 2006 Rancho Cucamonga, CA 16,922 21,159 The Cameron 2011 Franklin, TN 50,562 63,559 The Circle at Hermann Park - Amalfi 2011 Houston, TX 44,253 43,463

1 Year acquired is reported in calendar years. 2 Cost amounts include undistributed income. The accompanying notes are an integral part of these fi nancial statements.

J.P. MORGAN ASSET MANAGEMENT 19 Schedule of Investments (cont.) AS OF DECEMBER 31, 2016 DOLLARS IN THOUSANDS (UNAUDITED)

Year Investment Name Acquired1 Location Net Cost2 Net Fair Value RESIDENTIAL (CONT.) The Circle at Hermann Park - Esplanade 2006 Houston, TX 30,977 35,783 The Devon Four25 2011 Raleigh, NC 48,888 66,433 The Devon Seven12 2010 Raleigh, NC 31,948 37,631 The District 2013 Washington, DC 78,455 77,999 The Laurel 2015 Dallas, TX 22,895 22,148 The Lofts at Rio Salado 2007 Phoenix, AZ 87,959 77,105 The Lofts CityCentre 2013 Houston, TX 32,086 20,319 The Lofts Portfolio 2013 San Diego, CA 96,618 117,186 The Louisa 2007 Portland, OR 41,633 61,072 The Reserve at 4S Ranch 2012 San Diego, CA 151,295 178,263 The Walkway 2015 Minneapolis, MN 32,941 13,195 Third and Valley 2013 South Orange, NJ 22,601 34,361 Triangle Lofts 2010 Austin, TX 46,689 45,453 Triangle Residences Portfolio 2006/2007 Austin, TX 100,180 97,603 Trinity Bluff Portfolio 2011/2012 Fort Worth, TX 79,931 94,271 Tupelo Alley 2014 Portland, OR 35,625 42,502 Valencia 2006 Valencia, CA 18,039 28,883 Van Ness 2012 Boston, MA 30,145 46,215 Vantage 2013 Jersey City, NJ 74,559 111,827 Venue 2010 San Francisco, CA 72,206 113,692 Viridian 2006 Greenwood Village, CO 58,415 107,380 Total Residential $4,785,103 $6,178,718

RETAIL Brewery Blocks 2007 Portland, OR $29,076 $43,127 Bridgewater Commons 1999 Bridgewater, NJ 30,832 138,362 Del Amo Fashion Center 2004 Torrance, CA 237,620 310,697 Donahue Schriber Realty Group 2002 Various 746,848 862,571 Edens 2000 Various 749,715 1,109,615 Metropolitan Midtown 2013 Charlotte, NC 58,200 59,727 North Hills 2014 Raleigh, NC 58,414 62,066 NorthPark Center 2014 Dallas, TX 481,054 624,564 Ontario Mills 2004 Ontario, CA 123,050 426,163 Pacifi c Place 2014 San Francisco, CA 411,135 452,577 Park Meadows Mall 1999 Littleton, CO 4,549 247,198 Perimeter Mall 2002 Atlanta, GA 43,226 204,344 River Oaks 2016 Houston, TX 446,527 460,829 Rookwood Portfolio 2007 Norwood, OH 101,510 90,736 Royal Hawaiian Center 2014 Honolulu, HI 364,205 536,228 Shadow Creek Ranch Town Center 2008 Pearland, TX 45,998 56,408 Shadow Lake Towne Center 2007 Papillion, NE 53,140 23,813 Shops at Merrick Park 2000 Coral Gables, FL 96,765 178,676 Sunnyvale Town Center 2016 Sunnyvale, CA 5,602 5,511 Towson Town Center 1999 Towson, MD 29,130 142,246

1 Year acquired is reported in calendar years. 2 Cost amounts include undistributed income. The accompanying notes are an integral part of these fi nancial statements.

20 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 Schedule of Investments (cont.) AS OF DECEMBER 31, 2016 DOLLARS IN THOUSANDS (UNAUDITED)

Year Investment Name Acquired1 Location Net Cost2 Net Fair Value RETAIL (CONT.) University Towne Center 1999 La Jolla, CA 354,554 556,191 Valley Fair Mall 1999 San Jose Metro Area, CA 392,849 897,623 Winter Park Village 2006 Winter Park, FL 41,379 39,864 Total Retail $4,905,378 $7,529,136

LAND INVESTMENTS 2000 Ross Avenue 2014 Dallas, TX $31,223 $31,435 Downtown Doral 2007 Doral, FL 9,176 5,283 Sunnyvale Town Center 2016 Sunnyvale, CA 34,688 34,280 Total Land Investments $75,087 $70,998

OTHER INVESTMENTS Brewery Blocks Garage 2007 Portland, OR $29,699 $40,195 Park Lane Seaport Garage 2010 Boston, MA 27,343 40,801 Van Ness Garage 2012 Boston, MA 37,355 48,948 Other Real Estate Investments N/A N/A 54,026 110,014 Total Other Investments $148,423 $239,958

Total Investments $21,274,769 $28,891,690

1 Year acquired is reported in calendar years. 2 Cost amounts include undistributed income. The accompanying notes are an integral part of these fi nancial statements.

J.P. MORGAN ASSET MANAGEMENT 21 Notes to Financial Statements

1. DESCRIPTION OF FUND for on a cash basis, in which interest income is recognized The Commingled Pension Trust Fund (Strategic Property) only upon actual receipt, or on a cost recovery basis, in of JPMorgan Chase Bank, N.A. (the “Fund”) is designed as which receipts reduce carrying value, based on the Trustee’s a funding vehicle for tax-qualified pension, profit-sharing judgment as to collectability of principal. and employee benefit plans. Its investments are composed primarily of real estate investments owned directly or through B. Investment Valuation partnership interests. JPMorgan Chase Bank, N.A. (“JPMCB”) Estimated fair value of net equity investments in real estate assets, is the trustee of the Fund (the “Trustee”). As Trustee, JPMCB which includes working capital of the underlying investments, manages the Fund and provides administrator services are determined by the Trustee at each valuation date . to the Fund. Fair value is defined as the price that would be received to sell The Fund is a collective investment trust fund established, an asset or paid to transfer a liability in an orderly transaction operated and maintained by the Trustee under a declaration of between market participants at the measurement date. There trust. The Fund is a group trust within the meaning of Internal are three valuation techniques that can be used to value Revenue Service Revenue Ruling 81 – 100, as amended. The Fund is available only to certain qualified and governmental investments in real estate assets: the market, income or cost retirement plans and collective investment funds and is not approach. The appropriateness of each valuation technique offered to the general public. The Fund is required to comply depends on the type of asset or business being valued. with the applicable provisions of the Employee Retirement As part of the Trustee’s valuation process, properties are Income Security Act of 1974, as amended, and the Trustee is externally appraised generally on an annual basis, conducted subject to the supervision and regulation by the Office of the by reputable, independent appraisal firms, and signed by Comptroller of the Currency including Regulation 9 of the Rules appraisers that are members of the Appraisal Institute, with and Regulations of the Comptroller of the Currency. the professional designation MAI. In addition, the Trustee may cause additional appraisals to be performed as warranted by The accompanying unaudited financial statements should specific asset or market conditions. All external appraisals be read in conjunction with the audited Annual Report as are performed in accordance with the Uniform Standards of of September 30, 2016. Operating results for the three Professional Appraisal Practices (“USPAP”). Property valuations month period ended December 31, 2016 are not necessarily and the salient valuation- sensitive assumptions of each direct indicative of results that may be expected for the year ending investment property are reviewed by the Trustee quarterly September 30, 2017. and values are adjusted if there has been a significant change in circumstances related to the investment property since 2. SUMMARY OF SIGNIFICANT ACCOUNTING the last valuation. Fair value adjustments for interim capital expenditures are only recognized to the extent that the POLICIES valuation process acknowledges a corresponding increase in A. Revenue Recognition fair value. Quarterly direct real estate valuations are reviewed by an independent firm. The Fund accounts for investments in real estate assets at fair value. Income from investment properties is recorded The Trustee’s valuation methodology utilized in determining in accordance with the equity method of accounting. fair value is consistent with Generally Accepted Accounting Unrealized gains and losses are computed using the cost of Principles (“GAAP”) and the practices prevailing within the the investments and their fair value. Since the Fund records real estate appraisal and real estate investment management its investments at fair value, no depreciation or amortization industries. Key inputs and assumptions used to determine expense on real property interests is recognized. Interest fair value include among others, rental revenue and expense income from mortgage loans receivable is recognized as amounts and the related revenue and expense growth rates, revenue when earned in accordance with the terms of the terminal capitalization rates and discount rates. Development underlying loan agreement which approximates the effective investments are valued using cost incurred to date as a interest method. Loans in default are placed on non-accrual primary input until substantive progress is achieved in terms status. While on non-accrual status, loans are either accounted

22 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 NOTES TO FINANCIAL STATEMENTS

of mitigating construction and leasing risk at which point a The Fund invests in the Commingled Pension Trust Fund discounted cash flow approach is more heavily weighted. (Liquidity) of JPMorgan Chase Bank, N.A. (the “JPMCB Liquidity Key inputs and assumptions in addition to those noted above Fund”). The JPMCB Liquidity Fund invests in traditional used to determine the fair value of development investments money market investments, with the goal of current income, include construction costs, and the status of construction preservation of principal, providing liquidity and maintaining completion and leasing. a stable net asset value of $1.00 per unit. Investments in the JPMCB Liquidity Fund are valued at its net asset value per unit The fair value of mortgage loans payable for investment level as of the report date. debt is considered in connection with the valuation of net equity investments in real estate assets. Estimated fair values are derived using original term borrowing rates in conjunction C. Use of Estimates with market oriented leveraged equity yields available at The accompanying financial statements have been prepared respective valuation dates, which are Level III inputs. The in conformity with accounting principles generally accepted in discounted cash flow method is used, which applies certain key the United States of America that are applicable to real estate assumptions including market interest rates, interest spreads, investment companies. The preparation of financial statements credit risk, liquidity and other factors. The estimated fair in conformity with accounting principles generally accepted values of investment level debt are embedded in the fair values in the United States of America requires the Trustee to make of the real estate assets, which are recorded in “Investments in estimates and assumptions that affect the reported amounts real estate assets at fair value” on the Statement of Net Assets. of assets and liabilities at the date of the financial statements At times, the Fund may assume debt in connection with the and the reported amounts of revenues and expenses during purchase of real estate. the reporting period. Actual results could differ from those The Trustee will also estimate the fair value of the Fund’s estimates. investments in privately held closed end funds based upon the Fund’s share of the investments’ fair values using information D. Participant Withdrawal Policy provided in the investments’ reporting on a quarterly basis. Fund participants may withdraw from the Fund once per In the opinion of the Trustee, these estimated values are quarter subject to available cash, as determined by the reasonable approximations of fair value as of December 31, Trustee. A written withdrawal request is required 45 days prior 2016. The estimate of fair value may vary significantly from the to quarter end. price achieved in a sale and this difference may be material to the financial statements. To the extent that withdrawal requests exceed available cash, distributions are made on a pro rata basis. Available cash is The Trustee does not anticipate that there will be any reliable commercial pricing service to independently value defined as excess cash after provision for outstanding future the mezzanine investments made by the Fund, nor does it capital commitments and other operating reserves. During anticipate that an active secondary market will develop for the three months ended December 31, 201 6, approximately the purchase or sale of these investments. In the absence of $1.2 billion were withdrawn by participants. A further such a service or such a market, the Trustee estimates the fair withdrawal of $473.0 million was made in January 2017 in full value of mezzanine investments in the Fund quarterly based satisfaction of withdrawal requests as of December 31, 2016. upon pricing from new mezzanine investments and activity in the broader capital market provided by independent dealers E. Income Taxes and/ or originators of mezzanine investments. Additionally, the The Fund is generally exempt from Federal income taxes underlying collateral supporting each mezzanine investment is under provisions of section 501(a) of the Internal Revenue internally valued quarterly. Key inputs and assumptions used Code. Accordingly, no provision for Federal income tax has to determine the fair value of mezzanine investments include been made. loan to value ratios of the underlying collateral, discount rates and cap rates.

J.P. MORGAN ASSET MANAGEMENT 23 NOTES TO FINANCIAL STATEMENTS

Uncertain tax positions are assessed by the Trustee to 3. FUND INVESTMENTS determine whether a tax position of the Fund is more The authoritative guidance for fair value measurements defines likely than not to be sustained upon examination, including fair value, expands disclosure requirements and specifies a resolution of any related appeals or litigation processes, hierarchy of valuation techniques based on whether the inputs based on the technical merits of the position. For tax positions to those valuation techniques are observable or unobservable. meeting the more likely than not threshold, the tax amount Observable inputs reflect market data obtained from recognized in the financial statements is reduced by the largest independent sources, while unobservable inputs reflect the benefit that has a greater than fifty percent likelihood of being Fund’s market assumptions. realized upon ultimate settlement with the relevant taxing authority. As of December 31, 2016, there are no uncertain tax These two types of inputs create the following fair value positions requiring recognition in the financial statements. hierarchy:

The Fund files tax returns as prescribed by the tax laws of Level I - Quoted prices for identical instruments in active markets. the jurisdictions in which it operates. In the normal course of Level II - Quoted prices for similar instruments in active business, the Fund is subject to examination by federal, state, markets; quoted prices for identical or similar instruments in local, and foreign jurisdictions, where applicable. markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are The Fund classifies interest and penalties, if any, relating observable in active markets. to uncertain tax positions of the underlying investments in “Income from investments in real estate assets ” on the Level III - Valuations derived from valuation techniques in Statement of Operations and Changes in Net Assets. There which one or more significant inputs or significant value were no interest or penalties related to uncertain tax positions drivers are unobservable. recorded in the financial statements for the three months This hierarchy requires the use of observable market data, ended December 31, 201 6. when available, and minimizes the use of unobservable inputs when determining fair value. F. Cash and Cash Equivalents Cash and cash equivalents held in the Fund include investments Market price observability is impacted by a number of factors, in the JPMCB Liquidity Fund and through other financial including the type of investment and the characteristics institutions. These investments consist of short-term marketable specific to the investment. Investments with readily available securities such as Treasury bills and commercial paper. active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment G. Related Parties used in measuring fair value. The Trustee pays for certain fund expenses on behalf of the Fund, including printing fees and fees for services In certain cases, the inputs used to measure fair value may fall provided to the Fund by the Trustee or its affiliates (fund into different levels of the fair value hierarchy. In such cases, administrative fees). an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a H. Fund Expenses particular input to the fair value measurement in its entirety Investment management fees are charged directly to investors requires judgment, and considers factors specific to the in the Fund and accordingly are not reflected within the Fund’s investment. net asset value.

The Fund pays other administrative and operating expenses, which include expenses for audit, tax return preparation, and other services provided to the Fund by third parties.

24 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 NOTES TO FINANCIAL STATEMENTS

As of December 31, 201 6, all investments are measured at fair value on a recurring basis using Level III inputs. See below for a reconciliation of the assets and liabilities measured at fair value on a recurring basis using Level III inputs for the three months ended December 31, 201 6.

DOLLARS IN THOUSANDS

Beginning balance, October 1, 201 6 $29,613,645 Net realized and unrealized gain 334,633 Income from investments in real estate assets 308,952 Acquisitions / Contributions 183,083 Dispositions / Distributions (1,548,623) Ending balance, December 31, 2016 $28,891,690

Unrealized gain for the period related to investments held at December 31, 2016 $387,384

The following table shows quantitative information about unobservable inputs related to the Level III fair value measurements used to derive values at December 31, 2016 . Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurements respectively.

DOLLARS IN THOUSANDS Weighted Type Asset class Fair value Valuation technique Unobservable inputs Range average DIRECT REAL ESTATE Offi ce $12,004,856 Income Approach—Discounted Cash Flow Discount Rate 5.5% - 9.3% 6.5% Terminal Capitalization Rate 4.8% - 7.9% 5.7% Debt Service—Discounted Cash Flow Credit Spreads 1.6% - 2.2% 1.7% Loan to Value Ratio 25.6% - 56.4% 41.5% Industrial 2,840,147 Income Approach—Discounted Cash Flow Discount Rate 5.0% - 8.0% 6.3% Terminal Capitalization Rate 4.4% - 6.8% 5.8% Debt Service—Discounted Cash Flow Credit Spreads 1.6% - 1.8% 1.7% Loan to Value Ratio 24.2% - 57.6% 42.0% Residential 6,013,776 Income Approach—Discounted Cash Flow Discount Rate 5.5% - 8.3% 6.3% Terminal Capitalization Rate 4.0% - 6.3% 5.1% Debt Service—Discounted Cash Flow Credit Spreads 1.5% - 1.8% 1.6% Loan to Value Ratio 14.0% - 54.3% 42.8% Retail 7,535,140 Income Approach—Discounted Cash Flow Discount Rate 5.8% - 8.8% 6.3% Terminal Capitalization Rate 4.5% - 7.5% 5.7% Debt Service—Discounted Cash Flow Credit Spreads 1.6% - 2.4% 1.7% Loan to Value Ratio 27.6% - 78.5% 41.6% Land 70,998 Sales Comparison Value per Square Foot $18.6 - $315.4 DEVELOPMENT 186,815 Market Value 1 INVESTMENTS OTHER INVESTMENTS 239,958 Market Value 1 Income Approach—Discounted Cash Flow Discount Rate 6.5% - 7.0% 6.8% Terminal Capitalization Rate 5.3% - 6.0% 5.7% Debt Service—Discounted Cash Flow Credit Spreads 1.6% 1.6% Loan to Value Ratio 31.9% 31.9% Total $28,891,690 1 The market value approach represents assets/liabilities that refl ect subjective estimates by management based on the investment’s specifi c facts and circumstances.

J.P. MORGAN ASSET MANAGEMENT 25 NOTES TO FINANCIAL STATEMENTS

4. REAL ESTATE INVESTMENTS 5. INVESTMENT LEVEL DEBT The Fund enters into real estate partnerships with various The Fund’s share of fixed and floating mortgage loans had a joint venture partners that provide management, leasing fair value of approximately $10.715 billion, with an outstanding and construction-related services to the properties in which principal balance of approximately $10.714 billion. Different the Fund has an ownership interest. Certain of the Fund’s assumptions or changes in future market conditions could investments may include equity participation by other funds significantly affect estimated values. As of December 31, 201 6, advised by the Trustee or its affiliates. there was no recourse to the Fund. At December 31, 201 6, the weighted average interest rate based on outstanding The following is a combined summary of financial position and principal was 4. 1%. results of operations of real estate investments as of and for the three months ended December 31, 201 6. The Fund’s share The five-year principal repayment schedule is as follows: of net assets is presented within “Investments in real estate DOLLARS IN MILLIONS assets at fair value” on the Fund’s Statement of Net Assets as Fiscal Years Ending September 30, Fund’s Share ($) Percent of December 31, 201 6 and the related share of net investment 2017 332 3.1% income is presented within “Income from investments in real 2018 1,420 13.3% estate assets” on the Statement of Operations and Changes in 2019 1,232 11.5% Net Assets for the three months ended December 31, 2016. 2020 767 7.1% 2021 1,049 9.8% DOLLARS IN THOUSANDS Thereafter 5,914 55.2% Total 10,714 100.0% Real Estate Investments Assets December 31, and Liabilities 2016 Real estate at fair value $59,179,091 Other assets 870,706 6. LINE OF CREDIT Total assets 60,049,797 On March 2 1, 201 6, the Fund amended its existing unsecured Mortgage loans payable at fair value 17,782,445 Other liabilities 586,713 revolving credit facility (the “Facility”) from an unrelated Total liabilities 18,369,158 financial institution and increased the Facility borrowing capacity to $800 million. The Facility expires on August 2 5, 2018, with Net assets $41,680,639 a one-year extension option. The interest rate on borrowing is Fund's share of net assets $28,891,690 tiered based upon the leverage to the Fund. The Facility contains For the three restrictive covenants that, among other matters, require the months ended December 31, Fund to maintain certain financial ratios. As of December 31, Real Estate Investments Operations 2016 2016, the Fund was in compliance with all restrictive covenants. Total rental and other revenues $995,462 Operating expenses 561,805 In October 2016, the Fund borrowed $400M and subsequently Net investment income 433,657 repaid in full during the same period. There was no outstanding Fund’s share of net investment income $308,952 balance as of December 31, 2016.

26 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 NOTES TO FINANCIAL STATEMENTS

7. CONCENTRATION OF RISK ON DIRECT REAL Diversification risk ESTATE INVESTMENTS The assets of the Fund are concentrated in the real estate At December 31, 201 6, the Fund had real estate investments sector which may expose the investment portfolio to more rapid changes in value than would be the case if the Fund were located throughout the United States and invested in four to maintain a wide diversification among investments. property types. The diversification based on the estimated fair values within the National Council of Real Estate Investment Financing risk Fiduciaries (“NCREIF”) regions and property types are There is no guarantee that the Fund’s borrowing arrangements as follows: or other arrangements for obtaining leverage will continue DOLLARS IN BILLIONS to be available, or if available, will be available on terms and Fair Value Percent conditions acceptable to the Fund. Unfavorable economic REGION East $8.8 30.5% conditions also could increase funding costs, limit access to South 6.4 22.6% the capital markets or result in a decision by lenders not to West 11.9 41.7% extend credit to the Fund. In addition, a decline in fair value of Midwest 1.5 5.2% the Fund’s assets may have particular adverse consequences in Total $28.6 100.0% instances where the Fund borrowed money based on the fair

SECTOR Offi ce $12.0 41.7% value of those assets. A decrease in fair value of those assets Industrial 2.9 10.2% may result in the lender requiring the Fund to post additional Residential 6.2 21.7% collateral or otherwise sell the assets at a time when it may Retail 7.5 26.4% not be in the Fund’s best interest to do so. In the event the Total $28.6 100.0% Fund is required to liquidate all or a portion of its portfolio Direct real property interest only. quickly, the Fund may realize significantly less than the value at which it previously recorded those investments. 8. RISKS AND UNCERTAINTIES Valuation and Liquidity risk The Fund may invest in real estate and related investments for which no liquid market exists. The market prices for such investments may be volatile and may not be readily available.

J.P. MORGAN ASSET MANAGEMENT 27 NOTES TO FINANCIAL STATEMENTS

9. COMMITMENT AND CONTINGENCIES For the Three Months Ended As of December 31, 2016, the Fund had outstanding equity December 31, Outstanding units 2016 obligations of approximately $ 387.9 million in connection with planned real estate investments. Outstanding units at the beginning of the period 10,430,004 Increase in units due to contributions by participants 94,351 10. FINANCIAL HIGHLIGHTS Decrease in units due to withdrawals by The following tables summarize the Fund’s financial highlights participants (419,484) for the three months ended December 31, 2016. They consist Outstanding units at the end of the period 10,104,871 of per unit operating performance, total return, fund-level operating expense and net investment income ratios, as well as 11. SUBSEQUENT EVENT S outstanding units. Except as otherwise disclosed, no material subsequent events For the Three have occurred through February 14, 2017, the date the financial Months Ended statements were available to be issued. December 31, Fund per share operating performance 2016 Net asset value per unit at beginning of period $2,956.04

Income from investment operations Net investment income 30.64 Net realized and unrealized gain on investments 33.19 Total from investment operations $63.83

Net asset value per unit at end of period $3,019.87

Total return1,2 2.2% Net investment income return1,2 1.0%

Ratios to weighted average net assets Fund level operating expenses2,3 0.01% Net investment income2,3 4.11% 1 Total return and net investment income return are calculated based on a time-weighted rate of return methodology. Monthly rates of return are geometrically linked to derive the returns refl ected above and are not annualized. 2 Investment management fees are charged directly to participants in the Fund and accordingly are not refl ected within the Fund’s total return and net investment income return or income and expense ratios. 3 Annualized for periods less than one year.

28 JPMCB STRATEGIC PROPERTY FUND | FOURTH QUARTER 2016 Report of Independent Auditors

To the Trustee of the Commingled Pension Trust Fund (Strategic Property) of J.P. Morgan Chase Bank, N.A.

We have reviewed the accompanying interim financial information of the Commingled Pension Trust Fund (Strategic Property) of J.P. Morgan Chase Bank, N.A. (the “Fund”) which comprise the statement of net assets, including the schedule of investments, as of December 31, 2016, and the related statements of operations and changes in net assets and of cash flows for the three-month period ended December 31, 2016.

Management's Responsibility for the Interim Financial Information

The Fund’s management is responsible for the preparation and fair presentation of the interim financial information in accordance with accounting principles generally accepted in the United States of America; this responsibility includes the design, implementation, and maintenance of internal control sufficient to provide a reasonable basis for the preparation and fair presentation of the interim financial information in accordance with accounting principles generally accepted in the United States of America.

Auditor's Responsibility

Our responsibility is to conduct our review in accordance with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial information taken as a whole. Accordingly, we do not express such an opinion.

Conclusion

Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in accordance with accounting principles generally accepted in the United States of America.

February 14, 2017

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us ON THIS PAGE: Century Plaza Towers Los Angeles, CA The Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank N.A. is a collective trust fund established and maintained by JPMorgan Chase Bank, N.A. under a declaration of trust. The fund is not required to fi le a prospectus or registration statement with the SEC, and accordingly, neither is available. The fund is available only to certain qualifi ed retirement plans and governmental plans and is not off ered to the general public. Units of the fund are not bank deposits and are not insured or guaranteed by any bank, government entity, the FDIC or any other type of deposit insurance. You should carefully consider the investment objectives, risk, charges, and expenses of the fund before investing. This quarterly report is intended to report solely on the investment strategies and opportunities of the JPMorgan Chase Bank, N.A. Strategic Property Fund (“the Fund”). Additional information is available upon request. Information herein is believed to be reliable, but J.P. Morgan Asset Management does not warrant its completeness or accuracy. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results. Total return assumes the reinvestment of income. Indices are not available for actual investment and are provided for illustrative purposes only. The material is not intended as an off er or solicitation for the purchase or sale of any fi nancial instrument. The investments and strategies discussed herein may not be suitable for all investors; if you have any doubts you should consult your J.P. Morgan Asset Management Client Advisor or Portfolio Manager. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. You should consult your tax or legal adviser about the issues discussed herein. Indices do not include fees or operating expenses and are not available for actual investment. The investments discussed may fl uctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse eff ect on the value, price or income of investments. The Target Return has been established by J.P. Morgan Investment Management Inc. “J.P. Morgan” based on its assumptions and calculations using data available to it and in light of current market conditions and available investment opportunities and is subject to the risks set forth herein and to be set forth more fully in the Memorandum. The target returns are for illustrative purposes only and are subject to signifi cant limitations. 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. The target returns cannot account for the impact that economic, market, and other factors may 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 the strategy. The manager’s ability to achieve the target returns is subject to risk factors over which the manager may have no or limited control. There can be no assurance that the Fund will achieve its investment objective, the Target Return or any other objectives. The return achieved may be more or less than the Target Return. The data supporting the Target Return is on file with J.P. Morgan and is available for inspection upon request. The Fund could experience a loss when selling investments to meet redemption requests by participating plans. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the investments sold, or when the investments the Fund wishes to or is required to sell are illiquid. It should not be assumed that Fund positioning in the future will be profi table or will equal past performance. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affi liates worldwide. Those businesses include, but are not limited to, JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc. © 2017 JPMorgan Chase & Co.

FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION CONTACTS

J.P. Morgan Asset Management—Global Real Assets 270 Park Avenue, New York, NY 10017 jpmorgan.com/assetmanagement

Portfolio Management Kimberly A. Adams Ann E. Cole Managing Director Managing Director Strategic Property Fund Portfolio Manager Strategic Property Fund Portfolio Manager Tel: +1-312-732-6366 Tel: +1-212-648-2152 Fax: +1-312-732-6391 Fax: +1-917-464-7449 [email protected] [email protected]

Business Development and Client Strategy Team

Bernie McNamara Alexia Gottschalch Managing Director Managing Director Head of Business Development and Head of Business Development and Client Client Strategy Strategy, Real Estate Americas Tel: +1-212-648-2099 Tel: +1-212-648-0739 Fax: +1-212-648-2261 Fax: +1-212-648-2261 [email protected] [email protected]

Lawrence Ostow Melissa Anezinis Rebekah Brown Managing Director Executive Director Executive Director Business Development and Client Strategy Business Development and Client Strategy Business Development and Client Strategy Tel: +1-212-648-2146 Tel: +1-312-732-7915 Tel: +1-212-648-2041 Fax: +1-212-648-2261 Fax: +1-212-648-2261 Fax: +1-212-648-2261 [email protected] [email protected] [email protected]

Josh Braunstein Jaclyn Weinman Caitlin Russell Vice President Vice President Associate Business Development and Client Strategy Business Development and Client Strategy Business Development and Client Strategy Tel: +1-212-648-1752 Tel: +1-212-648-0471 Tel: +1-212-648-2480 Fax: +1-212-648-2261 Fax: +1-212-648-2261 Fax: +1-212-648-2261 [email protected] [email protected] [email protected]

Client R elations T eam

Klayre Ingerton Hannah Kim Genie Pusey Executive Director Vice President Vice President Client Relations Client Relations Client Relations Tel: +1 212-648-2191 Tel: +1 212-648-1349 Tel: +1 212-648-0627 Fax: +1 212-648-2261 Fax: +1 212-648-2261 Fax: +1 212-648-2261 [email protected] [email protected] [email protected]

Emily DeLuca Rebecca Kim Josh Young Associate Analyst Analyst Client Relations Client Relations Client Relations Tel: +1 212-648-1096 Tel: +1 212-648-2569 Tel: +1 212-648-2173 Fax: +1 212-648-2261 Fax: +1 212-648-2261 Fax: +1 212-648-2261 [email protected] [email protected] [email protected]