JPMorgan Asset Management UK Limited

Fees and Compensation

A. Advisory Fees and Compensation

Pooled Investment Vehicles

With respect to private funds managed by the Adviser, the applicable fees and expenses are set forth in the
relevant offering or governing documents, or in certain cases, in separate fee agreements between the
Adviser and the private fund’s investors.

The Adviser's fees vary significantly depending on the type of fund and investment strategy and can be
subject to negotiation. The private funds managed by the Adviser typically utilize an asset-based fee ranging
from 0% to 2% annually. For private funds that include performance-based compensation or carried interest,
fees typically range from 5% to 20% of the appreciation of the account’s or fund’s assets or performance
relative to a specified benchmark. The nature of the asset-based fee varies. For example, it may be based on
capital committed or contributed to the fund or capital committed or invested in to underlying investments, or
such fee may be payable out of fund profits and/or may vary within a fund based on the fund’s investment
stages. The performance-based compensation or carried interest also varies across the private funds and
may vary within funds in relation to types of investments or certain clients. In addition, certain private funds
offer a preferred return threshold prior to which no carried interest is paid to the Adviser. The preferred return
threshold similarly varies across funds and/or clients. In certain cases, the Adviser may waive, rebate, or
reduce the asset-based fee, performance-based compensation, or carried interest for certain investors,
including Affiliates of the Adviser and/or employees of the Adviser or its Affiliates.

In certain cases, investors pay fees outside the fund. Such fees are based on a separate fee agreement
between the Adviser and/or its Affiliates and the applicable investor. Investors should refer to the offering
documents of the relevant private fund or applicable fee agreement for further information with respect to
fees.

JPMorgan Asset Management (UK) Limited                                             Form ADV | March 27, 2026

B. Payment of Fees

Pooled Investment Vehicles

A description of the calculation and payment of fees payable to the Adviser and its Affiliates is set forth in the
applicable prospectus, offering or governing document or fee agreement for the relevant fund. Clients should
refer to such documents for further information with respect to fees.

C. Additional Fees and Expenses

General

In addition to the advisory fees described above, clients may be subject to other fees and expenses in
connection with the Adviser's advisory services.

Transaction Charges

Clients generally pay brokerage commissions, taxes, charges, and other costs related to the purchase and
sale of securities for a client’s account. See Item 12, Brokerage Practices for additional information regarding
the Adviser’s brokerage practices. Certain fees may also be charged in connection with acquisition,
disposition and origination transactions, some of which may be retained by the Adviser and others inure to the
benefit of applicable clients.

Custody and Other Fees

Clients typically establish a custody account under a separate agreement with a custodian bank, and the
client will incur a separate custody fee for the custodian’s services. The custodian may be an Affiliate of the
Adviser. If a client’s account is invested in mutual funds, exchange-traded funds ("ETF"), or other pooled
investment vehicles, including private funds, the client’s account generally will bear its pro rata share of the
expenses of the fund, including custody fees.

Common Types of Expenses Related to Alternative Investment Strategies

Clients and funds investing in alternative investment strategies may either directly or through allocations by
the Adviser or its Affiliates to such strategies bear the following expenses:
       i.      All organizational and offering expenses;
       ii.     All third-party costs, fees, or expenses incurred in connection with the performance of all due
               diligence investigations in relation to the acquisition, ownership, management, repositioning,
               development, redevelopment, capital expenditure in relation to, or realization of, any
               investment (including any dead deal costs);
       iii.    The third-party costs, fees, or expenses incurred in connection with the negotiating,
               structuring, financing, and documenting of the acquisition, ownership and realization of any
               investment, including pursuing joint venture partners, forming joint ventures, co-investments,
               and syndicating investments (including dead deal costs), any investment-related costs, fees,
               or expenses and brokerage, underwriting, or similar commissions incurred in relation to any
               investment (including dead deal costs);
       iv.     Any other third-party costs, fees, or expenses incurred in connection with the acquisition,
               ownership, management, repositioning, development, redevelopment, or capital expenditure in
               relation to, or realization of, any investments (including dead deal costs);
       v.      The third-party costs, fees, and expenses required to be paid in connection with any credit
               facility to be obtained or assumed in connection with any fund entity or investment, including
               the legal fees and expenses of lenders’ legal counsel, the fees and expenses of the fund's

JPMorgan Asset Management (UK) Limited                                              Form ADV | March 27, 2026

              legal counsel, brokers’ fees, lenders’ assumption or transfer fees, and required reserves
              (including dead deal costs);
     vi.      Transfer taxes, title premiums, environmental insurance premiums, underwriters' commissions
...

Types of Clients

The Adviser primarily provides investment advisory services to institutional clients, both U.S. and non-U.S.,
including:
    •   Charitable and/or religious organizations
    •   Corporations
    •   Defined contribution and defined benefit pension plans
    •   Endowments and foundations

JPMorgan Asset Management (UK) Limited                                            Form ADV | March 27, 2026

    •   Financial Institutions (including registered investment advisers)
    •   Insurance companies
    •   Investment companies (including mutual funds, closed-end funds and ETFs)
    •   Other pooled investment vehicles (including private funds)
    •   Sovereigns and central banks
    •   State and local governments
    •   Supranational organizations
    •   Trusts and Estates

The Adviser also provides investment advisory services to the Wealth Management division of JPMAWM.

Account Requirements

The Adviser has established minimum account requirements for certain client accounts, which vary based on
the fund, investment strategy, and asset class. In addition, a larger minimum account balance may be
required for certain types of accounts that require extensive administrative effort. Minimums are subject to
waiver in the Adviser's discretion and are waived for client accounts from time to time. To open or maintain an
account, clients are required to sign an investment advisory agreement with the Adviser that stipulates the
terms under which the Adviser is authorized to act on behalf of the client to manage the assets listed in the
agreement. In certain instances, the Adviser may also manage the assets of its Affiliate’s clients and will
receive from the Affiliate a portion of the fee or other compensation paid by the end client for such services.
Under these circumstances, the client enters into an investment advisory agreement with the Affiliate and, in
turn, the Affiliate delegates authority to the Adviser.

For certain types of pooled investment vehicles offered or managed by the Adviser, U.S. investors must
generally satisfy certain investor sophistication requirements, including that the investor qualifies as an
“accredited investor” under Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, a
“qualified purchaser” within the meaning of section 2(a)(51) of the Investment Company Act of 1940, as
amended (the “1940 Act”), and/or a “qualified eligible person” under Rule 4.7 of the Commodity Exchange Act.
The Adviser may also permit investments by certain employees that qualify as “knowledgeable employees”
within the meaning of Rule 3c-5 of the 1940 Act in lieu of satisfying the client qualification requirements
associated with being a “qualified purchaser”.