• In the JP Morgan 2020 annual report, loan loss reserves increased approximately 210% to $17.4 billion from $5.5 billion in 2019.

• On April 9, 2021, a NY Times article discussed how the shrinking need for office space could crush landlords. Jamie Dimon is quoted saying JP Morgan may only need office space for 60 employees for every 100 employees going forward given the remote work trend.

• We believe this may be a good time for investors to evaluate allocations to real estate funds.

• To arrange a confidential call with one of our secondary advisors, please contact Kelly Londono at ir@nyppex.com or +1 (914) 305-2825.

About NYPPEX

NYPPEX is one of the world’s leading secondary private market liquidity providers for interests in private equity funds, securities in private companies and their respective derivative instruments.

Our specialized professionals and the NYPPEX QMS Platform™ provide clients the opportunity for superior transaction speed and price execution, at low cost, in all transaction sizes.

We provide access to deep liquidity from established client relationships located in over 26 countries. Our clients include alternative investment firms, private companies, pension funds, financial institutions, endowments, foundations, family offices and their respective advisors worldwide.

Since 2004, the NYPPEX QMS™ has been formerly recognized by the U.S. Internal Revenue Service (through private letter ruling PLR-111165-04) as a Qualified Matching Service for private partnerships under Internal Revenue Code §1.7704. Securities privately offered through NYPPEX, LLC in jurisdictions were permitted. NYPPEX is regulated in the U.S. by the SEC and FINRA. Member SIPC. www.nyppex.com.

Copyright © 2021 NYPPEX Holdings, LLC. All rights reserved.

This market commentary is for informational purposes only and only for Qualified Purchasers and their advisors of private equity fund assets. It does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security which may only be done through an issuer’s offering documents and in jurisdictions where permissible. Nothing contained in this commentary or subsequent document constitutes investment advice or offers any opinion with respect to the suitability of any security. The views expressed on this commentary and subsequent documents should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this invitation, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed on this invitation or subsequent report by NYPPEX were prepared based upon the information available to NYPPEX at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.