Merit

A: Registration: 144A/Reg S; B: Registration: 144A/Reg S; C: Registration: 144A/Reg S; D: Registration: 144A/Reg S; E: Registration: 144A/Reg S; F: Registration: 144A/Reg S; HRR: Registration: 144A/Reg S;

A joint venture between Centerbridge Partners LP and Merit Hill Capital l and such affiliates, the (“Loan Sponsors”)

The Mortgage Loan is secured by the fee simple interest in a portfolio of 78 self-storage properties comprised of 4,600,773 square feet located across 23 states within 42 distinct metropolitan statistical areas.

JPMCB is expected to act as the “retaining sponsor” for this securitization and intends to satisfy the U.S. credit risk retention requirement through the purchase by PCSD PR CAP II Risk Private Limited, a Singapore private limited company as a “third-party purchaser” from the Depositor, on the Closing Date, of an “eligible horizontal residual interest”, which will be comprised of the Class HRR Certificates. The aggregate estimated fair value of the Class HRR Certificates will be at least equal to 5% of the fair value of all of the Certificates issued by the Trust.