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Private Fund Risks MSCI

An investment in the Fund is speculative, involves a high degree of risk, and is suitable only for persons who are willing and able to assume the risk of losing their entire investment. The fund may often engage in the use of leverage and other speculative investment practices, such as short sales, options, derivatives, futures and illiquid investments that may increase the risk of investment loss. − Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The fund’s high fees and expenses may offset the fund’s total return. − There may be restrictions on transferring interests in the fund. There is no secondary market for the investor’s interest in the fund and none is expected to develop. The fund is not required to provide investors with periodic pricing or valuation, and often charges high fees. Private funds are not subject to the same regulatory requirements as registered funds. − Investing in private funds may also involve complex tax structures and delays in distributing important tax information. Speak to your Financial Adviser before investing. The fund does not represent a complete investment program. Investors in fund of funds will incur asset-based fees and expenses at the fund level and indirect fees, expenses and asset-based compensation of investment funds in which these funds invest. The Fund’s portfolio intends to invest in ten private companies tracked by the Index. The Target List does not represent all private technology companies, rather, only private technology companies listed on the MSCI All Country Venture-Backed Private Company Top 10 Equal Weighted (June 2025 Vintage) Index. The Target List may include certain companies that perform poorly or omit other companies that perform well. The Partnership may not invest in all the companies comprising the Target List and may need to expand the pool of investments to fully invest its capital. For the avoidance of doubt, the Partnership’s performance will not track the Target List, in part because the Partnership may not be able to participate in the desired amount or may be weighted differently and therefore the Fund’s performance may deviate from that of the Target List. There is no assurance that the Partnership will achieve its investment or risk management objectives or be profitable. The Partnership may invest in portfolio companies which are significantly debt-financed by third parties. While investments in leveraged companies offer the opportunity for capital appreciation, such investments also involve a higher degree of risk. The Partnership generally seeks to invest and may be concentrated in private, high-growth technology companies which often include the risks of, rapidly changing science and technologies; obsolescence, fierce competition and rapidly changing investor sentiments and preferences with regard to technology sector investments. Information technology companies may be smaller and less experienced companies, with limited operating history The Interests are being offered without registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption contained in Section 4(a)(2) of the Securities Act. Investors will generally not have the right to withdraw from the Partnership (unless permitted by the General Partner in its discretion or as otherwise set forth in the Partnership Agreement) and should be viewed as illiquid. Investors may not be able to redeem their interests in the amount or at the time desired and should only be considered by investors who can bear such risk for an indefinite period of time. The Fund has not yet received any investments or started its operations, and it lacks any historical record or performance. This information is only a brief summary and is not exhaustive. The terms mentioned here may undergo significant changes without prior notice. It’s essential to note that certain crucial details about the stated terms are omitted, and other key Fund terms are not addressed in this summary. To gain a comprehensive understanding, potential investors should refer to the Fund’s private placement memorandum, limited partnership agreement and subscription agreement (collectively, “the Fund Documents”), which will take precedence in case of any conflicts with the general terms provided here. An investor should base any investment decisions solely on the information contained in the Fund Documents. Furthermore, there is no assurance that the Fund will achieve its fundraising goals, which could impact its ability to carry out its objectives. The information contained herein should not be the basis for determining the value of any security, loan or other financial instrument (collectively, “Securities”) or in making any decision to buy, sell or hold any Security. The Materials are not intended by Krane or any of its affiliated funds as an offer to sell, or the solicitation of an offer to purchase, any Security. The information set forth in the Materials is provided for informational and discussion purposes only and is not intended to be, and shall not be regarded or construed as, a recommendation for a transaction or investment, financial or other advice of any kind. It does not constitute or imply any commitment whatsoever, including without limitation an offer to purchase, sell or hold any Security or to enter into or arrange any type of transaction. Any offering will be made only where permitted by law and by means of the Fund Documents that will contain detailed information about any investment to be offered; no sales will be made, and no commitments to enter into investments will be accepted, and no money is being solicited or will be accepted, until the Fund Documents are made available to prospective investors. Any indication of interest from prospective investors in response to the information provided in the Materials involves no obligation or commitment of any kind. Any investment decisions should be based solely on the data in the Fund Documents and after consultation with an investor’s independent advisors. The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Private Placement Memorandum contains a more detailed description of the limited relationship MSCI has with Krane Capital Management, LLC and any related funds. The target list of companies herein was compiled based on an MSCI index of private technology companies named “MSCI All Country Venture-Backed Private Company Top 10 Equal Weighted Index”. KraneShares licenses this list from MSCI. If the Recipient is, or is a fiduciary to, an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a fund or other entity whose assets are deemed to include “plan assets” of such plans, such Recipient agrees that Krane is not providing any investment advice (within the meaning of ERISA) to the plan, the Materials are not based on the particular investment needs of any plan, and the Materials will not serve as a primary basis for any of Recipient’s investment decisions. Neither Krane nor any of its owners makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in the Materials, and nothing contained herein shall be relied upon as a promise or representation as to the past or future performance. The Materials have been prepared from third-party and original sources and data is believed to be reliable as of the date stated herein. Krane and its affiliates, directors, officers, and employees expressly disclaim any obligation to update any information contained herein. Krane does not have or undertake any obligation to update or keep current the information contained in the Materials. The information provided in the Materials contains “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, returns and proposed or expected portfolio composition and involves significant elements of subjective judgment and analysis. The forward-looking information contained in the Materials is based upon certain assumptions about future events or conditions. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. In addition, not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results will vary and the variations may be material. You should understand such assumptions and evaluate whether they are appropriate for their purposes. An investment in the Fund would not be appropriate for all investors and involves important legal, operational and tax consequences and investment risks (including, in some cases, volatility, currency and credit risk, illiquidity, and/or loss of principal), each of which should be independently assessed by investors with their professional advisors prior to transacting. These Materials do not take into account individual investor circumstances, objectives, or needs. No determination has been made regarding the suitability of any securities, financial instruments, or strategies for particular investors or prospects. The interests in the Fund have not been approved or recommended by any United States federal or state securities commission or regulatory authority. The foregoing authorities have not confirmed the accuracy or determined the adequacy of the Materials. Any representation to the contrary is a criminal offense. Krane has not independently verified the third-party information contained in the Materials, nor does Krane make any representation or warranty, either express or implied, as to the accuracy, completeness, or reliability of the third-party information contained in this presentation. The information contained in the Materials should not be regarded by the Recipient as a substitute for the exercise of its own judgment. The Recipient is expected to rely only on its own due diligence if it wishes to proceed further. The valuations, forecasts, estimates, opinions, and projections contained in the Materials involve elements of subjective judgment and analysis. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Krane, its directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of the information in the Materials or any of the information contained therein. The Recipient should not construe the contents of the Materials as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel, tax, and financial advisors as to legal and related matters concerning any transaction described herein. The Materials do not purport to be all-inclusive or to contain all of the information that the Recipient may require. No investment in the Fund or any other financial decision or action should be based solely on the information contained in the Materials. THE MATERIALS DO NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE FUND. BEFORE INVESTING IN THE FUND, POTENTIAL INVESTORS SHOULD FULLY UNDERSTAND THE FUND’S TERMS AND ANY APPLICABLE RISKS, SOME, BUT NOT ALL, OF WHICH ARE DESCRIBED IN MORE DETAIL IN THE FUND DOCUMENTS.

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