Krane S&P US Private Stock Top 10 Vintage 2025 Series 1 Fund

About the Fund

The Fund's primary objective is to generate attractive risk adjusted returns by investing in equity interests of private technology companies. The Fund may gain exposure to target companies by directly purchasing from the company, purchasing from existing shareholders, and/or purchasing a portion or all of one or more legal entities that solely own the target company's stock (aka special purpose vehicles, "SPVs").

The Fund will seek to purchase target companies' shares that are included in the S&P US Private Stock Top 10 Vintage 2025 Series 1 Index and hold the shares until a liquidity event occurs (e.g., IPO, or acquisition). The Target List will be composed of approximately the 10 largest U.S. private technology companies by valuation. The Fund will seek to invest equally across the Top 10 private technology companies.

Summary of Terms

Fund Details	Data as of 6/10/2025
Schwab SSID	116218137
Fidelity CUSIP	48299C193
Fund Legal Name	KC VC 2, LP
Index Provider	S&P Dow Jones Indices
Index	S&P US Private Stock Top 10 Vintage 2025 Series 1 Index
General Partner	KCM GP, LLC
Management Company	Krane Capital Management, LLC

Target Companies — S&P US Private Stock Top 10 Vintage 2025 Series 1 Index

Company	Business
Space Exploration Technologies Corporation	Space rockets, satellite internet
OpenAI Inc.	AI large language models
X.AI Corp.	AI large language models
Stripe, Inc.	Online payments
Databricks, Inc.	AI data management, models
Anthropic PBC	AI large language models
Figure AI Inc.	Humanoid Robotics
Anduril Industries, Inc.	Defense
Rippling	Workforce Platform
Epic Games Inc	Gaming

Summary of Terms Continued

Term	Ten-year term, subject to two 1-year extensions at the Manager's discretion. The term can be further extended to permit the orderly liquidation, sale, exchange, or other disposition of the Fund's remaining investments.
Closings	The Initial Closing and additional closing will be held on such date as determined in the sole discretion of the General Partner, provided that the final such closing shall take place no later than twelve (12) months after the Initial Closing date.
Capital Contributions	100% called at closing.
Offering Period	12 months from initial closing.
Fund Administration	NAV Consulting, Inc. - www.navconsulting.net
Fund Operations	BridgePort Financial Technology - www.bridgeportft.com
Legal	Morgan, Lewis & Bockius LLP - www.morganlewis.com
Auditor	Citrin Cooperman & Company, LLP - www.citrincooperman.com
Management Fee & Carried Interest	Mgmt Fee: 2% per annum of Capital Commitment / Carry: 20%
Other Fund Expenses	The Fund will bear all other fund expenses, including but not limited to: Broker commissions, SPV creation and administration expenses, Legal expenses, Variable fees for wire and blue sky filing
Reports	The Fund shall provide (i) audited annual financial statements; (ii) unaudited quarterly performance statements and status reports; and (iii) annual tax information for tax returns information.
Investor Suitability	Accredited Investors and Qualified Clients only
Risks	In making an investment decision, investors must rely on their own examination of the entity issuing the interests and the terms of the offering. There can be no assurance that the Fund's target rate of return will be realized or that there will be any return of capital.

Krane Capital Management

Krane Capital Management, LLC is a subsidiary of Krane Funds Advisors, LLC (KraneShares), a specialist investment manager focused on China, Climate, and Alternative Assets. KraneShares seeks to provide innovative, high-conviction, and first-to-market strategies based on the firm and its partners' deep investing knowledge. KraneShares identifies and delivers groundbreaking capital market opportunities and believes investors should have cost-effective and transparent tools for attaining exposure to various asset classes. KraneShares was founded in 2013 and serves institutions and financial professionals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

Important Fund Risk Information

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.

Risk Disclosures

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.

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 materials contained herein (the "Materials") relating to Krane Capital Management, LLC (together with its affiliates, "Krane") and an investment in KC VC 2, LP (the "Fund") are provided by Krane solely to the recipient (the "Recipient"). The Materials are considered to be confidential and/or proprietary by Krane, should be treated in a confidential manner and may not be transmitted, reproduced or used in whole or in part for any other purpose, nor may they be disclosed without the prior written consent of Krane.

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 S&P US Private Stock Top 10 Vintage 2025 Series 1 Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Krane Capital Management, LLC. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").

The target list of companies herein was compiled based on an S&P Dow Jones Indices' proprietary index of private technology companies named "S&P US Private Stock Top 10 Vintage 2025 Series 1". KraneShares licenses this Index list from S&P Dow Jones Indices.

Risk Disclosures Continued

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 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.

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.

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 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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