2026_09_11_sp_evergreen-fund-presentation

1 Introduction to The Krane S&P ®

Private Leaders Access Fund info@kraneshares.comFor use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public. September 2026

2 KraneShares Empowering investors with access to the world’ s most powerful growth themes through ETFs, private strategies, and innovative investment solutions. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

3Top innovators are staying private for longer. Private companies are taking longer to go public, with the median age increasing from only 7 years in 2014 to 11 years in 202 5. Record funding, regulatory changes, and non -traditional investors are driving this trend. Data from Morningstar as of 12/31/2025. Data from World Federation of Exchanges as of 12/31/2025.711 0 2 4 6 8 10 1220142025 YearsMedian Age For Private Companies Going Public 1,0002,0003,0004,0005,0006,0007,0008,0009,000 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025Number Of Domestic Companies Listed On U.S. Exchanges For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

4Unicorns in the private market are increasing globally. Aunicorn company, or unicorn startup, is a private company with a valuation over $1 billion. Data from CB Insights as of 12/31/2025 .1 4 9 1342971281993184354759591,205 1,2241,2491,276 02004006008001,0001,2001,400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Cumulative Number of Unicorns By YearCumulative Number of Unicorns (2010 – 2025) For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

5 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000$ BillionsNew Nasdaq 100 Market Cap Rank With Top Private Unicorn Companies IncludedHow do these companies stack up against Nasdaq 100 Index constituents? Data from KraneShares, Bloomberg, and PM Insights as of 8/25/2026. Top private unicorns defined as companies globally with a market capitalization over $1 bill ion. #10 #13#16 For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

6Introducing The Krane S&P® Private Leaders Access Fund: An Index Approach to Private Markets Investing The Fund's primary objective is to generate attractive risk -adjusted returns by investing in equity interests of private compani es. 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 mor e legal entities that own the target company’s stock (aka special purpose vehicles, "SPVs"). Fund Highlights Investors can redeem capital semi -annually, up to 5%. S&P Target List S&P provides a proprietary security selection methodology and establishes a private company target list. Evergreen The Fund features quarterly subscriptions and has an indefinite offering period. Liquidity Fund Methodology Proceeds from liquidity events (e.g., IPO, or acquisition) will be reinvested into new companies or existing holdings.Dynamic The Index rebalances dynamically based on evolving valuations of top private technology companies. Reinvestment For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

7Fund Highlights •The S&P® Private Stock Expanding Leaders Index is the first -ever index to track top private companies in a basket that is refreshed quarterly. •The Krane S&P Private Leaders Access Fund applies a targeted approach to investing in late -stage private companies within an evergreen structure. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

8Why choose an index -guided approach to private equity and late -stage venture exposure? •Until now, gaining access to leading private companies in a systematic and transparent way has been challenging. •KraneShares has partnered with S&P to bring private company strategies to our clients. •The S&P® Private Stock Expanding Leaders Index initially captures the largest 10 US -based, privately held, venture -backed companies and is adjusted as companies go public and new ones are added. •Indexes create a transparent yardstick for identifying companies and measuring performance. •Krane Capital delivers key insights on private markets using the index as a point of reference. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

9Data from S&P Dow Jones as of 12/31/2025. For illustrative purposes only. Indexes are unmanaged, and one cannot invest direct ly in an index. Clients in 71 Countries and 21 offices worldwide Index Services (Index Licensing, Custom Indices, and Data and Benchmarking) 1/3 of index mutual funds are linked to the S&P 500, and more than a quarter of all ETFs are linked to an S&P DJI indexWhy S&P? For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

10Index Methodology OverviewATotal Investable Universe Constituent Selection WeightingVenture -backed, privately -held companies that meet the following criteria: •United States headquarters •Liquidity, defined as at least 3 broker quotes available for use in valuation calculations in the preceding 90 days. First Rebalance: The largest 10 companies in the Investable Universe. Subsequent Rebalances: Replace any deletions with the next largest in the Investable Universe First Rebalance: Equally Weighted. Subsequent Rebalances: Market Cap Weighted Quarterly Rebalancing.S&P Private Stock Expanding Leaders Index Filtering Process for Index Constituent Selection Data from S&P Dow Jones. Please see the end of the presentation for complete methodology. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

11The S&P® Private Stock Expanding Leaders Index Current Index Constituents Rank CompanyImplied Valuation ($B)Industry 1 Anthropic $1,400 Artificial Intelligence 2 OpenAI Inc $852 Artificial Intelligence 3 Stripe Inc $159 Fintech 4 Databricks Inc $188 Software/Data 5 Anduril Industries Inc $61 Defense Tech 6 Anysphere* $60 Artificial Intelligence 7 Neuralink Corp $44 Robotics 8 Ramp Business Corp $39 Fintech 9 Figure AI Inc $34 Robotics 10 Fanatics Holdings Inc $17 E-Commerce Data from PM Insights and S&P as of 9/30/2026. *Anysphere has been acquired and will be removed at the next rebalance. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

12Key Terms Please see the end of the presentation for complete fund terms. Please see the offering documents for a comprehensive list of fund expenses.Fees 2% Annual Management & 20% Performance Investment Timeline Targeting companies estimated under 3 years to IPO Fund Life Evergreen (Perpetual) Liquidity 5% of Fund (Semiannually) For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

13How to Invest After your profile is complete, subscription documents can be automatically filled and ready for signature. Once subscriptions are accepted for the quarter, there will be one capital call for all committed capital.Reach out to KraneShares indicating interestYou will be invited to KraneShares’ fund portal where you will create an investor profile and review fund documents You will be asked to provide KYC information about yourself/entity and provide documentationStep 1 Step 2 Step 3 Email: info@kraneshares.com For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

14Krane S&P Private Leaders Access Fund, LP: Summary of Terms Fund Details As of 9/10/2026 Fund Legal Name Krane S&P Private Leaders Access Fund, LP Index Provider S&P Dow Jones Indices Index S&P Private Stock Expanding Leaders Index General Partner Krane PLAF GP, LLC Management Company Krane Capital Management, LLC Subscription Frequency Quarterly Redemption Frequency Withdrawals are permitted only on semiannual dates (June and December) after a one -year lock -up, require 90 days’ notice, and ar e subject to a 5% fund -level gate that can prorate requests. The General Partner retains broad discretion to limit, suspend, defer, or customize withdrawals, enforce minimums, and determine timing and form of distributions. Capital Contributions 100% called at subscription. Offering Period Continual Fund Administration NAV Consulting, Inc. - www.navconsulting.net Fund Operations Bridge Port Financial Technology - www.bridgeportft.com Legal Morgan, Lewis & Bockius LLP - www.morganlewis.com Auditor Citrin Cooperman & Company, LLP - www.citrincooperman.com Management Fee & Performance FeeManagement Fee* 2% per annum of Capital CommitmentPerformance Fee* 20% Other Fund Expenses The Fund will bear all other fund expenses*, including but not limited to: •Trading associated fees •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 informat ion. Investor Suitability Accredited Investor** and Qualified purchaser*** Risks In making an investment decision, investors must rely on their own examination of the entity issuing the interests and the te rms of the offering. There can be no assurance that the Fund’s performance will be realized or that there will be any return of capital. Please see the limited partner agreement, private placement memorandum, and subscription document of the Fund for additional investment risks. *Please see the offering documents for a comprehensive list of fund expenses (“Partnership Expenses”) **As defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended. ***As defined under Section 2(a)(51) of the Investment Company Act of 1940. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

15S&P Private Stock Expanding Leaders Index: Methodology Methodology Index Universe PMI Insights Universe: All venture -backed private companies covered by PM Insights. Eligibility Factors Headquarters: Be headquartered in the U.S. Depth*: have a Depth of ≥3 in the last 90 days. (*the number of direct broker contributions received and used in composite pr ice calculations for the given issuer for that date). Weighting Equally -Weighted: At each rebalancing, the index equal weights constituents. Constituent SelectionAt the first rebalancing:

1. Rank all companies with Depth >=3 in descending order by market capitalization.
2. Select the highest ranked 10 companies. For the succeeding rebalancing*:
3. Select all the current constituents.
4. Rank all companies in the parent universe PMI Index, with Depth >=3, in descending order by market capitalization.
5. Add the highest ranked 10 companies (that were not already considered as current constituent additions in step 1). Rebalancing Schedule Quarterly Index Maintenance AdditionsA constituent company removed between re -balancing is replaced on the effective date of the outgoing company’s removal by the la rgest non -constituent, as determined by market capitalization. Replacements are added at the weight of the outgoing company. The replacement company is selected from among the highest -ranking eligible non -constituents as of the last rebalancing. The lar gest company is selected using market capitalization as of the close of the business day prior to the replacement announcement date. DeletionsCompanies no longer covered by PM Insights are removed from the index with at least one trading day’s notice. A company can a lso be removed from the index due to IPOs, acquisitions, acquihires, bankruptcy filings, and cessation of operations, as defined below. IPOs If a constituent IPOs, the listed stock remains a constituent and is removed at the subsequent rebalance post the listing dat e. Corporate ActionsThe list below identifies some terms and types of corporate events which may or may not result in additions or deletions depe nding on circumstances around a particular event. The Index Committee reviews post -dated corporate actions for potential impact and announces any intended action(s) accordingly. • Grant. Instances in which a company is awarded a grant from an organization or government entity. • Funding Round. The primary fundraising activity undertaken by the company, specifically a new round of capital raising. • Incorporation Date. The specific date on which the company was officially incorporated. • Privately Traded Status. The date on which the company transitioned to being privately traded, assuming it was previously p ublicly traded. • Deregistration from Private Trading. The date on which a company is no longer classified as privately traded, applicable fo r any of the reasons mentioned above. • Share Split. A corporate action that results in the division of a company's existing shares into multiple shares, thereby i ncreasing or decreasing the total number of shares outstanding. • Initial Public Offering (IPO). The date on which the company became publicly listed or traded. • Acquisition. The date on which the company was acquired or became a target for acquisition. • Bankruptcy Filing. The date on which the company filed for bankruptcy. • Cessation of Operations. The date on which a company ceased its operations, which may result from failure to emerge from ba nkruptcy, court orders, or other reasons. • Acquihire. An acquisition of a company that is targeted mainly for its employees rather than its products or business. • Reverse Acquihire. The hiring of another company's key employees without full acquisition of the company itself. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

16Important 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 an d able to assume the risk of losing their entire investment. The Fund does not represent a complete investment program. An investment in the Fund should be considered only by sophisticat ed investors who can evaluate and bear the risks of a private, illiquid, long -term investment. 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. Prospective investors should consult their own legal, tax and financial advisers before investing. 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 may often engage in the use of leverage and other speculative investment practices, such as short sales, options, de rivatives, futures, and illiquid investments that may increase the risk of investment loss. Investment return and principal valu e will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The Fund is not required to provide investors with periodic pricing or valuation, and often charges high fees. As of 08/20/2026, the Index and Index Methodology have not been finalized and remain subject to development and modification by S&P. Risk Disclosures: The Fund has not yet received any investments or started its operations, and it lacks any historical record or performance. T his information is only a brief summary and is not exhaustive. The terms mentioned here may undergo significant changes without p rior 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 part nership agreement and subscription agreement (collectively, “the Fund Documents”), which will take precedence in case of any conflicts with the gen eral terms provided here. An investor should base any investment decisions solely on the information contained in the Fund Documents. Furthermore, ther e 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, “Kr ane”) and an investment in Krane S&P Private Leaders Access Fund, LP (the “Fund”) are provided by Krane solely to the recipient (the “Recipient”). In consideration of Krane’s providing the Recipient with the Materials, the Recipient hereby acknowledges and agrees to the following terms an d conditions. The Materials are considered to be confidential and/or proprietary by Krane, should be treated in a confidential m anner, 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 writt en consent of Krane. By accepting the Materials, the Recipient agrees not to distribute or provide the Materials or any informat ion contained herein to any other person. The Materials are intended for authorized recipients only and must be held strictly confidential. The Materials are not intended by Krane or any of its affiliated funds as an offer to sell, or the solicitation of an offer t o 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 no t constitute or imply any commitment whatsoever, including without limitation an offer to purchase, sell, or hold any Security o r 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 detai led information about any investment to be offered; no sales will be made, and no commitments to enter into investments will be a ccepted, 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 commitmen t 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 advi sors. The offering has not been registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state, and are being offered pursuant to Rule 506(c) of Regulation D under the Securities Act, which permits general solicitation and ad vertising. All purchasers must be “accredited investors” within the meaning of Rule 501(a) of Regulation D, and the Fund will take reasonable steps to verify e ach purchaser’s accredited investor status in accordance with Rule 506(c). In addition, because the Fund intends to rely on Secti on 3(c)(7) of the Investment Company Act of 1940, as amended, each purchaser must be a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act. The S&P Private Stock Expanding Leaders Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and will be 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”); and these trademarks have be en licensed for use by SPDJI and sublicensed for certain purposes by Krane Capital Management, LLC. Krane S&P Private Leaders Ac cess Fund, LP, is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissi ons, or interruptions of the S&P Private Stock Top 10 Continuation Index. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.

17Risk Disclosures (Continued): The target list of companies herein was compiled based on an S&P Dow Jones Indices’ proprietary index of private companies na med “S&P Private Stock Expanding Leaders Index”. KraneShares will license this index list from S&P Dow Jones Indices. The target list serves as a sourcing and screening input only. The Fund does not seek to track the Index or replicate its composition or weighting, and Krane reta ins full discretion over all investment decisions. As of 08/20/2026, Index and Index Methodology have not been finalized and remain subject to development and modification by S &P. 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 (withi n the meaning of ERISA) to the plan, the Materials are not based on the particular investment needs of any plan, and the Materia ls will not serve as a primary basis for any of Recipient’s investment decisions. Neither Krane nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or compl eteness of the information contained in the Materials, and nothing contained herein shall be relied upon as a promise or represe ntation 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 th e date stated herein. Krane and its affiliates, directors, officers, and employees expressly disclaim any obligation to updat e 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 i nformation may include, among other things, projections, forecasts, returns and proposed or expected portfolio composition an d involves significant elements of subjective judgment and analysis. The forward -looking information contained in the Materials is based upon certain assumptions a bout future events or conditions. Actual events or conditions are unlikely to be consistent with, and may differ materially f rom, those assumed. In addition, not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results will v ary and the variations may be material. You should understand such assumptions and evaluate whether they are appropriate for thei r purposes. An investment in the Fund would not be appropriate for all investors and involves important legal, operational and tax conseq uences and investment risks (including, in some cases, volatility, currency and credit risk, illiquidity, and/or loss of princip al), each of which should be independently assessed by investors with their professional advisors prior to transacting. These Materials do not take into a ccount 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 Fund is an open -end private fund with an indefinite offering period. Subscriptions may be accepted on a quarterly basis or a t such other times as the General Partner may determine. Withdrawals are permitted only on semiannual withdrawal dates, are s ubject to a one -year lock -up from each capital contribution, require advance notice, and are subject to applicable withdrawal limitations, including a fun d-level gate, proration, deferral, suspension and other restrictions or discretion as described in the Fund Documents. The interests in the Fund have not been approved or recommended by any United States federal or state securities commission o r regulatory authority. The foregoing authorities have not confirmed the accuracy or determined the adequacy of the Materials. A ny 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 o f the third -party information contained in this presentation. The information contained in the Materials should not be regarded by the Recipient as a subst itute for the exercise of its own judgment. The Recipient is expected to rely only on its own due diligence if it wishes to proc eed 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 dir ectors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part o f 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 Rec ipient may require. No investment in the Fund or any other financial decision or action should be based solely on the informa tion contained in the Materials. THE MATERIALS DO NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE FUND. BEFORE INVESTI NG 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. Foreside Fund Services, LLC provides marketing review services. Foreside Fund Services, LLC is not affiliated with Krane Capi tal Management, LLC. For use with Accredited Investors and Qualified Purchasers only. Not for sale to the General Public.