KKR Credit Income Fund Reports Minor Decrease in Unit Net Tangible Asset Value as of July 20, 2026

Overview of KKC's Fund Structure and Management

KKR Credit Income Fund operates as an Australian registered managed investment scheme listed on the ASX under ticker KKC. The Trust Company (RE Services) Limited acts as the responsible entity, holding Australian Financial Services Licence (AFSL) 235150 and Australian Company Number (ACN) 45 003 278 831. This regulatory framework ensures compliance with the Australian Securities and Investments Commission (ASIC) guidelines, providing governance and accountability for investment management.

KKR Australia Investment Management Pty Limited manages the fund’s daily portfolio decisions and valuation calculations under AFSL 420 085. JP Morgan functions as the independent administrator, verifying the manager’s unaudited and approximate figures. This three-tier governance—responsible entity, manager, and administrator—provides robust oversight and protects unitholder interests through independent validation.

Recent NTA Valuation and Performance Trends

On 20 July 2026, KKC’s net tangible asset value per unit was $2.3387, reflecting a slight 0.09% drop from $2.3407 recorded on 15 July 2026. These minor fluctuations are typical for credit income funds, which hold portfolios of debt and credit-related securities sensitive to daily market valuations and credit events.

All figures are denominated in Australian dollars unless otherwise noted. The fund manager highlights that the current NTA estimate and historical figures remain unaudited and approximate until JP Morgan completes verification. This practice aligns with industry standards, where preliminary daily NTA updates are promptly shared with unitholders and the market, with formal audits conducted periodically. Investors should note these preliminary valuations may be adjusted following administrator verification.

Credit Income Investment Strategy and Portfolio Composition

KKR Credit Income Fund focuses on credit-based investments aimed at income generation through corporate debt, credit instruments, and related securities. As an ASX-listed fund managed by a global credit specialist, KKC offers Australian investors diversified exposure to credit markets that may provide yield advantages over traditional fixed income. Portfolio details and credit quality metrics are disclosed periodically via the Product Disclosure Statement (PDS) and continuous ASX announcements, accessible at www.kkcaustralia.com.au.

The manager emphasizes diversification across credit instruments and issuers to achieve attractive risk-adjusted returns. However, credit funds inherently face risks including credit spread volatility, interest rate changes, and credit events like defaults or downgrades. Performance is influenced by macroeconomic factors, credit market sentiment, central bank policies, and issuer-specific developments. While KKR Australia Investment Management bases forecasts on reasonable grounds, it explicitly notes no assurance that expectations will be realized, acknowledging credit market uncertainties.

NTA Calculation Methodology and Update Process

KKR Australia Investment Management prepares all NTA calculations, which are unaudited and approximate until verified by JP Morgan, the independent administrator. This approach ensures timely preliminary valuations reach unitholders and the market, with formal verification adding a layer of accuracy before official period-end figures are finalized. Valuations follow accounting standards and fund constitutive documents, reflecting the manager’s best estimates as of the reporting date.

NTA per unit is derived by dividing total net assets (assets minus liabilities) by units on issue. For credit income funds, asset valuations incorporate market prices, credit spreads, interest rate curves, and other market factors. Changes in NTA between reporting dates can result from new investments, distributions, market value fluctuations of credit instruments, accrued income, and fees. The 0.09% decline between 15 and 20 July 2026 illustrates typical portfolio value adjustments even in stable credit markets. Unitholders should consult the full PDS and periodic reports for detailed valuation policies and assumptions.

Registry Services and Investor Communication

The Trust Company (RE Services) Limited has appointed Boardroom Pty Ltd as KKC’s unit registry, managing unitholder records, applications, redemptions, and distributions. Boardroom offers support via phone at 1300 737 760 (Australia) or +61 2 9290 9600 (international) and email at [email protected]. These channels assist unitholders with account statements, distributions, contact updates, and administrative inquiries.

KKC’s official website, www.kkcaustralia.com.au, centralizes disclosures, factsheets, performance data, and the current PDS. Investors can access continuous disclosure announcements, historical NTA updates, distribution details, and manager commentary. A dedicated information line at 1300-131-856 (Australia) is also available for investment-related queries. These communication avenues demonstrate the fund’s commitment to transparency and accessible investor relations.

Regulatory Oversight and Responsible Entity Duties

The Trust Company (RE Services) Limited acts as KKC’s responsible entity under ASIC Regulatory Guide 225 and the Corporations Act 2001 (Cth). TTCRESL holds fiduciary duties to act in unitholders’ best interests, manage conflicts, ensure governance, oversee the manager’s performance, and comply with continuous disclosure obligations to the ASX. The fund is registered with ASIC under Australian Registered Scheme Number (ARSN) 634 082 107, confirming adherence to managed investment scheme regulations.

KKR Australia Investment Management’s appointment is governed by an investment management agreement within the fund’s Constitution. TTCRESL retains ultimate accountability and can override or terminate the manager if necessary to protect unitholder interests. The inclusion of JP Morgan as independent administrator adds oversight on asset valuation and NAV calculations, reducing risks of errors in manager-prepared figures. This regulatory framework balances delegation with oversight to mitigate systemic risks in managed investment schemes.

Performance Disclaimer and Forward-Looking Statements

The update includes the standard disclaimer that past performance does not guarantee future results, reflecting that historical returns are not reliable predictors of future outcomes. Credit markets, interest rates, economic cycles, and issuer conditions can change, meaning previous performance may not be replicated.

KKR notes that while its estimates and expectations are based on reasonable grounds, there is no guarantee these will be met. This acknowledges inherent uncertainties in credit market forecasts. Investment outcomes depend on factors beyond management control, including macroeconomic shifts, market disruptions, credit events, regulatory changes, and geopolitical developments. Unitholders should recognize that the NTA estimate is preliminary and subject to change. This transparent disclosure helps manage expectations and supports informed decision-making.

Third-Party Information and Liability Disclaimers

The update may include data from third parties such as custodians, credit rating agencies, and market data providers. KKR disclaims warranties regarding the accuracy or completeness of third-party information. While reasonable steps are taken to verify such data, ultimate accuracy depends on these external sources.

To the extent permitted by law, KKR and TTCRESL disclaim liability for losses arising from reliance on the update’s information. This does not exempt them from statutory obligations but clarifies that the update is general information, not personalized financial advice. Unitholders should consult the full PDS, consider their financial circumstances, and seek licensed financial advice before making investment decisions. Additional disclosures and updates are available at www.kkcaustralia.com.au.

No Capital or Performance Guarantees; Investment Risk Disclosure

KKR, its affiliates, related bodies corporate, and companies within the Perpetual Group (including Perpetual Limited and subsidiaries) do not guarantee the fund’s performance or return of investor capital. This critical risk disclosure confirms that unitholders bear full market risk. Unlike bank deposits or government bonds, KKC units carry no capital protection, and adverse market movements, defaults, or downgrades can result in losses.

The absence of guarantees reflects the nature of credit income investing, which seeks returns through yield and market exposure rather than capital preservation. Unitholders should assess KKC as a market-risk investment and consider potential volatility and capital loss within their risk tolerance and investment horizon. This clear risk articulation promotes transparency and prevents misinterpretation of the fund as capital-protected. Prospective and current investors should fully understand and accept these risks before investing.