NAV, Audit and Distributions Update

Further to the notification issued on 15 May 2026, we are providing an update on the status of the NAV finalisation, annual audit and distribution timeline.

Q4/25 NAV & Annual Audit Update

The annual audit process is currently progressing. The disposal of the Jumbo portfolio, together with the implementation of gating within the OPEN fund, has resulted in a delay to completion of the audit. As the NAV is subject to an external independent audit, the timing of finalisation is not entirely within our control.

All requested documentation and supporting materials have been provided to the auditor to date, and we continue to engage closely to support timely completion. Given the change of circumstances, the audit process has involved some additional review steps.

Notwithstanding the above, the financial statements remain on track to be completed within the applicable statutory deadline at the end of June. The auditor can however extend such period as reasonably necessary to complete their audit. We continue to work towards finalisation within this timeframe and currently expect that this deadline will be met.

Q1 2026 NAV Update

As a result of the extended timeline for completion of the Q4 2025 NAV, the Q1 2026 NAV will be prioritised for completion promptly thereafter, with the process being accelerated to minimise any further delay. We currently anticipate finalisation within 2–3 business days of the Q4 NAV completion.

Q1 2026 Distributions

As previously communicated, distributions are contingent on the completion of the 2025 audit. The General Partner has confirmed that the audit must be finalised before the amount available for Q1 2026 distributions can be determined.

Subject to completion of the audit, distributions are expected to be paid approximately two weeks thereafter.

We appreciate that, notwithstanding best intentions, timelines have changed but we would hope that investors and their financial advisors understand that since circumstances have changed, we must act prudently in interests of all investors.