Summary of Key Risk Factors

No Assurance on Investment Return

All investments risk the loss of capital. No guarantee or representation is made that Investindustrial Access’s investment program will be successful. Certain investment techniques of Investindustrial Access can, in certain circumstances, magnify the impact of adverse market moves to which Investindustrial Access may be subject. The investment program of Investindustrial Access is subject to change and there is no guarantee that the investment program will be the same going forward. Shareholders should draw no conclusions from the prior performance of Investindustrial Access or of Investindustrial’s investment professionals or any member of the Investindustrial group, or any other Investindustrial Fund and should not expect Investindustrial Access to achieve similar returns. There can be no assurance that the investment objectives will be achieved.

Limited Liquidity

An investment in Investindustrial Access is suitable only for certain qualifying investors that have no need for immediate liquidity in their investment. Investindustrial Access expects to redeem shares at a price equal to the applicable net asset value as of the redemption date and not based on the price at which an investor initially purchased their shares. Shares redeemed within 24 months of the date of issuance will be redeemed at 95% of the applicable net asset value as of the redemption date, unless such deduction is waived by Investindustrial Access in its discretion. Further, there is no current public trading market for the Shares, and the Portfolio Manager and the fund manager do not expect that such a market will ever develop. Therefore, redemption of Shares by Investindustrial Access will likely be the only way for a Shareholder to dispose of their Shares.

Leverage

Investindustrial Access may incur leverage. The use of leverage involves a high degree of financial risk and will increase Investindustrial Access’s exposure to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the investments.

Conflicts of Interest

There will be occasions when Investindustrial (along with its Funds and respective affiliates) may encounter potential conflicts of interest in connection with Investindustrial Access, including, without limitation, the allocation of investment opportunities, relationships with its affiliates, and the interests of Investindustrial Access’s investors.

Diversification

Aside from those set out in its investment objective and strategy, Investindustrial Access generally does not have any fixed requirements for investment diversification or restrictions on the size or amount of investments that it may make. Therefore, Investindustrial Access’s investments could be materially concentrated in relatively few investment funds and portfolio companies and focused on a limited number of industries, geographic regions and/or types of securities. Such concentration of risk may increase the losses suffered by Investindustrial Access or reduce its ability to hedge its exposure and to dispose of depreciating assets.

Competition; Availability of Investments

Certain markets in which Investindustrial Access may invest are extremely competitive for attractive investment opportunities and, as a result, there may be reduced expected investment returns. There can be no assurance that the Portfolio Manager will be able to identify or successfully pursue attractive investment opportunities in such environments. Among other factors, competition for suitable investments from other pooled investment vehicles, the public equity markets and other investors may reduce the availability of investment opportunities.

Target Allocations

There can be no assurance that Investindustrial Access will achieve its objectives or avoid substantial losses. Allocation strategies and targets depend on a variety of factors, including prevailing market conditions and investment availability. There is no guarantee that such strategies and targets will be achieved and any particular investment may not meet the target criteria.

Exchange Rate Exposure

Investindustrial Access’s reference currency is the Euro. To the extent unhedged, the value of Investindustrial Access’s positions in non-Euro denominated investments will fluctuate with the Euro exchange rate, potentially exposing Investindustrial Access to currency risk. Shareholders holding shares with a functional currency other than Euro acknowledge that they are exposed to fluctuations of the Euro foreign exchange rate and/or hedging costs, which may lead to variations on the amount to be distributed.

Sustainability

Certain markets may be exposed to an environmental, social or governance event or condition that, if it occurs, could have a material adverse effect, actual or potential, on the value of the investments made by the Investindustrial Access. Sustainability risks are assessed into investment decisions relating to the investments.

Summary of Investor Rights

Investors’ rights include economical rights such as redemption rights and profit rights, but also rights to a fair information and equal treatment, as well as complaints’ rights and the right to participate in general meetings of shareholders if the investor is registered under her or his own name in the register of shareholders of the Fund. In addition, Directive (EU) 2020/1828 of 25 November 2020 on representative actions for the protection of the collective interests of consumers provides for a collective redress mechanism which applies, in case of infringements by traders of the provisions of, amongst others, Directive 2011/61/EU on Alternative Investment Fund Managers, Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), including such provisions as transposed into national law that harm or may harm the collective interests of consumers. Directive (EU) 2020/1828 shall be transposed by Member States, including Luxembourg, by 25 December 2022 at the latest and the provisions shall be applicable from 25 June 2023. Luxembourg has not yet implemented Directive (EU) 2020/1828 but a bill of law is currently with the Luxembourg parliament for review.