EQT DISCLAIMER

It is proposed that PrivAccess XV – Northern Europe XI (the “Feeder Vehicle”), a vehicle managed by an affiliate of BNP Paribas SA / Wealth Management Division (“Feeder Vehicle Sponsor”), will invest all or substantially all of its capital in interests of the fund known as EQT XI (the “Underlying Fund”). The information set out herein is being furnished to you by the Feeder Vehicle Sponsor, or certain of its affiliates (which term, for the purposes of this notice, shall include associated entities), on a strictly confidential basis in connection with the establishment of, and marketing of interests in, the Feeder Vehicle. The information is not intended to form the basis of any investment decision in the Underlying Fund, and may not be used for, and does not constitute, an offer to sell, or a solicitation of any offer, or an invitation, or a solicitation to subscribe for or purchase, or to make any commitments for, or in respect of, any securities or other interests or to engage in any other transaction with respect to the Underlying Fund.​

The information contained herein is highly confidential, trade-secret and proprietary information and is being made available to you on a strictly confidential basis solely for the purposes of assisting you in your appraisal of the merits of an investment in the Feeder Vehicle. Such information may not be disclosed to, or discussed with, any person other than the recipient’s affiliates and advisers on a need-to-know basis and on the basis that such affiliates or advisers have also been made aware of the highly confidential, trade-secret and proprietary nature of such information.​

The information relating to the Underlying Fund set out herein has been prepared by the Feeder Vehicle Sponsor based, where applicable, on certain information supplied to it by EQT Fund Management S.à r.l. relating to the Underlying Fund. The information herein relating to the Underlying Fund and/or the EQT Firm (as defined below) (including the manner in which information provided herein has been represented and compiled) has not been reviewed, or independently verified, by any member of the EQT Firm or any such member of the EQT Firm’s respective employees, members, partners, officers, directors, managers, agents, advisers or representatives (each such person, together with each member of the EQT Firm, being an “EQT Party”) and no EQT Party takes any responsibility for the accuracy or completeness of, nor makes any representation in respect of, the information contained herein and each of them expressly disclaims any liability or responsibility to any investor, or prospective investor, in the Feeder Vehicle for all such information or any other information relating to any member of the EQT Firm. All information relating to the Underlying Fund and its terms is qualified in its entirety by the final form legal and constitutional documents relating to the Underlying Fund, current versions of which may be made available to you on a strictly confidential basis on request. In particular, it should be noted that various qualifications and considerations accompanying the information presented in the Underlying Fund’s private placement memorandum (including in respect of the calculation of performance information) has not necessarily been reproduced in this presentation and, accordingly, prospective investors in the Feeder Vehicle should attach correspondingly qualified considerations to such information. The terms of the Underlying Fund may be subject to continuing negotiation with prospective investors and may be different from those summarised herein or otherwise contained in any other materials provided to you by the Feeder Vehicle Sponsor.​

Recipients should note that purchasers of interests in the Feeder Vehicle will not be limited partners of the Underlying Fund, will have no direct interest in the Underlying Fund, will have no voting rights in the Underlying Fund, and will not have any recourse against any EQT Party. The offering of interests in the Feeder Vehicle should not be considered an offering of interests in the Underlying Fund. Moreover, neither the Feeder Vehicle, nor the Feeder Vehicle Sponsor, nor any of their respective affiliates nor any manager of, or adviser to, the Feeder Vehicle has the right to participate in the control, management or operations of the Underlying Fund. An investment in the Feeder Vehicle, and, in turn, the Feeder Vehicle’s investment in the Underlying Fund, is highly speculative and could result in an investor’s loss of some or all of the amount invested. ​

For the avoidance of doubt, the Feeder Vehicle Sponsor is not acting on behalf of any EQT Party in communicating any information set out herein and no EQT Party has endorsed the Feeder Vehicle, nor does any such person make any representations, warranties or recommendations with respect to the Feeder Vehicle or otherwise take any responsibility for the formation and/or operation of the Feeder Vehicle. No EQT Party shall have any liability for any loss (whether direct, indirect, consequential or otherwise), damage, cost, expense or liability suffered, incurred by, or arising to, any person as a result of any investment in the Feeder Vehicle.​

For the purposes of this notice, “EQT Firm” is an umbrella term and may refer interchangeably, as the context requires, to EQT AB, and/or any one or more of its direct/indirect subsidiaries, and a “member of the EQT Firm” should be construed accordingly.​

BNP PARIBAS Wealth Management Disclaimer

This document is communicated by the Wealth Management métier of BNP PARIBAS SA, a French limited liability company with share capital of EUR 2,233,569,514 whose registered office is located at 16 boulevard des Italiens 75009 Paris, France, registered with the Paris Trade and Companies Registry under number 662 042 449 supervised and authorised as a Bank by the European Central Bank ("ECB") and in France by the French “Autorité de Contrôle Prudentiel et de Résolution” (“ACPR”) and regulated by the French “Autorité des Marchés Financiers” (“AMF”) (hereinafter BNP Paribas).​

EQT XI (No.1) EUR SCSp (hereinafter Master Fund) is a Luxembourg special limited partnership (« Société en Commandite Spéciale »). Its General Partner is EQT XI (General Partner) S.à r.l. (hereinafter Master Fund’s GP) is a Luxembourg private limited liability company (“Société à Responsabilité Limitée”). The Master Fund will be managed by EQT Fund Management S.à r.l., a Luxembourg private limited liability company appointed by the Master Fund’s GP and authorized by the Luxembourg CSSF as an Alternative Investment Manager (hereinafter Master Fund’s AIFM). ​

PrivAccess XV – Northern Europe XI is a compartment of PrivAccess XV SICAV RAIF SCA (hereinafter Feeder Fund), an investment company with variable capital structured in the form of a Multi-Compartment Reserved Alternative Investment Fund registered as a corporate partnership limited by shares and notified with the Luxembourg CSSF. It is managed by its General Partner: PrivAccess General Partner S.à.r.l. and Global General Partner SA which is an Alternative Investment Fund Manager (AIFM) authorized by the Luxembourg CSSF, appointed to manage the Feeder Fund.​

This material is confidential and intended solely for the use of the person to whom it has been delivered and must not be distributed, published or reproduced, in whole or in part nor may it be quoted or referred to in any document without the prior consent of BNP Paribas. This document is provided solely for the purpose of providing general information and shall not constitute an offer, a solicitation or an investment advice, in any state or jurisdiction in which such an offer, solicitation, advice is not authorized or to any person to whom it is unlawful to make such offer, solicitation, or advice. Nor shall it form the basis of or be relied upon in connection with any subscription or commitment. In addition, this document and its content shall not in any way be construed as an advertisement, inducement or recommendation of any kind or form whatsoever. For the purposes herein, “BNP Paribas” means BNP Paribas SA and its respective affiliates and related corporations.​

Although the information provided herein may have been obtained from published or unpublished sources considered to be reliable, and while all reasonable care has been taken in the preparation of this document, BNP Paribas does not make any representation or warranty, express or implied, as to its accuracy or completeness and does not accept responsibility for any inaccuracy, error or omission nor any liability for the use of or reliance on this document or any part of the information contained herein. Past performance is not a reliable indicator of future performance.​

BNP Paribas is not giving any warranties, guarantee or representation as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit (either legal, regulatory, tax, financial accounting or otherwise) of any security. ​

Prior to making any commitment, the investor should take advice from his legal, tax and financial advisors. Subscribers should be in a position to fully understand the features of the subscription and be financially able to bear a loss of their investment and be willing to accept such risk. Save as otherwise expressly agreed in writing, BNP Paribas is not acting as financial adviser of, or in any fiduciary capacity to, the subscriber in any subscription. ​

The investor in the Feeder Fund expressly releases the Master Fund and the General Partner of the Master Fund from any liability in connection with its investment in the Feeder Fund and any recipients of the Feeder Fund marketing documents are not eligible to be direct investors in the Master Fund unless such recipients are eligible in such direct investment in accordance with the Master Fund legal documentation.​

This document contains only a summary of certain sustainability-related aspects of the Feeder Fund and is not purported to be complete nor does it constitute an offer to invest in the Feeder Fund. It is not intended to be complete and will be qualified in its entirety by reference to the Issuing Document, which should be read in its entirety, in particular as regards the pre-contractual disclosure obligations under the SFDR, including how applicable sustainability risk factors are integrated into the decision-making process and their impact on returns. The descriptions or terms regarding sustainability-related aspects of the Feeder Fund in the Issuing Document shall prevail. See SFDR Sustainability-Related Disclosures (i) in the Issuing Document which has been communicated to you before your potential commitment into the Feeder Fund and which will remain available after your commitment into the Feeder Fund on the page https://services.dataexchange-eu.fiscloudservices.com/LogOn/128060, and (ii) in the SFDR Website Sustainability-related Disclosures and its Summaries which are available before your potential commitment into the Feeder Fund on the pages https://wealthmanagement.bnpparibas/content/dam/no-index-prod/ggp/pa-xv-nexi/Website-Sustainability-Related-Disclosures.pdf, and https://wealthmanagement.bnpparibas/content/dam/no-index-prod/ggp/pa-xv-nexi/Summary-Website-Sustainability-Related-Disclosures-FR-IT-DE-SP-NL.pdf, which will remain available after your commitment into the Feeder Fund on the page https://services.dataexchange-eu.fiscloudservices.com/LogOn/128060.​

Any document containing additional information concerning the Feeder Fund and in particular the Issuing Document, the annual reports (which are made available to the investors on a regulatory basis after its investment in the Feeder Fund), the subscription document and the Master Fund documentation are available in English upon request from your relationship manager and from PrivAccess General Partner S.à r.l. (contact details below). If you want more information, especially on the structure of the Feeder Fund and the risks associated with an investment in this Feeder Fund, we advise you to read these documents. ​

PrivAccess General Partner S.à r.l. – 60, avenue J.F. Kennedy,​

L-1855 Luxembourg – Grand-Duchy of Luxembourg​

contact@ggp.bnpparibas.com – 00 352 4242 2000​

The summary of investor rights is available on the public page https://wealthmanagement.bnpparibas/lu/en/global-general-partner/Summary-of-investors-rights.html.​

An investment in the Feeder Fund should be conditioned upon the previous reading and understanding of its Issuing Document and its Subscription Agreement which are available in English only and – in relation to the offer to non-professional investors in Italy, Germany, Belgium and Luxembourg - its KIDs, which are available in the relevant language; such documents describe the rights and obligations of the investors. Therefore, prospective subscribers should not rely on any other information not contained in such Issuing Document and Subscription Agreement and Key Information Document (KID).​

Under no circumstances will the Feeder Fund, PrivAccess General Partner S.à.r.l., Global General Partner SA, BNP Paribas, the Master Fund, the Master Fund’s GP, or the Master Fund’s AIFM pay or reimburse any current or future taxation in the subscribers’ country of origin, residence, domiciliation or wherever subsequent to the subscription, holding, conversion, sale or liquidation of ordinary shares in the Feeder Fund or in the Master Fund. The subscriber will be responsible for such payment or reimbursement.​

No measures have been nor will be taken in any country or territory for the purposes of allowing a public offering of the investment described in this document, or the holding or distribution of any document relating to this investment. These ordinary shares are not recommended by any federal or state securities commission or any other regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. BNP Paribas, PrivAccess General Partner S.à.r.l., Global General Partner SA, the Master Fund, the Master Fund’s GP and the Master Fund’s AIFM entities are separate legal entities and none of them is representing or acting as an agent for the other.​

Global General Partner SA and/or PrivAccess General Partner S.a.r.l. may decide at any time to terminate the arrangements made for the marketing of the Feeder Fund.​

This document is not for distribution to US Persons and US Persons are not eligible to apply to become shareholders in the Feeder Fund. The ordinary shares of the Feeder Fund will be offered and sold only outside the United States to persons who are not US Persons, in reliance on Regulation S. ​

The Feeder Fund has been notified, under the relevant provisions of the AIFMD, for marketing in Italy towards professional investors (as defined in Italy pursuant to art. 6, parr. 2-quinquies and 2-sexies, of the Legislative Decree n. 58/1998 as amended – “TUF” - and its implementing measures) and other categories of investors as identified pursuant to art. 14. 2 of the regulation implementing art. 39 of TUF adopted by the Italian Treasury with Decree n. 30 of 5 March 2015, as amended by Decree n. 19 of 13 January 2022 (and, in particular, pursuant to art. 14.2.b), to non professional investors who – within the context of the provision of investment advisory services – subscribe for or acquire shares of the Feeder Fund for an initial amount not lower than 100,000 Euros (initial amount not lower than 100,000 Euros for this Feeder Fund) (always provided that, by effect of such subscription or acquisition, the total amount of their investments in reserved AIFs does not exceed 10% of their financial portfolio; the initial participation amount is not fractionable). ​

In relation to the offer to non-professional investors in Italy – the Key Information Document (KID) in Italian of the Feeder Fund have been communicated to you before your potential commitment into the Feeder Fund (and in particular through dedicated URLs) and will remain available after your commitment into the Feeder Fund on the page https://services.dataexchange-eu.fiscloudservices.com/LogOn/128060 and the information on “Facilities available to retail investors” (both in English and in Italian) are available or on the public page https://wealthmanagement.bnpparibas/lu/en/global-general-partner/Information-about-the-facilities-Italy.html.​

In relation to the offer to potential investors in Belgium - the ordinary shares in the Feeder Fund may only be offered in Belgium (i) under the AIFM’s passport to “professional investors” (within the meaning of the AIFM Directive), or (ii) in reliance of the private placement conditions as set forth in article 5, §1 of the Belgian law of 19 April 2014 on alternative collective investment undertakings and their managers (the “Belgian AIFM Law”). By way of private placement, the ordinary shares in the Feeder Fund may only be offered, sold, resold or otherwise transferred, directly or indirectly, in Belgium to “professional clients” and eligible counterparties within the meaning of Directive 2014/65/EU, as well as retail investors who will each invest a minimum amount of at least EUR 100,000 (or the equivalent in another currency) each and per ordinary share class, provided that higher requirements in terms of minimum commitment for the subscription of ordinary shares in the Feeder Fund are provided for in the Feeder Fund’s Issuing Document. ​ This document may not be used in connection with an offer or sale of securities in Belgium unless permitted by law.​

This document is made available to you in Belgium on the condition and with your express declaration that (i) you are a “professional investor” within the meaning of the AIFM Directive, or (ii) you are a “professional client” or an eligible counterparty within the meaning of Directive 2014/65/EU, or (iii) you are not a “professional investor” within the meaning of the AIFM Directive or a “professional client” or an eligible counterparty within the meaning of Directive 2014/65/EU and you will invest a minimum amount of EUR 100,000 (or the equivalent in another currency) per ordinary share class, provided that higher requirements in terms of minimum commitment for the subscription of the ordinary shares in the Feeder Fund are provided for in the Feeder Fund’s Issuing Document.​

This document is addressed to you and may not be transmitted, nor may any content thereof be transmitted, to any other person. Neither this document nor any part of it constitutes an offer or an invitation to subscribe for ordinary shares in the Feeder Fund.​

More globally and in relation to the offer to non-professional investors in Belgium, Germany, Luxembourg and Italy, the Key Information Documents (KID) written in French, Flemish, German, Italian and English have been communicated to you before your potential commitment into the Feeder Fund (and in particular through dedicated URLs) and will remain available after your commitment into the Feeder Fund on the page https://services.dataexchange-eu.fiscloudservices.com/LogOn/128060.​

The Issuing Document of the Feeder Fund is also available for investors only on the same page ​

https://services.dataexchange-eu.fiscloudservices.com/LogOn/128060.​

By accepting this documentation, the subscriber agrees to be bound by the foregoing limitations.​

BNP Paribas SA (2026). All rights reserved.​