Arcano Capital X ("AC X") is the tenth Private Equity investment program launched by Arcano. It has been invested through secondary market transactions and direct co-investments in companies, the latter representing at most of 20% of the program. Since 2016, AC X has provided its investors with exposure to more than 300 predominantly mid-sized private companies. These investments are located in Europe and the United States, and throughout diverse sectors including healthcare, services, consumer, industrial and technology.

*The calculation of expected returns or target returns has been carried out by reference to the historical net performance of similar investment vehicles managed by Arcano. Furthermore, both negative and positive performance scenarios have been analysed in order to carry out this calculation.

The financial instruments to which the expected returns or investment objectives refer may involve, among others, the following risks: market risk, credit risk, valuation risk. Past performance is no guarantee of future performance.