Prospectus

"The following, limited access, pages of the website of Inclusio SA (the "Company") contain information relating to the Company's proposed initial offering of new shares (including, but not limited to, an electronic version of the Prospectus - published in Belgium) (the "Offering Information"), which constitutes a public offering in Belgium and a private placement in the European Economic Area ("EEA") (except in Belgium), in Switzerland and in the United Kingdom to qualified investors as defined in the Prospectus Regulation (EU) 2017/1129 (the "Prospectus Regulation") ("Qualified Investor").

NO PERSON RESIDING, DOMICILED OR PHYSICALLY PRESENT IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SWITZERLAND (EXCEPT FOR QUALIFIED INVESTORS IN SWITZERLAND) OR SOUTH AFRICA MAY ACCESS THE OFFERING INFORMATION ON THE FOLLOWING RESTRICTED ACCESS PAGES OF THIS WEBSITE.

The Offer Information may only be consulted by investors who may have access to it in accordance with the relevant regulations. These documents are made available for informational purposes only. Reproduction of these electronic version(s) on (i) a website or at any other virtual or physical location, or (ii) a printed form or any carrier with a view to their distribution in any manner is expressly prohibited. Other information on other parts of the Company's website or any other website does not form part of the Offer Information

Making the Offering Information available on the Internet, is in no way intended to constitute a public offering in any jurisdiction outside Belgium or to receive purchase orders from any jurisdiction outside Belgium. The Company has not authorized a public offering in any member state of the EEA (other than Belgium), Switzerland and the United Kingdom (each a "Relevant State") outside Belgium. With respect to any Relevant State, this website and the information contained herein, or to which it gives access, is directed only to, and is directed only to, Qualified Investors.

The Offering Information is being made available for informational purposes only and is in no way intended to constitute a public offer or invitation to proceed to purchase, or subscribe for, shares of the Company, nor shall any such offer or invitation to proceed to purchase, or subscribe for, shares of the Company be made in, or addressed to residents, sojourners or citizens of, the United States of America, Canada, Australia, Japan, Switzerland (except for Qualified Investors in Switzerland), South Africa or any other jurisdiction where such offer or invitation without registration, exemption from registration, or qualification under the applicable regulations of the relevant jurisdiction is not permitted, or does not meet the required conditions under the laws of the relevant jurisdiction. The information contained in the Offer Information also does not constitute an offer or invitation to any person who may not by law receive such offer or solicitation or to whom such offer or solicitation may not be communicated.

The Company's shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act"). The Company's shares will only be offered outside the United States of America pursuant to Regulation S. No information contained in the Offering Information, or any copy thereof, may, directly or indirectly, be taken or transmitted to, or distributed in, the United States of America, Canada, Australia, Japan, Switzerland (other than Qualified Investors in Switzerland) or South Africa, or any other jurisdiction where such distribution, publication, availability or use would violate any law or regulation or require registration or license within such jurisdiction. Failure to comply with these restrictions may violate applicable regulations of the United States of America, Canada, Australia, Japan, Switzerland, South Africa or any other jurisdiction having jurisdiction. The dissemination of the information contained in the Offering Information or on the Company's website in jurisdictions other than Belgium may be subject to legal restrictions, and persons who become aware and/or come into possession of such information should inform themselves of any applicable legal restrictions and comply with such restrictions. In general, any person seeking access to the Offering Information should verify in advance that such access does not violate any applicable laws or regulations. The Company shall not be liable if these restrictions are violated by any person.

Although the Company has taken reasonable care to ensure that the information on this website (other than information accessed by hyperlink) is correct at the time of the last change to the website, the Company assumes no liability for the accuracy or completeness or use of the information on this website, nor any liability for updating the information on this website. The information on the Company's website or included in the Offering Information should not be construed as advice or recommendation, including, but not limited to, investment, tax, legal or other advice. In particular, actual results and developments may differ materially from any outlook, forward-looking statement, opinion or expectation expressed in the Offering Information or on the Company's website.

If you have no right to view the material on this website or if you are in any doubt about it, please leave this web page.

By checking ["yes, I confirm"] you confirm and declare that:

you are not domiciled or resident in the United States of America, Canada, Australia, Japan, Switzerland (except for Qualified Investors), South Africa or any other jurisdiction where such offer is prohibited and that you are either: (i) domiciled or resident in Belgium, (b) domiciled or resident in a Relevant State and a Qualified Investor within the meaning of the Prospectus Regulation.