Ardian Access LLC

PORTFOLIO OVERVIEW (Unaudited)

March 31, 2026

The Fund’s performance figures(*) for the period ended March 31, 2026, compared to its benchmark:

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*        Past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares when repurchased, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions.

(a)      Inception date for Class J Units, Class I Units and Class D Units are June 12, 2025.

(b)      The MSCI World Index (Net Return, USD) is a premier global equity benchmark that tracks the performance of large- and mid-cap stocks across 23 developed market countries. Covering approximately 85% of the free-float adjusted market capitalization in each nation, it is widely used by institutional investors to measure the overall health and return of developed economies. The performance of index is presented for the period from June 12, 2025, the commencement of the Fund’s operations, through March 31, 2026.

(c)      Total return for financial statement purposes is calculated in accordance with U.S. GAAP and includes period-end adjustments, such as valuation updates based on information available as of the reporting date but not available when the transactional NAV was calculated. As a result, total return reported in the audited financial statements may differ from total return based on transactional NAV.

Comparison of the Change in Value of a $1,000,000 Investment

Please refer to the Consolidated Schedule of Investments in this report for a detailed listing of the Fund’s holdings.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Ardian Access LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Ardian Access LLC and its subsidiaries (the “Fund”) as of March 31, 2026, and the related consolidated statement of operations, consolidated statement of changes in net assets, and consolidated statement of cash flows for the period from June 12, 2025 (commencement of operations) to March 31, 2026, including the related notes, and the financial highlights for the period from June 12, 2025 (commencement of operations) to March 31, 2026 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations, changes in net assets, and its cash flows for the period from June 12, 2025 (commencement of operations) to March 31, 2026, and the financial highlights for the period from June 12, 2025 (commencement of operations) to March 31, 2026 are in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and investment managers of investment funds, when replies were not received from the investment managers of investment funds, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
New York, NY
May 30, 2026

We have served as the Fund’s auditor since 2025.

Ardian Access LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

____________

L.P. — Limited Partnership

(a)      Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents the initial acquisition date of the Fund’s investment in the position. Total fair value of restricted securities amounts to $807,781,430, which represents approximately 74.0% of the Fund’s net assets as of March 31, 2026.

See Notes to Consolidated Financial Statements.

Ardian Access LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

March 31, 2026

(b)      Money market fund; interest rate reflects seven-day effective yield on March 31, 2026.

(c)      All or a portion of the investment is a holding of AA Blocker LLC, a wholly-owned subsidiary of the Fund. See Note 2.

(d)      All or a portion of the investment is a holding of AA Holdco LLC, a wholly-owned subsidiary of the Fund. See Note 2.

(e)      Investment has been committed to but has not been fully funded. See Note 2.

(f)      Percentage rounds to less than 0.1%.

(g)      In the case of Private Funds, geographic region generally refers to where the general partner is headquartered and may be different from where a Private Fund invests or operates.

(h)      Percentage rounds to less than (0.1)%.

(i)      No capital contributions have been made with respect to the investment. The negative fair value is attributable to expenses allocated by the underlying general partner in accordance with the governing documents.

(j)      The objective of the investment is to achieve longterm capital appreciation through buyout investments in established companies.

See Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements.

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026

1.      Organization

Ardian Access LLC (the “Fund”) was organized as a Delaware limited liability company on September 26, 2024, and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as a non-diversified, closed-end management investment company that operates as a tender offer fund with a continuous offering of Fund shares. Ardian US LLC (the “Adviser”), a Delaware limited liability company and subsidiary of Ardian Holding (Paris, France), is registered with the SEC under the Investment Advisers Act of 1940, as amended, and serves as the Fund’s investment adviser, responsible for portfolio investment decisions. The Fund commenced operations on June 12, 2025.

The Fund’s objective is to generate attractive risk-adjusted returns by investing in a global portfolio of private assets investments primarily through: Secondary Investments, Direct Co-Investments and Primary Investments (collectively, “Private Funds”, “Portfolio Funds”, “Underlying Fund”).

The Fund offers three classes of shares of beneficial interest (“Units”), designated as Class J Units, Class I Units, and Class D Units. An investment in any class of units of the Fund represents an investment in the same assets of the Fund. All units of a class have equal rights to the payment of dividends and other distributions and the distribution of assets upon liquidation. Minimum initial investment is $25,000 in Class J and D Units and $1,000,000 in Class I. Units are offered monthly. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

2.      SUMMARY OF Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies”.

Use of Estimates — The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. The Fund believes that these estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates.

Cash — Cash consists of monies held in a non-interest bearing account at JPMorgan Chase bank, N.A., a member of the Federal Deposit Insurance Corporation. Deposits, at times, may exceed the insurance limit guaranteed by the Federal Deposit Insurance. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash held by the Fund.

Foreign Currency Translation — Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Income Recognition and Expenses — Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. Distributions from Portfolio Funds occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the investment manager of the Portfolio Funds. The

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

2.      SUMMARY OF Significant Accounting Policies (cont.)

change in unrealized appreciation on investments within the Consolidated Statement of Operations includes the Fund’s share of unrealized gains and losses, realized undistributed gains and losses and the undistributed net investment income or loss on Portfolio Funds for the relevant period. The Fund has earned $14,426,681 in dividend income. Dividend income includes distributions from Portfolio Funds in amount of $3,571,418 and distributions from Money Market Funds in amount of $10,855,263.

Security Transactions — Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Purchases of investments are recorded as of the first day of legal ownership of an investment and redemptions from investments are recorded as of the last day of legal ownership. Investments held by the Fund in Private funds may include secondary purchases of existing investments in private investment funds (“Secondary Investments”), investments in newly established private funds (“Primary Investments”) and investments in co-investment transactions either directly or through special purpose vehicles, alongside direct private equity funds managed by the Adviser or its affiliates and/or leading third-party GPs (“Co-Investments”).

Consolidation of Subsidiaries — The Fund may invest up to 25% of its total assets directly or indirectly in one or more 100% — owned subsidiaries that elect to be treated as a corporation for U.S. federal income tax purposes and that are engaged in the same trade or business (each, a “Corporate Subsidiary”). The Fund’s investment in a Corporate Subsidiary permits the Fund to pursue its investment objective and strategies in a manner that is intended to allow the Fund to qualify as a regulated investment company (a “RIC”). The Fund may invest all or any portion of the rest of the Fund’s assets in one or more 100% — owned subsidiaries organized as Delaware limited liability companies (or organized as other entity types) that are intended to be treated as disregarded entities for U.S. federal income tax purposes (the “Disregarded Entities” and together with any Corporate Subsidiary, each a “Subsidiary” and collectively the “Subsidiaries”). A “disregarded entity” is disregarded for U.S. federal income tax purposes as an entity separate from its owner (i.e., the Fund). The Fund’s subsidiaries consist of AA Blocker LLC and AA HoldCo LLC. As of March 31, 2026, the Fund held 100% of both subsidiaries. In accordance with U.S. GAAP, all intercompany accounts and transactions between the Fund and its consolidated subsidiaries have been eliminated in consolidation.

Operating Segments — The Fund’s Chief Operating Decision Maker (“CODM”) is comprised of the Fund’s Chair of the Board, President, and Treasurer. The Fund operates as a single operating segment, as the CODM monitors the operating results of the Fund as a whole. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and repurchase activity is used by the CODM to assess the Fund’s performance and to make resource allocation decisions for the Fund’s single segment, and is consistent with that presented within the Fund’s Consolidated Financial Statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Consolidated Statement of Operations and for performance metrics on the accompanying Consolidated Financial Highlights.

Investments Valuation — The Fund’s Investments are valued monthly in accordance with the ASC Topic 820. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee for the Fund to perform fair value determinations relating to the value of the Fund’s investments. The Board has ultimate oversight responsibility for valuing all investments held by the Fund.

Portfolio Funds normally do not have readily available market prices. Under the Fund’s valuation procedures, valuations for Secondary and Primary Investments and Co-Investment vehicles will be based in significant part on estimated valuations provided by the underlying fund and Co-Investment vehicle sponsors. Short-term investments represent investments in money market instruments and money market mutual funds and are recorded at NAV per share which approximates fair value. Short-term investments instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

2.      SUMMARY OF Significant Accounting Policies (cont.)

paper, certificates of deposit and bankers’ acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation and repurchase agreements. There are no restrictions on the short-term investments held by the Fund.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Investments in Portfolio Funds are recorded at fair value, using the Portfolio Funds’ net asset value as a “practical expedient,” in accordance with ASC 820-10.

Investments in Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets. Accordingly, the Fund may not be able to resell or realize some of its investments for extended periods, which may be several years.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2026, for the Fund’s assets measured at fair value:

Investments Valued at NAV — ASC Topic 820 permits a reporting entity to measure the fair value of an Investment Fund that does not have a readily determinable fair value based on the NAV per share, or its equivalent, of the Investment Fund as a practical expedient, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value and, as such, has elected to use the NAV as calculated on the reporting entity’s measurement date as the fair value of the investment.

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

2.      SUMMARY OF Significant Accounting Policies (cont.)

Adjustments to the NAV provided by the Adviser would be considered if the practical expedient NAV was not as of the Fund’s measurement date; it was probable that the alternative investment would be sold at a value materially different than the reported expedient NAV.

The following are restricted securities measured at NAV per share:

Unfunded Commitments — As of March 31, 2026, the Fund had total unfunded commitments of $234,422,585. The Fund’s commitment strategy aims to sustain a high level of investment where possible by making commitments based on anticipated future distributions from investments. The commitment strategy also takes other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Shares by investors, amounts available through borrowing, and any distributions made to Investors.

Federal Income Taxes — It is the Fund’s policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code (“the Code”) of 1986, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded for the Fund. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year ended September 30, 2025. The Fund identifies its major tax jurisdictions as U.S. federal and foreign jurisdictions where the Fund makes significant investments.

The Fund has two wholly owned subsidiaries, AA Blocker LLC and AA HoldCo LLC. AA HoldCo LLC is treated as a disregarded entity for U.S. federal income tax purposes. AA Blocker LLC (“Blocker”) is treated as a corporation for U.S. federal income tax purposes. The Blocker is taxed as a C-corporation for federal income tax purposes and as such is obligated to pay federal and state income tax. Under current law, the Blocker is not eligible to elect treatment as a RIC. In preparing its consolidated financial statements, the Blocker is required to recognize its estimate of income taxes for Federal and State purposes as a deferred tax asset or liability.

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

2.      SUMMARY OF Significant Accounting Policies (cont.)

Deferred tax assets are recognized for deductible temporary differences, tax credit carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of the Adviser, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and the rates on the date of enactment.

The estimated provision for (benefit from) income taxes for the period ended March 31, 2026, consists of the following:

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes.

At March 31, 2026, components of the estimated deferred tax assets and liabilities are as follows:

As of March 31, 2026, the Fund continues to qualify as a regulated investment company.

The Fund’s tax year end is September 30. The Fund’s first tax year was a short year beginning June 12, 2025 (commencement of operations) and ending September 30, 2025. As such, the tax-basis information in this section is as of September 30, 2025, the most recent tax year end.

Because U.S. federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The tax basis components of distributable earnings differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities due to temporary book/tax differences arising primarily from partnership investments. These amounts will be finalized before filing the Fund’s federal tax return.

As of March 31, 2026, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

2.      SUMMARY OF Significant Accounting Policies (cont.)

For the tax year ended September 30, 2025, permanent differences between book and tax basis are attributable to certain non-deductible expenses for tax purposes and net operating losses. These reclassifications have no effect on total NAV or NAV per Share. For the tax year ended September 30, 2025, the following amounts were reclassified:

As of September 30, 2025, the components of distributable earnings/ (deficit) on a tax basis were as follows:

As of September 30, 2025, the Fund had no capital loss carry forwards for federal income tax purposes available to offset future capital gains.

Distributions to Shareholders — The Fund intends to make distributions necessary to maintain its ability to be subject to tax as a RIC under the Code and to avoid the imposition of corporate-level federal income tax. As such, the Fund intends to declare and pay distributions from its net investment income and distribute net realized capital gains, if any, at least annually, and in a manner consistent with the provisions of the 1940 Act. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. All or a portion of a distribution may consist of return of capital, shareholders should not assume that the source of a distribution is net income. The Fund paid distributions in December 2025 totaling $1,480,339 in long-term capital gains and $6,613,029 in ordinary income.

Indemnification — The Fund indemnifies its officers and the Board for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

Organizational and Offering Costs — Organizational costs are charged to expense as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into Consolidated Statement of Operations over 12 months using the straight-line method. During the period ended March 31, 2026, $646,038 of offering costs were amortized and are reflected in offering costs in the Consolidated Statement of Operations.

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

3.      PRINCIPAL INVESTMENT RISKS

Investment Risk — All investments risk the loss of capital. The value of the Fund’s total net assets should be expected to fluctuate. To the extent that the Fund’s portfolio has a higher investment exposure to the securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased. An investment in the Fund involves a high degree of risk, including the risk that the investor’s entire investment may be lost. No assurance can be given that the Fund’s investment objective will be achieved. The Fund’s performance depends upon the Adviser’s selection of investments, the allocation of offering proceeds thereto and the performance of the investments. As described in more detail below, the Fund’s investment activities involve the risks associated with private equity and other private investments generally. These include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, including tariff policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, labor strikes, war, geopolitical tensions, terrorism, cyberterrorism, major or prolonged power outages or network interruptions, earthquakes, hurricanes, floods, fires, epidemics or pandemics and other factors that are beyond the control of the Fund. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) the Fund’s investment programs, investment strategies and investment decisions will be successful; (ii) the Fund will achieve its return expectations; (iii) the Fund will achieve any return of capital invested; (iv) the Fund’s investment activities will be successful; or (v) investors will not suffer losses from an investment in the Fund.

Non-Diversification — Because the Fund is a “non-diversified” investment company for purposes of the 1940 Act, its net asset value may be subject to greater volatility. The Fund may be more susceptible to an adverse event affecting a portfolio investment than a diversified portfolio and a decline in the value of that instrument would cause the Fund’s overall value to decline to a greater degree.

Valuation of Private Asset Investments — There is no established market for private equity partnership interests or for the privately-held portfolio companies of private equity sponsors, and there may not be any comparable companies for which public market valuations exist. As a result, the valuation of Fund investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be realized.

Illiquidity of Fund Investments — Contractual limitations will typically restrict the Fund’s ability to transfer certain investments without the consent of the applicable managers of those entities. The securities or other financial instruments or obligations of investments and/or portfolio companies may, at any given time, be very thinly traded, have no public market, or be restricted as to their transferability under the laws of the applicable jurisdiction. Illiquidity may also result from market conditions that may be unfavorable for sales of securities of particular issuers or issuers in particular industries. In some cases, an Underlying Fund may also be prohibited by contract from selling securities of portfolio companies or other assets for a period of time or otherwise be restricted from disposing of such securities or other assets. In other cases, the underlying investments of an Underlying Fund may require a substantial amount of time to liquidate. Consequently, there is a significant risk that Underlying Funds and portfolio companies will be unable to realize their respective investment objectives by sale or other disposition of their securities or other assets at attractive prices, or will otherwise be unable to complete any exit strategy. These risks can be further increased by changes in the financial condition or business prospects of the Underlying Funds or portfolio companies, changes in national or international economic conditions, and changes in laws, regulations, fiscal policies or political conditions of countries in which Underlying Funds or portfolio companies are located or in which they conduct their business.

“Over-Commitment” Risk — The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by Underlying Funds. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative. In order to help ensure that a greater amount of the Fund’s capital is invested, the Fund expects to pursue an “over-commitment” strategy whereby it commits more than its available capital. However, pursuing such a strategy presents risks to the Fund, including the risk that the Fund is unable to fund capital contributions when due, pay for repurchases of Units tendered by Members or meet expenses generally. If the Fund defaults on its commitment to an Underlying Fund or fails to satisfy capital calls to an Underlying Fund in a timely manner then, generally, it will be subject to significant penalties, possibly including the complete forfeiture of the Fund’s investment

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

3.      PRINCIPAL INVESTMENT RISKS (cont.)

in the Underlying Fund. Any failure (or potential failure) by the Fund to make timely capital contributions in respect of its commitments may also (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow through a credit facility or other arrangements (which would impose interest and other costs on the Fund), or (iii) otherwise impair the value of the Fund’s investments (including the devaluation of the Fund).

4.      INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES and others

Pursuant to an Investment Management Agreement with the Fund, the Adviser maintains overall responsibility for the oversight and management of the Fund’s business and activities, subject to the general supervision of the Board. As compensation for these services and the related expenses borne by the Adviser, the Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement (the “Management Fee”). In consideration of the advisory and other services provided by the Adviser to the Fund, the Fund pays the Adviser a monthly Management Fee (“Management Fee”) equal to 1.50% on an annualized basis of the Fund’s net asset value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month.

The Adviser has entered into a Fee Waiver/Expense Deferral Agreement with the Fund, whereby the Adviser has contractually agreed for a period from the effective date of the Fund’s prospectus until July 31, 2026 (a) to reduce the Management Fee payable to it to 0.00% and (b) to pay any operating expenses of the Fund, to the extent necessary to limit the operating expenses of the Fund to the annual rate of 1.09% of the net assets attributable to each class of Units as of the end of each calendar month (the” Expense Cap”), exclusive of (i) the Management Fee; (ii) distribution (12b-1) fees; (iii) acquired fund fees and expenses; (iv) expenses incurred directly or indirectly by the Fund as a result of expenses related to investing in, or incurred by, a portfolio fund or other permitted investment, including, without limitation, management fees, performance fees and/or incentive allocations and other fees and expenses; (v) transaction costs, including legal costs and brokerage and clearing costs and commissions, associated with the acquisition and disposition of any investments; (vi) interest payments on borrowed funds, if any; (vii) fees and expenses incurred in connection with any credit facilities; (viii) taxes; (ix) dividends on securities sold short, if any; and (x) extraordinary expenses (as determined in the sole discretion of the Adviser) not incurred in the ordinary course of the Fund’s business (including, without limitation, litigation expenses). Expenses borne by the Adviser or reimbursed to the Fund pursuant to the Fee Waiver/Expense Deferral Agreement are referred to below as “Deferred Fees and Expenses.” With respect to each class of Units, the Fund agrees to repay the Adviser the Deferred Fees and Expenses. For the avoidance of doubt, the Deferred Fees and Expenses shall not include any Management Fees waived pursuant to the Fee Waiver/Expense Deferral Agreement. Deferred Fees and Expenses shall not be payable by the Fund with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived or reimbursed by the Adviser.

Since the commencement of operations, the Adviser has reimbursed the Fund for total operating expenses of $3,156,145. This amount includes $2,128,091 of operating expenses reimbursed in connection with the seed of the Fund and $1,028,054 of operating expenses incurred during the current reporting period. The operating expenses for the current reporting period were reimbursed by the Adviser and subsequently recouped during the same period. As of March 31, 2026, the Fund had an amount payable to the Adviser of $1,866,507, as presented on the consolidated statement of assets and liabilities, which relates to operating expenses reimbursed by the Adviser under the expense reimbursement arrangement and subsequently subject to recoupment.

As of March 31, 2026, based on the Fund’s performance, the Fund has fully recouped all previously reimbursed expenses, and no reimbursable expense balance remains outstanding.

The Fund has retained Ultimus Fund Solutions, LLC (the “Administrator”) to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. Ultimus Fund Solutions, LLC also serves as the Fund’s transfer agent.

Under the terms of a distribution agreement (the “Distribution Agreement”) between the Fund and Foreside Fund Services, LLC (the “Distributor”), the Distributor distributes the Fund’s shares on a “best efforts” basis. The Distributor also may enter into broker-dealer selling agreements with other broker-dealers for the sale and distribution of the Units.

Ardian Access LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2026

4.       INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES and others (cont.)

The Distributor is not required to offer any specific number or dollar amount of the Units, but will use its best efforts to offer the Units. Units of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Units. Under the Distribution and Service Plan, Class J and Class D Units are authorized to pay a Distribution (12b-1) Fee to the Distributor up to at an annual rate of 0.50% and 0.25%, respectively, based on the aggregate net assets of the Fund attributable to such class. If a Financial Intermediary is not eligible to accept payment of the pro rata portion of the Distribution (12b-1) Fee, the Distributor is not entitled to retain such fees and it shall return any such monies collected to the Fund. The Fund will not pay any fee to the Distributor with respect to the distribution of Class I Units.

JPMorgan Chase Bank, N.A., (the “Custodian”) serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians.

5.      Investment Transactions

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period ended March 31, 2026, amounted to $745,690,255 and $0 respectively.

6.      REPURCHASE OFFERS

The Fund may from time to time offer to repurchase Units pursuant to written tenders by Members. The Adviser currently expects that, after the Fund completes its first full year of operations, it will recommend to the Board (subject to the Board’s discretion) that the Fund offer to repurchase Units from members of the Fund (Members) on a quarterly basis in an amount expected to be approximately 5% of the Fund’s net asset value. Except to the extent the Board otherwise determines, any repurchase of Units from a Member which were held for less than one year (on a first-in, first-out basis) will be subject to an “Early Repurchase Fee” equal to 2.00% of the net asset value of such repurchased Units. If an Early Repurchase Fee is charged to a Member, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by an Investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Investor.

There is no minimum amount of Units that must be repurchased in any repurchase offer. In determining whether the Fund should offer to repurchase Units from Members, the Board will consider the recommendation of the Adviser. The Adviser expects that, generally, it will recommend to the Board that the Fund offer to repurchase Units from Members quarterly, with such repurchases to be offered at the Fund’s net asset value per Unit as of the last calendar day of the applicable quarter (i.e., March 31, June 30, September 30 and December 31) (the “Valuation Date”). If a repurchase offer is oversubscribed by Members, the Fund may repurchase only a pro rata portion by value of the Units tendered by each Member, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. If any Units that a Member wishes to tender to the Fund are not repurchased because of proration, the Member will have to wait until the next repurchase offer and resubmit a new repurchase request, which repurchase request will not be given any priority over other Members’ requests.

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Members by the applicable repurchase offer deadline. Except for the Early Repurchase Fee described above, the Fund does not impose any charges in connection with repurchases of Units.

The Fund did not make any repurchase offers during the reporting period ended March 31, 2026.

7.      SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the consolidated financial statements were available to be issued. Management has concluded there are no subsequent events that would have an impact requiring adjustment or disclosure in the consolidated financial statements or the accompanying notes.

How to Obtain Proxy Voting Information

Information regarding how the Fund votes proxies relating to portfolio securities during the most recent 12-month period ending June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-833-601-2677 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-833-601-2677.

Investment Adviser

Ardian US LLC

1370 Avenue of the Americas

New York, NY 10019

Administrator

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246