The Carlyle Group Inc. Common Stock

International and currency · Foreign exchange and currency exposure

Our investment funds often make investments in assets denominated in currencies that differ from the currency in which the fund is denominated. Fluctuations in currency rates could impact the performance of such investment funds.

Market and investment · Interest rate and yield curve risk

Higher interest rates have negative implications for fixed rate bond markets and tech and high growth sector assets. In both cases, higher discount rates negatively impact the value of future cash flows, which could materially reduce our revenue, earnings and cash flow.

Stakeholder relations · Investor relations and market confidence

The market price of our common stock could decline as a result of sales of a large number of shares of common stock in the market in the future or the perception that such sales could occur.

Corporate governance · Ethics and compliance culture

Employee misconduct or fraud could harm us and subject us to significant legal liability and reputational harm, which could impair our ability to attract and retain investors in our funds.

Industry regulation · Regulatory compliance and changes

The SEC's amended rule for investment adviser marketing became effective in November 2022, which increases regulatory obligations and potential scrutiny.

Legal and litigation · Litigation and legal proceedings

In the ordinary course of business, we are subject to the risk of substantial litigation and face significant regulatory oversight. The investment decisions we make in our asset management business may subject them and us to the risk of third-party litigation arising from investor dissatisfaction with the performance of those investment funds.

Tax and financial reporting · Audit and regulatory examinations

Our business is subject to extensive regulation, including periodic examinations, by governmental agencies and self-regulatory organizations in the jurisdictions in which we operate around the world.

Tax and financial reporting · Financial reporting and accounting standards

In January and August 2022, the SEC proposed changes to Form PF, which would require private fund managers to report to the SEC within one business day the occurrence of certain fund-related and portfolio company events.

Tax and financial reporting · Transfer pricing and international tax

Pursuant to the OECD's base erosion and profit shifting Project, many individual jurisdictions have introduced domestic legislation implementing certain of the BEPS action points.

Data and privacy · Data protection and privacy laws

In the European Economic Area, the General Data Protection Regulation establishes requirements applicable to the processing of personal data and imposes penalties for serious data breaches.

Industry regulation · Capital and liquidity requirements

The short-term and long-term impact of the Basel capital standards is uncertain. The ongoing adoption of these rules could restrict the ability of banks to maintain certain levels or types of capital market exposures.

Geopolitical and trade · Political instability and government changes

It is unclear what impact the United Kingdom's exit from the European Union will have on the Company or the fund portfolio companies.

Natural and catastrophic events · Climate change and environmental impact

Climate change and regulatory and other efforts to reduce climate change could adversely affect our business. We and our funds' portfolio companies face a number of risks associated with climate change, including both transition and physical risks.

Geopolitical and trade · International conflicts and tensions

Geopolitical tensions and instability, including those between the U.S. and China, China and Taiwan, and between Russia and Ukraine, the imposition of export controls and trade barriers, and the imposition of economic and political sanctions could disrupt the global supply chain and adversely affect our business and portfolio companies.

Geopolitical and trade · Trade policies tariffs and sanctions

We are subject to U.S. export controls and economic sanctions administered by the U.S. Commerce Department, the Office of Foreign Assets Control of the U.S. Department of the Treasury, and the U.S. Department of State.

Natural and catastrophic events · Pandemic and public health crises

The global pandemic of the novel coronavirus, or COVID-19, caused severe disruptions in the U.S. and global economies and has impacted, and may continue to impact, our performance and results of operations.

Geopolitical and trade · Regulatory and policy uncertainty

Ongoing trade negotiations and potential for further regulatory reform may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.

Strategic execution · Merger acquisition and divestiture risks

In August 2022, we acquired Abingworth, a life sciences investment firm. The integration of Abingworth with us, and Carlyle's corresponding entry into the life sciences industry, may pose risks.

Human capital and workforce · Talent acquisition and retention

Recruiting and retaining our professionals has become more difficult and may continue to be difficult in the future. The market for qualified professionals is extremely competitive across levels and areas of expertise, and we may not be successful in our efforts to recruit, retain and motivate these professionals.

Human capital and workforce · Key personnel dependence and succession

We depend on the efforts, skill, reputations and business contacts of our senior Carlyle professionals, including our executive officers. The loss of these personnel could jeopardize our relationships with investors in our funds and members of the business community and result in reduction of AUM or fewer investment opportunities.