Risk Factors Update Summary

• Added risks from ongoing conflicts in Russia-Ukraine, Middle East, and Russia-Israel. The ongoing conflicts may lead to significant market and geopolitical disruptions.
• Implementation of the Bermuda CIT may impose a 15% corporate income tax on entities with consolidated revenues over €750 million.
• Increased exposure to global economic and political uncertainty due to heightened conflicts. Escalation may lead to significant market disruptions.
• The Inflation Reduction Act of 2022 introduced a 15% minimum corporate income tax (CAMT).
• Expansion into new investment strategies and platforms increases risk exposure. Initiatives to attract individual investors may expose the company to new and greater levels of risk.
• The Base Erosion and Anti-Abuse Tax (BEAT) may result in additional tax liabilities.
• Enhanced disclosure obligations due to climate change-related regulations. Changes in disclosure obligations may negatively affect the business.
• Changes in tax laws could impact the tax-favored status of retirement services products.
• Increased risks from new technologies like artificial intelligence. Risks include the theft of confidential information and reliance on incorrect outputs.
• Compliance with CRS and similar regimes may increase administrative costs and subject entities to increased withholding taxes.
• Changes in regulatory requirements could disrupt markets and operations. Difficulty in obtaining financing may impact operations, liquidity, and cash flows.
• Uncertainty around BEPS measures could adversely impact fund structures, investors, and portfolio companies.
• Potential adverse impact from changes in tax laws and regulations. Uncertainty in tax treatment and ongoing audits may lead to unforeseen tax consequences.
• The Anti-Tax Avoidance Directives (ATAD I and ATAD II) could lead to double taxation affecting investment returns.