Risk Factors Update Summary

• Increased cybersecurity risks due to providing sensitive information to government agencies and potential cyber threats.
• Expansion in the number of employees from 956 to 990.
• Growth in capital allocated to private markets from $80 billion to $70 billion annually.
• Risks related to emerging technology, including artificial intelligence, may impact financial condition and operations.
• Added focus on artificial intelligence and changing technology in risk factors.
• Increase in the number of meetings with fund managers from 4,900 to 5,300.
• Long-term agreements to acquire equity interests in asset class entities, potentially affecting cash flows.
• Increase in total capital responsibility from $621 billion to $678 billion.
• Rise in the number of investment professionals from 322 to 335.
• New rules on artificial intelligence use by investment advisers may add compliance risks.
• Growth in AUM from $138 billion to $157 billion.
• Regulatory changes in the EU and UK could increase compliance risks and operational costs.
• Failure to comply with evolving laws could result in sanctions, fines, and reputational harm.
• Potential impact of new regulations on sustainability disclosure standards on compliance risk.