Risk Factors Update Summary

• The SEC's new rules could increase compliance risks and regulatory burdens, impacting operational costs.
• Cybersecurity risks related to sensitive information provided to third parties have been highlighted. This change might result in increased compliance costs and potential liabilities.
• The company added emerging and changing technology, including artificial intelligence, as a new risk factor.
• New regulations from the SEC on private fund advisers will impose significant new reporting requirements. This could increase operational costs and compliance risks for the company.
• The substantial growth of our business may be difficult to sustain, impacting future performance.
• The Inflation Reduction Act of 2022 introduces a new excise tax on stock repurchases. This could adversely impact the amount and timing of tax payments required by the company.
• Current or future indebtedness could significantly affect our financial flexibility and operational capabilities.
• The SEC's proposed rules on artificial intelligence may increase compliance burdens for investment advisers. This could lead to operational challenges and additional costs in adapting to new regulations.
• Cybersecurity risks continue to escalate, increasing the likelihood of incidents that could disrupt operations.
• The UK Financial Conduct Authority's Sustainable Disclosure Requirements will introduce mandatory disclosures for asset managers. This may increase compliance risks and operational costs related to sustainability practices.