Company: CGABL
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001193125-25-206326
Chunk: 52

Company: Carlyle Group Inc.
Filing Date: 2025-09-17
Form: 424B5
Chunk 52
---
, unless an exemption is available. A party in
interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the
Covered Plan that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The acquisition and/or holding of notes by a Covered Plan with
respect to which the Issuer, a Guarantor, an underwriter, or any of their respective affiliates is considered a party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section 406
of ERISA and/or Section 4975 of the Code. However, a statutory, class or individual prohibited transaction exemption may be applicable to the acquisition and/or holding of the notes depending on the type and circumstances of the plan fiduciary
making the decision to acquire such notes and the relationship of the party in interest or disqualified person to the Covered Plan. In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions, or
“PTCEs,” that may apply to the acquisition and holding of the notes. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified
professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers.
In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide relief from the prohibited transaction provisions of ERISA and Section 4975 of the Code for certain transactions, provided that neither the issuer of
the securities nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any Covered Plan involved in the

S-40

transaction and provided further that the Covered Plan receives no less, or pays no more, than adequate consideration in connection with the transaction. Each of the above-noted exemptions
contains conditions and limitations on its application. Fiduciaries of Covered Plans considering acquiring and/or holding the notes in reliance on these or any other prohibited transaction exemption should carefully review the exemption in
consultation with counsel to assure it is applicable. There can be no assurance