Carlyle Group Inc

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the

Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be

disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods

specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management,

including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding

required disclosures. In designing disclosure controls and procedures, our management necessarily was required to apply its

judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any

disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and

there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any

controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of

achieving the desired control objectives.

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated

the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by

this report. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial

officer concluded that, as of the end of the period covered by this report, the design and operation of our disclosure controls and

procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)

under the Exchange Act) during the quarter ended December 31, 2023 that have materially affected, or that are reasonably

likely to materially affect, our internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over financial

reporting. The Company’s internal control over financial reporting is a process designed under the supervision of its principal

executive and principal financial officer and effected by the Company’s Board of Directors, management and other personnel,

to provide reasonable assurance regarding the reliability of financial reporting and the preparation of its consolidated financial

statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

The Company’s internal control over financial reporting includes policies and procedures that pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of the Company’s

assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial

statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the

Company are being made only in accordance with authorizations of management and the directors; and provide reasonable

assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that

could have a material effect on its consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In

addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting

as of December 31, 2023 based on the framework established in Internal Control—Integrated Framework (2013) issued by the

Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined

that the Company’s internal control over financial reporting as of December 31, 2023 was effective.

Ernst & Young LLP, an independent registered public accounting firm, has audited the Company’s consolidated

financial statements included in this Annual Report on Form 10-K and issued its report on the effectiveness of the Company’s

internal control over financial reporting as of December 31, 2023, which is included herein.