#1CARLYLE INVESTOR DAY 2021 Accelerating Growth FEBRUARY 23, 2021#2IMPORTANT INFORMATION This presentation has been prepared by The Carlyle Group Inc. (together with its affiliates, "Carlyle") and may only be used for informational purposes. All information contained herein is presented as of December 31, 2020, unless otherwise specifically noted. Unless otherwise expressly stated herein any analysis or outlook relating to the matters discussed herein express Carlyle's views only as of February 23, 2021. Carlyle undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation may not be referenced, quoted or linked by website, in whole or in part except as agreed to in writing by Carlyle. FORWARD LOOKING STATEMENTS. Statements contained in this presentation that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Carlyle. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained in this presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "forecast," "project,” “estimate,” “intend,” “continue,” “target,” or “believe" or the negatives thereof or other variations thereon or comparable terminology. Statements related to projected Assets Under Management ("AUM"), Distributable Earnings ("DE"), Fee Related Earnings (“FRE”), fundraising, fee revenue for future periods could be impacted by the level of investment performance, our ability to fundraise and the fees we can charge on such commitments, the pace and scale of capital deployment which may not be consistent with historical levels, the pace and success of exit activity, changes in regulations and laws (including tax laws), our ability to scale existing businesses and wind-down underperforming businesses, our ability to manage expenses and retain key personnel, our ability to manage stock dilution and our ability to charge and retain transaction fees. Even if we were to achieve our goals, there is no guarantee that such fundraising will translate into increased earnings and margins. There can be no assurance that Carlyle's strategic goals will ultimately be realized or if realized, that they will have the effect of accelerating our growth or earnings. All projections assume benign market conditions. These statements are subject to risks, uncertainties and assumptions, including those listed in this disclaimer and described under the section entitled "Risk Factors" in our Annual Report on Form IO-K for the year ended December 31, 2020 as filed with the SEC on February II, 2021 (the "Annual Report"), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our filings with the SEC. CORPORATE CONVERSION. On January 1, 2020, we completed our conversion from a Delaware limited partnership named The Carlyle Group L.P. into a Delaware corporation named The Carlyle Group Inc. Unless the context suggests otherwise, references in this report to "Carlyle", the "Company", "we", "us", and "our" refer (i) prior to the consummation of the conversion, to The Carlyle Group L.P. and its consolidated subsidiaries and (ii) from and after the consummation of the conversion, to The Carlyle Group Inc. and its consolidated subsidiaries. References to our common stock in periods prior to the conversion refer to the common units of The Carlyle Group L.P. References to our dividends in periods prior to the conversion refer to the distributions of The Carlyle Group L.P. PAST PERFORMNCE IS NOT INDICATIVE OF FUTURE RESULTS. In considering investment performance information contained in this presentation, prospective investors should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that Carlyle or any Fund will achieve comparable results. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. 2#3IMPORTANT INFORMATION (continued) NOT A RECOMMENDATION OF ANY SECURITY. This presentation provides an overview of Carlyle and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. An offer or solicitation for an investment in any investment fund managed or sponsored by Carlyle or its affiliates ("Fund”) will occur only through an offering memorandum and related purchase documentation, and subject to the terms and conditions contained in such documents and in such Fund's operative agreements. The offering memorandum relating to any Fund contains additional information about the investment objective, terms and conditions of such Fund, tax information and risk disclosure that should be reviewed prior to making an investment decision regarding a Fund. This presentation is qualified in its entirety by such offering memorandum, which should be read completely before making any investment. An investment in a Fund would be speculative and would involve significant risks. Nothing in this presentation is intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. RETURN CALCULATIONS. The fund return information reflected in this presentation is not indicative of the performance of The Carlyle Group Inc. and is also not necessarily indicative of the future performance of any particular fund. There can be no assurance that any of Carlyle's funds or its other existing and future funds will achieve similar returns. See "Risk Factors - Risks Related to Our Business Operations - The historical returns attributable to our funds, including those presented in this report, should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our common units" in the Annual Report. As used throughout this document, and unless otherwise indicated, "Gross IRR" represents the annualized internal rate of return for the period indicated on limited partner invested capital based on contributions, distributions and unrealized value before management fees, expenses and carried interest, which will reduce returns and, in the aggregate are substantial. “Net IRR" represents the annualized internal rate of return for the period indicated on limited partner invested capital based on contributions, distributions and unrealized value after management fees, expenses and carried interest (but not taxes borne by investors). "Gross MOIC" represents total fair value, before management fees, expenses and carried interest, divided by cumulative invested capital. An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized when the total proceeds received in respect of such investment, including dividends, interest or other distributions and/or return of capital represents at least 85% of invested capital and such investment is not yet fully realized. For Global Private Equity, since inception means since 1987, US Buyout since inception means since 1987, Asia Buyout since inception means since 1999 and Europe Buyout means since 1998 and since inception for US Opportunistic Real Estate means 1997. COMPARISON TO INDEXES. This presentation includes comparisons of certain private equity indices to various indexes including certain MSCI indexes (MSCI) and the S&P 500 and other indexes. These comparisons are provided for illustrative purposes only. The private equity indices do not represent the performance of any Fund or family of Funds. you should not infer that any Fund is top quartile. There are significant differences between the types of securities and assets typically acquired by U.S. and global buyout funds, the investments covered by the MSCI, S&P 500 and other indexes. Specifically, U,S. and global buyout funds typically make investments in securities and other assets that have a greater degree of risk and volatility, and less liquidity, than those securities included in these indexes and companies included in the indexes are not subject to certain of the management fees, carried interest or expenses to which investors in U.S. and global buyout funds are typically subject. Comparisons between private equity funds, Carlyle sponsored funds, the MSCI, S&P 500 and other indexes are included for informational purposes only. The private equity returns do not represent the performance of any Fund or family of Funds. You can not invest directly in an index. You should not infer that any Fund is top quartile. 3#4IMPORTANT INFORMATION (continued) NON-GAAP METRICS. This presentation includes certain Non-GAAP financial measures, Distributable Earnings ("DE"), Fee Related Earnings ("FRE"), FRE Margin, and Net Accrued Performance Revenues. These Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Q4 2020 earnings release and the end of this presentation for a reconciliation of the Non-GAAP financial measures included in this presentation to the most directly comparable financial measured prepared in accordance with GAAP. Please see Carlyle's public filings for the definitions of "carry funds," "Assets under management" ("AUM"), and "Fee- earning assets under management" ("Fee-earning AUM" or "FEAUM"). A reconciliation of forward-looking Non-GAAP financial measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, Carlyle is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. For purposes of the non-financial operating and statistical data included in this presentation, including the aggregation of our non-U.S. dollar denominated investment funds, foreign currencies have been converted to U.S. dollars at the spot rate as of the last trading day of the reporting period when presenting period end balances, and the average rate for the period has been utilized when presenting activity during such period. With respect to capital commitments raised in foreign currencies, the conversion to U.S. dollars is based on the exchange rate as of the date of closing of such capital commitment. MANAGEMENT FEES AND PERFORMANCE REVENUES. Detailed information about Carlyle's management fees and performance revenues is available in Carlyle's public filings. Please note that certain metrics and projections contained in this Presentation include the Legacy Energy Funds and funds advised by NGP Energy Capital Management. Please note that the Legacy Energy Funds (as defined in Carlyle's public filings), are managed with Riverstone Holdings LLC and its affiliates. Affiliates of both Carlyle and Riverstone act as investment advisers to each of the Legacy Energy Funds. Currently, Carlyle is only entitled to carried interest and management fees in certain funds advised by NGP Energy Capital Management. The NGP Energy Capital Management funds which solely earn management fees are referred to herein as "NGP predecessor funds." THIRD PARTY SOURCES. Although the information presented in this presentation has been obtained from sources that Carlyle believes to be reliable, Carlyle makes no representations as to its accuracy, validity, timeliness or completeness for any purpose. The information set forth herein does not purport to be complete and Carlyle is not responsible for errors and/or omissions with respect to the information contained herein. DIVIDEND POLICY. Under our dividend policy for our common stock that we adopted in connection with the Conversion, we expect to pay our common stockholders an annualized dividend of $1.00 per share of common stock, equal to a quarterly dividend of $0.25 per share of common stock. The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our certificate of incorporation. There can be no assurance that dividends will be made as intended or at all or that any particular dividend policy will be maintained. TERMS OF USE POLICY. By accessing or using the 2021 Carlyle Investor Day materials, you hereby accept and agree to comply with the Terms of Use Policy of the Carlyle Website (www.carlyle.com) as though incorporated and set forth fully herein. You acknowledge your understanding that the Terms of Use Policy constitute a binding agreement between you and Carlyle that governs your access and use of the 2021 Carlyle Investor Day materials, which includes any images, text, illustrations, designs, icons, photographs, programs, music clips, downloads, video clips, graphics, user interfaces, visual interfaces, information, data, tools, products, written materials, services and other content, including but not limited to the design, structure, selection, coordination, expression and arrangement of the content available on or through the Carlyle website and the 2021 Carlyle Investor Day materials. Copies of this presentation are available upon request from Carlyle by contacting Daniel Harris, Head of Public Market Investor Relations, at [email protected] or +1 (212) 813-4527.#5RISK FACTORS Certain statements in this presentation are based on current management expectations; and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our Annual Report and other SEC filings, including without limitation: Our business could be negatively impacted in many ways by adverse economic and market conditions or changes in the debt financing markets, including by reducing the value or performance of investments made by our investment funds and reducing the ability of our funds to raise capital or obtain attractive financing or re-financing. The global outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in the U.S. and global economies and may continue to adversely impact, our performance and results of operations. Our use of leverage may expose us to substantial risks and our revenue, earnings and cash flow are variable, which makes it difficult for us to achieve steady earnings growth on a quarterly basis. We may not be successful in expanding into new investment strategies, markets and businesses, including business initiatives to increase the number and type of investment products we offer to retail investors We may reduce our AUM, restrain its growth, reduce our fees or otherwise alter the terms under which we do business when we deem it in the best interest of our investors, even when such actions may be contrary to the near term interests of stockholders Poor performance of our investment funds would cause a decline in our revenue, income and cash flow, may obligate us to repay carried interest previously paid to us, and could adversely affect our ability to raise capital. Our asset management business depends in large part on our ability to raise capital from third-party investors. Our investors may negotiate to pay us lower management fees and the economic terms of our future funds may be less favorable to us than those of our existing funds, which could adversely affect our revenues. Valuation methodologies for certain assets in our funds can involve subjective judgments, and the fair value of assets established pursuant to such methodologies may be incorrect, which could result in the misstatement of fund performance and accrued performance allocations. Historical returns attributable to our funds should not be considered as indicative of the future results. Dependence on significant leverage in investments by our funds could adversely affect our ability to achieve attractive rates of return on those investments. The alternative asset management business is intensely competitive and we often pursue investment opportunities that involve business, regulatory, legal or other complexities and relatively high-risk, illiquid assets. The investments of our Global Private Equity, Global Credit and Investment Solutions funds are subject to a number of inherent risks. We may need to pay "giveback" obligations if they are triggered under the governing agreements with our investors. 5#6RISK FACTORS (continued) Operational risks may disrupt our businesses, result in losses or limit our growth and failure to maintain the security of our information and technology networks, intellectual property and proprietary business information could have a material adverse effect on us. Extensive regulation in the United States and abroad, including financial regulatory changes (such as those regarding derivatives and commodity interest transactions), affects our activities, increases the cost of doing business and creates the potential for significant liabilities, penalties and additional burdens. Third-party investors in substantially all of our carry funds have rights that in certain circumstances could lead to a decrease in our revenues. In addition, third-party investors in our investment funds with commitment-based structures may not satisfy their contractual obligation to fund capital calls when requested by us, which could adversely affect a fund's performance. Our private equity funds' performance, and our performance, may be adversely affected by the financial performance, financial projections or contingent liabilities of our portfolio companies and the industries in which our funds invest, including securities of companies that are experiencing significant financial or business difficulties. Investments in the insurance industry (including our investment in Fortitude Holdings) could be adversely impacted by insurance regulations and potential regulatory reforms. Our relationship with Fortitude Holdings may not generate a meaningful contribution to our revenue and our ownership and control of Fortitude Holdings could give rise to real or apparent conflicts of interest. Ongoing trade negotiations and potential for further regulatory reform may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies. We are subject to substantial litigation risks, including allegations of employee misconduct or fraud (including at our portfolio companies), and may face significant liabilities and damage to our professional reputation as a result of such allegations and negative publicity. Changes in U.S. and foreign tax regulations, including the comprehensive U.S. federal income tax reform that became effective in 2018, could adversely affect us and our ability to raise funds from certain foreign investors. 6#7Investor Day Agenda | Accelerating Growth TOPIC INTRODUCTION ACCELERATING GROWTH FINANCIAL OVERVIEW & GUIDANCE BREAK GLOBAL PRIVATE EQUITY GLOBAL CREDIT INVESTMENT SOLUTIONS BREAK CAPITAL RAISING PRIVATE DATA & PRIVATE MARKETS IMPACT BY THE NUMBERS CLOSING REMARKS Q&A PRESENTER Daniel Harris Kewsong Lee Curt Buser Peter Clare / Sandra Horbach Mark Jenkins Ruulke Bagijn Nathan Urquhart Jason Thomas, PhD Meg Starr / Kara Helander Kewsong Lee / Daniel Harris / Curt Buser Head of Public Investor Relations Chief Executive Officer Chief Financial Officer Chief Investment Officer of Corporate Private Equity & Co-Head of US Buyout / Co-Head of US Buyout & Growth Head of Global Credit Head of Investment Solutions Global Head of Investor Relations Head of Global Research Global Head of Impact / Chief Diversity, Equity & Inclusion Officer#8CARLYLE Accelerating Our Growth KEWSONG LEE CHIEF EXECUTIVE OFFICER#9We Delivered Exceptional Financial Results... RECORD FEE RELATED EARNINGS $520 Million 30% FRE MARGINI RECORD NET ACCRUED PERFORMANCE REVENUE INVESTOR DAY 2021 ********* $2.3 Billion +36% IN 2020 ATTRACTIVE INVESTMENT 1. Fee Related Earnings in 2020 were $520 million, inclusive of a $30 million recovery, with a full year FRE margin of 32%. Excluding this, adjusted Fee Related Earnings was $490 million, with a 30% FRE margin. PERFORMANCE 19% CORPORATE PRIVATE EQUITY APPRECIATION 9#10And We Remained Very Active in a Challenging Year STRONG DEPLOYMENT $18.3 Billion INVESTOR DAY 2021 BUILDING REALIZED PROCEEDS MOMENTUM ‒‒‒‒‒‒‒‒‒‒‒‒ $21.0 Billion ROBUST FUNDRAISING $27.5 Billion 10#11Strong Performance RECORD FEE RELATED EARNINGS $520 MN 30% FRE Margin' STRONG DEPLOYMENT $18.3 BN RECORD NET ACCRUED PERFORMANCE REVENUE $2.3 BN INVESTOR DAY 2021 +36% in 2020 BUILDING REALIZED PROCEEDS MOMENTUM $21.0 BN ATTRACTIVE INVESTMENT PERFORMANCE 1. Fee Related Earnings in 2020 were $520 million, inclusive of a $30 million recovery, with a full year FRE margin of 32%. Excluding this, adjusted Fee Related Earnings was $490 million, with a 30% FRE margin. 19% Corporate Private Equity Appreciation ROBUST FUNDRAISING $27.5 BN ||#12Our Founders Were Pioneers al INVESTING WISELY $ RAISING CAPITAL с ESTABLISHING OUR BRAND C SHAPING OUR CULTURE 12#13GLOBAL PRIVATE EQUITY $132 BN ● ● ● We Have Built a Leading Global Investment Firm Corporate Private Equity Real Estate Natural Resources INVESTOR DAY 2021 $246 BN TOTAL AUM INVESTMENT SOLUTIONS $58 BN ● Primary Secondaries Co-investments GLOBAL CREDIT $56 BN ● Liquid Credit Illiquid Credit Real Assets Credit 13#14Trust Integrity Partnership 14#15We Have Made Tremendous Progress in Our Evolution SINGLE BUYOUT FUND US CENTRIC PRODUCT PROLIFERATION INVESTOR DAY 2021 MULTI-ASSET INVESTMENT FIRM GLOBAL REACH & LOCAL EXECUTION FOCUSED, LARGE & SCALABLE PLATFORMS 15#16We Have Made Tremendous Progress in Our Evolution PLATFORM APPROACH & INSTITUTIONAL VALUE CREATION OPERATIONAL SILOS FOCUS ON PERFORMANCE FEES PRIVATE PARTNERSHIP FOCUS ON FRE & DE INVESTOR DAY 2021 PUBLIC CORPORATION Multi-stakeholder approach to building better 16#17Guiding Principles Underpin Our Strategic Plan INVESTOR DAY 2021 BUILDING ON OUR STRENGTHS PURSUING SIZE & SCALABILITY CAPTURING OPERATING LEVERAGE 17#18Think Bigger Perform Better Move Faster This is today's Carlyle INVESTOR DAY 2021 18#19Our Strategic Plan 1 ACCELERATE SCOPE & SCALE OF INVESTMENT PLATFORM INVESTOR DAY 2021 2 ōºō CAPITALIZE ON NEW OPPORTUNITIES THROUGH ADJACENCIES 3 ag INSTITUTIONALIZE THE FIRM DRIVE EARNINGS GROWTH & LONG-TERM SHAREHOLDER VALUE 19#20Our Strategic Plan 1 ACCELERATE SCOPE & SCALE OF INVESTMENT PLATFORM INVESTOR DAY 2021 2 ㅎㅎ CAPITALIZE ON NEW OPPORTUNITIES THROUGH ADJACENCIES 3 GO INSTITUTIONALIZE THE FIRM 20#211 INVESTOR DAY 2021 Accelerate Scope & Scale of Investment Platform 21#22Raise $130+ Billion in New Capital to Fuel Our Growth GLOBAL CREDIT $45 BN GLOBAL PRIVATE EQUITY $65 BN FUNDRAISING $130+ BN (2021-2024) INVESTMENT SOLUTIONS $20 BN GLOBAL PRIVATE EQUITY ● ● ● ● ● Further scale flagship products Accelerate growth equity GLOBAL CREDIT Scale existing platform & strategies Capture growth in newly launched strategies Identify avenues for incremental organic growth INVESTMENT SOLUTIONS Capitalize on increased investor demand Broaden & deepen platform Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 22#23Raise $130+ Billion in New Capital to Fuel Our Growth GLOBAL CREDIT $45 BN GLOBAL PRIVATE EQUITY $65 BN FUNDRAISING $130+ BN (2021-2024) INVESTMENT SOLUTIONS $20 BN GLOBAL PRIVATE EQUITY ● ● Further scale flagship products Accelerate growth equity GLOBAL CREDIT Scale existing platform & strategies Capture growth in newly launched strategies Identify avenues for incremental organic growth INVESTMENT SOLUTIONS Capitalize on increased investor demand Broaden & deepen platform Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 23#24Capture More Growth in Global Private Equity SCALE SCALE OUR LARGEST FUND FAMILIES 20%+ IN THE NEXT FUNDRAISE ● ● ● EXTEND Capture additional opportunity in growth equity Increase focus on longer dated core private equity & core plus real estate Position for market shift to infrastructure & renewables Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 24#25Reputation for Responsibly Managing Large Quantum of Capital Capital Raised Capital Invested Realized Proceeds GLOBAL PRIVATE EQUITY AT SCALE & ACTIVE (SINCE INCEPTION, $ BILLIONS) Note: Capital raised, capital invested and realized since inception of each fund strategy. INVESTOR DAY 2021 $178 >$200 $209 25#26Growing Deployment across Cycles $8 2009-2011 INVESTOR DAY 2021 ANNUAL GPE CARRY FUND DEPLOYMENT AVERAGE ($BN) $8 2012-2014 $12 2015-2017 $14 2018-2020 26#27Strong & Consistent Performance 2.4x CPIV 1.9x CAP II U.S. BUYOUT 2.1x CP V ASIA BUYOUT 1.8x CAP III 1 J I 2.0x CP VI 1.7x CAP IV I T I 1 + 1 I TOTAL FUND MOIC HARVESTING FUNDS I 1.8x CRP V 2.4x CETPI Note: See the significant fund performance tables included in our earnings release and filings with the U.S. Securities & Exchange Commission for more information on the performance of our funds. INVESTOR DAY 2021 U.S. REAL ESTATE 1.8x CRP VI EUROPE GROWTH 2.9x СЕТР II I 11 I 1 1 I I T I I I I I I 1.6x CRP VII 2.6x СЕТР III 1 1 1 I I I I I 27#28Positioned to Return Significant Capital to LPs INVESTOR DAY 2021 RECORD GPE PORTFOLIO VALUE POISED TO ACCELERATE REALIZATIONS ($ BILLIONS) $36 2008 $58 2012 $53 2016 +68% $89 2020 28#29Continue Strong Growth Trajectory in Global Credit BUILT BROAD PLATFORM CAPABILITIES $26 CARLYLE GLOBAL CREDIT ASSETS UNDER MANAGEMENT ($BN) +100%+ $56 SCALE NEW STRATEGIES / ADDRESS NEW OPPORTUNITIES +50%+ 2015 2020 Note: 2015 AUM reflects Global Credit AUM, and does not include AUM associated with our former hedge fund and commodity strategies. Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 $80+ 2024 29#30Raise $130+ Billion in New Capital to Fuel Our Growth GLOBAL CREDIT $45 BN GLOBAL PRIVATE EQUITY $65 BN FUNDRAISING $130+ BN (2021-2024) INVESTMENT SOLUTIONS $20 BN ● ● GLOBAL PRIVATE EQUITY Further scale flagship products Accelerate growth equity GLOBAL CREDIT Scale existing platform & strategies Capture growth in newly launched strategies Identify avenues for incremental organic growth INVESTMENT SOLUTIONS Capitalize on increased investor demand Broaden & deepen platform Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 30#31Private Credit Poised for Continued Growth PRIVATE CREDIT IS ONLY 20% OF PRIVATE EQUITY TODAY... INDUSTRY-WIDE ASSETS UNDER MANAGEMENT ($TN) $0.9 2020 Private Credit AUM Source: Preqin. There is no assurance that these trends will continue. INVESTOR DAY 2021 $4.4 2020 Private Equity AUM ...AND IS WHERE PRIVATE EQUITY WAS 20 YEARS AGO INDUSTRY-WIDE ASSETS UNDER MANAGEMENT ($TN) $0.9 2020 Private Credit AUM $0.9 2003 Private Equity AUM 10% CAGR $4.4 2020 Private Equity AUM 31#32Scale Global Credit Earnings & Improve Margins $8 2015 7% GLOBAL CREDIT FRE ($MN) $99 2020 FRE Margin 28% >2X+ Note: 2015 FRE does not include earnings associated with our former hedge fund and commodity strategies. Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 $200+ 2024 Mid 40%s 32#33Raise $130+ Billion in New Capital to Fuel Our Growth GLOBAL CREDIT $45 BN GLOBAL PRIVATE EQUITY $65 BN FUNDRAISING $130+ BN (2021-2024) INVESTMENT SOLUTIONS $20 BN ● ● GLOBAL PRIVATE EQUITY Further scale flagship products Accelerate growth equity GLOBAL CREDIT Scale existing platform & strategies Capture growth in newly launched strategies Identify avenues for incremental organic growth INVESTMENT SOLUTIONS Capitalize on increased investor demand Broaden & deepen platform Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 33#34Our Solutions Platform Has Emerged As An Industry Leader Investment Solutions $58 Billion AUM SECONDARY $20 Billion Purchase of underlying assets or restructured portfolios INVESTOR DAY 2021 CO-INVESTMENT ASSETS UNDER MANAGEMENT $14 Billion WHAT? Direct investments in private companies alongside GPs PRIMARY $24 Billion Commitments to investment funds 34#35Drive Investment Solutions Growth & Performance GROWING DEMAND FOR HIGH-PERFORMING STRATEGIES NEW CAPITAL RAISED IN 2020 $14 Billion Nearly 50% of overall Carlyle fundraising in 2020 Note: Refer to Carlyle's SEC filings regarding significant funds. INVESTOR DAY 2021 SECONDARY CO-INVESTMENT PRIMARY GROSS IRR LATEST FULLY INVESTED FUND 13% MAIN FUND VI - SECONDARY INVESTMENTS 28% MAIN FUND VI - CO-INVESTMENTS 20% MAIN FUND VI - FUND INVESTMENTS 35#36Consistent & Attractive Investment Performance 1.5x Fund III SECONDARY 1.7x Fund IV 1.7x Fund V CO-INVESTMENT 2.7x ill 1.5x Fund III Fund IV 2.7x Fund V Note: Total MOIC as of 12/31/2020. Funds shown reflect latest three fully invested main funds. Refer to Carlyle's SEC filings regarding significant funds. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 1.7x Fund III PRIMARY 1.9x Fund IV 1.7x Fund V 36#37Improving Investment Solutions Economics $17 2012 INVESTMENT SOLUTIONS FEE RELATED EARNINGS ($MN) $23 2016 $37 2020 +90% Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 - $70 2024 37#38Guiding Principles Underpin Our Strategic Plan INVESTOR DAY 2021 BUILDING ON OUR STRENGTHS PURSUING SIZE & SCALABILITY CAPTURING OPERATING LEVERAGE 38#39Scaling Our Investment Platform Is Supported by Industry Tailwinds & Attractive Trends 39#40Attractive Industry Returns Support Strong Growth DIRECT LENDING OUTPERFORMS WITH LOWER LOSSES² GLOBAL BUYOUT & GROWTH OUTPERFORMANCE' 12.1% NET IRR VS INDEX INVESTOR DAY 2021 +477 bps 7.4% 10-Year Avg P/E Index 11.4% +672 bps 4.7% 20-Year Avg Public Equity Index 10.7% CURRENT YIELD % Direct Lending Index 2.0% DEFAULT RATE Direct Lending Index 6.9% High Yield Index 3.6% High Yield Index 7.2% ATTRACTIVE REAL ESTATE RETURNS3 1. Cambridge Associates, Buyout & Growth Equity Index and Selected Benchmark Statistics; March 31, 2020. 2. Cliffwater Direct Lending Index YT3. Bloomberg Barclays High Yield Index YTW. 3. Cambridge Associates, National Council of RE Invest Fiduciaries. There is no assurance that this trend will continue. Please see the "Important Information" slide for more information about the comparison of our investment returns to various indexes. NET IRR VS INDEX +41 bps 6.8% 5-Year 10.5% +80 bps 9.7% 10-Year Private Real Estate Index 40#41LPs Are Allocating More in Search of Returns PENSION FUNDS ARE ALLOCATING MORE TO PRIVATE MARKETS PE & VC 13% 2% 7% 4% 2010 Private Debt MEDIAN CURRENT ALLOCATION Note: Represents median allocations of disclosed public pension plans. Source: Preqin. INVESTOR DAY 2021 Real Estate Infrastructure Natural Resources 23% 3% 3% 9% 2% 6% 2020 41#42The Opportunity Set For Private Capital is Growing 42#43Accelerating Change Is Driving Investment Opportunity NEW & GROWING REGIONS EXPANDING ASSET CLASSES NEW STRATEGIES GROWING INDUSTRY SECTORS SECULAR CHANGES BUSINESS PREFERENCES & STRATEGIC ACTIVITY INVESTOR DAY 2021 CHINA, INDIA, JAPAN CREDIT, INFRASTRUCTURE, SECONDARIES CORE, LONG-DATED, PERMANENT CAPITAL TECHNOLOGY, HEALTHCARE DISRUPTION, ENERGY TRANSITION, SUSTAINABILITY COMPANIES STAYING PRIVATE LONGER, CORPORATE CARVE-OUTS FROM M&A 43#44Trends Favor the Largest Global Investment Firms THE LARGEST FUND MANAGERS ARE GETTING MORE SHARE MARKET SHARE OF TOP 20 FUNDS' 29% 2014 45% 2019 Note: Represents median allocations of disclosed public pension plans. Source: Preqin. There is no guarantee these trends will continue. 1. As a percent of capital from our top 30 limited partners.. INVESTOR DAY 2021 80% of our largest LPs invested in 4 or more fund strategies 44#45Our Strategic Plan 1 ACCELERATE SCOPE & SCALE OF INVESTMENT PLATFORM INVESTOR DAY 2021 2 ㅎㅇㅎ CAPITALIZE ON NEW OPPORTUNITIES THROUGH ADJACENCIES 3 GO INSTITUTIONALIZE THE FIRM 45#462 Capitalize on New Opportunities through Adjacencies INVESTOR DAY 2021 46#47Carlyle's Global Platform Drives Significant Capital Market Activity Our platform drives enormous capital markets activity NEARLY $300 BILLION FINANCIAL ACTIVITY IN CARLYLE RELATED DEALS (LAST 5 YEARS, $BN) ● ● Carlyle is one of the most experienced and respected participants in global capital markets We have methodically built out in-house capital markets expertise Capital markets team well capitalized and plugged in to deal flow Expect to capture more value for Carlyle with minimal incremental expense Presented for illustrative purposes only. Source: Dealogic. INVESTOR DAY 2021 M&A EQUITY ISSUANCE (IPOS & Follow On) $75 $31 $175 DEBT ISSUANCE (Bonds & Loans) 47#48Earning Fees from Our Transaction Flow 927 486 2015 INVESTOR DAY 2021 FEES RELATED TO CARLYLE ACTIVITY ($MN) 915 479 2016 918 529 2017 998 532 2018 652 444 2019 638 421 2020 Equity & Debt Advisory Credit & Other Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. See End Notes for more information on the historical breakdown of fees from Carlyle activities. 1. Of equity and debt underwriting fees. TARGET 10-20% I 48#49We do not want to become an investment bank We are a global investment firm 49#50Fortitude Is the Foundation of Our Insurance Solutions Strategy LEVERAGES OUR INVESTMENT SOLUTIONS DRIVES MULTIPLE SOURCES OF REVENUE PLATFORM $4.7 BN Assets rotated / committed to 25 Carlyle products (through 2020) INVESTOR DAY 2021 ~$50 MN Fee run-rate on related funds & investment income / carry to come ASSET-LIGHT STRATEGY Strong underlying performance / self- fund acquisition of additional blocks STRONG OPERATING FUNDAMENTALS 13-15% Mid-teens ROE on $465 MN investment into Fortitude EXCEPTIONAL LEADERSHIP Fully stood-up independent company / deep & focused management 50#51Enormous Potential to Expand Insurance Solutions LARGE ADDRESSABLE MARKET & OPPORTUNITY DO 51% 14% 86% Life & Annuity Non-Life 49% US Non-US We estimate the global market for potential transactions to further leverage our Insurance capabilities exceeds $2 TN+ Source: Carlyle analysis of global insurance opportunity for potential transactions fitting our acquisition requirements. We define the global opportunity set to include North America, developed Europe, and developed APAC markets. There is no guarantee these projections will materialize. INVESTOR DAY 2021 51#52We do not want to become an insurance company We are a global investment firm 52#53How We Think About External Growth INVESTOR DAY 2021 53#54Broad-Based Strategic M&A Considerations THEMES CONSOLIDATOR Leverage world-class teams to build further scale PERMANENT CAPITAL Broaden recurring fee streams SCALABLE PLATFORMS IN BIG MARKETS New regions & strategies For illustrative purposes only. INVESTOR DAY 2021 EXAMPLES CLOS Fortitude Carlyle Aviation ACCRETIVE & ADJACENT BIG & SCALABLE RECURRING FRE FOCUSED STRONG CULTURAL FIT 54#55Our Strategic Plan 1 ACCELERATE SCOPE & SCALE OF INVESTMENT PLATFORM INVESTOR DAY 2021 2 ㅎㅎ CAPITALIZE ON NEW OPPORTUNITIES THROUGH ADJACENCIES 3 Gg INSTITUTIONALIZE THE FIRM 55#563 INVESTOR DAY 2021 Institutionalize the Firm 56#57Operating More Effectively to Drive Margins ● ● MAXIMIZING OUR RESULTS Manage expenses to capture operating leverage while we grow Utilize learnings from operating during Covid-19 to improve future operations & results Exit areas that cannot scale Use technology to continue reducing operating costs FRE MARGIN IMPROVEMENT 20% 2012-2019 Avg Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 30% 2020 40% 2024 57#58Attracting & Maintaining Best-in-Class Leadership ATTRACTIVE MIX OF CARLYLE EXPERTISE AND NEW PERSPECTIVE % OF TOTAL CARLYLE PARTNERS/MANAGING DIRECTORS More than 20 YEARS of Carlyle experience 10-20 YEARS of Carlyle experience INVESTOR DAY 2021 47% 14% 33% 28% New to Carlyle in PAST 5 YEARS 27 Years Average experience of our senior fund-investment professionals 58#59Aligning & Incentivizing STOCK-BASED INCENTIVES FOR SENIOR EXECUTIVES INVESTOR DAY 2021 ALIGNMENT WITH CARLYLE FINANCIAL PERFORMANCE TIME VESTED ALONGSIDE PACING OF STRATEGIC PLAN STRATEGIC PLAN & PRINCIPLES INCORPORATED INTO 360 REVIEWS 59#60Fostering a Diverse & Inclusive Culture >50% OF OUR AUM IS MANAGED BY WOMEN Only Private Equity firm included in Bloomberg's Gender Equality Index in 2021 1. 2. 63% OF US PEOPLE HIRED IN 2020 WERE FEMALE OR ETHNIC MINORITIES' In 2020, 58% of people hired in EMEA were female, and 52% of people hired in Asia were female. In 2020, 56% of new directors in the companies globally that we've controlled for at least two years were diverse. INVESTOR DAY 2021 RECOGNITION Carlyle was honored with the 2019 SuperReturn Award for Achievement in Promoting Diversity 56% OF NEW DIRECTORS IN OUR CONTROLLED PORTFOLIO COMPANIES WERE DIVERSE ² Received Private Equity Int'l award for "30 Big Ideas Shaping ESG Finance" 60#61Maintaining Leadership in ESG Sustainability Report PUBLISHED SINCE 2010 TCFD Standards ADOPTED IN 2020 INVESTOR DAY 2021 Carbon Neutral SINCE 2017 >$6.5 BN in ESG linked financings TO DATE Bloomberg Gender Equality Index Inclusion 2020 30 Big Ideas Shaping ESG Finance PEI 61#62Building Better Businesses Through Impact & ESG 2 01 DIVERSE & INCLUSIVE TEAMS INVESTOR DAY 2021 02 ENGAGED EMPLOYEES .000 03 SUSTAINABLE GROWTH î 04 CLIMATE RESILIENCE 05 COMMUNITY TIES 62#63What This Means for Shareholders INVESTOR DAY 2021 63#64We Have Ambitious Goals $1.6 BN+ IN DISTRIBUTABLE EARNINGS COMPRISED OF $800 MN+ IN FEE RELATED EARNINGS $800 MN+ IN NET REALIZED PERFORMANCE REVENUE Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 64#65The Environment Continues to Be Challenging COVID-19 DECOUPLING HIGH VALUATIONS INVESTOR DAY 2021 UNCERTAIN SOCIAL LANDSCAPE LOW-RATE ENVIRONMENT THREAT OF INFLATION ...AND WHAT ELSE? GEOPOLITICAL UNCERTAINTY HIGH DEGREE OF COMPETITION POTENTIAL FOR INCREASED VOLATILITY 65#66Carlyle Has Demonstrated Resiliency, Adaptability & Agility 66#67Carlyle's Platform Is Diverse & Adaptable GLOBAL CREDIT EUROPE GROWTH IN PERSON & ON LOCATION INVESTOR DAY 2021 REAL ESTATE CORPORATE PRIVATE EQUITY AMERICAS VALUE HYBRID CYCLICAL INFRA & REAL ASSETS INVESTMENT SOLUTIONS ASIA NON-CYCLICAL VIRTUAL & DIGITAL 67#68Carlyle Has Changed & Adapted 68#692020 Results Are Just the Beginning RECORD NET ACCRUED PERFORMANCE REVENUE $2.3 BN RECORD FEE RELATED EARNINGS $520 MN 30% FRE Margin' STRONG DEPLOYMENT $18.3 BN +36% in 2020 BUILDING REALIZED PROCEEDS MOMENTUM $21.0 BN ATTRACTIVE INVESTMENT PERFORMANCE 19% Corporate Private Equity Appreciation ROBUST FUNDRAISING $27.5 BN 69#70Guiding Principles Drive Us BUILDING ON OUR STRENGTHS PURSUING SIZE & SCALABILITY CAPTURING OPERATING LEVERAGE 70#71Ambitious & Achievable Strategic Plan 1 2 3 ACCELERATE SCOPE & SCALE OF INVESTMENT PLATFORM |N CAPITALIZE ON NEW OPPORTUNITIES THROUGH ADJACENCIES G INSTITUTIONALIZE THE FIRM DRIVE EARNINGS GROWTH & LONG-TERM SHAREHOLDER VALUE 71#72Industry Trends Are Tailwinds PENSION FUNDS ARE ALLOCATING MORE TO PRIVATE MARKETS PE & VC 13% 2% 7% 4% 2010 MEDIAN CURRENT ALLOCATION Private Debt Real Estate Infrastructure Natural Resources 23% 3% 3% 9% 2% 6% 2020 72#73Closely Aligned with Our LPs 80% 1. As a percent of capital from our top 30 limited partners.. OF OUR LARGEST LPs INVESTED IN 4 OR MORE FUND STRATEGIES' 73#74We Are Building Better in All We Do 01 DIVERSE & INCLUSIVE TEAMS 02 ENGAGED EMPLOYEES 2000 03 SUSTAINABLE GROWTH 04 CLIMATE RESILIENCE 05 COMMUNITY TIES 74#75Trust Integrity Partnership 75#76A Global Investment Firm Creating Long-Term Value On Behalf Of All Of Our Stakeholders 76#77Think Bigger Perform Better Move Faster This is today's Carlyle INVESTOR DAY 2021 77#78Endnotes SLIDE 48 Debt fees primarily consist of underwriting and arranger fees paid to banks or other financial intermediaries on Global Private Equity and Global Credit portfolio company issued debt facilities ● ● ● ● Equity fees primarily consist of underwriting fees paid to banks or other financial intermediaries in connection with Global Private Equity and Global Credit portfolio company IPOs, secondary and follow-on transactions Advisory fees primarily consist of sell-side advisory fees, paid in connection with the sale of a Carlyle portfolio company, or buy-side advisory fees, paid by Carlyle or a Global Private Equity or Global Credit investment funds in connection with acquisition of a target company Global Credit & Other Fees primarily consist of trading fees paid in connection with credit trading activity, fund line of credit fees, CLO structuring fees, or other ancillary fees paid in connection with various fund-level leverage facilities INVESTOR DAY 2021 78#79CARLYLE Financial Overview & Guidance CURT BUSER CHIEF FINANCIAL OFFICER#80Carlyle Has Been Delivering for Shareholders... ♡ Significant FRE Growth Since 2017 Improving Earnings Mix Record Accrual Driven by Fund Performance ♡ Benefits of C-Corp Conversion INVESTOR DAY 2021 And Our Strategic Plan Positions Us for Accelerating Growth ✔ Continued Top-Line Expansion ♡ Poised to Execute on Growth Drivers Monetization of Performance Revenue Margin Expansion through Operating Excellence 80#81Fee Related Earnings Have Ramped Significantly... $194 2012-17 Avg 17% FEE RELATED EARNINGS ($MN) INVESTOR DAY 2021 $350 2018 25% FRE Margin $453 2019 28% $520 $490 2020 30% Note: 2020 Fee Related Earnings were $520 million, or $490 million excluding the impact of $30 million in one-time recoveries; 2020 FRE margin of 30% excludes the impact of recoveries. FEE RELATED EARNINGS HAVE MORE THAN DOUBLED FROM THE 2012-17 AVERAGE FRE MARGIN HAS EXPANDED BY MORE THAN 1,000 bps 81#82...Resulting in an Improved Earnings Mix $791 25% DISTRIBUTABLE EARNINGS ($MN) 2012-2017 Avg INVESTOR DAY 2021 $674 52% 2018 $647 70% 2019 ■FRE as % of DE $762 68% 2020 EARNINGS MIX WILL BE MORE BALANCED BETWEEN FRE & CARRY IN FUTURE PERIODS 82#83Accrued Performance Revenue Is at Record Levels $1,368 $646 2012-2017 Avg See Notes at end of document. PERFORMANCE REVENUES ($MN) INVESTOR DAY 2021 $1,681 $320 2018 Net Realized Performance Revenue $1,720 $164 $2,331 $246 2019 Net Accrued Performance Revenue (Balance) 2020 $2.3 Billion OF NET ACCRUED PERFORMANCE REVENUE POISED TO ACCELERATE DISTRIBUTABLE EARNINGS GROWTH 83#84Our Strategic Plan Will Result in Accelerating Growth 1 ACCELERATE / SCALE / EXPAND Drive higher management fees & operating leverage INVESTOR DAY 2021 2 ōº CAPTURE ADJACENCIES Generate incremental & diverse revenue streams 3 69 INSTITUTIONALIZE Control costs, align senior execs with performance, improve margins 84#85Double Distributable Earnings by 2024 DISTRIBUTABLE EARNINGS INVESTOR DAY 2021 $762 MN 2020 (PRE-TAX) 20% CAGR $1,600+ MN 2024 Please see the "Important Information" slide for more information about the use of and reliance on projections. DISTRIBUTABLE EARNINGS PER SHARE $2.05 2020 5% 13-15%+ CAGR Mid- $3's 2024 Effective DE Tax Rate 20-22% 85#86Grow Fee Related Earnings to $800 Million & Triple Realized Performance Revenues FEE RELATED EARNINGS & FRE MARGIN $520 $490 MN 2020 30% 13% CAGR FRE Margin $800+ MN 2024 40% NET REALIZED PERFORMANCE REVENUES $246 MN 2020 30% CAGR $800+ MN 2024 INVESTOR DAY 2021 Note: 2020 Fee Related Earnings were $520 million, or $490 million excluding the impact of $30 million in one-time recoveries. Please see the "Important Information" slide for more information about the use of and reliance on projections. 86#87Moving from Guidance to Execution INVESTOR DAY 2021 87#881 INVESTOR DAY 2021 Scale & Diversify Fee Revenues 88#89Fundraising Target of $130+ Billion through 2024 FUNDRAISING ($BN) $78 BILLION RAISED $12 2012 $21 INVESTOR DAY 2021 $24 ‒‒‒‒‒‒‒‒‒ $21 2013 2014 2015 $100 BILLION TARGET $108 BILLION RAISED $13 $43 $33 $19 $27 2016 2017 2018 2019 2020 2021 $130+ BILLION TARGET Annual pace will vary based on funds in the market 2022 Note: Historical Gross Fundraising amounts exclude amounts related to our former hedge fund platform. Please see the "Important Information" slide for more information about the use of and reliance on projections. 2023 2024 89#90Total Fee Revenue Organically Grows & Diversifies through the Cycle ● ● ● ● Top-line growth accelerates with next major multi-year fundraising campaign Timing driven by fee initiation for largest funds In the short term, growth in Global Credit & Investment Solutions offsets realizations in Global Private Equity Expect modest overall management fee growth in 2021 Note: Excludes the impact of former hedge fund platform. Please see the "Important Information" slide for more information about the use of and reliance on projections. INVESTOR DAY 2021 Investment Solutions Global Credit Global Private Equity $1.0 12% 14% 74% FEE REVENUE BY SEGMENT ($BN) 2012-2014 Avg $120 $1.1 13% 15% 72% 2015-17 Avg $1.6 11% 20% $121 69% 2018-20 Avg Fee-earning AUM $164 $2.1+ 11% 29% 60% 2024 $210 90#91Current & Future Stable Fee Rates 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% INVESTOR DAY 2021 0.79% 0.78% 2012 EFFECTIVE MANAGEMENT FEE RATE 0.88% 0.91% 0.89% 0.90% 0.96% 2013 2014 2015 2016 2017 2018 0.98% 2019 0.94% 2020 ~0.95%+ 2024 Note: Excludes the impact of former hedge fund platform. Effective Management Fee Rate reflects management fee revenue divided by average Fee-earning AUM for each year. Please see the "Important Information" slide for more information about the use of and reliance on projections. 91#92Capture Incremental Growth 2 Through Adjacencies INVESTOR DAY 2021 92#93Capture More Transaction Fees DRIVE HIGHER LEVELS OF FEES FROM: GROWING OUR GLOBAL CAPITAL MARKETS CAPABILITIES GENERATING MORE TRANSACTION FEES FROM OUR INVESTMENT ACTIVITY INVESTOR DAY 2021 TRANSACTION FEES $37 MN 2020 3X Note: Excludes portfolio advisory fees and other income. Transaction fees are net of rebates to limited partners. Please see the "Important Information" slide for more information about the use of and reliance on projections. $120+ MN 2024 93#94Insurance Strategy Drives Multiple Earnings Streams BASE FEE ECONOMICS INVESTOR DAY 2021 FEES ON ROTATED CAPITAL RETURN ON BALANCE SHEET INVESTMENT STRATEGIC M&A Insurance Solutions CONTRIBUTION TO EARNINGS SHOULD INCREASE BOTH ORGANICALLY AND BY ACQUISITION 94#953 INVESTOR DAY 2021 Drive Margin Expansion Through Institutionalization & Expense Management 95#96Institutionalize & Align Our Business to Gain Scale & Operating Leverage FEE RELATED EARNINGS ($MN) $520 $490 $194 2012-17 Avg 17% $350 2018 25% INVESTOR DAY 2021 $453 2019 28% FRE Margin 2020 30% Revenue Growth 13% CAGR > Expense Growth $800 2024 40% Leadership team incentivized to deliver on FRE growth targets through performance-based equity compensation Note: 2020 Fee Related Earnings were $520 million, or $490 million excluding the impact of $30 million in one-time recoveries. Please see the "Important Information" slide for more information about the use of and reliance on projections. 96#97Scaling Our Platform Drives Increased Efficiency $306 2014 TOTAL AUM PER INVESTMENT PROFESSIONAL +21% AVERAGE: $286 MN $282 2015 Note: Excludes the impact of former hedge fund platform. INVESTOR DAY 2021 $256 2016 $298 2017 AVERAGE: $345 MN $340 2018 $334 2019 $360 2020 INCREASED EFFICIENCY DRIVES Improved Margins 97#98Opportunity for Permanent Savings in General & Administrative Expenses ● Learnings from 2020 can generate more permanent savings in travel & conference costs Virtual & teaming technology can speed decisions, enable remote work & potentially save office-related costs Improved risk management & lower litigation costs can reduce spend on professional fees Note: 2020 G&A expense of $271 million excludes the offsetting positive impact of $30 million in recoveries. INVESTOR DAY 2021 2020 G&A IMPACT ($MN) $331 2019 Down 22% $271 2020 98#994 INVESTOR DAY 2021 Monetize Performance 99#100Record Net Accrued Performance Revenue Supports a Near-Term Realization Ramp $ MILLIONS Net Realized Performance Revenues -Net Accrued Performance Revenues INVESTOR DAY 2021 $1,476 $646 2012-17 Avg +40% $1,681 $320 2018 19% $1,720 Realizations have significantly lagged the accrual in recent years... $164 *$2,331 2019 10% $246 2020 14% REALIZATIONS AS % OF BEGINNING OF YEAR ACCRUAL Please see the "Important Information" slide for more information about the use of and reliance on projections. See Notes at end of document. ...And we are now primed to return to prior levels & beyond $800 30%+ CAGR 2024 100#101Our Current Performance Revenue Accrual Is Well Seasoned for Near-Term Realization Net Accrued Performance Revenue Key Fund Contributors See Notes at end of document. INVESTOR DAY 2021 TAKING CARRY $1.7 BN CP VI $II BN FIRST CARRY REALIZATION EVENT: Q3 2020 NOT YET TAKING CARRY $0.5 BN CAP IV $250 MN NOW @ 11% NET IRR Total $2.3 Billion NOT YET MATURE $0.1 BN CAP V $43 MN CRP VIII $33 MN CCOF $30 MN EACH IN INVESTMENT PERIOD 101#102Scaling of Portfolio Reflects Higher Long-Term Performance Revenue Capacity $62 REMAINING FAIR VALUE ($BN)' Global Private Equity & Global Credit Carry Funds $87 2012-17 Avg See Notes at end of document. INVESTOR DAY 2021 $79 2018 2019 $95 2020 THE PORTFOLIO OF INVESTMENTS IN OUR TRADITIONAL CARRY FUNDS IS NOW MORE THAN 50% LARGER COMPARED TO THE 2012-17 AVERAGE 102#103Realized Investment Income Will More Than Double over the Next Few Years BALANCE SHEET INVESTMENTS ($BN)' $0.5 INVESTOR DAY 2021 2016 $1.7 2020 Please see the "Important Information" slide for more information about the use of and reliance on projections. REALIZED INVESTMENT INCOME ($MN) $73 2020 $150+ 2024 103#104LO 5 INVESTOR DAY 2021 Manage Headwinds Effectively 104#105Actively Manage Headwinds Carbon-based energy continues to present attractive investment opportunities, but with fundraising challenges ● ● Our long-term carry fund capital will continue to earn management fees with upside from performance revenue Carbon energy investments are generally in dedicated funds We are well-positioned to capitalize on the transition to renewable energy through our integrated infrastructure platform INVESTOR DAY 2021 TOTAL AUM IN CARBON-BASED ENERGY FUNDS ($BN) $23 12% OF TOTAL AUM 2015 $19 8% OF TOTAL AUM 2020 105#106Putting It All Together INVESTOR DAY 2021 106#107Capital Allocation Aligns with Our Strategic Plan MAINTAIN & GROW OUR FIXED DIVIDEND DIRECT INVESTMENT INTO OUR FUNDS NEW STRATEGIES & CAPITAL MARKETS INVESTOR DAY 2021 STRATEGIC M&A DILUTION MANAGEMENT Our priority for excess capital is to accelerate platform and earnings growth 107#108Putting It All Together: Growing DE / Share from $2 to Mid $3s by 2024 $2.05 PER SHARE (2020) $762 MN PRE-TAX DE DOUBLE DISTRIBUTABLE EARNINGS (PRE-TAX) Please see the "Important Information" slide for more information about the use of and reliance on projections. INVESTOR DAY 2021 HIGHER TAXES (20-22%) & 1% DILUTION 13-15% CAGR Mid $3s PER SHARE (2024) $1.6 BN+ PRE-TAX DE 108#109GLOBAL PRIVATE EQUITY Pete Clare & Sandra Horbach GLOBAL CREDIT Mark Jenkins INVESTMENT SOLUTIONS Ruulke Bagijn INVESTOR DAY 2021 CAPITAL RAISING Nathan Urquhart PRIVATE DATA & PRIVATE MARKETS Jason Thomas IMPACT BY THE NUMBERS Meg Starr & Kara Helander 109#110Notes Notes on Accrued Performance Revenue (Pages 83, 100, 101) Net accrued performance revenues as of December 31, 2020 are net of $19 million in accrued giveback obligations and $2.5 billion in accrued performance allocations and incentive fee compensation related to non-controlling interests. We generally earn performance revenues (or carried interest) from our carry funds representing a 20% allocation of profits generated on third-party capital, and on which the general partner receives a special residual allocation of income from limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund. Disclosures referring to carry funds also include the impact of certain commitments that do not earn carried interest but are either part of, or associated with, our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform. Note on Remaining Fair Value (Page 102) (1) Fair Value of Investments generally reflects the unrealized carrying value of investments for all Global Private Equity and Global Credit carry funds, and related co-investment vehicles. Note on Balance Sheet Investments (Page 103) (1) Investments exclude the equity investments by Carlyle in NGP Energy Capital Management and the portion of CLO and CCS investments attributable to Carlyle stockholders that were financed with debt. INVESTOR DAY 2021 110#111CARLYLE Global Private Equity PETER J. CLARE CHIEF INVESTMENT OFFICER OF CORPORATE PRIVATE EQUITY & CO-HEAD OF US BUYOUT#112Global Private Equity is one of the world's largest and most diversified private equity platforms, spanning industries, geographies and asset types. INVESTOR DAY 2021 Carlyle $246 BN PRIVATE EQUITY $132 BN GLOBAL REAL ESTATE 19 NATURAL RESOURCES 21 OTHER 1 GLOBAL GLOBAL CREDIT $56 BN PRIVATE EQUITY $132 BN TOTAL AUM Note: All presented data as of 12/31/20 unless otherwise noted. Totals may not add up due to rounding. INVESTMENT SOLUTIONS $58 BN CORPORATE PRIVATE EQUITY 91 112#113Building on 30+ Years of Investment Excellence 1995 First $1 BN US Buyout Fund 1987 Firm Founded 1998 Europe Buyout Asia Buyout Opportunistic Real Estate $1 BILLION Note: Presented for illustrative purposes only. INVESTOR DAY 2021 2001 Japan Buyout 2005 Regional Growth Funds First $1 BN Equity Investment 2007 First $10 BN Fund 2008 Financial Services 2012 NGP Partnership 2013 International Energy 2016 Core+ Real Estate 2015 Core Private Equity 2019 Renewables 2018 Global Infrastructure $132 BILLION 113#114We Are a Global Private Equity Powerhouse CORPORATE PRIVATE EQUITY $91 BN Americas Asia & Japan Europe Other CPE $57 BN $17 BN $15 BN $2 BN GLOBAL PRIVATE EQUITY $132 BN AUM REAL ESTATE $19 BN US Opportunistic US Core Plus Europe Real Estate & Other Note: Totals may not add up due to rounding. Data presented as of 12/31/20. Infrastructure includes infrastructure, renewables and power. INVESTOR DAY 2021 $13 BN $4 BN $2 BN NATURAL RESOURCES $21 BN NGP Energy International Energy Infrastructure $IO BN $7 BN $5 BN 114#115We Deliver Attractive Performance for Our Investors US Buyout Asia Buyout Europe Buyout US Opportunistic Real Estate INCEPTION-TO-DATE GROSS IRR INVESTOR DAY 2021 29% 25% 20% 16% Note: Total fund and co-investment. Inception-to-date Net IRR as follows: US Buyout 21%, Asia Buyout 19%, Europe Buyout 13%, US Opportunistic Real Estate 11%. US opportunistic real estate includes CRP I-VIII, RMBS I-IV and CRCP. 115#116Our Goal Is to Scale Our Next Flagship Funds at Least 20% US Real Estate Europe Buyout Asia & Japan Buyout US Buyout $15 BN 2003-06 Vintage $27 BN INVESTOR DAY 2021 2007-10 Vintage $27 BN Harvesting Vintage $41 BN 5.5 7.8 9.1 18.5 Investing Vintage -$50 BN+ Next Generation Target AS OUR FUNDS SCALE, WE WILL GROW EARNINGS & MARGINS Note: Total committed capital. Totals may not add up due to rounding. Japan and Europe buyout committed capital converted to USD at 12/31/20 exchange rate. Japan buyout funds included in the 2003-2006 and 2007-2010 vintage groups do not exactly align with those time frames. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. 116#117Corporate Private Equity: Leading & Scaled Platform INVESTOR DAY 2021 117#118The Scale of Our Platform Delivers Strong Performance GLOBAL PLATFORM ● Industry Expertise • Proven Approach to Value Creation • Flexible Capital LOCAL INSIGHTS • Portfolio Construction LEADS TO CONSISTENT & ATTRACTIVE RETURNS Note: Presented for illustrative purposes only. INVESTOR DAY 2021 AMERICAS 121 Investment Professionals EMEA 56 Investment Professionals ASIA 78 Investment Professionals Carlyle has local investment professional presence 118#119Deep Industry Expertise Across the Globe We have deployed at least $10 billion of equity into each of our core industry verticals globally across Corporate Private Equity Equity Invested Number of Investments TECHNOLOGY & BUSINESS SERVICES INVESTOR DAY 2021 $29 BN 258 INDUSTRIAL & TRANSPORTATION $25 BN 106 CONSUMER, MEDIA & RETAIL $24 BN 131 HEALTHCARE $14 BN 70 FINANCIAL SERVICES $IO BN 50 AEROSPACE, DEFENSE & GOVERNMENT SERVICES $IO BN 44 Note: Total fund and co-investment. Equity invested since inception. Excludes invested capital from corporate private equity funds in energy, infrastructure, real estate and other. Asia & Japan buyout have not made investments in the Aerospace, Defense & Government Services industry vertical. Totals may not add up due to rounding. 119#120Global Investment Resource Capabilities Support Value Creation A dedicated team supporting value creation through the investment lifecycle TRANSACTION SUPPORT REVENUE GROWTH PERFORMANCE IMPROVEMENT ENVIRONMENTAL, SOCIAL & GOVERNANCE Note: Presented for illustrative purposes only. INVESTOR DAY 2021 ● ● ● ● ● ● Enhanced Diligence Business Development Digital Transformation Information Technology Procurement Talent and Organization Performance Identification of opportunities Risk mitigation 120#121Broad and Flexible Capital Allows Us to Pursue Deals of All Types CORPORATE PRIVATE EQUITY CUMULATIVE EQUITY INVESTED BY SIZE ($ BILLIONS) $15 <$100 MN $50 INVESTOR DAY 2021 $100-$500 MN $24 $500 MN-$1.0 BN Note: Total fund and co-investment. Totals may not add up due to rounding. Presented for illustrative purposes only. $27 >$1.0 BN BUYOUT GROWTH CORE 121#122Disciplined Focus on Portfolio Construction LATEST FULLY INVESTED FUND Number of investments Average investment size as a percent of total Number of industries Top 3 largest industries by equity invested Note: Total fund and co-investment. Presented for illustrative purposes only. INVESTOR DAY 2021 US BUYOUT 24 4% 6 Healthcare Technology & Business Services Industrial ASIA BUYOUT 21 5% 6 Financial Services Consumer Technology & Business Services EUROPE BUYOUT 20 5% 4 Industrial Consumer Technology & Business Services 122#123We Invest Significant Amounts of Capital for Many of the World's Largest Investors CORPORATE PRIVATE EQUITY INVESTED CAPITAL ($ BILLIONS) $16 2012-2014 INVESTOR DAY 2021 $24 2015-2017 Note: Total fund and co-investment. Totals may not add up due to rounding. $27 2018-2020 $27 BILLION OF AVAILABLE CAPITAL GLOBALLY EUROPE $7 ASIA & JAPAN $8 OTHER CORPORATE PRIVATE EQUITY $27 BN AVAILABLE CAPITAL AMERICAS $12 123#124Strong and Sustainable Long-Term Performance 2.2x Gross MOIC Across Last Three Substantially Harvested Vintages 2.5x 2.2x 4.0x 1998-00 Vintage INVESTOR DAY 2021 Note: Gross MOIC. Fund-only. Presented for illustrative purposes only. 2.4x 2.0x 1.9x 2003-06 Vintage US Buyout Europe Buyout 2.1x 2.2x 1.8x 2007-10 Vintage Asia Buyout VALUE CREATION ONGOING IN HARVESTING VINTAGE 2.0x 1.4x 1.7x Harvesting Vintage 124#125Real Estate: Established Leader with Distinct Investment Approach INVESTOR DAY 2021 125#126Established Leader with Distinct Approach to US Real Estate DEEP FOCUS ON PORTFOLIO CONSTRUCTION Only 5% OF PORTFOLIO IN TRADITIONAL OFFICE, HOTEL, RETAIL' Sector Diversification 16 Deal Diversification $21 MN AVG. INVESTMENT Geographic Diversification 55 SECTORS MSAS Note: CRP VI-VIII, as of 9/30/20 unless otherwise noted. MSA stands for Metropolitan Statistical Area. Total opportunistic US real estate portfolio as of 12/31/20. 1. INVESTOR DAY 2021 US OPPORTUNISTIC REAL ESTATE FUND EXPOSURE TO DEMOGRAPHIC-DRIVEN SECTORS 73% CRP VI 81% CRP VII 88% CRP VIII 126#127Attractive Historical Returns Across Market Cycles FUND Vintage Gross MOIC Average Equity per Investment CRP I INVESTOR DAY 2021 1998 1.8x CRP II 1999 1.6x CRP III 2000 3.6x CRP IV 2004 1.6x $15 MN $14 MN $14 MN $24 MN CRP V 2006 1.8x $42 MN CRP VI 2010 1.8x $17 MN Note: Fully invested US opportunistic real estate funds. Fund only. See the significant fund performance tables included in our earnings release and filings with the U.S. Securities & Exchange Commission for more information on the performance of our funds. CRP VII 2014 1.6x $20 MN 127#128Investment Success Has Fueled Growth & Diversification OPPORTUNISTIC US REAL ESTATE TOTAL COMMITMENTS ($ BILLIONS) $2.3 CRP VI INVESTOR DAY 2021 $4.2 CRP VII $5.5 CRP VIII CORE-PLUS US REAL ESTATE CUMULATIVE FUNDRAISING ($ BILLIONS) $0.5 2016 $1.1 2017 $2.1 2018 $2.5 2019 $4.0 2020 128#129Natural Resources: Capitalizing on the Global Energy Transition INVESTOR DAY 2021 129#130Adapting Our Platform to the Industry Transition GLOBAL INFRASTRUCTURE INVESTOR DAY 2021 RENEWABLES POWER INTERNATIONAL ENERGY Global Platform Managing $21 BN AUM NORTH AMERICA ENERGY 130#131Secular Trends Powering Infrastructure Growth INDUSTRY UNLISTED INFRASTRUCTURE ASSETS UNDER MANAGEMENT¹ ($ BILLIONS) $167 2010 $213 $223 $272 $293 INVESTOR DAY 2021 $322 $383 2011 2012 2013 2014 2015 2016 Note: There is no guarantee these trends will continue. 1. Preqin Special Report: The Future of Alternatives 2025. November 2020. 2. McKinsey & Co. "Bridging infrastructure gaps: Has the world made progress?" October 2017. $452 $527 2017 2018 $634 $639 2019 2020 INFRASTRUCTURE AUM HAS NEARLY QUADRUPLED IN THE PAST DECADE, DRIVEN BY $3.7 TN REQUIRED ANNUAL GLOBAL INFRASTRUCTURE SPENDING ² 131#132Capitalize on Global Energy Transition 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% GLOBAL PRIMARY ENERGY CONSUMPTION INVESTOR DAY 2021 2018 Oil & Gas Note: There is no guarantee these projections will be achieved. BP Energy Outlook, 2020. 2050 Coal Nuclear Renewables Renewables projected to triple share of global energy consumption by 2050 Oil & gas projected to still account for half of global energy consumption in 2050 132#133INVESTOR DAY 2021 Where Do We Go From Here? 133#134We Are Focused on Accelerating Earnings by Leveraging Our Greatest Areas of Strength CORPORATE PRIVATE EQUITY REAL ESTATE NATURAL RESOURCES INVESTOR DAY 2021 ● ● ● ● ● ● ● ● Scale flagship funds and drive strong investment performance Accelerate growth of adjacencies: growth, core private equity Expand margins: fee revenue, cost management Drive performance revenues in harvesting funds Deliver consistent and attractive results across market cycles Further scale opportunistic and core-plus strategies Capitalize on global energy transition in infrastructure & renewables Leverage strengths in carbon energy given sustained demand 134#135CARLYLE Leveraging Our Capital and Platform To Drive Value Creation SANDRA HORBACH CO-HEAD OF US BUYOUT & GROWTH#136We Execute on a Broad Spectrum of Investment Opportunities Aerospace, Defense & Gov't Services Buyout Presented for illustrative purposes only. INVESTOR DAY 2021 AMERICAS Healthcare Consumer, Media & Retail Growth Industrial & Transportation ASIA Technology & Business Services Core Financial Services EUROPE Real Estate Natural Resources 136#137We Leverage Comprehensive Global Resources & Capabilities GLOBAL SECTOR DEAL TEAMS Presented for illustrative purposes only. INVESTOR DAY 2021 OPERATING ADVISORS CAPITAL MARKETS GLOBAL INVESTMENT RESOURCES (GIR) Our systematic approach to value creation impacts the entire deal lifecycle 137#138Experience Managing Large, Complex Transactions Complexity Requires an Experienced and Deep Global Deal Team Dedicated Capital Markets Team Provides an Edge in Financing Global Resources Support Operational Improvement On Every Deal Relationships and Credibility With World Class Management Teams INVESTOR DAY 2021 138#139Axalta Carve-Out of a global manufacturer, marketer and distributor of innovative, high performance coatings products from DuPont $4.9BN Enterprise Value $335MN $4.5BN See end notes. Presented for illustrative purposes only. INVESTOR DAY 2021 COMPLEX CARVE-OUT OF ORPHANED DUPONT DIVISION ACTUAL COST SAVINGS DUE TO PROCUREMENT SAVINGS AND OPERATIONAL INITIATIVES GROSS GAIN ON INVESTMENT EBITDA ($MN) $662 FY12 +31% $867 FY15 A AXALTA 139#140Expertise Drives Opportunities in Fast Growth Companies Deep Sector Expertise + Global Platform Driving Sourcing Be The Partner of Choice for Founders Deliver Operational & Strategic Resources to Drive Top Line Growth Leverage Technology and Digital to Drive Business Transformation INVESTOR DAY 2021 140#141Golden Goose Partnership with fast-growing Italian 'Entry-to-Luxury' fashion company €425MN Enterprise Value 91 3.4X See end notes. Presented for illustrative purposes only. INVESTOR DAY 2021 GROWTH EQUITY PROVIDED BY AND EUROPEAN AND ASIAN CARLYLE FUNDS NEW DIRECTLY OPERATED STORES, UP FROM 8 AT ACQUISITION GROSS RETURN AS OF 12/31/2020 REVENUE (MN) € 141 FY17 GOLDEN GOOSE DELUXE BRAND 36% CAGR VENEZIA € 262 FY19 141#142Local Insights Uncover Compelling Global Opportunities Pioneer in Global + Local Private Equity Local Resources For Hands on Support Strong Local Network Allows Us to Partner with Leading Corporates Flexible Mandate To Capture Widest Range of Investment Opportunities - Minority, Majority, Pre-IPO, etc. INVESTOR DAY 2021 142#143Focus Media Privatization of leading multi-platform out-of-home display network advertising company in China $3BN Enterprise Value $1.2BN 4.6X LARGEST LBO IN CHINA AT THE TIME, BEGAN A WAVE OF PRIVATIZATIONS INVESTOR DAY 2021 LARGEST RECAPITALIZATION IN CHINA AT THE TIME, AND FIRST WITH PARTICIPATION FROM CHINESE BANKS GROSS RETURN AS OF 12/31/2020 See end notes. Presented for illustrative purposes only. REVENUE ($MN) $1,051 FY14 Focus 分众 Media 1 17% CAGR $1,433 FY17 143#144Long Term Capital Supports Core Investment Opportunities One Team Sourcing Model for Core, Growth and Buyout Transactions Flexible Approach to Transaction Structuring Provide Long Term Capital for Opportunistic M&A Leverage the Platform to Support Long Term Value Creation Opportunities INVESTOR DAY 2021 144#145Medforth Leading independent offshore medical and healthcare professional education platform 21% 2 STAGE 15 YEAR See end notes. Presented for illustrative purposes only. INVESTOR DAY 2021 INITIAL MINORITY OWNERSHIP STAKE PURCHASED IN PARTNERSHIP WITH CURRENT OWNERS TRANSACTION, WITH CARLYLE PURCHASING A MAJORITY OWNERSHIP STAKE IN A FOLLOW-ON TRANSACTION UNINTERRUPTED REVENUE AND EBITDA GROWTH REVENUE ($MN) $351 2016 $370 MEDFORTH GLOBAL HEALTHCARE EDUCATION 2017 $397 2018 $444 2019 145#146OVER 80% OF OUR PORTFOLIO VALUE CREATION COMES FROM EBITDA IMPROVEMENT AND CASH FLOW INVESTOR DAY 2021 We Are Experts in Portfolio Value Creation¹ 1.0x $38 BN Cost 1.lx $40 BN || I EBITDA Growth 0.2x $9 BN Debt Paydown 0.3x $13 BN Multiple Expansion 1-As of 9/30/2020 Includes Realized and Partially Realized investments from CAP, CEP, and CP Fund Families & Related Coinvestment. CEP Euro Denominated Amounts Converted to USD at 9/30/2020 FX Rate. Totals may not sum due to rounding 2.6x $101 BN Gross Value Creation / Gross Equity 146#147We Create Value for All Stakeholders Through... Partnership and active management Flexible capital Large, diverse and growing global portfolio Delivering the right solutions to our investors INVESTOR DAY 2021 147#148Endnotes Carlyle believes these selected case studies should be considered as a reflection of Carlyle's investment process, and references to these particular portfolio companies should not be considered a recommendation of any particular security, investment, or portfolio company. The information provided about these portfolio companies is intended to be illustrative, and is not intended to be used as an indication of the current or future performance of Carlyle's portfolio companies. The investments described in the selected case studies were not made by any single fund or other product and do not represent all of the investments purchased or sold by any fund or other product. The information provided in these case studies is for informational purposes only and may not be relied on in any manner as advice or as an offer to sell or a solicitation of an offer to buy interests in any fund or other product sponsored or managed by Carlyle or its affiliates. Any such offer or solicitation shall only be made pursuant to a final confidential private placement memorandum, which will be furnished to qualified investors on a confidential basis at their request. INVESTOR DAY 2021 148#149CARLYLE Global Credit MARK JENKINS HEAD OF GLOBAL CREDIT#150Global Credit provides creative solutions & scale to borrowers, resulting in differentiated opportunities for investors to capture value across the credit spectrum. INVESTOR DAY 2021 Carlyle $246 BN GLOBAL PRIVATE EQUITY $132 BN ILLIQUID CREDIT 13 CROSS-PLATFORM CREDIT & INSURANCE VEHICLES 4 REAL ASSETS CREDIT GLOBAL CREDIT GLOBAL CREDIT $56 BN $56 BN TOTAL AUM Note: Data presented as of December 31, 2020. Numbers may not add due to rounding. INVESTMENT SOLUTIONS $58 BN LIQUID CREDIT 29 150#151Our Strategy Is Expected to Drive Significant AUM Expansion $80 BN+ Capitalizing on strong tailwinds Leveraging Carlyle & platform strengths Delivering attractive performance $26 BN' INVESTOR DAY 2021 2015 $56 BN 2020 2024 Note: Information presented is illustrative and not intended to predict future events, but to present a target for AUM and identify certain factors that may influence whether this target is achieved. Key assumptions include the level of fundraising, deployment and performance for each of our Global Credit strategies. Actual results may differ materially. (1) Excludes legacy hedge fund businesses. 151#152We've Built a Diversified Platform... LIQUID CREDIT $29 BN CLO MANAGEMENT CLO INVESTMENT REVOLVING CREDIT Global Credit $56 Billion AUM $28.0 BN $0.9 BN $0.5 BN ILLIQUID CREDIT $13 BN Represents augmented or new strategies since 2016. Note: Data presented as of December 31, 2020. Numbers may not add due to rounding. INVESTOR DAY 2021 DIRECT LENDING OPPORTUNISTIC CREDIT DISTRESSED CREDIT CROSS-PLATFORM CREDIT VEHICLES $1.5 BN $5.0 BN $5.0 BN $3.2 BN REAL ASSETS CREDIT $9 BN AVIATION FINANCE INFRASTRUCTURE CREDIT ENERGY CREDIT INSURANCE VEHICLES $2.6 BN $6.1 BN $1.1 BN $2.0 BN 152#153...With Runway for Growth $56 BN SCALE EXISTING STRATEGIES ● ● Direct Lending Opportunistic Credit Infrastructure Credit Cross-Platform EXTEND INTO ADJACENT MARKETS ● Real Estate Credit • Other New Strategies GEOGRAPHIC EXPANSION Europe Asia ● $80 BN+ 2024 AUM STRATEGIC M&A ● Accretive Leverages our platform 2020 AUM Note: Information presented is illustrative and not intended to predict future events, but to present a target for AUM and identify certain factors that may influence whether this target is achieved. Key assumptions include the level of fundraising, deployment and performance for each of our Global Credit strategies. Actual results may differ materially. INVESTOR DAY 2021 153#154Supported by Strong Industry Tailwinds SHARE OF PRIMARY INVESTOR MARKET RETRENCHMENT OF TRADITIONAL US LENDERS' 80% 70% 60% 50% 40% 30% 20% 10% 0% 1994 1995 1996 1997 1998 US Banks 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Non-US Banks Number of FDIC-insured commercial banks 12 10 8 6 2 O NO. OF FDIC INSURED COMMERCIAL BANKS (000'S) SIGNIFICANT GROWTH IN PRIVATE DEBT AUM ($BN) $1,307 $93 2005 $311 2010 -16% CAGR Source: Data for left-side chart sourced from Bloomberg, LCD/S&P, Preqin. Data for right-side chart sourced from Preqin. All data was pulled in January 2021. There is no guarantee these trends will continue. (1) Represents US market only. 2020 YTD as of September 2020. INVESTOR DAY 2021 $514 2015 $887 2020 -10% CAGR 2024 154#155Private Credit Is Where Private Equity Was 15+ Years Ago AUM ($ TRILLIONS) Source: Preqin. $0.9 INVESTOR DAY 2021 2003 PRIVATE EQUITY AUM 10% CAGR $4.4 2020 PRIVATE EQUITY AUM $0.9 2020 PRIVATE CREDIT AUM ? FUTURE PRIVATE CREDIT AUM 155#156Market Yields Have Declined for Decades to Near Historic Lows... 7% 6% 5% 4% 3% 2% 1% 0% www 2000 2001 2002 2003 INVESTOR DAY 2021 30-YEAR US TREASURY BOND YIELD 2004 2005 2006 2007 2008 2009 2010 Sources: S&P Global Market Intelligence, 30 Year US T-Bond Rate. Sourced as of 1/25/21. There is no guarantee these trends will continue. 2011 2012 2013 2014 2015 2016 2017 2018 вашний 2019 2020 156#157...Private Credit Offers Solutions for Investors Seeking Yield YIELD RISK-FREE RATE (T-BILLS) BROADLY SYNDICATED INVESTOR DAY 2021 LOANS Leveraged Loans DIRECTLY ORIGINATED, UPPER MIDDLE MARKET Public Transactions Direct Lending H CREDIT RISK NON-SPONSOR BORROWERS Note: Presented for illustrative purposes only. No assurance is given that Global Credit segment investments' actual returns will correspond to such illustrative market returns. LOWER MIDDLE MARKET Opportunistic Credit Private Transactions SECOND LIEN, SUBORDINATED DEBT Distressed 157#158We Leverage Carlyle's Strengths... BUSINESS PARK SOFIA |SYNERGY AT WORK u URBAN ONE ICM PARTNERS A ALERAGROUP DEDICATED DILIGENCE TEAMS unifrutti U Ⓡ GLOBAL CREDIT PLATFORM RESOURCES -255+ GPE PORTFOLIO COMPANIES GLOBAL PRIVATE EQUITY OneCarlyle Sirius Group EXECUTIVES Parts Authority Auto Parts Super Stores 50+ IN-HOUSE OPERATING adams HEARTLAND HOME SERVICES 11. APEX H TANK™ HOLDING CAPITAL MARKETS TEAM Source: The Carlyle Group. Presented for illustrative purposes only. References to Operating Executives refers collectively to Carlyle Operating Executives, Senior Advisors, Operating Advisors & other consultants who are involved in portfolio company value creation. Operating Executives are consultants who are not considered Carlyle personnel. Certain communications between Global Credit and other investment professionals may be restricted by internal information barriers. References to portfolio companies are presented for illustrative purposes only and are not a recommendation for any particular company or security. INVESTOR DAY 2021 158#159...And Our Significant Global Credit Platform Resources... Carlyle Global Credit US AND EUROPE RESEARCH CREDIT TRADING INVESTOR RELATIONS INTEGRATED INVESTMENT OVERSIGHT RISK MANAGEMENT & TECHNOLOGY LIABILITY MANAGEMENT WORKOUTS PRODUCT DEVELOPMENT LEGAL & COMPLIANCE Invested in ~700 credits at any given time Close on less than 5% of originations Achieved 1.1% avg. default rate vs 3.4% for the loan index in our US CLO business! Raised $10.1 billion in 2020 from a diverse group of LPs Note: Presented for illustrative purposes only. (1) Internal Carlyle calculations, the S&P/LSTA Leveraged Loan Index. Carlyle US aggregate returns include returns on loans in US cash flow CLOs since the inception of the first CLO in May 1999; compared with the S&P/LSTA Leveraged Loan Index. INVESTOR DAY 2021 159#160...To Deliver Attractive Investment Performance LIQUID CREDIT CLO MANAGEMENT' 17.6% EQUITY NET IRR INVESTOR DAY 2021 CLO INVESTMENT ² 28.8% NET IRR DIRECT LENDING 3 8.0% LOAN-LEVEL RETURNS ILLIQUID CREDIT OPPORTUNISTIC CREDIT4 14.6% NET IRR Note: Represents select historical returns for ongoing strategies over the period during which each strategy has been active. Does not include returns for our cross-platform, insurance solutions or capital markets businesses. No assurance is given that Global Credit segment investments' actual future returns will correspond to such performance. *Please refer to Endnotes for detailed information relating to the metrics and data contained on this slide. DISTRESSED CREDIT5 12.9% NET IRR REAL ASSETS CREDIT AVIATION FINANCE6 7.7% NET IRR 160#161We Are Well Positioned to Grow Our Platform & Earnings Increasing AUM ✓ Increasing FRE Increasing scale ✓ Increasing margin AUM ($BN) INVESTOR DAY 2021 $26 BN' 2015 -17% CAGR $56 BN 4 9 13 29 2020 -10% CAGR CARLYLE GLOBAL CREDIT Other Real Assets Credit Illiquid Credit Liquid Credit $80 BN+ 2024 FRE ($MN) $8 MN' 2015 Source: Preqin. Note: Numbers may not add due to rounding. Information presented is illustrative and not intended to predict future events, but to present a multi-year target for AUM and FRE and identify certain factors that may influence whether this target is achieved. Key assumptions include the level of fundraising, deployment and performance for each of our Global Credit strategies. Actual results may differ materially. (1) Excludes legacy hedge fund businesses. $99 MN 2020 >2X $200 MN+ 2024 161#162Endnotes SLIDE 160 Note: Past performance is not a guarantee of future results. (1) US CLO Equity net IRR December 1999-December 2020. The historical performance shown above is for all realized structured credit funds managed by Carlyle, excluding the funds acquired past their reinvestment periods. (2) Combined CHYP 2008-1 net IRR December 2007-September 2011 and CSC net IRR February 2017-December 2020. (3) Annualized returns over the past five years from January 2016-December 2020. Loan Level Returns include all interest, fee income, OID accretion/acceleration and realized/unrealized losses. Returns exclude 3rd party CLO investing and equity investments. CCOF net IRR November 2017-December 2020. CSP net IRR October 2004-December 2020. Combined IRR of CSP I, II, III, IV. Net realized and unrealized IRR for SASOF I, II, III, IV, as well as managed accounts and other investment vehicles from March 2004 to December 2020. Net realized and unrealized IRR is calculated by aggregating realized IRR and unrealized IRR. The unrealized IRR component is based on the Net Asset Value as of the measurement date. IRR refers to internal rate of return, meaning the aggregate, compound, annual internal rate of return on investments. IRR is calculated using the "XIRR" function in Microsoft Excel. In Microsoft Excel, the "XIRR" function differs from the "IRR" function in that the "XIRR" function solves for irregular payment intervals. All IRR calculations in this Part II include the aggregate invested capital, and are net of costs and expenses attributable to all investments (including realized investments, partially realized investments, and unrealized investments) comprising an Investment Platform. For each Investment Platform other than Tribeca and AAC Trading Pool, IRRs are calculated on the basis of monthly investment inflows and outflows by/to investors in respect of portfolio investments, and for Tribeca and AAC Trading Pool, IRRS are calculated on the basis of monthly investment inflows by investors and outflows are calculated on the date of outflows in respect of portfolio investments to the applicable Investment Platform and, therefore, does not necessarily match the dates of cash flows to investors. In certain instances one or more of the Investment Platforms may have used and/or will use a fund line of credit to fund the initial purchase of a portfolio investment; however, for purposes of performance returns, the month in which the capital was utilized to repay the line of credit is the date used in the IRR calculation. This may cause the IRR of an Investment Platform to be higher than if the date of the actual investment utilizing the line of credit were used. (4) (5) (6) INVESTOR DAY 2021 162#163CARLYLE Investment Solutions RUULKE BAGIJN HEAD OF INVESTMENT SOLUTIONS#164Investment Solutions helps investors meet their objectives through tailored portfolio construction and rigorous investment selection. INVESTOR DAY 2021 Carlyle $246 BN PRIVATE EQUITY $132 BN CO-INVESTMENT 14 20 SECONDARIES GLOBAL Data presented as of December 31, 2020. GLOBAL CREDIT $56 BN INVESTMENT SOLUTIONS $58 BN TOTAL AUM INVESTMENT SOLUTIONS $58 BN PRIMARY 24 164#165We Have Built the Industry-Leading Platform. Investment Solutions $58 BILLION AUM PRIMARY $24 BN 925+ INVESTMENTS Commitments to investment funds Highly diversified exposure Provides access to top managers and niche strategies Data presented as of December 31, 2020. INVESTOR DAY 2021 ● ● ● SECONDARY $20 BN 190+ INVESTMENTS WHAT? Purchase of underlying assets or restructured portfolios WHY? J-Curve mitigation; high cash on cash yield Increased asset visibility and high diversification Supply demand imbalances in the market ● ● ● CO-INVESTMENT $14 BN 300+ INVESTMENTS Direct investments in private companies alongside GPs Increase exposure with high-quality Lead GPs on no fee / no carry basis Full control over deployment and asset selection Enhanced return potential 165#166Investment Solutions Is Well-Positioned for Growth STRONG MACRO BACKDROP & INDUSTRY GROWTH ● Industry demand for Solutions-based products Growing Secondary and Co-Investment markets SCALABLE & GROWTH ARCHITECTURE Scalable Platforms Attractive growth Fundraising consistently over target Presented for illustrative purposes only. INVESTOR DAY 2021 INFORMATION & SCALE ADVANTAGE >20,000 portfolio companies >300 sponsor relationships Data & knowledge advantage ● ● ● IMPROVING ECONOMICS ● ● Legacy AUM masked strong growth Improving economics poised to accelerate 166#167Significant Opportunity Set from Growing Market Trends SECONDARY FUNDS DEMAND GROWING² PRIVATE EQUITY AUM, $BN LONG-TERM GROWTH IN PE' $2,721 2014 $3,680 2017 $5,547 JUNE 2020 OVERALL PRIVATE EQUITY MARKET Please see end notes for more information. INVESTOR DAY 2021 $9,000+ 2025 ESTIMATE COMMITMENTS TO SECONDARY FUNDS, $BN $10 2011 $29 2014 $42 2017 $76 2020 COMMITMENTS TO SECONDARY FUNDS WORLDWIDE TOTAL EV OF CO-INVEST DEALS, $BN PARTICIPATION INCREASING3 26% $65 CO-INVESTOR 2017 27% $79 2018 29% $88 2019 GROWING SHARE OF CO-INVESTOR PARTICIPATION % OF DEALS WITH CO-INVESTOR 167#168Substantial Information & Scale Advantage $74 BN COMMITTED CAPITAL 730+ ACTIVELY TRACKED PE FUNDS INVESTMENT SOLUTIONS' >300 GP RELATIONSHIPS 180 PROFESSIONALS 1,700+ PE CO-INVESTMENTS REVIEWED² >80% COMMITTED TO PE FUNDS WITH LPAC SEATS 20,000+ UNDERLYING PORTFOLIO COMPANIES Leverage Carlyle's Global Network ♡ 680+ Investment professionals ♡ 50+ Operating executives 255+ Portfolio companies ♡ 29 Global offices Provided for illustrative purposes only and subject to change. As of December 31, 2020, unless otherwise noted. Employee information as of January 4, 2021. Operating executives are consultants and are generally not Carlyle employees. I. Investment Solutions data reflects AlpInvest only. 2. Represents cumulative total from 2010 - 2020. INVESTOR DAY 2021 168#169Strong Performance & Growth for Our Investors 17% GROSS IRR MODEL PORTFOLIO PERFORMANCE' (70% Primary Buyout, 15% Secondaries, 15% Co-Investments) 2.6x REALIZED GROSS MOIC +9% OUTPERFORMANCE VS MSCI AC WORLD PME CO-INVESTMENT PERFORMANCE² 1.7x REALIZED GROSS MOIC 25% GROSS IRR -5% AVG. OUTPERFORMANCE VS CAMBRIDGE PE FOF 20% GROSS IRR SECONDARIES PERFORMANCE4 Past performance is not indicative of future results. Please see end notes for more information. INVESTOR DAY 2021 BENCHMARK Upper Quartile PERFORMANCE ACROSS PROGRAMS IV-VI³ Upper Quartile PERFORMANCE ACROSS PROGRAMS III-V ALPINVEST SECONDARIES PROGRAM SIZE $5.4 BN ASP V (2012) +13% $6.1 BN ASP VI (2016) +48% $9.0 BN ASP VII (2020) 169#170Co-Investment: Outperformance from Selection Excellence AlpInvest's selection skills underpin outperformance relative to declined opportunities ● AlpInvest selected deals outperformed the declined deals by 268% in aggregate value creation' Presented for illustrative purposes only. Please see end notes for more information. INVESTOR DAY 2021 $ BILLION SELECTION ANALYSIS (ALL DEALS) 2.1x GROSS MOIC 1.4x GROSS MOIC $3.4 $8.7 Declined Deals +268%¹ Invested / Potential Inv. Amount $10.5 $10.0 Invested Deals ■ Gains 170#171Secondaries: Consistent Focus on GP and Asset Quality GP FOCUSED RIGOROUSLY SEEKING HIGH-QUALITY INVESTMENTS 8-12 ASSETS WITH VALUE CREATION 88% OF RETURNS DRIVEN BY VALUE GROWTH' INVESTMENTS PER ANNUM4 Presented for illustrative purposes only and data presented as of September 30, 2020. Please see end notes for more information. INVESTOR DAY 2021 OPTIMAL TIMING AND ALIGNMENT >80% OF FUNDS ACQUIRED <6 YEARS OLD² >80% LIMITED FINANCIAL ENGINEERING 2% LOSS RATIO³ OF INVESTMENTS ARE REJECTED IN INITIAL SCREENING4 171#172Fee-Earning AUM Growth Increasingly Driven by Higher Fee Capital... LEGACY AUM CONTINUES TO RUN OFF, REPLACED BY HIGHER-FEE PAYING AUM # OF CLIENTS $29 BN $23 $6 2012 14 LOWER FEE CAPITAL $29 BN $18 $11 2014 42 Post-Acquisition Capital $25 BN $11 $14 2016 116 Pre-Acquisition Founder Capital $27 BN $7 $20 2018 190 $34 BN $5 $29 2020 400+ $36+ BN $36+ 2024 Estimate HIGHER FEE CAPITAL AlpInvest information only. Note: Information presented is illustrative and not intended to predict future events, but to present a target for Fee Paying AUM and identify certain factors that may influence whether this target is achieved. Key assumptions include the level of fundraising, deployment and performance for each of our Investment Solutions strategies. Actual results may differ materially. INVESTOR DAY 2021 172#173...Leading to Improving Management Fee Economics At acquisition, AlpInvest Fee-earning AUM consisted primarily of two low-fee owner/investors ● ● ● Today, AlpInvest has 400+ third- party LPs paying market rates Higher fee Secondary and Co-Investment strategies are a growing portion of the platform $140 INVESTOR DAY 2021 2016 0.51% INVESTMENT SOLUTIONS MANAGEMENT FEE REVENUE ($MM) $155 2017 0.54% $167 2018 $157 2019 $193 2020 0.56% 0.55% 0.60% EFFECTIVE MANAGEMENT FEE RATE $225+ 2024+ ESTIMATE 0.65%+ Note: Information presented is illustrative and not intended to predict future events, but to present a target for Management Fee Revenue and identify certain factors that may influence whether this target is achieved. Key assumptions include the level of fundraising, deployment and performance for each of our Investment Solutions strategies. Actual results may differ materially. 173#174Growing Performance Accrual Will Accelerate Investment Solutions Earnings • Net accrual balance has grown to $145 MM ● Carlyle's carry ownership is mostly in AlpInvest funds launched post- acquisition • Net Realized Performance ● Revenue will steadily increase over next few years Data presented as of December 31, 2020. There is no assurance that trends will continue or market forecasts will be realized. INVESTOR DAY 2021 $45 2015 INVESTMENT SOLUTIONS NET ACCRUED PERFORMANCE REVENUE ($MM) $45 2016 $74 2017 $81 2018 $101 2019 $145 2020 174#175Investment Solutions Is Well-Positioned for Growth STRONG MACRO BACKDROP & INDUSTRY GROWTH SCALABLE & GROWTH ARCHITECTURE INVESTOR DAY 2021 INFORMATION & SCALE ADVANTAGE IMPROVING ECONOMICS 175#176Endnotes & Additional Disclosures Endnotes Page 167: For illustrative purposes only. There is no assurance that any trends depicted or described will continue. I. Source: Preqin database, accessed 1/29/21. 2025 estimate based on Preqin's forecasted figures as of October 2020 in "Preqin Future of Alternatives 2025: Data Pack." 2. Source: Preqin database, accessed 1/12/21. 3. Market size is based on internal analysis of market data selected by AlpInvest and certain assumptions which AlpInvest believes are reasonable under the circumstances as of the date hereof. There can be no assurance such proprietary market size accurately reflects the co-investment market, and other sources, assumptions and methodologies may lead to different results. Alpinvest analysis based on ACP deals 2017-2019. Percentage ratio defined as number of deals with co-investor participation divided by total number of co-investment deals over parallel period. Page 169: Represents AlpInvest only, and latest available performance information. Secondary performance as of September 30, 2020. Co-Investment performance since 2010 (ACP IV-VII) and as of December 31, 2020. Model Portfolio performance as of June 30, 2020. Please see the additional disclosures at the end of this document for further important information regarding AlpInvest's track record. There is no assurance that trends will continue or market forecasts will be realized. Actual results may differ very significantly. Past performance is not indicative of future results or a guarantee of future returns. The value of an investment may fluctuate, and realized returns on unrealized investments may differ materially from current valuations. Gross returns do not reflect management fees or carried interest charged by Alpinvest or any other Program-level expenses that are borne by investors in a Program, which will reduce returns and in the aggregate are expected to be substantial. I. Net IRR: 16%. Pro forma performance information is for illustrative purposes only and is not indicative of any future performance as it does not reflect actual returns achieved by AlpInvest or any of its investors. There is no assurance that any pro forma performance information represents accurately the performance that any Fund or investor would have achieved had it invested as described herein. Pro forma returns have inherent limitations and the allocation decisions were not made under actual market conditions. Please see the additional disclosures at the end of this document for further important information regarding AlpInvest's pro forma track record. The pro forma return information is based on an AlpInvest Model Portfolio as of June 30, 2020. The Model Portfolio returns reflect pro forma adjustments based on the target investment strategy weighting (i.e., 70% to primary buyout funds (weighted regionally: 55% to US buyout funds, 30% to European buyout funds, 15% to Asia middle-market buyout funds), 15% to global secondary investments, and 15% to co-investments (weighted regionally: 40% to US co-investments, 40% to Europe co-investments, and 20% to Asia co-investments)). Does not reflect (i) co-investments made in respect of opportunities arising out of an investor's own separate private equity relationships and invitations or (ii) investments made as part of any state-focused investment program. "PME" stands for Public Market Equivalent. Please see the Investment Notes as the end of this document for additional details. 2. Net IRR: 22%. Co-Investment performance only includes deals sourced by AlpInvest and excludes Advisory SSMAS. Since 2010 (ACP IV-VII). 3. UQ denotes first quartile. Cambridge Associates benchmark as of September 30, 2020. Excludes Program VII as AlpInvest believes that performance is too early to tell "TETT" for ACP VII, a 2017 vintage program, as less than 50% of ACP VII's invested capital was invested in 2017 and 2018, whereas certain other 2017 vintage funds in the market have completed their respective investment periods as of the date of publication. ACP VII is still actively investing as of the date of publication. 4. Net IRR: 16%. Cambridge Associates benchmark as of June 30, 2020. Excludes Programs VI and VII as the applicable benchmark data is not yet available for that vintage. AlpInvest benchmarks ASP V (2011 vintage) against 2012 vintage year funds. Less than 0.1% of ASP V was committed in 2011 and consisted of one transaction which closed in November 2011. AlpInvest therefore believes that the 2012 vintage year is a more appropriate comparison for benchmarking purposes. There is no assurance that any trends depicted or described will continue. Page 170: Information is as of December 31, 2019. Past performance is not indicative of future results or a guarantee of future returns. The value of an investment may fluctuate, and realized returns on unrealized investments may differ materially from current valuations. Gross returns do not reflect management fees or carried interest charged by AlpInvest or any other fund-level expenses that are borne by investors in a fund. Invested deals are all co-investments made by AlpInvest's Co-Investment Program that closed during the 2001-2018 period on an aggregate basis. Declined deals are all co-investment opportunities rejected for AlpInvest's Co-Investment Program that closed during the 2001-2018 period on an aggregate basis but excluding (i) invitations from third-party funds in which AlpInvest does not have a primary or secondary investment (and does not have access to performance information) and (ii) opportunities that are rejected by AlpInvest automatically because the initial offer is too small (i.e., less than $10 million), the GP required co-investors to pay management fees and/or carried interest, or the asset is out of strategy (e.g., real assets). Investment opportunities that are lost by the inviting GP are not deemed to be declined. Declined deals weighting is based on the maximum potential investment amount offered in the invitation. Declined deal performance data is sourced from underlying fund data administered by Burgiss or, if unavailable from Burgiss, directly from investor reports to limited partners. The declined deal analysis compares 242 deals representing $10.0 billion of total committed capital to such deals to 202 deals that Alpinvest declined representing an estimated $8.7 billion of the total the maximum potential investment amount offered. Performance is shown on a gross basis for comparative purposes only and trails the most current Alpinvest performance information to correspond to the most recent declined deal performance data available. Performance information does not reflect the net returns achieved by any fund or investor in any Co-Investment Program. AlpInvest's determination regarding the types of assets that would be out of strategy is necessarily subjective and there can be no assurance that differing views of the investment strategy would not lead to materially different results. For purposes of determining whether an asset is out of strategy, AlpInvest determines whether such investment would have been appropriate for AlpInvest Co- Investment Programs. Such determinations are inherently subjective, and the application of different criteria or determinations may have led materially different results. AlpInvest applies the same calculation for purposes of demonstrating a realized invested deal and a realized declined deal, where DPI is equal to or greater than 75% of the total MOIC. The inclusion of any excluded investment opportunity could impact the results shown. Investment opportunities that are lost by the inviting GP are not deemed to be declined. Declined deals weighting is based on the maximum potential investment amount offered in the opportunity. Declined deal performance data are sourced from underlying fund data administered by Burgiss or, if unavailable from Burgiss, directly from investor reports to limited partners. In particular, declined deal performance data assumes that Alpinvest would have invested in a declined deal at the same time and on the same terms as the original offer, exited at the same date the third-party fund for realized deals, and for the amount initially offered to AlpInvest in the indicative or, if received, final offer from the offering GP. Declined deal performance does not reflect the aggregate performance of all co-investment opportunities made available to AlpInvest that AlpInvest did not make, nor does it reflect the investment results of any program with coordinated objectives, guidelines, and restrictions. I. Represents ratio (expressed as a percentage) in aggregate value creation over 1.Ox cost of invested deals vs. declined deals. Page 171: Represents Alpinvest only, and data as of September 30, 2020. There is no assurance that any portfolio construction objectives can be achieved or that any such portfolio will be profitable or have similar characteristics. Diversification does not eliminate the risk of loss. Past performance is not indicative of future results or a guarantee of future returns. I. Based on total returns not attributable to purchase price discounts and premiums in ASP I-V. 2. Based on age of underlying funds at the time of purchase for ASP IV-V weighted by committed capital. Excludes multi-VY vehicles. 3. Loss ratio is defined as total of all realized and unrealized losses for investments with MOIC <I.Ox. 4. Data covers period from January 1, 2012 to March 31, 2020. AlpInvest first began tracking the dynamics of all transactions in 2012. Additional Disclosures Alpinvest began making primary investments and co-investments in 2000 and began making secondary investments in 2002. Alpinvest performance information for periods before 2012 is based solely on the investments made on behalf of AlpInvest's previous owners, which comprised over 97% of all capital committed by AlpInvest across all investments since inception through December 31, 2011. AlpInvest's secondary investments and co-investments strategies each are segmented into sequential investment programs (each, a "Program" - e.g., Secondaries Program II or Co-Investment Program IV). A Program is comprised of all the investments made by an anchor mandate(s) (i.e., generally the largest account(s) within a Program) during its commitment period and includes (beginning in 2012) the other client accounts committing to such investments. Unless otherwise specifically noted, mezzanine primary fund investments, mezzanine secondary fund investments, mezzanine co-investments, clean-tech primary fund investments, clean-tech co-investments, discontinued strategies (e.g., fund-of-fund investments, secondary fund-of- fund investments, non-control distressed fund investments and venture capital co-investments) made by Alpinvest are not included as part of any performance information herein. All middle market primary fund buyout strategies include growth capital and distressed debt for control primary fund investments. AlpInvest manages several bespoke state-focused investment programs, which are not reflected in any performance information unless otherwise specifically noted. INVESTOR DAY 2021 176#177Endnotes & Additional Disclosures (Cont.) Certain client accounts investing in AlpInvest Secondaries Program (ASP) VI also make strategic primary fund commitments, which investment are included in AlpInvest's primary fund investments track record and are not shown in any Secondaries-only performance. None of ASP I-V included primary fund investments as part of its strategy. As a result, there can be no assurance that the returns of ASP VII will be comparable to those of prior Secondaries Programs. Except as otherwise noted, information herein regarding AlpInvest's Co-Investment Program (ACP) strategy is limited to its historical Co-Investment Programs which co-invest in private equity transactions sourced by AlpInvest from its proprietary relationships with private equity managers (or GPs). AlpInvest also makes Co-Investments for a number of separate account mandates that are sourced from such separate account investor's own proprietary private equity investment portfolio and GP relationships. The activity of these mandates is not reflected in the discussion of, or any other information in respect of, AlpInvest's Co-Investment strategy (nor is it reflected in any Program). While the investment strategy of ACP VIII is generally expected to be consistent with the strategies of Programs IV-VII, ACP VIII strategy will differ from those Programs in that ACP VIII will be permitted to invest up to 10% of aggregate commitments in direct or indirect investments (including primary fund investments) that AlpInvest believes can offer ACP VIII a strategic benefit. None of ACP I-VII included tactical investments as part of its strategy. As a result, there can be no assurance that the returns of ACP VIII will be comparable to those of prior Co-Investment Programs. The gross annualized internal rate of return (IRR), distributions to capital invested (DPI) and multiple of invested capital (MOIC) provided herein are calculated based on actual investment cash flows up to and including the relevant reporting date and the fair market value (FMV) of the relevant investment as of the relevant reporting date. Gross IRRS and multiples of capital invested do not reflect management fees or performance fees (carried interest) charged by Alpinvest or any other expenses that are borne by AlpInvest's investors, which will reduce returns and in the aggregate are expected to be substantial. For a description of management fees and carried interest, please see Part II of Form ADV maintained by AlpInvest's registered investment advisor, AlpInvest Partners B.V. AlpInvest's gross returns and multiples of capital always reflect the impact of management fees, carried interest and other expenses charged at the underlying portfolio investment level by third-party managers that are indirectly borne by AlpInvest's investors. Performance information shown herein is not calculated in accordance with Global Investment Performance Standards (GIPS). Performance information is since inception of the applicable investment strategy or the inception of a specified Fund or Program (as the case may be), unless otherwise noted. The FMVS of primary fund investments and secondaries investments are based on the latest available valuations of the underlying limited partnership interests as provided by their GPs. The FMVs for co-investments (and non-fund secondaries investments) are based on AlpInvest's internal valuations. To eliminate the effect of currency rate changes, all non-USD cash flows and fair market values have been converted to USD using the FX rate as of December 31, 2005 (e.g., EUR/USD FX rate is 1.1795), except as otherwise specifically noted. With respect to Secondary investments made by Programs I-VI, net annualized IRR, DPI and MOIC are based on the gross calculation and are net of assumed AlpInvest management fees equal to 1% (for the first four years on capital commitments, and thereafter 0.75% on net asset value of the investments) and assumed 10% carried interest payment to AlpInvest after achieving an 8% preferred hurdle rate, which reflect the fee and carry terms for ASF V and ASF VI. The fee and carry terms for Programs I-IV were typically lower than these assumed. As no fees or carried interest were charged with respect to the Primary Investments made by ASP VI, no fees and carry on Primary Investments were assumed for the purposes of these return calculations. Investors in ASF VII will bear carried interest at a higher rate than investors in Programs I-VI. As a result, investors in ASF VII will receive lower net returns than investors in Programs I-VI even if ASF VII's investments perform similarly. With respect to co-investment, net annualized IRR, DPI and MOIC are based on the gross calculation and are net of assumed AlpInvest management fees equal to 1.00% (for the first four years on capital commitments, and thereafter on net invested capital) and assumed 10% carried interest payment to AlpInvest after achieving an 8% preferred hurdle rate, which reflect the fee and carry terms for ACF VIII. Investors in ACF VIII will bear carried interest at a higher rate than investors in ACP I-VII. As a result, investors in ACF VIII will receive lower net returns than investors in ACP I-VII, even if its investments perform similarly. Other expenses and costs incurred by AlpInvest-managed funds and accounts that are not otherwise capitalized into the cost of an investment (e.g., audit expenses, reporting expenses, broken-deal expenses, etc.) are not reflected in net Program performance information because such other expenses and costs have historically been deemed to be immaterial, and the application of historical expenses do not result in a material variation of return data shown. ACF VII expenses may be substantial and will reduce returns to investors. Performance information shown herein does not represent the performance of any particular Fund or investor. Such performance information may be based on investment activity that is not in the portfolio of a particular client or investor due to differing investment period horizons, investment objectives or opt-out elections. Net performance shown herein does not take into account certain taxes borne or deemed to be borne by investors (such as, for example, taxes resulting from the investors' domicile). Differences in timing of an investor's commitment to a fund, separate account or investment strategy (as the case may be), and the economic and other terms applicable to certain investors, may increase or decrease the net performance information realized by such investors and, accordingly, the actual net performance information of a particular investor may differ from the net performance information indicated herein. The actual realized returns on unrealized investments will depend on, among other factors, future operating results of the underlying investments, the value of the underlying assets and market conditions at the time of disposition and/or distribution, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the prior performance data contained herein are based. In considering the past, targeted or projected performance and other financial information contained herein, the prospective investors should bear in mind that past, targeted or projected performance is not necessarily indicative of future results and there can be no assurance that targeted or projected returns will be achieved, that any investment or investment portfolio will achieve comparable results or that the returns generated any investment or investment portfolio will equal or exceed those of other investment activities of AlpInvest. Information concerning investments held in any underlying fund or the investments made under the management of an underlying manager, including performance information, is based in whole or in part on information from the relevant general partner/manager and may contain figures and estimates (including valuations) by them which, if subsequently revised by them, may change the returns or other information contained herein for the applicable period. The use of methodologies other than those used by AlpInvest herein may result in different and possibly lower returns or performance. The current unrealized or projected values which form the basis of any internal rates of return or other performance metrics may not be realized in the future, which would materially and adversely affect actual rates of return/metrics. Actual inception dates and cash flows are accounted for in all composite calculations except, as otherwise provided. Performance information reported by Carlyle with respect to AlpInvest in its Form IOK or Form IOQ (or any other publication) is based on the latest available valuations of the underlying limited partnership interests (in most cases, as of the end of the fiscal quarter prior to the relevant reporting date) as provided by their sponsors as of the reporting date, plus the net cash flow since the latest valuation, up to and including the relevant reporting date. Further, performance information with respect to Alpinvest that is reported by Carlyle is based on actual management fee and performance fee rates after achieving the actual preferred return hurdle rate, and all cash flows and FMVs have been converted from local currency to euro using FX rates as of the relevant reporting date. INVESTOR DAY 2021 177#178Endnotes & Additional Disclosures (Cont.) Certain client accounts have borrowed under a credit facility (sometimes referred to as a "subscription line") to make investments and pay expenses and for other purposes to the extent permitted by such account's governing documents. To the extent a client account uses borrowed funds in advance of, or in lieu of calling capital, investors make correspondingly later or smaller capital contributions. Accordingly, such borrowing may result in higher investor gross and net metrics than if capital had been called, even after taking into account the associated interest expense of the borrowing. Realized gross performance information for secondaries investments is based on realized portfolio investments, which is determined on a transaction basis and consists of (i) transactions with a DPI greater than 1.00x and (ii) transactions for which more than 80% of the total value has already been realized. Additionally, any remaining unrealized FMV of a realized portfolio investment is included in the realized gross IRR calculation. Realized gross performance information for co-investments is based on realized portfolio investments, which consists of (i) fully realized investments (including both full exits and write-offs) and (ii) investments with realizations of at least 5% of invested capital which more than 75% of the total value. Additionally, any remaining unrealized FMV of a realized portfolio investment is included in the realized gross IRR calculation. Realized returns are not representative of overall performance of an investment portfolio with unrealized investments, which when realized may adversely impact returns. Realized returns are presented on a gross basis and do not reflect management fees, carried interest charges or other performance fees or other expenses not capitalized into the cost of an investment. Such fees and costs are applied to an entire investment pool of which realized investments are only a part. Public market equivalent (PME) benchmarks shown herein are calculated by investing in and selling shares of the applicable index by mirroring gross cash inflows and outflows of the related Alpinvest portfolio. AlpInvest compares the PME performance of the relevant index to the net IRR and/or net MOIC (calculated as heretofore described) of the corresponding AlpInvest investment portfolio over the same time period. Private equity investment returns are not directly comparable with public market indices due to the asset class's illiquid nature, which leads to a lack of frequent pricing of underlying assets and irregular timing of cash flows. Investment volatility of a PME may differ from the funds or strategies reflected herein. A PME represents a broadly diversified portfolio of securities that may have a materially different risk profile to that of the related AlpInvest portfolio. Indices do not include any expenses or fees, which would lower performance, and PME performance does not otherwise reflect any costs associated with investing in such indices. MSCI AC World PME benchmark used is GDLEACWF, MSCI AC World Daily TR Gross Local index, retrieved from Bloomberg. The MSCI AC World index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from both developed and emerging markets. The amount of Alpinvest's assets under management (or AUM) is calculated on the basis of the latest available valuations of all portfolio investments for which AlpInvest provides continuous and regular supervisory or management services adjusted for interim cash flows up to the relevant reporting date, plus unfunded capital subscriptions to underlying portfolio investments, plus the amount of uncommitted capital available for investment under the existing mandates of Alpinvest's investors with investment periods that have not expired. AUM includes both discretionary and non-discretionary amounts. Model Portfolio Pro Forma Track Record The pro forma return information shown is from each strategy's inception date, and based on the actual primary fund buyout investments, secondary investments and co-investments made by each of the Programs and grouped by the AlpInvest vintage year of the underlying investment. The pro forma return information assumes that an aggregate $100 million was committed to the investments made by the Programs in each vintage year in which such Program actually invested based on the proposed investment strategy weighting (i.e., 70% to primary buyout funds [weighted regionally: 55% to US buyout funds, 30% to European buyout funds, 15% to Asia middle-market buyout funds], 15% to global secondary investments, and 15% to co-investments [weighted regionally: 40% to US co-investments, 40% to Europe co-investments, and 20% to Asia co-investments]). The amounts of capital committed and invested, fair values and cash flows have been appropriately scaled based on the assumed $100 million committed capital amount such that the relative investment allocations within each of the strategies remain consistent. The net pro forma returns assume the following fees: (a) management fees are charged quarterly in advance on a per-vintage year basis equal to: (i) with respect to primary fund buyout investments, 0.40% per annum of the total capital committed to all underlying investments in a given vintage year plus a 5% reserve (i.e., 70.00m*1.05 = 73.50m) for a period of five years, and thereafter 0.40% of net invested capital per annum; and (ii) with respect to secondary investments and co-investments, 0.85% per annum of the total capital committed to all underlying investments in a given vintage year plus a 10% reserve (i.e., 15.00m*1.10 = 16.50m for secondary investments, and 15.00m*1.10 = 16.50m co-investments) for a period of five years, and thereafter, 0.85% on net asset value for secondaries and 0.85% on net invested capital for co-investments, and (b) 12.5% carried interest on secondary investments and 10.0% carried interest on co-investments charged by Alpinvest after achieving an 8% preferred hurdle rate. Carried interest is calculated based on cash flows of the secondary investments and co-investments made by the relevant vintage year, calculated separately for each of the secondary investments and co-investments in each vintage year. Other expenses and costs incurred by Alpinvest-managed funds and accounts that are not otherwise capitalized into the cost of an investment (e.g., audit expenses, reporting expenses, broken-deal expenses, etc.) are not reflected in net pro forma performance information because such other expenses and costs have historically been deemed to be immaterial. The pro forma information herein is for illustrative purposes only and is not indicative of any future performance as it is hypothetical and does not reflect the actual results achieved by AlpInvest or any of its investors. There is no assurance that this information accurately represents the performance that an investor would have achieved had it invested in each vintage year as described above or that an investor will make any profit or be able to avoid incurring any substantial losses. Pro forma turns have inherent limitations and the allocation decisions were not made under actual market conditions. INVESTOR DAY 2021 178#179CARLYLE Capital Raising NATHAN URQUHART GLOBAL HEAD OF INVESTOR RELATIONS#180Carlyle Is Well Positioned for Continued Growth ₪ MARKET LEADER IN GROWING & CONSOLIDATING ASSET CLASS Presented for illustrative purposes only. INVESTOR DAY 2021 2 M DEEP, STRATEGIC RELATIONSHIPS WITH THE LARGEST LIMITED PARTNERS 3 FUNDRAISING MOMENTUM GOING INTO NEXT CYCLE OF SCALABLE PRODUCTS 180#1811 INVESTOR DAY 2021 Market Leader in Growing & Consolidating Asset Class 181#182Alternative Assets Experience Ongoing Fundraising Momentum FUNDRAISING (USD, BILLIONS) 1200 1000 800 600 400 200 O 2005 I INVESTOR DAY 2021 2006 2007 2008 2009 2010 Private Equity Source: Global Preqin Data, January 2021. There is no guarantee these trends will continue. 2011 2012 Real Assets 2013 2014 Private Debt 2015 2016 2017 No. of Funds N 2018 2019 2020 4000 3500 3000 2500 2000 1500 1000 500 NUMBER OF FUNDS 182#183Largest Managers Are Taking More Market Share as Limited Partners Consolidate Relationships LIMITED PARTNER INTERESTS • More assets concentrated with fewer GPs • Established managers with consistent performance • Proven ability to scale • Trust & partnership Knowledge sharing ● MARKET SHARE OF TOP 20 FUNDS' INVESTOR DAY 2021 29% 2014 45% 2019 1. Source: 2020 Preqin Global Private Equity & Venture Capital Report. Represents the top 20 largest private equity funds' market share of committed capital across private equity in 2014 and 2019. There is no guarantee these trends will continue. 183#184MEDIAN CURRENT ALLOCATION Limited Partners Are Increasing Allocations to Private Markets Median current allocations of public pension funds increase by 75%+ over last decade 13% 2% Natural Resources 7% INVESTOR DAY 2021 4% 2010 Infrastructure Real Estate Source: Global Preqin Data, January 2021. There is no guarantee these trends will continue. 23% 3% 3% 9% 2% 6% 2020 Private Debt ■ Private Equity & Venture Capital 30% 31% 59% 168% INCREASE IN MEDIAN ALLOCATION TO PRIVATE EQUITY & VENTURE CAPITAL INCREASE IN MEDIAN ALLOCATION TO REAL ESTATE INCREASE IN MEDIAN ALLOCATION TO INFRASTRUCTURE INCREASE IN PRIVATE DEBT AUM FROM $315 BN IN 2010 TO $845 BN IN 2019 184#1852 INVESTOR DAY 2021 Deep, Strategic Relationships with the Largest Limited Partners 185#186Carlyle Continues to Experience Growth Across All Segments ASSETS UNDER MANAGEMENT (USD, BILLIONS) 250 200 150 100 50 INVESTOR DAY 2021 2005 2006 2007 2008 2009 2010 2011 2012 Global Private Equity Global Credit 2013 2014 2015 2016 2017 2018 Investment Solutions Number of Investors 2019 $246 BN 3000 2020 2500 2000 1500 1000 500 NUMBER OF LIMITED PARTNERS 186#187Diverse Limited Partner Base with Broad Geographic Reach... CAPITAL COMMITMENTS FROM LOCAL LPs 1. Source: Carlyle Analysis of Preqin data, January 2021. Reflects top Limited Partners by AUM. INVESTOR DAY 2021 -$307 BN 2,660+ 90+ 65 TOTAL LP COMMITMENTS SINCE INCEPTION CARRY FUND LPS WORLDWIDE COUNTRIES REPRESENTED TOP 100 INVESTORS GLOBALLY WHO ARE CARLYLE LPs¹ 187#188and Relationships Spanning all LP Types Carlyle Capital Commitments by Investor Type Corporate Pension 4% Insurance 7% Fund of Funds 6% Endowments 2% Sovereign Wealth Funds 12% INVESTOR DAY 2021 Bank 4% Other 5% High Net Worth 13% Public Pension 47% Note: Data shows percentage of capital committed by investors to Carlyle. "Other" includes Corporations and Misc. No assurance can be given that current market conditions and related trends will continue. 5.5x GROWTH IN COMMITMENTS FROM PUBLIC PENSION FUNDS SINCE 2012 AND RELATIONSHIPS WITH PLANS IN 40 STATES $37.2 BN 2.7x OF TOTAL COMMITMENTS FROM SOVEREIGN WEALTH FUNDS, REPRESENTING 307% GROWTH IN COMMITMENTS SINCE 2012 GROWTH IN COMMITMENTS FROM HIGH NET WORTH CHANNEL SINCE 2012 WITH A MAJOR FOCUS ON PROVIDING INDIVIDUAL INVESTORS WITH ACCESS TO OUR PRODUCTS 188#189Investor Relationships Have Expanded Over Time Carlyle cross-selling is accelerating... NO. STRATEGIES INVESTED IN (AS % OF CAPITAL FROM ALL LPS) 10+ 4-10 1-3 -5% -19% -77% 2012 -13% -50% -36% 2020 Source: Carlyle internal data as of December 31, 2020, compared to December 31, 2012. Strategies refer to unique Carlyle fund families. No assurance can be given that current market conditions and related trends will continue. INVESTOR DAY 2021 ...Driven by largest LPs investing in multiple strategies NO. STRATEGIES INVESTED IN (AS % OF CAPITAL FROM TOP 30 LPS) 10+ 4-10 1-3 -5% -14% -81% 2012 -24% -57% 20% 2020 189#190Global Investor Relations Team Has Depth Across Markets & Breadth of Expertise Team totals 100+ professionals worldwide, and Senior Relationship Managers have an average tenure of 12 years at Carlyle RELATIONSHIP MANAGERS PRODUCT SPECIALISTS IR STRATEGY & OPERATIONS CARLYLE IR HAS LOCAL PRESENCE Note: As of January 2021. Presented for illustrative purposes only. INVESTOR DAY 2021 AMERICAS 32 24 EMEA 8 4 23 Professionals APAC 10 2 190#191We Talked to Our Limited Partners More Than Ever in 2020 QUARTERLY UPDATE CARLYLE CARLYLE CALLS CARLYLE INVESTOR DAY 2021 CARLYLE Note: For illustrative purposes only. VIRTUAL INVESTOR CONFERENCES 0:07 DIGITAL MARKETING EXPERIENCE CARLYLE ASIA PARTNERS GROWTH II INTRODUCTION 00:03 O ONE CARLYLE 1800+ PROFESSIONALS Enhanced LP Experience in a Virtual World 00:43 VIRTUAL LP MEETINGS & DD SESSIONS CARLYLE 191#1923 INVESTOR DAY 2021 Fundraising Momentum Going into Next Cycle of Scalable Products 192#193Long Track Record of Fundraising Success $12 2012 $78 BILLION RAISED $21 2013 Gross Fundraising ($ BN) INVESTOR DAY 2021 $24 2014 $21 2015 $100 BILLION TARGET $108 BILLION RAISED $13 2016 $43 2017 $33 2018 $19 2019 Note: Historical Gross Fundraising amounts exclude amounts related to our former hedge fund platform. There is no guarantee these trends will continue. $27 2020 "Carlyle's AlpInvest racks up $9 BN for new PE secondaries fund" PE Hub, December 2020 "Carlyle ramps up credit in time of crisis" Private Debt Investor, October 2020 "Carlyle Raises $18.5 Billion, Its Biggest Fund Ever" Bloomberg, July 2018 "Carlyle Closes Mega-Fund in Asia" Pitchbook, June 2018 193#194Strong, Scalable Products Fundraising over Next 4 Years GLOBAL PRIVATE EQUITY US Buyout Europe Buyout Asia Buyout US Real Estate Infrastructure INVESTOR DAY 2021 US Growth Core Private Equity Note: Presented for illustrative purposes only. Europe Growth Asia Growth Europe Real Estate Renewables Natural Gas Partners GLOBAL CREDIT Loans & Structured Credit Direct Lending Opportunistic Credit Distressed Credit Aviation Finance Infrastructure Credit INVESTMENT SOLUTIONS Private Equity Secondaries Private Equity Co-Investments Private Equity Primaries Real Estate Customized Managed Accounts 194#195$130+ BN Fundraising Target by 2024 GLOBAL PRIVATE EQUITY GLOBAL CREDIT INVESTMENT SOLUTIONS Flagship PE & RE funds coming back to market Large & scalable products with strong track records Differentiated product offering Platform-oriented approach Customized solutions for large institutions across primaries, secondaries & co-investments No assurance can be given that current market conditions and related trends will continue or that projections will ultimately materialize. INVESTOR DAY 2021 $65 BN $45 BN $20 BN $130+ BILLION 195#196CARLYLE Private Data & Private Markets JASON M. THOMAS, PH.D. MANAGING DIRECTOR & HEAD OF GLOBAL RESEARCH#197Private Data THOUSANDS OF PROPRIETARY DATA STREAMS FROM CARLYLE'S GLOBAL PORTFOLIO REAL-TIME INSIGHTS INVESTOR DAY 2021 ADVANCED ANALYTICS SPECIFIC APPLICATIONS FOR INVESTMENT TEAMS & CARLYLE LPS 197#198Hundreds of Thousands of Data Points from Companies Worldwide ~5.000 TIME SERIES ~170 PORTFOLIO COMPANIES 120+ LOCATIONS GLOBALLY (!) Note: Portfolio company data represents a subset of our total Global Private Equity portfolio count of 256 as of 12/31/2020 INVESTOR DAY 2021 Source: Carlyle, as of December 31, 2020. 198#199Real-Time Data Provide Insights into Ongoing Macroeconomic & Industry-Specific Developments Average China: % Change in Activity vs Pre-Lockdown CHINESE LOGISTICS VOLUMES: PORTFOLIO DATA RELATIVE TO BASELINE 60% 40% 20% 0% -20% -40% -60% -80% -100% Jan-20 Feb-20 Zero business volumes for >21 days! Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Source: Carlyle Analysis of Portfolio Company Data, January 2021. There is no guarantee any trends will continue. INVESTOR DAY 2021 31.3% Jan-21 EURO AREA RETAIL SALES & FOOT TRAFFIC: PORTFOLIO DATA RELATIVE TO YEAR AGO LEVELS 7-Day Average % Change in Trips to Retail Centers vs Pre-Pandemic Average 10% 0% -10% -20% -30% -40% -50% -60% -70% 23-Feb Retail Foot Traffic 23-Mar 23-Apr 23-May Rapid growth in online sales / logistics volumes as sales decouple from foot traffic 23-Jun -Discretionary Retail Sales 23-Jul 23-Aug 23-Sep 23-Oct 23-Nov -31.3% -59.6% 23-Dec 23-Jan 20% 10% 0% -10% -20% -30% -40% -50% -60% -70% -80% YOY % Change in Sales 199#200Advanced Analytics & Applications: Learning Algorithms & Simulations SUFFICIENT PORTFOLIO DATA TO REPLICATE ANY GLOBAL MACROECONOMIC VARIABLE OF INTEREST Log Level 4.70 4.65 4.60 4.55 4.50 4.45 4.40 4.35 Official/Headline ته شده و این در Portfolio Composite INVESTOR DAY 2021 virzoy Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 Source: Carlyle Analysis of Portfolio Company Data, January 2021. Presented for illustrative purposes only. SIMULATIONS EXTRACT COMMON TREND BETWEEN PORTFOLIO DATA & OFFICIAL SERIES CURRENT GROWTH RATE & TRAJECTORY 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% Official m Feb-06 Sep-06 Apr-07 Nov-07 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 - Portfolio May-II Dec-II Jul-12 Feb-13 Sep-13 Apr-14 †l-ΛΟΝ m — Jun-15 Jan-16 Aug-16 Mar-17 Oct-17 May-18 Dec-18 Jul-19 Feb-20 Sep-20 200#201Analytics Aid Portfolio Allocation Decisions BY DECOMPOSING EACH portfolio company's data as a linear combination of macro factors, we can identify underlying growth drivers & correlations beyond industry & geography. Source: Carlyle Analysis of Portfolio Company Data, January 2021. There is no guarantee any trends will continue. INVESTOR DAY 2021 Domestic GDP Consumer Business Orders Commodity Index China GDP Company #1 Company #2 Company #3 Company #4 Company #5 Company #6 Company #7 Company #8 Company #9 Company #10 Company #11 Company #12 Company #13 Company #14 Company #15 DOMESTIC GDP 1.00 0.81 0.90 0.36 -0.09 0.63 0.10 0.27 -0.52 -0.09 0.21 0.49 0.64 0.30 0.65 -0.06 -0.68 0.03 -0.06 0.37 CONSUMER 0.81 1.00 0.63 0.50 -0.07 0.15 -0.23 -0.02 -0.35 0.06 0.30 0.34 0.28 0.31 0.37 -0.22 -0.23 -0.26 0.10 0.31 BUSINESS ORDERS 0.90 0.63 1.00 -0.06 -0.39 0.47 0.26 0.64 -0.28 -0.46 -0.20 0.24 0.76 -0.11 0.60 0.36 -0.78 0.42 -0.47 0.23 COMMODITY INDEX 0.36 0.50 -0.06 1.00 0.62 0.37 -0.37 -0.71 -0.73 0.62 0.90 0.70 -0.05 0.91 0.06 -0.90 0.04 -0.89 0.82 0.57 CHINA GDP -0.09 -0.07 -0.39 0.62 1.00 0.34 -0.54 -0.77 -0.42 0.64 0.88 0.60 -0.50 0.83 -0.12 -0.85 0.18 -0.64 0.78 0.25 201#202Deepening Relationships with Investors GAP BETWEEN TARGET & ACTUAL ALLOCATION PRIVATE CAPITAL NO LONGER "ALTERNATIVE" Target Allocation (%) 20 16 2 00 Sovereign- wealth fund Public pension funds INVESTOR DAY 2021 Insurance companies Private-sector pension funds 2 Gap Between Target & Actual Allocation, Percentage Points 3 68% 66% 64% 62% 60% 58% 56% 54% 52% Share of Institutional Investors with Allocations to PE 57% 2016 66% 2020 ALLOCATION TARGETS CONTINUE TO RISE 41% of investors plan to increase private capital allocations over next year Source: McKinsey & Company: "A new decade for private markets," McKinsey Global Private Markets Review 2020. Deloitte Insights, Preqin, November 2020. There is no guarantee these trends will continue or forecasts will materialize. 202#203Private Return Premium Now Indispensable to Return Targets 1-Year Horizon Return 30% 25% 20% 15% 10% 5% 0% PRIVATE EQUITY OUTPERFORMANCE (ILLIQUIDITY PREMIUM NET OF FEES) INVESTOR DAY 2021 19.8% OF TOTAL RETURN 28.3% 22.7% 1996 8.1% PE Public Market 32% OF TOTAL RETURN 21.9% 14.8% Bond Yields 2010 6.0% Source: Carlyle Analysis. Cambridge Associates, Aswath Damodaran, NYU; December 2020. There is no guarantee any forecasts will materialize or trends will continue. 63% OF TOTAL RETURN 12.0% 4.4% Future 3.1% 203#204Expanding Opportunity Set: Growing Demand for Private Capital Among Management Teams, Founders & Entrepreneurs Companies 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 O 6,247 1,697 -PE-Backed Company Inventory 2007 -Publicly Listed Companies Source: Jay Ritter, IPO Data, University of Florida, February 2021. Carlyle Analysis; PitchBook; Morgan Stanley, August 2020. There is no guarantee these trends will continue. INVESTOR DAY 2021 8,651 3.300 204#205Private Markets Evolve from VC & LBO 'Barbell' to Comprehensive Alternative to Public Listings Share of All Deals INVESTMENTS IN PRIVATE COMPANIES MAIN SOURCE OF DEALS AS DELISTINGS WANE 60% 50% 40% 30% 20% 10% 0% 1990-2004 Public-to-Private Private (Primary & Secondary) 2005-2018 Carve-Out PIPE, Add-On, Other 600 Number of US IPOs 500 400 EM 300 200 100 IPOS OF OPERATING COMPANIES DOWN 75% OVER PAST 20 YEARS O -IPOS 2003 Presented for illustrative purposes only. Source: Josh Lerner, Harvard Business School, Global Preqin Data, June 2019, Carlyle Analysis of Portfolio Data. There is no guarantee these trends will continue. INVESTOR DAY 2021 2005 2007 -5-Yr Moving Average 2009 205#206Listing Propensity Declines as Easy-to-Steal Intangible Assets Account for Larger Share of Value 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% THEN: 2 in 5 Companies Go Public Once Exceeding 500 Employees 9661 1997 INVESTOR DAY 2021 1998 1999 2000 2001 2002 Listing Propensity 2003 2004 2005 2006 2007 Source: Carlyle Analysis of Federal Reserve Data, U.S. Census Bureau, December 2020. There is no guarantee any trends will continue. Intangible Investment Share 2008 2009 NOW: Just I in 7 of Such Companies Choose to Go Public to Protect IP from Disclosure 206#207With Companies Staying Private Longer, Twice as Much Incremental Value Accrues to Private Investors Ratio of Enterprise Value to Invested Capital 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Additional Value Accruing to Private Markets INVESTOR DAY 2021 3 Typical Time to IPO 1999-2005 5 7 Years Since Founding 9 Typical Time to IPO 2016- II Source: Carlyle Analysis; Brown, Keith C., and Wiles, Kenneth W., "The Growing Blessing of Unicorns: The Changing Nature of the Market for Privately Funded Companies," Journal of Applied Corporate Finance, 2020. There is no guarantee any trends will continue. 13 207#208Liquidity Premium: Large Sponsored IPOs Priced at ~2x Last Private Round 400% 350% 300% 250% 200% 150% 100% 50% 0% -50% -100% 12% 23% نشا 60% 70% 2020 2021 UNICORN IPO RETURNS Post-Money / Pre-Money Valuation % Change 39% 27% www. - 81% 86% 94% 106% Ticker I-Week Post-IPO / Pre-Money Valuation % Change 110% 120% 135% SNOW AZEK LEGN Source: Carlyle; PitchBook; S&P Capital IQ; February 2021. Data pertains to select 2020 and early 2021 unicorn IPOs through January 31. There is no guarantee any trends will continue. INVESTOR DAY 2021 HSO 159% 350% 187% 198% 171% www DRVN ORIC NCNO REYN RVMD ABCL AFRM VRM ACI NARI AMTI SDGR 268% 244% Al OCDX RPRX BDTX API WOOF CVAC PTVE 208#209Private Market's Growth Likely to Be Most Evident in Private Credit BROKER DEALER HOLDINGS OF CREDIT MARKET ASSETS USD Millions $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Mar-90 Jan-92 Nov-93 Sep-95 Jul-97 INVESTOR DAY 2021 May-99 Mar-Ol Jan-03 Nov-04 Sep-06 Jul-08 May-10 Mar-12 Jan-14 Nov-15 Sep-17 Jul-19 USD Billions SIGNIFICANT ROOM FOR PRIVATE CREDIT GROWTH $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Source: Carlyle Analysis of Preqin and Federal Reserve Data; Federal Reserve Finance & Economics Discussion Series Papers. There is no guarantee these trends will continue. Implied Credit Debt Need Based on Equity Dry Powder Total Equity to Be Invested, 2021-2024 209#210BETTER DATA → BETTER INVESTMENT INVESTOR DAY 2021 DECISIONS Conclusion DATA & RELATED INSIGHTS FOSTER DEEPER RELATIONSHIPS WITH LARGEST POOLS OF CAPITAL DEMAND FOR PRIVATE CAPITAL MORE THAN KEEPING PACE WITH INFLOWS 210#211CARLYLE Impact by the Numbers MEG STARR, HEAD OF GLOBAL IMPACT KARA HELANDER, CHIEF DIVERSITY, EQUITY & INCLUSION OFFICER#212The 5 Key Dimensions of Better Businesses 2 01 DIVERSE & INCLUSIVE TEAMS Presented for illustrative purposes only. INVESTOR DAY 2021 02 ENGAGED EMPLOYEES .000 03 SUSTAINABLE GROWTH î 04 CLIMATE RESILIENCE 05 COMMUNITY TIES 212#213Impact Drives Earnings Growth INCREASING DIVERSITY IN THE BOARDROOM IS CORRELATED WITH AVERAGE EARNINGS GROWTH OF OUR PORTFOLIO COMPANIES, LEADING TO BETTER FUND PERFORMANCE. 12% GREATER EARNINGS GROWTH ON AVERAGE 30% BOARD DIVERSITY GOAL WITHIN 2 YEARS OF OWNERSHIP See "From Impact Investing to Investing with Impact," by Jason Thomas; Board Portfolio Company Diversity Metrics for controlled companies owned for 2+ years. INVESTOR DAY 2021 56% OF NEW BOARD MEMBERS WERE DIVERSE 213#214Impact Delivers Better Margins OUR COMMITMENT INCREASES BUSINESS EFFICIENCIES & DECREASES THE COST OF FINANCING FOR OUR PORTFOLIO COMPANIES. >$15 MN IN FIRM & PORTFOLIO COMPANY COST SAVINGS INVESTOR DAY 2021 €1BN EUR FLENDER FINANCING LINKED TO ESG INDICATORS >$6 BN IN ESG-LINKED FINANCINGS 214#215Impact Strengthens Our Relationships >50% LPS REPRESENTING MORE THAN HALF OF OUR AUM HAVE ENGAGED WITH US ON OUR DEI & ESG STRATEGIES IN THE PAST YEAR INVESTOR DAY 2021 Source: Thirty Percent Coalition; Carlyle LP Requests. $7 TN TOTAL AUM OF INVESTORS LOOKING TO INCREASE BOARD DIVERSITY $70 BN LPS REPRESENTING $70 BILLION OF OUR AUM HAVE MADE CLIMATE RISK COMMITMENTS LPS ARE INCREASINGLY REQUIRING A CLEAR IMPACT STRATEGY. ESG-LINKED INVESTMENT STRATEGIES ARE INCREASINGLY ATTRACTIVE. 215#216And This Is Just the Beginning INVESTOR DAY 2021 216#217Carlyle Secures Largest ESG-Linked Credit Facility in the US 3-Year INVESTOR DAY 2021 FACILITY FOR OUR US PRIVATE EQUITY INVESTMENT FUNDS $4.1 BN REVOLVING LINE OF CREDIT 30% PRICE OF DEBT DIRECTLY TIED TO GOAL OF 30% DIVERSE DIRECTORS ACROSS OUR PORTFOLIOS OUR RECENT FACILITY IN THE US CONVERGES OUR FOCUS ON BUILDING BETTER BUSINESSES, OUR COMMITMENT TO DIVERSITY, AND OUR INNOVATIVE USE OF PRIVATE EQUITY TOOLS TO DRIVE REAL IMPACT. 217#218Reconciliations INVESTOR DAY 2021 218#219U.S. GAAP Statement of Operations¹ REVENUE RECONCILING ITEMS (Dollars in millions) Unrealized performance revenues Unrealized principal investment income (loss) Adjusted unrealized principal investment income from investment in Fortitude Re Adjustments related to expenses associated with investment in NGP Management and its affiliates Tax expense (benefit) associated with performance revenues Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis Elimination of revenues of Consolidated Funds TOTAL REVENUE RECONCILING ITEMS EXPENSE RECONCILING ITEMS Partner compensation Unrealized performance revenues related compensation Equity-based compensation Acquisition related charges and amortization of intangibles and impairment Other non-operating expense Tax (expense) associated with performance revenues related compensation Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis Reserve for litigation and contingencies Lease assignment and termination costs Debt extinguishment costs Corporate conversion costs, severance and other adjustments Elimination of expenses of Consolidated Funds TOTAL EXPENSE RECONCILING ITEMS INVESTOR DAY 2021 $ $ $ $ 2012 126.9 25.2 (1.0) 198.0 (171.3) 177.8 7.1 (9.5) (265.4) $ 112.7 201.9 128.3 174.9 $ 1,164.7 (53.2) $ 2013 (17.7) (168.3) 164.0 $ (77.2) 299.2 (192.8) 1,140.7 $ 647.8 330.1 260.4 (16.5) (34.9) 198.9 $ 384.2 (5.0) $ 2014 (6.2) (275.3) 1,104.3 $ (74.7) 309.6 349.6 242.5 (30.3) (25.3) 214.9 $ (0.1) (241.6) $ 2015 201.2 (224.2) 134.5 (164.3) 281.5 $ (584.4) $ 819.3 $ (525.1) 42.4 (71.9) $ (128.3) 381.3 288.8 (7.4) (14.9) 161.0 50.0 $ 2016 (464.1) $ 5.4 (71.2) 254.4 (34.4) (309.9) $ (232.5) 343.0 94.2 (11.2) (15.1) 159.3 $ 6.0 (219.5) 10.3 (24.6) 517.0 $ 323.4 $ 2017 1,089.5 $ 73.0 (62.5) 0.9 237.9 (56.5) 1,282.3 $ 464.4 365.1 35.7 (71.4) (8.4) 114.9 (25.0) 13.2 (42.8) 845.7 $ $ 2018 (42.7) $ 48.8 11.7 (18.9) (4.9) 92.5 (59.7) 26.8 7.4 252.2 22.3 I.I (6.2) 34.3 66.9 7.8 9.1 (48.7) 346.2 267.8 $ 590.9 140.9 (16.2) 0.3 117.5 (33.5) $ 1,067.7 $ $ 2019 $ 225.5 151.5 52.0 1.3 (14.3) 75.0 O.I 33.3 (33.8) 490.6 $ $ 2020 1,031.0 (556.2) (104.4) (15.3) 0.5 96.6 (33.9) 418.3 432.3 116.6 38.1 (7.2) (8.4) 55.8 15.2 (42.7) 599.7 219#220Distributable Earnings and Fee Related Earnings SEGMENT REVENUES (Dollars in millions, except per share data) Fund management fees Transaction and portfolio advisory fees, net and other TOTAL SEGMENT FEE REVENUES Realized performance revenues Realized principal investment income (loss) Interest income TOTAL SEGMENT REVENUES SEGMENT EXPENSES Compensation and benefits Cash-based compensation and benefits Realized performance revenues related compensation TOTAL COMPENSATION AND BENEFITS General, administrative and other expenses Depreciation and amortization expense Interest expense TOTAL SEGMENT EXPENSES Total Segment Revenues Total Segment Expenses (=) DISTRIBUTABLE EARNINGS (-) Realized Net Performance Revenues (-) Realized Principal Investment Income (Loss) (+) Net Interest (=) FEE RELATED EARNINGS FRE Margin After-tax Distributable Earnings, per common share 2 Dividend per common share ³ INVESTOR DAY 2021 $ 943.2 58.5 1,001.7 869.1 16.3 4.7 1,891.8 $ $ $ $ $ $ 2012 $ 561.9 368.2 930.1 227.2 21.5 24.5 1,203.3 1,891.8 1,203.3 688.5 500.9 16.3 19.8 191.1 19.1% 1.39 1.12 $ 1,054.7 61.7 1,116.4 1,128.6 10.6 1.8 $ 2,257.4 $ 588.8 454.1 1,042.9 309.4 24.3 43.6 $ 1,420.2 $ 2,257.4 1,420.2 837.2 674.5 10.6 41.8 193.9 $ 2013 $ $ $ 17.4% 2.50 1.88 $ 1,229.3 93.7 1,323.0 1,323.7 (6.1) 2.2 $ 2,642.8 $ 2014 $ 318.1 22.4 55.7 1,669.6 $ $ 2,642.8 1,669.6 973.2 732.8 (6.1) 682.5 590.9 1,273.4 $ $ 53.5 $ 300.0 22.7% 2.78 2.09 $ $ $ $ $ $ $ $ $ 2015 1,197.9 42.4 1,240.3 1,434.8 (64.8) 4.8 2,615.1 649.8 646.3 1,296.1 312.8 25.6 58.1 1,692.6 2,615.1 1,692.6 922.5 788.5 (64.8) 53.3 252.1 20.3% 2.73 2.07 $ 1,085.8 60.6 1,146.4 1,215.8 44.9 10.2 2,417.3 $ $ $ 2016 $ $ 1,765.6 $ 2,417.3 1,765.6 651.7 625.3 44.9 51.1 32.6 $ $ 601.3 590.5 1,191.8 483.5 29.0 61.3 2.8% 1.85 1.55 $ $ $ $ $ $ $ $ 2017 1,081.0 59.0 1,140.0 1,085.3 (25.8) 16.7 2,216.2 658.0 532.7 1,190.7 258.9 31.1 65.5 1,546.2 2,216.2 1,546.2 670.0 552.6 (25.8) 48.8 192.0 16.8% 1.88 1.41 $ 1,361.8 63.2 1,425.0 682.4 48.1 30.4 2,185.9 $ $ $ $ 2018 1,103.4 298.8 35.1 74.7 1,512.0 2,185.9 1,512.0 $ 673.9 319.7 48.1 44.3 350.4 $ $ $ 740.7 362.7 24.6% 1.78 1.34 $ 1,570.9 53.5 1,624.4 374.3 87.0 24.4 $ 2,110.1 $ $ 2019 $ $ 1,463.5 $ 2,110.1 1,463.5 646.6 164.1 87.0 57.3 452.8 $ $ 792.1 210.2 1,002.3 331.3 48.2 81.7 27.9% 1.70 1.18 $ $ $ $ $ $ $ $ $ 2020 1,559.2 56.9 1,616.1 586.1 73.0 14.3 2,289.5 821.5 339.8 1,161.3 241.4 33.5 91.2 1,527.4 2,289.5 1,527.4 762.1 246.3 73.0 76.9 519.7 32.2% 2.05 1.00 220#221Reconciliation for Distributable Earnings Per Share (Dollars in millions, except per share data and where noted) Fee Related Earnings Distributable Earnings DISTRIBUTABLE EARNINGS, TAX AND PER SHARE INFORMATION! Distributable Earnings Less: Estimated current corporate, foreign, state and local taxes ² Less: Preferred share distributions DISTRIBUTABLE EARNINGS, NET attributable to common stockholders DISTRIBUTABLE EARNINGS, NET per common share outstanding Dividend per common share TOTAL OUTSTANDING SHARES Shares eligible for dividend (in millions) ³ INVESTOR DAY 2021 $ $ $ 2012 $ 191.1 688.5 35.5 $ 653.0 688.5 $ 837.2 1.39 1.12 306.1 $ 306.1 $ 2013 $ 193.9 $ 837.2 $ 781.7 55.5 2.50 1.88 311.5 312.5 $ 300.0 2014 $ 973.2 $ 973.2 $ $ 905.3 $ 67.9 2.78 2.09 319.0 320.1 $ 252.1 $ $ $ 2015 $ 922.5 $ $ 922.5 29.1 893.4 2.73 2.07 324.0 325.0 $ $ $ 2016 $ 32.6 651.7 651.7 $ 620.5 31.2 1.85 1.55 326.5 327.5 $ $ $ $ 2017 $ 670.0 $ 192.0 670.0 27.0 6.0 637.0 1.88 1.41 334.9 335.3 $ 350.4 $ 673.9 2018 $ 673.9 $ $ $ 34.3 23.6 616.0 1.78 1.34 338.7 341.5 $ 452.8 $ $ $ $ 2019 $ 646.6 646.6 30.8 19.1 596.7 1.70 1.18 347.2 349.4 $ $ $ $ 2020 $ $ 519.7 762.1 762.1 39.8 722.3 2.05 1.00 353.5 354.8 221#222Reconciliation of GAAP to Total Segment Information (Dollars in millions) INCOME BEFORE PROVISION FOR INCOME TAXES Adjustments: Partner compensation! Net unrealized performance revenues Unrealized principal investment (income) loss 2 Adjusted unrealized principal investment (income) loss from investment in Fortitude Re 3 Equity-based compensation 4 Acquisition related charges and amortization of intangibles Other non-operating (income) expense Tax expense associated with performance revenues Net income attributable to non-controlling interests in Consolidated entities Reserve for litigation and contingencies Lease assignment and termination costs Debt extinguishment costs Severance and other adjustments DISTRIBUTABLE EARNINGS Realized net performance revenues 5 Realized principal investment income (loss) 5 Net interest FEE RELATED EARNINGS INVESTOR DAY 2021 $ $ 2012 2,439.9 (265.4) (14.2) (25.2) 201.9 128.3 7.1 (9.5) (1,756.7) (17.7) 688.5 500.9 16.3 19.8 191.1 $ $ 2013 1,444.0 (516.9) 53.2 330.1 260.4 (16.5) (34.9) (676.0) (6.2) 837.2 674.5 10.6 41.8 193.9 $ $ 2014 991.9 $ (74.6) 5.0 349.6 242.5 (30.3) (25.3) (485.5) (0.1) 973.2 732.8 (6.1) 53.5 300.0 $ $ 2015 402.2 $ 396.8 (42.4) 381.3 288.8 (7.4) (537.9) 50.0 6.0 922.5 788.5 (64.8) 53.3 252.1 $ $ 2016 45.3 $ 231.6 (5.4) 343.0 94.2 (11.2) (15.1) (41.0) 10.3 651.7 625.3 44.9 51.1 32.6 $ $ 2017 1,132.3 $ (625.2) (73.0) 365.1 35.7 (71.4) (9.2) (72.5) (25.0) 13.2 670.0 552.6 (25.8) 48.8 192.0 $ 2018 360.2 $ 50.2 (48.8) (11.7) 252.2 22.3 I.I (1.5) (33.9) 66.9 7.8 9.1 673.9 319.7 48.1 44.3 350.4 $ $ 2019 1,233.4 $ (42.3) (590.9) (140.9) 151.5 52.0 1.3 (14.3) (36.6) O.I 33.3 646.6 164.1 87.0 57.3 452.8 $ $ 2020 580.0 (598.7) 556.2 104.4 116.6 38.1 (7.2) (7.9) (34.6) 15.2 762.1 246.3 73.0 76.9 519.7 222#223Reconciliation of GAAP to Total Segment Information CONSOLIDATED FUNDS RECONCILING ITEMS CONSOLIDATED FUNDS (Dollars in millions) Revenues Expenses Other income Distributable earnings Revenues Expenses Other income Distributable earnings Revenues Expenses Other income Distributable earnings Revenues Expenses Other income Distributable earnings Revenues Expenses Other income Distributable earnings INVESTOR DAY 2021 TOTAL REPORTABLE SEGMENTS $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,891.8 1,203.3 688.5 2,257.4 1,420.2 837.2 2,642.8 1,669.6 973.2 2,615.1 1,692.6 922.5 2,417.3 1,765.6 651.7 FOR THE YEAR ENDED DECEMBER 31, 2012 $ $ $ $ 903.5 923.9 1,755.5 1,735.1 1,043.1 1,169.4 701.3 575.0 FOR THE YEAR ENDED DECEMBER 31, 2013 $ 1,140.7 $ 1,104.3 (4.6) $ $ 31.8 956.0 1,286.5 898.4 567.9 $ $ $ $ 975.5 1,258.8 886.9 603.6 $ $ FOR THE YEAR ENDED DECEMBER 31, 2014 $ $ $ $ $ $ 166.9 153.1 13.1 26.9 $ $ $ $ 177.8 164.0 2.5 16.3 FOR THE YEAR ENDED DECEMBER 31, 2015 $ (584.4) $ 517.0 $ $ $ $ $ $ 281.5 819.3 $ $ $ $ (11.4) (549.2) FOR THE YEAR ENDED DECEMBER 31, 2016 $ (309.9) $ 323.4 $ $ (22.5) (1,123.9) (633.3) CARLYLE CONSOLIDATED! $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2,973.1 2 2,291.2 2 1,758.0 3 2,439.9 4 4,441.2 3,693.9 696.7 1,444.0 4 223 3,880.3 2 3,775.4 2 887.0 3 991.9 4 2 3,006.2 2 3,468.4 864.4 402.2 3 4 2,274.3 2,242.1 13.1 45.3 22 3 4 TOTAL REPORTABLE SEGMENTS $ $ $ $ $ LA LA LA LA $ $ $ $ $ $ $ LA LA LA LA $ $ $ $ 2,216.2 1,546.2 670.0 2,185.9 1,512.0 673.9 2,110.1 1,463.5 646.6 2,289.5 1,527.4 762.1 FOR THE YEAR ENDED DECEMBER 31, 2017 $ $ $ $ 1,282.3 845.7 (35.1) 401.5 177.7 240.4 123.5 60.8 214.5 213.3 FOR THE YEAR ENDED DECEMBER 31, 2018 $ $ $ $ 4.5 5.7 RECONCILING ITEMS 199.2 165.6 (23.9) 9.7 $ $ $ $ 226.8 206.2 (21.3) (0.7) $ $ $ $ FOR THE YEAR ENDED DECEMBER 31, 2019 $ 1,067.7 490.6 $ $ $ $ $ $ $ 26.8 346.2 (319.4) $ $ $ $ FOR THE YEAR ENDED DECEMBER 31, 2020 $ $ $ $ 577.1 418.3 599.7 (181.4) CARLYLE CONSOLIDATED! $ $ $ $ $ $ $ $ $ $ $ $ LA LA LA LA $ $ $ $ 3,676.2 2,632.3 88.4 1,132.3 2,427.2 2,071.5 4.5 360.2 3,377.0 2,119.7 (23.9) 1,233.4 2,934.6 2,333.3 (21.3) 580.0 2234 2234 2234 223+ 4 223#224Reconciliation of GAAP to Total Segment Information (Dollars in millions) Performance revenues Performance revenues related compensation expense Net performance revenues Principal investment income (loss) Performance revenues Performance revenues related compensation expense Net performance revenues Principal investment income (loss) Performance revenues Performance revenues related compensation expense Net performance revenues Principal investment income (loss) Performance revenues Performance revenues related compensation expense Net performance revenues Principal investment income (loss) Performance revenues Performance revenues related compensation expense Net performance revenues Principal investment income (loss) INVESTOR DAY 2021 CARLYLE CONSOLIDATED $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ RECONCILING ITEMS! FOR THE YEAR ENDED DECEMBER 31, 2012 $ $ 1,001.1 317.7 723.4 36.4 (7.2) $ $ FOR THE YEAR ENDED DECEMBER 31, 2013 2,229.6 $ $ 1,183.7 1,191.6 18.8 $ $ 362.3 160.5 $ $ (132.0) 50.5 (222.5) (20.1) FOR THE YEAR ENDED DECEMBER 31, 2014 1,670.3 $ $ 872.9 801.5 $ $ (1,101.0) (729.6) (517.1) (8.2) $ $ (346.6) (282.0) (68.7) I. I $ $ FOR THE YEAR ENDED DECEMBER 31, 2015 802.2 $ $ 510.9 314.0 15.2 632.6 135.4 474.5 (80.0) $ $ 500.4 237.4 263.0 (115.6) TOTAL REPORTABLE SEGMENTS $ $ FOR THE YEAR ENDED DECEMBER 31, 2016 715.4 $ $ 353.1 $ $ $ $ 869.1 368.2 500.9 16.3 1,128.6 454.1 674.5 10.6 1,323.7 590.9 732.8 (6.1) 1,434.8 646.3 788.5 (64.8) 1,215.8 590.5 625.3 44.9 CARLYLE CONSOLIDATED $ $ $ $ $ $ $ $ $ $ $ $ RECONCILING ITEMS I $ FOR THE YEAR ENDED DECEMBER 31, 2017 2,058.6 $ 988.3 1,070.3 232.0 $ $ $ $ (973.3) (455.6) (517.7) (257.8) $ $ FOR THE YEAR ENDED DECEMBER 31, 2018 622.9 376.3 246.6 186.3 $ $ 59.5 (13.6) 73.1 (138.2) $ $ $ $ FOR THE YEAR ENDED DECEMBER 31, 2019 799.1 $ $ 436.7 362.4 769.3 (424.8) (226.5) (198.3) (682.3) $ $ (1,049.8) (439.3) (610.5) 613.7 TOTAL REPORTABLE SEGMENTS $ $ FOR THE YEAR ENDED DECEMBER 31, 2020 1,635.9 $ $ 779.1 856.8 (540.7) $ $ 1,085.3 532.7 552.6 (25.8) 682.4 362.7 319.7 48.1 374.3 210.2 164.1 87.0 586.1 339.8 246.3 73.0 224#225Reconciliation of GAAP to Total Segment Information REVENUE RECONCILING ITEMS (Dollars in millions) Unrealized performance revenues Unrealized principal investment income (loss) Adjusted unrealized principal investment income from investment in Fortitude Re Adjustments related to expenses associated with investment in NGP Management and its affiliates Tax expense (benefit) associated with performance revenues Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis Elimination of revenues of Consolidated Funds TOTAL REVENUE RECONCILING ITEMS EXPENSE RECONCILING ITEMS Partner compensation Unrealized performance revenues related compensation Equity-based compensation Acquisition related charges and amortization of intangibles and impairment Other non-operating expense Tax (expense) associated with performance revenues related compensation Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis Reserve for litigation and contingencies Lease assignment and termination costs Debt extinguishment costs Corporate conversion costs, severance and other adjustments Elimination of expenses of Consolidated Funds TOTAL EXPENSE RECONCILING ITEMS INVESTOR DAY 2021 $ $ $ $ 2012 126.9 25.2 (1.0) 198.0 (171.3) 177.8 (265.4) 112.7 201.9 128.3 7.1 (9.5) 174.9 (17.7) (168.3) 164.0 2013 $ 1,164.7 (53.2) $ (77.2) 299.2 (192.8) $ 1,140.7 $ 647.8 330.1 260.4 (16.5) (34.9) 198.9 $ (6.2) (275.3) $ 1,104.3 $ $ 2014 384.2 $ (525.1) (5.0) 42.4 (74.7) 201.2 (224.2) 281.5 $ 309.6 349.6 242.5 (30.3) (25.3) 214.9 (0.1) (241.6) 819.3 $ 2015 $ (71.9) 134.5 (164.3) (584.4) $ (128.3) 381.3 288.8 (7.4) (14.9) 161.0 50.0 6.0 (219.5) 517.0 $ (464.1) 5.4 $ 2016 $ (71.2) (232.5) 343.0 94.2 (11.2) (15.1) 159.3 254.4 237.9 (56.5) (34.4) (309.9) $ 1,282.3 $ 10.3 (24.6) 323.4 $ 1,089.5 $ 73.0 2017 $ $ (62.5) 0.9 464.4 365.1 35.7 (71.4) (8.4) 114.9 (25.0) 13.2 (42.8) 845.7 $ $ 2018 (42.7) $ 48.8 11.7 (18.9) (4.9) 92.5 (59.7) 26.8 7.4 252.2 22.3 I.I (6.2) 34.3 66.9 7.8 9.1 (48.7) 346.2 $ $ 2019 267.8 590.9 140.9 (16.2) 0.3 117.5 (33.5) 1,067.7 $ 225.5 151.5 52.0 1.3 (14.3) 75.0 0.1 33.3 (33.8) $ 490.6 $ 1,031.0 (556.2) (104.4) $ 2020 $ (15.3) 0.5 96.6 (33.9) 418.3 432.3 116.6 38.1 (7.2) (8.4) 55.8 15.2 (42.7) 599.7 225#226Reconciliation of Accrued Performance Allocations (Dollars in millions) ACCRUED PERFORMANCE ALLOCATIONS, NET Plus: Accrued performance allocations from NGP Carry Funds Less: Accrued performance allocation-related compensation Less: Provision for taxes on certain foreign performance allocations* Plus: Unbilled receivable for giveback obligations from current and former employees Less: Net accrued performance allocations attributable to non-controlling interests in consolidated entities Net accrued performance revenues before timing differences Less: Timing differences between the period when accrued performance allocations are realized and the period they are collected/distributed NET ACCRUED PERFORMANCE REVENUES ATTRIBUTABLE TO THE CARLYLE GROUP INC. 2012 INVESTOR DAY 2021 (912.0) $ 2,125.9 $ 3,674.8 $ 3,695.5 32.8 (46.5) 1,200.2 2013 (26.9) (1,661.8) 17.6 (25.8) 2,004.8 2014 (181.5) 18.5 (1,815.4) (85.6) 27.7 34.0 1,874.7 (122.4) 2015 $ 2,760.2 $ 2,320.3 (1,504.9) (81.8) 23.8 127.3 1,324.6 2016 (9.8) 44.7 (1,307.4) (68.4) 5.6 79.4 1,074.2 (3.8) 2017 $ 3,603.8 143.2 (1,894.8) (67.6) 5.0 (0.8) 1,788.8 (71.6) $ 1,173.3 $ 1,823.3 $ 1,752.3 $ 1,314.8 $ 1,070.4 $ 1,717.2 *Net accrued performance allocations prior to 2014 were not adjusted for the provision for taxes on certain foreign performance allocations. 2012 and 2013 have cannot be recast without unreasonable effort. 2018 $ 3,416.8 151.0 (1,843.6) (59.6) 1.4 18.3 1,684.3 (3.6) $ 1,680.7 $ $ 2019 3,833.4 (2,038.2) (66.2) 1.4 (4.3) 1,726.1 (6.0) 1,720.1 2020 $ 4,949.9 (2,534.4) (56.0) (11.7) 2,347.8 (16.5) $ 2,331.3 226#227Definitions DISTRIBUTABLE EARNINGS ("DE") Distributable Earnings, or "DE", is a key performance benchmark used in our industry and is evaluated regularly by management in making resource deployment and compensation decisions, and in assessing the performance of our three segments. We also use DE in our budgeting, forecasting, and the overall management of our segments. We believe that reporting DE is helpful to understanding our business and that investors should review the same supplemental financial measure that management uses to analyze our segment performance. DE is intended to show the amount of net realized earnings without the effects of consolidation of the Consolidated Funds. DE is derived from our segment reported results and is an additional measure to assess performance. Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with performance revenues (comprised of performance allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle interest in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with acquisitions or strategic investments, changes in the tax receivable agreement liability, corporate conversion costs, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions, charges associated with earnouts and contingent consideration including gains and losses associated with the estimated fair value of contingent consideration issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right- of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance. We believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance. FEE RELATED EARNINGS ("FRE") Fee Related Earnings, or "FRE", is a component of DE and is used to assess the ability of the business to cover direct base compensation and operating expenses from total fee revenues. FRE differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts DE to exclude net realized performance revenues, realized principal investment income from investments in Carlyle funds, net interest (interest income less interest expense), and certain general, administrative and other expenses when the timing of any future payment is uncertain. INVESTOR DAY 2021 227#228Endnotes PAGE 219: U.S. GAAP STATEMENT OF OPERATIONS (1) On January 1, 2020, The Carlyle Group L.P. (the "Partnership") completed its conversion from a Delaware limited partnership to a Delaware corporation, The Carlyle Group Inc. Information reported for periods prior to the Conversion on January 1, 2020 reflect the results of the Partnership. References to The Carlyle Group Inc., our common stock and our dividends in periods prior to the Conversion refer to The Carlyle Group L.P., its common units and distributions. For periods subsequent to the Conversion, Net income (loss) attributable to Carlyle Holdings, refers to Net income (loss) of The Carlyle Group Inc. and its consolidated subsidiaries, net of non-controlling interests in consolidated entities. (2) Income (loss) before provision for income taxes is the GAAP measure that is most directly comparable to Distributable Earnings, which management uses to measure the performance of the business. A full reconciliation is included starting on page 222. (3) Income (loss) before provision for taxes margin is equal to Income (loss) before provision for taxes, divided by Total revenues. PAGE 220: DISTRIBUTABLE EARNINGS AND FEE RELATED EARNINGS (1) FRE Margin is calculated as Fee Related Earnings, divided by Total Segment Fee Revenues. (2) Refer to the reconciliation of DE per Share on page 221. (3) Under our dividend policy for our common stock that we adopted in connection with the Conversion, we expect to pay our common stockholders an annualized dividend of $1.00 per share of common stock, equal to a quarterly dividend of $0.25 per share of common stock. The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our certificate of incorporation. There can be no assurance that dividends will be made as intended or at all or that any particular dividend policy will be maintained. PAGE 221: RECONCILIATION OF DISTRIBUTABLE EARNINGS PER SHARE (1) For periods prior to the Conversion on January 1, 2020, the current corporate income taxes payable on Distributable Earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax Receivable Agreement payment owed have been added to the estimated current corporate, foreign, state, and local taxes and total Distributable Earnings, net attributable to common stockholders has been recast accordingly. (2) Estimated current corporate, foreign, state and local taxes represents the total U.S. GAAP Provision (benefit) for income taxes adjusted to include only the current tax provision (benefit) applied to Net income (loss) attributable to The Carlyle Group Inc. This adjustment, used to calculate Distributable Earnings, Net attributable to common stockholders, reflects the benefit of deductions available to the Company on certain expense items that are excluded from the underlying calculation of Distributable Earnings, such as equity-based compensation expense and charges (credits) related to corporate actions and non- recurring items. Management believes that using the estimated current tax provision (benefit) in this manner more accurately reflects earnings that are available to be distributed to common stockholders. (3) Shares eligible for dividend include common shares that were issued subsequent to the reporting date in connection with the vesting of restricted stock units. For purposes of this calculation, these common shares have been added to the common shares outstanding as of the reporting date because they participated in the dividend paid on common shares in February of the subsequent year. INVESTOR DAY 2021 228#229Endnotes PAGE 222: RECONCILIATION OF TOTAL SEGMENTS TO INCOME BEFORE PROVISION FOR INCOME TAXES (1) Adjustments for partner compensation due to senior Carlyle professionals for compensation and performance fees allocated to them, which amount were classified as distributions from partners' capital in the consolidated financial statements for periods prior to the reorganization and initial public offering in May 2012. (2) Adjustments to unrealized principal investment income for the year ended December 31, 2020 are inclusive of $211.8 million of unrealized gains resulting from changes in the fair value of embedded derivatives related to certain reinsurance contracts included in Fortitude Re's U.S. GAAP financial statements prior to the contribution of our investment in Fortitude Holdings to Carlyle FRL, L.P. on June 2, 2020 (see Note 5 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020). At the time of our contribution of our investment to Carlyle FRL, L.P. we began accounting for our investment under the equity method based on our net asset value in the fund, which is an investment company that accounts for its investment in Fortitude Holdings at fair value. This resulted in an unrealized loss in principal investment income (loss) of $(620.7) million during the year ended December 31, 2020. Adjustments to unrealized principal investment income during the years ended December 31, 2019 and 2018 are inclusive of $582.0 million and $46.2 million of unrealized gains, respectively, on embedded derivatives. (3) Adjusted unrealized principal investment income (loss) from the investment in Fortitude Re represents 19.9% of Fortitude Holdings' estimated net income (loss) for the respective periods through June 2, 2020, excluding the unrealized gains (losses) related to embedded derivatives. (4) Equity-based compensation includes amounts presented in principal investment income and general, administrative and other expenses in our U.S. GAAP consolidated statements of operations. (5) See reconciliations to the most directly comparable U.S. GAAP measure on page 224. PAGE 223: RECONCILIATION OF TOTAL SEGMENTS TO INCOME BEFORE PROVISION FOR INCOME TAXES (1) The Distributable Earnings in the Carlyle Consolidated column is income before provision for income taxes, which is the U.S. GAAP measure that is most directly comparable to Distributable Earnings. (2) See detailed breakdown of revenue and expense adjustments on page 225. (3) The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at Carlyle's total Other Income (Loss). (4) See the reconciliation for Distributable Earnings and Fee Related Earnings on page 222. PAGE 224: ADJUSTMENTS TO PERFORMANCE REVENUES AND PRINCIPAL INVESTMENT INCOME (1) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income in the U.S. GAAP financial statements, (v) the reclassification of certain incentive fees from business development companies, which are included in fund management fees in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, and the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Company's share of UrbPlan net losses, until UrbPlan was deconsolidated during 2017, as investment losses for the Non-GAAP results. See Note 15 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017 for further information regarding UrbPlan, and Note 5 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020 for further information regarding NGP. INVESTOR DAY 2021 229