Investor Presentaiton
IMPORTANT INFORMATION (continued)
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.
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.
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