Carlyle Investor Day Presentation Deck

With 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

View entire presentation