Carlyle Investor Day Presentation Deck

Institutionalize & 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

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