Carlyle Investor Day Presentation Deck

Significant 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

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