Carlyle Investor Day Presentation Deck

Secondaries: 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

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