Carlyle Investor Day Presentation Deck

Private Markets Evolve from VC & LBO 'Barbell' to Comprehensive Alternative to Public Listings Share of All Deals INVESTMENTS IN PRIVATE COMPANIES MAIN SOURCE OF DEALS AS DELISTINGS WANE 60% 50% 40% 30% 20% 10% 0% 1990-2004 Public-to-Private Private (Primary & Secondary) 2005-2018 Carve-Out PIPE, Add-On, Other 600 Number of US IPOs 500 400 EM 300 200 100 IPOS OF OPERATING COMPANIES DOWN 75% OVER PAST 20 YEARS O -IPOS 2003 Presented for illustrative purposes only. Source: Josh Lerner, Harvard Business School, Global Preqin Data, June 2019, Carlyle Analysis of Portfolio Data. There is no guarantee these trends will continue. INVESTOR DAY 2021 2005 2007 -5-Yr Moving Average 2009 205

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