Carlyle Investor Day Presentation Deck

Liquidity Premium: Large Sponsored IPOs Priced at ~2x Last Private Round 400% 350% 300% 250% 200% 150% 100% 50% 0% -50% -100% 12% 23% نشا 60% 70% 2020 2021 UNICORN IPO RETURNS Post-Money / Pre-Money Valuation % Change 39% 27% www. - 81% 86% 94% 106% Ticker I-Week Post-IPO / Pre-Money Valuation % Change 110% 120% 135% SNOW AZEK LEGN Source: Carlyle; PitchBook; S&P Capital IQ; February 2021. Data pertains to select 2020 and early 2021 unicorn IPOs through January 31. There is no guarantee any trends will continue. INVESTOR DAY 2021 HSO 159% 350% 187% 198% 171% www DRVN ORIC NCNO REYN RVMD ABCL AFRM VRM ACI NARI AMTI SDGR 268% 244% Al OCDX RPRX BDTX API WOOF CVAC PTVE 208

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