Carlyle Investor Day Presentation Deck

Co-Investment: Outperformance from Selection Excellence AlpInvest's selection skills underpin outperformance relative to declined opportunities ● AlpInvest selected deals outperformed the declined deals by 268% in aggregate value creation' Presented for illustrative purposes only. Please see end notes for more information. INVESTOR DAY 2021 $ BILLION SELECTION ANALYSIS (ALL DEALS) 2.1x GROSS MOIC 1.4x GROSS MOIC $3.4 $8.7 Declined Deals +268%¹ Invested / Potential Inv. Amount $10.5 $10.0 Invested Deals ■ Gains 170

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