Carlyle Investor Day Presentation Deck

Listing Propensity Declines as Easy-to-Steal Intangible Assets Account for Larger Share of Value 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% THEN: 2 in 5 Companies Go Public Once Exceeding 500 Employees 9661 1997 INVESTOR DAY 2021 1998 1999 2000 2001 2002 Listing Propensity 2003 2004 2005 2006 2007 Source: Carlyle Analysis of Federal Reserve Data, U.S. Census Bureau, December 2020. There is no guarantee any trends will continue. Intangible Investment Share 2008 2009 NOW: Just I in 7 of Such Companies Choose to Go Public to Protect IP from Disclosure 206

View entire presentation