Carlyle Investor Day Presentation Deck

Private Return Premium Now Indispensable to Return Targets 1-Year Horizon Return 30% 25% 20% 15% 10% 5% 0% PRIVATE EQUITY OUTPERFORMANCE (ILLIQUIDITY PREMIUM NET OF FEES) INVESTOR DAY 2021 19.8% OF TOTAL RETURN 28.3% 22.7% 1996 8.1% PE Public Market 32% OF TOTAL RETURN 21.9% 14.8% Bond Yields 2010 6.0% Source: Carlyle Analysis. Cambridge Associates, Aswath Damodaran, NYU; December 2020. There is no guarantee any forecasts will materialize or trends will continue. 63% OF TOTAL RETURN 12.0% 4.4% Future 3.1% 203

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