Carlyle Investor Day Presentation Deck

Fee Related Earnings Have Ramped Significantly... $194 2012-17 Avg 17% FEE RELATED EARNINGS ($MN) INVESTOR DAY 2021 $350 2018 25% FRE Margin $453 2019 28% $520 $490 2020 30% Note: 2020 Fee Related Earnings were $520 million, or $490 million excluding the impact of $30 million in one-time recoveries; 2020 FRE margin of 30% excludes the impact of recoveries. FEE RELATED EARNINGS HAVE MORE THAN DOUBLED FROM THE 2012-17 AVERAGE FRE MARGIN HAS EXPANDED BY MORE THAN 1,000 bps 81

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