Carlyle Investor Day Presentation Deck

Endnotes & Additional Disclosures Endnotes Page 167: For illustrative purposes only. There is no assurance that any trends depicted or described will continue. I. Source: Preqin database, accessed 1/29/21. 2025 estimate based on Preqin's forecasted figures as of October 2020 in "Preqin Future of Alternatives 2025: Data Pack." 2. Source: Preqin database, accessed 1/12/21. 3. Market size is based on internal analysis of market data selected by AlpInvest and certain assumptions which AlpInvest believes are reasonable under the circumstances as of the date hereof. There can be no assurance such proprietary market size accurately reflects the co-investment market, and other sources, assumptions and methodologies may lead to different results. Alpinvest analysis based on ACP deals 2017-2019. Percentage ratio defined as number of deals with co-investor participation divided by total number of co-investment deals over parallel period. Page 169: Represents AlpInvest only, and latest available performance information. Secondary performance as of September 30, 2020. Co-Investment performance since 2010 (ACP IV-VII) and as of December 31, 2020. Model Portfolio performance as of June 30, 2020. Please see the additional disclosures at the end of this document for further important information regarding AlpInvest's track record. There is no assurance that trends will continue or market forecasts will be realized. Actual results may differ very significantly. Past performance is not indicative of future results or a guarantee of future returns. The value of an investment may fluctuate, and realized returns on unrealized investments may differ materially from current valuations. Gross returns do not reflect management fees or carried interest charged by Alpinvest or any other Program-level expenses that are borne by investors in a Program, which will reduce returns and in the aggregate are expected to be substantial. I. Net IRR: 16%. Pro forma performance information is for illustrative purposes only and is not indicative of any future performance as it does not reflect actual returns achieved by AlpInvest or any of its investors. There is no assurance that any pro forma performance information represents accurately the performance that any Fund or investor would have achieved had it invested as described herein. Pro forma returns have inherent limitations and the allocation decisions were not made under actual market conditions. Please see the additional disclosures at the end of this document for further important information regarding AlpInvest's pro forma track record. The pro forma return information is based on an AlpInvest Model Portfolio as of June 30, 2020. The Model Portfolio returns reflect pro forma adjustments based on the target investment strategy weighting (i.e., 70% to primary buyout funds (weighted regionally: 55% to US buyout funds, 30% to European buyout funds, 15% to Asia middle-market buyout funds), 15% to global secondary investments, and 15% to co-investments (weighted regionally: 40% to US co-investments, 40% to Europe co-investments, and 20% to Asia co-investments)). Does not reflect (i) co-investments made in respect of opportunities arising out of an investor's own separate private equity relationships and invitations or (ii) investments made as part of any state-focused investment program. "PME" stands for Public Market Equivalent. Please see the Investment Notes as the end of this document for additional details. 2. Net IRR: 22%. Co-Investment performance only includes deals sourced by AlpInvest and excludes Advisory SSMAS. Since 2010 (ACP IV-VII). 3. UQ denotes first quartile. Cambridge Associates benchmark as of September 30, 2020. Excludes Program VII as AlpInvest believes that performance is too early to tell "TETT" for ACP VII, a 2017 vintage program, as less than 50% of ACP VII's invested capital was invested in 2017 and 2018, whereas certain other 2017 vintage funds in the market have completed their respective investment periods as of the date of publication. ACP VII is still actively investing as of the date of publication. 4. Net IRR: 16%. Cambridge Associates benchmark as of June 30, 2020. Excludes Programs VI and VII as the applicable benchmark data is not yet available for that vintage. AlpInvest benchmarks ASP V (2011 vintage) against 2012 vintage year funds. Less than 0.1% of ASP V was committed in 2011 and consisted of one transaction which closed in November 2011. AlpInvest therefore believes that the 2012 vintage year is a more appropriate comparison for benchmarking purposes. There is no assurance that any trends depicted or described will continue. Page 170: Information is as of December 31, 2019. Past performance is not indicative of future results or a guarantee of future returns. The value of an investment may fluctuate, and realized returns on unrealized investments may differ materially from current valuations. Gross returns do not reflect management fees or carried interest charged by AlpInvest or any other fund-level expenses that are borne by investors in a fund. Invested deals are all co-investments made by AlpInvest's Co-Investment Program that closed during the 2001-2018 period on an aggregate basis. Declined deals are all co-investment opportunities rejected for AlpInvest's Co-Investment Program that closed during the 2001-2018 period on an aggregate basis but excluding (i) invitations from third-party funds in which AlpInvest does not have a primary or secondary investment (and does not have access to performance information) and (ii) opportunities that are rejected by AlpInvest automatically because the initial offer is too small (i.e., less than $10 million), the GP required co-investors to pay management fees and/or carried interest, or the asset is out of strategy (e.g., real assets). Investment opportunities that are lost by the inviting GP are not deemed to be declined. Declined deals weighting is based on the maximum potential investment amount offered in the invitation. Declined deal performance data is sourced from underlying fund data administered by Burgiss or, if unavailable from Burgiss, directly from investor reports to limited partners. The declined deal analysis compares 242 deals representing $10.0 billion of total committed capital to such deals to 202 deals that Alpinvest declined representing an estimated $8.7 billion of the total the maximum potential investment amount offered. Performance is shown on a gross basis for comparative purposes only and trails the most current Alpinvest performance information to correspond to the most recent declined deal performance data available. Performance information does not reflect the net returns achieved by any fund or investor in any Co-Investment Program. AlpInvest's determination regarding the types of assets that would be out of strategy is necessarily subjective and there can be no assurance that differing views of the investment strategy would not lead to materially different results. For purposes of determining whether an asset is out of strategy, AlpInvest determines whether such investment would have been appropriate for AlpInvest Co- Investment Programs. Such determinations are inherently subjective, and the application of different criteria or determinations may have led materially different results. AlpInvest applies the same calculation for purposes of demonstrating a realized invested deal and a realized declined deal, where DPI is equal to or greater than 75% of the total MOIC. The inclusion of any excluded investment opportunity could impact the results shown. Investment opportunities that are lost by the inviting GP are not deemed to be declined. Declined deals weighting is based on the maximum potential investment amount offered in the opportunity. Declined deal performance data are sourced from underlying fund data administered by Burgiss or, if unavailable from Burgiss, directly from investor reports to limited partners. In particular, declined deal performance data assumes that Alpinvest would have invested in a declined deal at the same time and on the same terms as the original offer, exited at the same date the third-party fund for realized deals, and for the amount initially offered to AlpInvest in the indicative or, if received, final offer from the offering GP. Declined deal performance does not reflect the aggregate performance of all co-investment opportunities made available to AlpInvest that AlpInvest did not make, nor does it reflect the investment results of any program with coordinated objectives, guidelines, and restrictions. I. Represents ratio (expressed as a percentage) in aggregate value creation over 1.Ox cost of invested deals vs. declined deals. Page 171: Represents Alpinvest only, and data as of September 30, 2020. There is no assurance that any portfolio construction objectives can be achieved or that any such portfolio will be profitable or have similar characteristics. Diversification does not eliminate the risk of loss. Past performance is not indicative of future results or a guarantee of future returns. I. Based on total returns not attributable to purchase price discounts and premiums in ASP I-V. 2. Based on age of underlying funds at the time of purchase for ASP IV-V weighted by committed capital. Excludes multi-VY vehicles. 3. Loss ratio is defined as total of all realized and unrealized losses for investments with MOIC <I.Ox. 4. Data covers period from January 1, 2012 to March 31, 2020. AlpInvest first began tracking the dynamics of all transactions in 2012. Additional Disclosures Alpinvest began making primary investments and co-investments in 2000 and began making secondary investments in 2002. Alpinvest performance information for periods before 2012 is based solely on the investments made on behalf of AlpInvest's previous owners, which comprised over 97% of all capital committed by AlpInvest across all investments since inception through December 31, 2011. AlpInvest's secondary investments and co-investments strategies each are segmented into sequential investment programs (each, a "Program" - e.g., Secondaries Program II or Co-Investment Program IV). A Program is comprised of all the investments made by an anchor mandate(s) (i.e., generally the largest account(s) within a Program) during its commitment period and includes (beginning in 2012) the other client accounts committing to such investments. Unless otherwise specifically noted, mezzanine primary fund investments, mezzanine secondary fund investments, mezzanine co-investments, clean-tech primary fund investments, clean-tech co-investments, discontinued strategies (e.g., fund-of-fund investments, secondary fund-of- fund investments, non-control distressed fund investments and venture capital co-investments) made by Alpinvest are not included as part of any performance information herein. All middle market primary fund buyout strategies include growth capital and distressed debt for control primary fund investments. AlpInvest manages several bespoke state-focused investment programs, which are not reflected in any performance information unless otherwise specifically noted. INVESTOR DAY 2021 176