Carlyle Investor Day Presentation Deck

Private Market's Growth Likely to Be Most Evident in Private Credit BROKER DEALER HOLDINGS OF CREDIT MARKET ASSETS USD Millions $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Mar-90 Jan-92 Nov-93 Sep-95 Jul-97 INVESTOR DAY 2021 May-99 Mar-Ol Jan-03 Nov-04 Sep-06 Jul-08 May-10 Mar-12 Jan-14 Nov-15 Sep-17 Jul-19 USD Billions SIGNIFICANT ROOM FOR PRIVATE CREDIT GROWTH $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Source: Carlyle Analysis of Preqin and Federal Reserve Data; Federal Reserve Finance & Economics Discussion Series Papers. There is no guarantee these trends will continue. Implied Credit Debt Need Based on Equity Dry Powder Total Equity to Be Invested, 2021-2024 209

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