Carlyle Investor Day Presentation Deck

Operating More Effectively to Drive Margins ● ● MAXIMIZING OUR RESULTS Manage expenses to capture operating leverage while we grow Utilize learnings from operating during Covid-19 to improve future operations & results Exit areas that cannot scale Use technology to continue reducing operating costs FRE MARGIN IMPROVEMENT 20% 2012-2019 Avg Note: Information presented is illustrative and not intended to predict future events. Please see the "Important Information" slide for more information about the use of, and reliance on, projections. INVESTOR DAY 2021 30% 2020 40% 2024 57

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