Carlyle Investor Day Presentation Deck

Largest Managers Are Taking More Market Share as Limited Partners Consolidate Relationships LIMITED PARTNER INTERESTS • More assets concentrated with fewer GPs • Established managers with consistent performance • Proven ability to scale • Trust & partnership Knowledge sharing ● MARKET SHARE OF TOP 20 FUNDS' INVESTOR DAY 2021 29% 2014 45% 2019 1. Source: 2020 Preqin Global Private Equity & Venture Capital Report. Represents the top 20 largest private equity funds' market share of committed capital across private equity in 2014 and 2019. There is no guarantee these trends will continue. 183

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