Carlyle Investor Day Presentation Deck

Endnotes & Additional Disclosures (Cont.) Certain client accounts have borrowed under a credit facility (sometimes referred to as a "subscription line") to make investments and pay expenses and for other purposes to the extent permitted by such account's governing documents. To the extent a client account uses borrowed funds in advance of, or in lieu of calling capital, investors make correspondingly later or smaller capital contributions. Accordingly, such borrowing may result in higher investor gross and net metrics than if capital had been called, even after taking into account the associated interest expense of the borrowing. Realized gross performance information for secondaries investments is based on realized portfolio investments, which is determined on a transaction basis and consists of (i) transactions with a DPI greater than 1.00x and (ii) transactions for which more than 80% of the total value has already been realized. Additionally, any remaining unrealized FMV of a realized portfolio investment is included in the realized gross IRR calculation. Realized gross performance information for co-investments is based on realized portfolio investments, which consists of (i) fully realized investments (including both full exits and write-offs) and (ii) investments with realizations of at least 5% of invested capital which more than 75% of the total value. Additionally, any remaining unrealized FMV of a realized portfolio investment is included in the realized gross IRR calculation. Realized returns are not representative of overall performance of an investment portfolio with unrealized investments, which when realized may adversely impact returns. Realized returns are presented on a gross basis and do not reflect management fees, carried interest charges or other performance fees or other expenses not capitalized into the cost of an investment. Such fees and costs are applied to an entire investment pool of which realized investments are only a part. Public market equivalent (PME) benchmarks shown herein are calculated by investing in and selling shares of the applicable index by mirroring gross cash inflows and outflows of the related Alpinvest portfolio. AlpInvest compares the PME performance of the relevant index to the net IRR and/or net MOIC (calculated as heretofore described) of the corresponding AlpInvest investment portfolio over the same time period. Private equity investment returns are not directly comparable with public market indices due to the asset class's illiquid nature, which leads to a lack of frequent pricing of underlying assets and irregular timing of cash flows. Investment volatility of a PME may differ from the funds or strategies reflected herein. A PME represents a broadly diversified portfolio of securities that may have a materially different risk profile to that of the related AlpInvest portfolio. Indices do not include any expenses or fees, which would lower performance, and PME performance does not otherwise reflect any costs associated with investing in such indices. MSCI AC World PME benchmark used is GDLEACWF, MSCI AC World Daily TR Gross Local index, retrieved from Bloomberg. The MSCI AC World index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from both developed and emerging markets. The amount of Alpinvest's assets under management (or AUM) is calculated on the basis of the latest available valuations of all portfolio investments for which AlpInvest provides continuous and regular supervisory or management services adjusted for interim cash flows up to the relevant reporting date, plus unfunded capital subscriptions to underlying portfolio investments, plus the amount of uncommitted capital available for investment under the existing mandates of Alpinvest's investors with investment periods that have not expired. AUM includes both discretionary and non-discretionary amounts. Model Portfolio Pro Forma Track Record The pro forma return information shown is from each strategy's inception date, and based on the actual primary fund buyout investments, secondary investments and co-investments made by each of the Programs and grouped by the AlpInvest vintage year of the underlying investment. The pro forma return information assumes that an aggregate $100 million was committed to the investments made by the Programs in each vintage year in which such Program actually invested based on the proposed 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]). The amounts of capital committed and invested, fair values and cash flows have been appropriately scaled based on the assumed $100 million committed capital amount such that the relative investment allocations within each of the strategies remain consistent. The net pro forma returns assume the following fees: (a) management fees are charged quarterly in advance on a per-vintage year basis equal to: (i) with respect to primary fund buyout investments, 0.40% per annum of the total capital committed to all underlying investments in a given vintage year plus a 5% reserve (i.e., 70.00m*1.05 = 73.50m) for a period of five years, and thereafter 0.40% of net invested capital per annum; and (ii) with respect to secondary investments and co-investments, 0.85% per annum of the total capital committed to all underlying investments in a given vintage year plus a 10% reserve (i.e., 15.00m*1.10 = 16.50m for secondary investments, and 15.00m*1.10 = 16.50m co-investments) for a period of five years, and thereafter, 0.85% on net asset value for secondaries and 0.85% on net invested capital for co-investments, and (b) 12.5% carried interest on secondary investments and 10.0% carried interest on co-investments charged by Alpinvest after achieving an 8% preferred hurdle rate. Carried interest is calculated based on cash flows of the secondary investments and co-investments made by the relevant vintage year, calculated separately for each of the secondary investments and co-investments in each vintage year. Other expenses and costs incurred by Alpinvest-managed funds and accounts that are not otherwise capitalized into the cost of an investment (e.g., audit expenses, reporting expenses, broken-deal expenses, etc.) are not reflected in net pro forma performance information because such other expenses and costs have historically been deemed to be immaterial. The pro forma information herein is for illustrative purposes only and is not indicative of any future performance as it is hypothetical and does not reflect the actual results achieved by AlpInvest or any of its investors. There is no assurance that this information accurately represents the performance that an investor would have achieved had it invested in each vintage year as described above or that an investor will make any profit or be able to avoid incurring any substantial losses. Pro forma turns have inherent limitations and the allocation decisions were not made under actual market conditions. INVESTOR DAY 2021 178