Carlyle Investor Day Presentation Deck

Opportunity for Permanent Savings in General & Administrative Expenses ● Learnings from 2020 can generate more permanent savings in travel & conference costs Virtual & teaming technology can speed decisions, enable remote work & potentially save office-related costs Improved risk management & lower litigation costs can reduce spend on professional fees Note: 2020 G&A expense of $271 million excludes the offsetting positive impact of $30 million in recoveries. INVESTOR DAY 2021 2020 G&A IMPACT ($MN) $331 2019 Down 22% $271 2020 98

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