The Carlyle Group Investor Presentation — October 2020

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TRADE SECRET & STRICTLY CONFIDENTIAL 1

TRADE SECRET & STRICTLY CONFIDENTIALShareholder & Investor

October 2020TRADE SECRET & STRICTLY CONFIDENTIAL 2This presentation has been prepared byThe Carlyle Group Inc.(together with itsaffiliates, “Carlyle”) and may only beused forinformational purposes only .This presentation may not bereferenced, quoted orlinked bywebsite, inwhole orinpart except asagreed toinwriting by

OnJanuary 1,2020 ,wecompleted our conversion from aDelaware limited partnership named The Carlyle Group L.P.into aDelaware corporation named The Carlyle Group Inc.Unless the context suggests otherwise, references inthis report to"Carlyle", the "Company", "we", "us",

and "our" refer (i)prior tothe consummation ofthe conversion, toThe Carlyle Group L.P.and itsconsolidated subsidiaries and (ii)from and after the consummation ofthe conversion, toThe Carlyle Group Inc.and itsconsolidated subsidiaries .References toour common stock in

periods prior tothe conversion refer tothe common units ofThe Carlyle Group L.P.References toour dividends inperiods prior tothe conversion refer tothe distributions ofThe Carlyle Group L.P.

This presentation provides anoverview ofCarlyle and isnot intended tobetaken by,and should not betaken by,any individual recipient asinvestment advice, arecommendation tobuy, hold orsell any security, oranoffer tosell orasolicitation ofoffers topurchase any security .

Anoffer orsolicitation foraninvestment inany investment fund managed orsponsored byCarlyle oritsaffiliates (“Fund”) will occur only through anoffering memorandum and related purchase documentation, and subject tothe terms and conditions contained insuch documents

and insuch Fund’s operative agreements .The offering memorandum relating toany Fund contains additional information about the investment objective, terms and conditions ofsuch Fund, tax information and risk disclosure that should bereviewed prior tomaking aninvestment