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      Jason Thomas HEAD OF GLOBAL RESEARCH & INVESTMENT STRATEGY [email protected] / (202) 729-5420 Jason Thomas is the Head of Global Research & Investment Mr. Thomas received a BA from Claremont McKenna College Strategy at Carlyle, focusing on economic and statistical and an MS and PhD in 昀椀nance from George Washington analysis of Carlyle portfolio data, asset prices, and broader University, where he studied as a Bank of America trends in the global economy. Foundation, Leo and Lillian Goodwin Foundation, and School of Business Fellow. Prior to joining Carlyle, Mr. Thomas served on the White House sta昀昀 as Special Assistant to the President and Director Mr. Thomas has earned the chartered 昀椀nancial analyst for Policy Development at the National Economic Council. designation and is a Financial Risk Manager certi昀椀ed by In this capacity, Mr. Thomas acted as the primary adviser to the Global Association of Risk Professionals. the President for public 昀椀nance. Mark Jenkins HEAD OF GLOBAL CREDIT Mark Jenkins is Head of Carlyle Global Credit. He is also a acquisition and oversight of Antares Capital and the member of Carlyle's Leadership Committee. He is based in subsequent expansion in middle market lending. Prior to New York. CPPIB, he was Managing Director, Co-Head of Leveraged Finance Origination and Execution for Barclays Capital in Prior to joining Carlyle, Mr. Jenkins was a Senior Managing New York. Before Barclays, Mr. Jenkins worked for 11 years Director at CPPIB and responsible for leading CPPIB’s at Goldman Sachs & Co. in senior positions within the Fixed Global Private Investment group. He was Chair of the Credit Income and Financing groups in New York. Investment Committee, Chair of the Private Investments Committee and also managed the portfolio value creation Mr. Jenkins earned a B.Comm degree from Queen’s group. While at CPPIB, Mr. Jenkins founded CPPIB Credit University. He served on the boards of Wilton Re, Teine Investments, which is a multi-strategy platform making Energy, Antares Capital and Merchant Capital Solutions. direct principal credit investments. He also led CPPIB’s Economic and market views and forecasts re昀氀ect our judgment as of the date of this presentation and are subject to change without notice. In particular, forecasts are estimated, based on assumptions, and may change materially as economic and market conditions change. The Carlyle Group has no obligation to provide updates or changes to these forecasts. Certain information contained herein has been obtained from sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purpose used herein, The Carlyle Group and its a昀케liates assume no responsibility for the accuracy, completeness or fairness of such information. References to particular portfolio companies are not intended as, and should not be construed as, recommendations for any particular company, investment, or security. The investments described herein were not made by a single investment fund or other product and do not represent all of the investments purchased or sold by any fund or product. This material should not be construed as an o昀昀er to sell or the solicitation of an o昀昀er to buy any security in any jurisdiction where such an o昀昀er or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of The Carlyle Group. It does not constitute a personal recommendation or take into account the particular investment objectives, 昀椀nancial situations, or needs of individual investors. 14

      Carlyle Credit Market Outlook - Page 14 Carlyle Credit Market Outlook Page 13