G L O B A L / U K TA X S T R AT E G YThis strategy applies to The Carlyle Group and to its group of entities, not including fund investments and is being voluntarily
published under the possible applicability of Schedule 19 of the UK Finance Act 2016 to activities of The Carlyle Group. A list ofentities to which this strategy applies is set out below. References to “Carlyle”, “the firm” or “the group” are applicable for all theseentities. This strategy has been published in accordance with paragraph 22(5) of the Schedule through publication on The CarlyleGroup website and it complies with Carlyle’s obligations under the Schedule.
This strategy is in force from publication date. References to ‘UK Taxation” are to the taxes and duties set out in paragraph 15(1) of
the Schedule which include Income Tax, Corporation tax, PAYE, NIC, VAT, Insurance Premium Tax and Stamp Duty Land Tax.
References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect ofwhich Carlyle has legal responsibilities.

OUR GOAL
Carlyle is committed to compliance with all statutory obligations and full disclosure to tax authorities. Our tax affairs aremanaged and in alignment with Carlyle’s overall approach to corporate reputation and our high standards ofgovernance & transparency.

HOW WE MANAGE OUR TAX AFFAIRSOur approach to tax is based on the following principles:

Commitment to compliance
We are committed to ensuring we are in compliance with tax laws in all the jurisdictions where we operate. This also
includes providing information to our stakeholders so that they can also report and pay appropriate taxation injurisdictions where required. Additionally Carlyle’s Business Code of Conduct mandates that “all Carlyle Personnel
should respect and comply with applicable laws, rules and regulations of the U.S. and other countries, states, counties,cities and other jurisdictions in which Carlyle and Carlyle Personnel conduct business.” Carlyle is also in the process of
finalizing its documentation and training policy to prevent its employees or other associated persons from criminal
facilitation of tax evasion.

Responsible approach to investing and planning
An important part of our business is managing investments from our investors and other stakeholders throughinvestment vehicles. These vehicles are typically fund vehicles designed to provide a cost efficient, diversified poolingvehicle to facilitate investment and savings. Funds are widely accepted and used by a variety of investors for a numberof reasons:•Asset management-investing directly requires considerable time and expertise. Our asset managers have theskill set to keep on top of appropriate business decisions and market timing.

•Reduced costs and market access-by pooling investor’s money. Our funds provide for the opportunity to poolcapital to access investments that wouldn’t otherwise be available to investors. Given Carlyle doesn’t invest in
primarily liquid securities, the need for efficient pooling is essential for investor returns.

•Risk mitigation. Our funds help mitigate risks through investments in multiple assets of a diversified portfolio.

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G L O B A L / U K TA X S T R AT E G Y

It is common for funds to be established in countries that do not impose an additional layer of tax on the fund itself.
Every investor is subject to tax reporting on income and capital returns from the fund based on their specific tax profile.
Most commonly held fund vehicles seek to ensure that the investors’ tax position would be the same as if they had
invested directly.
Carlyle’s portfolio of assets are typically held by funds which can include private equity, real estate, infrastructure andenergy or credit products. Investments are typically made through a layered fund structure with special purpose
vehicles to hold the underlying assets. With respect to structuring investments, Carlyle will seek appropriate advice toensure that investments are structured appropriately in light of relevant applicable legal, tax and regulatory
considerations. In this regard, Carlyle will engage professional advisers to assist with determining appropriate
compliant investment structures.
Planning efforts both for Carlyle and for our investors are always based on sound commercial and financial principles.
These efforts will focus on the structuring of activities based on existing tax laws with a view to maximizing value for ourstakeholders on a sustainable basis. Our primary goal is to ensure we effectively integrate legal, operational,commercial and reputational considerations.

Effective Risk Management
Given the size, scale and decentralized nature of our operations, risks will inevitably arise periodically in relation tointerpretation of complex tax arrangements. With guidance from our tax advisors, we always seek to identify, evaluate,
monitor and manage these risks to ensure they remain in line with our objectives. Where significant uncertainty orcomplexity relates to a particular situation, we will escalate to our business, legal, risk and finance teams. Our generalrisk management policy is also influenced by our overall business Code of Conduct to act ethically and in compliance withlocal country laws and regulations. We don’t seek external tax opinions for every transaction however we work
continuously with our advisors to ensure we deliver an appropriate level of reassurance in relation to its risk potential.

Engagement with tax authorities, including the UK’s HMRC
Our engagement with all tax authorities is based on the following principles: honesty; integrity; respect; transparency
and fairness with our shared goal of cooperative compliance. Wherever possible and practical, we do so proactively inorder to minimize risk. We also seek to resolve any disputed matters through open and respectful discussions. In ourexperience disagreements can be resolved through effective collaboration. Our dealings with HMRC are typicallymanaged through our Client Relationship Manager; we believe we have an open, transparent relationship and typically
discuss risks and other tax-related issues when appropriate.

Internal Governance
Ownership for Carlyle’s tax strategy, along with our overall business strategy, sits with our senior leadership and theCarlyle Board of Directors. Carlyle’s CFO and other senior leaders are regularly briefed on material tax issues, legislative changes and significant disputes. Day to day responsibility for implementation is in our individual businesses andfunds. They receive regular updates on material tax risks, disputes and other relevant tax policy developments.

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