NOVEMBER 2019

BANK OF AMERICA FUTURE OF FINANCIALS CONFERENCE

GLENN YOUNGKIN

CO-CHIEF EXECUTIVE OFFICER

Important Information

This presentation has been prepared by The Carlyle Group L.P. (together with its affiliates, "Carlyle") and may only be used for informational purposes only. This presentation may not be referenced, quoted or linked by website, in whole or in part except as agreed to in writing by Carlyle.

This presentation provides an overview of Carlyle and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. An offer or solicitation for an investment in any investment fund managed or sponsored by Carlyle or its affiliates ("Fund") will occur only through an offering memorandum and related purchase documentation, and subject to the terms and conditions contained in such documents and in such Fund's operative agreements. The offering memorandum relating to any Fund contains additional information about the investment objective, terms and conditions of such Fund, tax information and risk disclosure that should be reviewed prior to making an investment decision regarding a Fund. This presentation is qualified in its entirety by such offering memorandum, which should be read completely before making any investment. An investment in a Fund would be speculative and would involve significant risks. Nothing in this presentation is intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security.

Although the information presented in this presentation has been obtained from sources that Carlyle believes to be reliable, Carlyle makes no representations as to its accuracy, validity, timeliness or completeness for any purpose. The information set forth herein does not purport to be complete and Carlyle is not responsible for errors and/or omissions with respect to the information contained herein. Unless otherwise expressly stated herein any analysis or outlook relating to the matters discussed herein express Carlyle's views only as of November 5, 2019.

Statements contained in this presentation that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Carlyle. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained in this presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "forecast," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. These statements are subject to risks, uncertainties and assumptions, including those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended 12/31/2018 filed with the SEC on February 13, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

The fund return information reflected in this presentation is not indicative of the performance of The Carlyle Group L.P. and is also not necessarily indicative of the future performance of any particular fund. There can be no assurance that any of Carlyle's funds or its other existing and future funds will achieve similar returns. See "Risk Factors - Risks Related to Our Business Operations - The historical returns attributable to our funds, including those presented in this report, should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our common units" in the Annual Report. As used throughout this document, and unless otherwise indicated, "Gross IRR" represents the annualized internal rate of return for the period indicated on limited partner invested capital based on contributions, distributions and unrealized value before management fees, expenses and carried interest, which will reduce returns and, in the aggregate are substantial. "Net IRR" represents the annualized internal rate of return for the period indicated on limited partner invested capital based on contributions, distributions and unrealized value after management fees, expenses and carried interest (but not taxes borne by investors). "Gross MOIC" represents total fair value, before management fees, expenses and carried interest, divided by cumulative invested capital. An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized when the total proceeds received in respect of such investment, including dividends, interest or other distributions and/or return of capital represents at least 85% of invested capital and such investment is not yet fully realized. In considering investment performance information contained in this presentation, prospective investors should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that Carlyle or any Fund will achieve comparable results. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Unless otherwise specified, LTM, or last twelve months refers to the period of Q4 2018 through Q3 2019, and the prior rolling 12-month period refers to the period Q4 2017 to Q3 2018.

This presentation includes comparisons of certain private equity indices to various indexes including certain MSCI indexes (MSCI) and the S&P 500 and other indexes. The private equity indices do not represent the performance of any Fund or family of Funds. Recipients should not infer that any Fund is top quartile. There are significant differences between the types of securities and assets typically acquired by U.S. and global buyout funds, the investments covered by the MSCI, S&P 500 and other indexes. Specifically, U,S. and global buyout funds typically make investments in securities and other assets that have a greater degree of risk and volatility, and less liquidity, than those securities included in these indexes and companies included in the indexes are not subject to certain of the management fees, carried interest or expenses to which investors in U.S. and global buyout funds are typically subject. Comparisons between private equity funds, Carlyle sponsored funds, the MSCI, S&P 500 and other indexes are included for informational purposes only. The private equity returns do not represent the performance of any Fund or family of Funds. Recipients should not infer that any Fund is top quartile.

Detailed information about Carlyle's management fees and performance revenues is available in Carlyle's public filings. Please note that certain metrics and projections contained in this Presentation include the Legacy Energy Funds and funds advised by NGP Energy Capital Management. Please note that the Legacy Energy Funds (as defined in Carlyle's public filings), are managed with Riverstone Holdings LLC and its affiliates. Affiliates of both Carlyle and Riverstone act as investment advisers to each of the Legacy Energy Funds. Currently, Carlyle is only entitled to carried interest and management fees in certain funds advised by NGP Energy Capital Management. The NGP Energy Capital Management funds which solely earn management fees are referred to herein as "NGP predecessor funds."

For purposes of the non-financial operating and statistical data included in this presentation, including the aggregation of our non-U.S. dollar denominated investment funds, foreign currencies have been converted to U.S. dollars at the spot rate as of the last trading day of the reporting period when presenting period end balances, and the average rate for the period has been utilized when presenting activity during such period. With respect to capital commitments raised in foreign currencies, the conversion to U.S. dollars is based on the exchange rate as of the date of closing of such capital commitment.

This presentation includes certain Non-GAAP financial measures, Distributable Earnings ("DE") and Distributable EBITDA. These Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measured prepared in accordance with GAAP. Please see Carlyle's public filings for the definition of "carry funds," "Fee-earning assets under management" or "Fee-earning AUM," (FEAUM), and "Assets under management" or "AUM."

2

THE PRIVATE CAPITAL INDUSTRY IS NO LONGER "ALTERNATIVE"

Private Capital Industry Stronger Than Ever

Historical Assets Under Management ($billions)

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

$6 trillion+

10-Year CAGR (2009-1Q 2019):

Infrastructure: 16%

Private Debt: 12%

Natural Resources: 11%

Private Equity: 10%

Real Estate: 9%

Total Private Capital: 10%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Private Equity

Real Estate

Infrastructure

Private Debt

Natural Resources

Q1

Source: Preqin accessed October 2019. Data as of 3/31/2019. There is no guarantee that this trend will continue.

4

Private Capital Continues to Outperform

Private Equity1

Real Estate2

Private Credit3

POOLED BUYOUT RETURNS (NET) COMPARED TO PUBLIC MARKET EQUIVALENT

POOLED REAL ESTATE RETURNS (NET) VS NCREIF PROPERTY INDEX PUBLIC MARKET EQUIVALENT

PRIVATE DEBT FUND RETURNS (NET) VS GLOBAL HY INDEX (TOTAL RETURN)

18%

+554bps

+654bps

+897bps

13%

+79bps

+660bps

+230bps

8%

(136bps)

3%

-2%

1-Year

5-Year

15-Year

1-Year

5-Year

1-Year

5-Year

Private Equity Index

MSCI World Index

Real Estate

NCREIF

Private

Global HY

Property

Debt Fund

Fund Index

Index

Index

Index

1)

Cambridge Associates, Buyout & Growth Equity Index & Selected Benchmark Statistics; 3/31/2019. Buyout: Fund Index Summary: Horizon Pooled Return Compared to CA Modified Public Market Equivalent

(mPME). Buyout Index Return represent net-returns to Limited Partners. CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public

index's shares are purchased & sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, & mPME NAV is a function of mPME cash flows

2)

& public index returns.

Real Estate: Cambridge Associates, Real Estate Index & Selected Benchmark Statistics; 3/31/2019. Fund Index returns are net of fees, expenses, & carried interest. Benchmark return represents the Cambridge

3)

Modified Public Market equivalent, which replicates private investment performance under public market conditions.

Preqin Quarterly Update: Private Debt Q1 2019. Represent Horizon Net IRRs (Annualized) as of 9/30/2018. Global HY Index Total Returns sourced from S&P Capital IQ; returns as of 9/30/2018.

5

Please see "Important Information" for more information about the use of, & comparisons to, indexes. There is no assurance that this trend will continue.

Investment Outperformance Leading to Larger Allocations Which Help Achieve Targeted Investment Returns

Investors Expected to Increase or Maintain Allocations in the Longer-Term

Private Equity

95%

Private Debt

95%

Infrastructure

94%

Real Estate

90%

Natural Resources

88%

Maintain

Increase

Driving Investment Returns For...

Teachers

Students

Government

First

Retirees &

Global Citizens

Employees

Responders

Beneficiaries

Source: Preqin Investor Interviews, November 2018.

6

Private Equity Is An Engine for Growth

Carlyle's Private Equity Value Creation Relative to Publicly Traded Companies

10.0%

9.0%

720 bps

8.0%

3.5%

7.0%

Creation

6.0%

5.0%

3.7%

Value

4.0%

3.0%

2.0%

2.9%

1.0%

0.0%

S&P Global Broad

CPE: Faster Sales

CPE: Incremental

Market Index: Sales

Growth

Margin

Growth*

Impact of Private Capital

  • Support good companies to grow into great companies
  • Enable businesses to grow by providing access to capital to expand
  • CapEx to develop or refurbish hundreds of office building, medical centers, warehouses andmulti-family apartment buidings
  • Modernize public infrastructure
  • Provide investors with access to some of the world's fastest growing companies

*CAGR from Q4 2015 to Q4 2018.

Carlyle data representative of all companies in the CPE portfolio from Q4 2015 to Q4 2018.

Source: Carlyle Analysis of Proprietary Portfolio Company Data, S&P Capital IQ, September 2019.

7

Please see "Important Information" for more information about the use of, & comparisons to, indexes. There is no assurance that this trend will continue

Growth in PE-Backed Companies Mirrors Fall in Public Listings

Companies increasingly looking to stay private longer and require private capital to grow

Companies

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

2000

2001

2002

2003

PE-Backed

2004

2005

2006

2007

Company Inventory

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Publicly Listed Companies

Source: PitchBook 3Q 2018 M&A Report; CRSP. There is no guarantee these trends will continue.

8

CARLYLE PLATFORM HAS STRONG

OPERATING MOMENTUM

Carlyle Is A Global Leader In Private Capital Investing

Carlyle is diversified across sectors and with industry

leading positions

Investment Solutions

Corporate Private Equity

$45

Private Equity and

Buyout

Real Estate

Total AUM:

Long dated P/E

- Funds

Middle Market and

- Secondaries

$222 billion

$84

Growth Capital

- Co-investments

$48

Available Capital:

Global Credit

$73 billion

Real Assets1

Structured Credit

Direct Lending

Real Estate

Distressed Credit

$45

Energy

Opportunistic Credit

Power

Carlyle Aviation Partners

Infrastructure

Note: Data as of 9/30/2019. See The Carlyle Group L.P.'s filings with the U.S. Securities and Exchange Commission for more information on fund performance.

10

1) Includes three Energy & Power and Renewable funds jointly advised with Riverstone Holdings, L.L.C. and seven funds advised by NGP Energy Capital Management.

Fee-earning AUM Has Accelerated With Significant Fundraising Success

FEE-EARNING AUM ($BN)

•Fee-earning AUM of $159 billion near

record levelsin CPE, Real Assets & Global

$200

Core FEAUM CAGR: 10%

Credit

$175

Total FEAUM CAGR: 4%

•Recentlysurpassed multi-year $100 billion

$160

$159

$150

$140

$136

$149

$151

fundraising target

$131

$125

$123

$125

•Strong Core Fee-earning AUM1CAGR of

$115

10% since 2012

$100

$111

$99

•98% of Fee-earning AUM in locked up,

$96

$75

$79

long term fund structures not subject to

$50

quarterly redemption

•$7.6 billion in Pending Fee-earning AUM

$25

will activate fees upon fund initiation or

$0

capital deployment2

2012

2013

2014

2015

2016

2017

2018

3Q19

Core

Legacy

Note: Data as of 9/30/2019. There is no guarantee these trends will continue.

1) Core excludes Legacy FEAUM which consists of Hedge Funds, Legacy Energy, and Legacy APG / PGGM FEAUM.

2) Pending Fee-earning AUM of $7.6 billion as of 9/30/2019 includes approximately $1.5 billion in fund commitments that will activate as new funds turn on fees. The remaining amount will generally become

11

fee-earning as the commitments are invested.

Fee Related Earnings And Margins Moving Higher And We Expect The Trend To Continue

Fee Related Earnings growth accelerated over the last few years

FRE of $345 million through Q3 2019 positions CG to generate approximately$450 million for FY 2019 & we expect continued growth from here

FRE Margin was 28% through Q3 2019 benefiting from high incremental margin revenue, up substantially from the prior 2 years

FRE & MARGIN TRENDS1

$500

$500

35%

$450

$450

30%

($mm)

$400

$350

(%)

$350

25%

RelatedEarnings

$300

$

318

MarginFRE

$250

$345m

20%

through

$200

$192

Q3 2019

15%

Fee

$150

10%

$100

We are targeting$500 million in annual

$50

$124

5%

FREover the next couple years and the

$0

0%

expansion of pre-tax FRE margins to ≥

2017

2018

2019

Target

30% over the next several years

Projection

Insurance recoveries

FRE (ex recoveries)

FRE Margin

Note: Data as of 9/30/2019. There is no guarantee that these trends will continue. Reflects Management's views as of 11/5/2019. Please see "Important Information" slides for information about the use of and

reliance on projections.

1) 2017 Fee Related Earnings were $192 million, and $124 million net of $68 million in net insurance recoveries. 2018 Fee Related Earnings were $350 million, and $318 million net of $32 million in insurance

12

recoveries. FRE Margins are based on Fee Related Earnings excluding the impact of insurance recoveries.

Our Investment Platform Has Produced Industry Leading Performance Revenues And Positioned For Continued Outperformance

NET REALIZED PERFORMANCE REVENUE (PER UNIT, 2014-2018 AGGREGATE)

$10

NRPR / Unit (5-year total)

50%

$8.73

As a % of Current Mkt Cap

45%

$8

40%

36%

35%

$6

30%

25%

$4

20%

15%

$2

10%

5%

$0

0%

CG

Peer 1 Peer 2 Peer 3 Peer 4

NET ACCRUED PERFORMANCE REVENUE (PER UNIT, AS OF 3Q 2019)

$6

NAPR / Unit

20%

18%

18%

% of Mkt Cap

$5.12

$5

16%

$4

14%

12%

$3

10%

$2

8%

6%

$1

4%

2%

$0

0%

CG

Peer 1

Peer 2 Peer 3 Peer 4

Note: Data as of 9/30/2019, except market capitalization estimate which is based on share price as of 11/01/2019. Per unit calculations are derived based on units outstanding as of 6/30/2019, sourced from

available public disclosures. Net realized performance revenue per unit reflects 2014-2018 aggregate net realized performance revenue divided by units outstanding as of 6/30/2019. Peers include Apollo, ARES,

13

Blackstone and KKR.

C-CORP CONVERSION WILL HELP UNLOCK SHAREHOLDER VALUE

Conversion to Full C-Corp (Effective January 2020) Will Help Unlock Shareholder Value and Trading Liquidity

Expect Significant Index Inclusion in 1H20

Alts Have Seen Significant Uptick in Volume

•

CRSP Indices - 1Q 2020

% Change in Average Daily

•

S&P TMI Indices - 1Q 2020

Trading Volume

•

MSCI Indices - 1Q or 2Q 2020

161%

(post BX conversion announcement)1

•

Russell Indices - 2Q 2020

•

S&P Indices - quarterly rebalance - CG best

96%

positioned for inclusion amongst peers, but no

78%

guarantee of inclusion

41%

12%

-21%

-6%

APO

BX

CG HLNE ARES KKR

US

Equity

Daily

1. As of April 18, 2019. Measures average daily trading volume from April 18, 2019 compared to the YTD average

until April 17, 2019.

Trading

Note: There is no guarantee CG will be included in any index family. These views reflect management current expectations as of November 5, 2019 and may be subject to change at any time. Data as of

November 4, 2019.

15

Source: Factset, Nasdaq.

Carlyle Presents An Attractive Investment Opportunity

Platform Growth

FEE-EARNING AUM ($BN)

+28%

$159

$124

Q3 2016

Q3 2019

NET ACCRUED PERFORMANCE REVENUE ($BN)

+52%

$1.8

$1.2

Q3 2016

Q3 2019

Value1

Technical Improvement

PRICE TO 2020E

•Carlyle will convert to a

18x

17x

15x

14x

Full C-Corp effective

12x

January 1, 2020

•Removal of K-1 reporting

likely to improve relative

attractiveness to

Peer Peer Peer Peer

CG

investors

1

2

3

4

•CG inclusion into indices

CONSENSUS EPS GROWTH

and benchmarks could

(2019E - 2021E)

drive significant active

73%

and passive buying

54% 50%

demand

33% 28%

CG

Peer Peer Peer Peer

2

1

4

3

1) Source: Factset. Peers include Apollo, ARES, Blackstone, KKR. Consensus EPS growth is calculated as the total EPS growth from 2019E to 2021E.

16

We Are Performing Well And Positioned For Growth

Carlyle is aglobal leader in the growing private capital industry

We arecommitted to delivering strong results for all of our stakeholders (fund investors, unitholders, employees, our communities)

Continuedmargin expansion and growth initiatives driving further FRE growth

Latest vintage offlagship investment funds generally tracking in line with predecessor funds, with $1.8 billion of accrued performance revenues underpinningfuture net realized performance revenue growth

Our FullC-CorpConversionExpected to Help Unlock Shareholder Value

17

SEGMENT SUMMARIES

Corporate Private Equity: Platform Continues to Scale While Maintaining Superior Long Term Performance

TOTAL AUM ($BN)

FEE-EARNING AUM ($BN)

$63

$73

$81

$84

$62

$61

$41

$51

$36

$36

2015

2016

2017

2018

Q3 2019

2015

2016

2017

2018

Q3 2019

Japan Buyout

Financial Services

Japan Buyout

Financial Services

$3.4

$1.0

Other

$1.5

Other

$2.2

CPE¹

Global Partners

CPE¹

US Growth

$6.8

$2.6

$4.8

US Buyout

US Growth

$3.5

Asia

$84b

Buyout

$61b

US Buyout

$38.1

$2.8

$28.4

Asia

Global

Buyout

$9.9

Partners

$12.2Europe Buyout

Europe Buyout

$5.7

$12.2

$10.2

Financial Metrics ($mm)

2016

2017

2018

LTM Q3 2019

Fee Related Earnings

$116

$26

$124

$278

Net Realized

588

459

221

55

Performance Revenues

Distributable Earnings

739

488

350

309

Key Points

  • Superior, diversified track record
    • 2.4X MOIC on realized and partially realized investments
    • Experience across multiple deployment and exit cycles
  • Successor funds continue to scale CPE platform
    • US/Asia/Europe buyout fundraising scaled latest funds by more than 50%
    • $32 bn of Available Capital
    • Deployment of $14.1 bn LTM
  • Positioned to deliver future performance fees
    • $52 bn Remaining Fair Value
    • $1.1 bn of Net Accrued Performance Revenue

Note: Data as of 9/30/2019 unless otherwise noted. See The Carlyle Group L.P.'s filings with the U.S. Securities and Exchange Commission for more information on fund performance.

19

1) Comprised of South America Buyout, Europe Growth, Asia Growth, Sub-Saharan Africa Buyout, CPE Platform Accounts, Peru Buyout, Ireland Buyout and MENA Buyout.

Real Assets: Growing Real Estate Platform & Opportunities in Natural Resources, Power and Infrastructure

TOTAL AUM ($BN)

FEE-EARNING AUM ($BN)

$38

$43

$46

$45

$31

$28

$32

$33

$33

$34

2015

2016

2017

2018

Q3 2019

2015

2016

2017

2018

Q3 2019

Power

Power

$2.1

Legacy

Legacy

Infrastructure

$1.6

Energy

US Real

Infrastructure

Energy

US Real

$2.1

$2.9

$2.5

Estate

$2.2

Estate

$33b $9.9

NGP Energy $45b$16.4

$12.2

NGP Energy

Int'l Real Estate

$11.6

Int'l Real Estate

$1.9

Int'l Energy

$2.5

Int'l Energy

$6.7

$3.1

Financial Metrics ($mm)

2016

2017

2018

LTM Q3 2019

Fee Related Earnings

$69

$52

$121

$143

Net Realized

16

50

84

62

Performance Revenues

Distributable Earnings

49

25

207

272

Key Points

  • US Real Estate business delivering strong performance
    • Strong performance (13% LTM appreciation) and substantial scaling in opportunistic funds
    • Core Plus market an attractive opportunity to leverage USRE expertise
  • Natural Resources actively deploying capital In Challenging Markets
    • Invested Capital of $1.8 bn over the LTM
    • International Energy (+10% LTM appreciation) performing well despite industry headwinds
  • Global Infrastructure opportunity
    • New global infrastructure fund well positioned to take advantage of massive need for domestic and international private investment in infrastructure

Note: Data as of 9/30/2019.

20

Global Credit: Significant Growth Potential as We Build a Larger Diversified Credit Platform

TOTAL AUM ($BN)

$44 $48

$29 $33

$26

2015

2016

2017

2018

Q3 2019

Direct

Lending

Carry

$4.9

Funds

Aviation

$11.0

$6.3

$48b

CLOs $25.7

FEE-EARNING AUM ($BN)

$35 $37

$24 $27

$23

2015 2016 2017 2018 Q3 2019

Direct

Lending

Carry

Aviation

$3.1

Funds

$4.6$6.1

$37b

CLOs $23.4

Key Points

Focused on enhancing and scaling

Global Credit platform

•Private credit accelerating as an asset class

•New credit teams capable of managing much

higher AUM

•Growth via organic/inorganic means to

address significant white space

Solid core platform

•$26 bn US/Europe CLO business with strong

fee margins

•Direct Lending AUM of $4.9 bn with 68% of

portfolio in a first lien position2

•Latest vintage Distressed Credit fund

Financial Metrics ($mm)

2016

2017

2018

LTM Q3

2019

Fee Related Earnings

$(175)

$82

$72

$76

Net Realized

19

40

5

3

Performance Revenues

Distributable Earnings

(157)

127

78

77

significantly larger than predecessor fund

Launch or acquire new capabilities

•

Opportunistic credit

•

Infrastructure Credit

•

Carlyle Aviation Partners

Note: Data as of 9/30/2019. (1) 2015 Total AUM and Fee-earning AUM reflect breakout of the former hedge fund platform. 2) 2016, 2017 and 2018 include net (charges)/recoveries of $(175) million, $68 million

21

and $32 million, respectively, associated with our commodities business. (2) First lien statistics for BDC I.

Investment Solutions: Successful Fundraising Efforts & Consistent Strong Performance Support Future Upside Potential

TOTAL AUM ($BN)

FEE-EARNING AUM ($BN)

$46

$43

$46

$46

$45

$30

$29

$28

$27

$28

2015

2016

2017

2018

Q3 2019

2015

2016

2017

2018

Q3 2019

Metropolitan

Metropolitan

$2.4

$2.1

AlpInvest -

AlpInvest -

Co-Investments

AlpInvest -

AlpInvest -

Co-Investments

$9.2

$45b

$5.3

$28b

Primary &

Other¹

Primary &

Other¹

AlpInvest -

$22.9

$12.5

AlpInvest -

Secondary

Secondary

$10.3

$7.9

Financial Metrics ($mm)

2016

2017

2018

LTM Q3 2019

Fee Related Earnings

$23

$32

$34

$24

Net Realized

2

3

10

9

Performance Revenues

Distributable Earnings

20

30

39

28

Key Points

  • AlpInvest has great investment performance with performance fee upside
    • 12% net IRR & 1.6x MOIC with LTM appreciation of 16%2
    • Performance revenues well positioned to improve as post acquisition European waterfall funds mature
  • Effective management fee rate should rise over time
    • New commitments from third party investors have higher fee yield than prior AUM
    • Expect older/low fee commitments to drive FEAUM runoff over next few years

Note: Data as of 9/30/2019. See The Carlyle Group L.P.'s filings with the U.S. Securities and Exchange Commission for more information on fund performance.

1)

Includes Mezzanine funds.

22

2)

Includes impact from foreign exchange gain/loss in underlying fund investments.

APPENDIX

Exceptional Investment Performance Is Our Primary Goal

LTM CARRY FUND APPRECIATION VS MAJOR EQUITY INDEX PERFORMANCE1

20%

15%

15%

10%

5%

5%

3%

1%

0%

-2%

-4%

-5%

CPE

RA

GC

IS

Total

MSCI

ACWI

  • Carry Fund Appreciation outpaced the MSCI ACWI by~700 basis pointsover the LTM
  • Realized/Partially Realized CPE investments generated a2.4x MOIC & 27% Gross IRRsince inception
  • 61% of Remaining Fair Valuein CPE/RA/GC carry funds accruing performance revenue as of 9/30/19
  • TCG BDCdividend yield of 10% on NAV2
  • Exceptional CLO performancewith default rates of 0.7%/1.6% for US/EU CLOs3

Note: Data as of 9/30/2019. See The Carlyle Group L.P.'s filings with the U.S. Securities and Exchange Commission for more information on fund performance. 1) Appreciation/(Depreciation) represents

unrealized gain/(loss) for the period on a total return basis before fees and expenses. The percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales

proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value. Fund only, does not include co-investment. The MSCI

ACWI - All Cap Index represents the performance of the MSCI All Country World Index across all market capitalization sizes of the global equity market. Please see the "Important Information" slide for more

information related to comparisons with indices. 2) Reflects latest annualized dividend for BDC 1 divided by 2Q19 reported NAV. 3) Inception to date default rate for U.S. (since 1999) and Europe CLOs (since

24

2005).

CPE's Proven, Disciplined Investment Process Drives Strong Results

Portfolio Construction In Today's

Challenging Investment Environment

  • Find or create growth not tied solely to GDP Growth
  • Earnings growth strong enough to offset multiple contraction
  • Build a portfolio to perform during continued slow GDP growth or modest economic downturn
  • Management talent and depth must be world class
  • Maintain appropriate diversification
  • Pursue exit opportunities while valuations are favorable

REALIZED & PARTIALLY REALIZED INVESTMENTS US/EU/ASIA BUYOUT

Equity Invested

Gain/(Loss)

$64

$25

$15

$5

$8

< 1x($4)

1-2x

2x+

# of Realized/Partially Realized Investments

192

Total Equity Invested

$46 bn

Average Deal MOIC 1

2.6x

Median Deal MOIC 1

2.1x

Note: Data as of 6/30/2019. Represents realized and partially realized deals in Carlyle Partners, Carlyle Europe Partners and Carlyle Asia Partners since inception. Includes fund and external coinvestment.

Past performance is not indicative of future results and there is no guarantee these trends will continue.

25

1) Reflects the simple average and median of individual investment multiples without weighting for investment size

Many Of Our Largest Fund Families Have Consistently Delivered Strong Performance

Inception Year

Committed Capital (bn)

Gross IRR

Net IRR

Total MOIC

Carlyle Partners IV (U.S.)

2004

$7.9

16%

13%

2.4x

Carlyle Partners V (U.S.)

2007

$13.7

18%

14%

2.1x

Carlyle Partners VI (U.S.)

2012

$13.0

15%

10%

1.5x

Carlyle Partners VII (U.S.)

2018

$18.5

NM

NM

1.0x

Carlyle Asia Partners II

2006

$1.8

11%

8%

1.9x

Carlyle Asia Partners III

2008

$2.6

17%

11%

1.8x

Carlyle Asia Partners IV

2012

$3.9

12%

8%

1.4x

Carlyle Asia Partners V

2018

$6.6

NM

NM

1.2x

Carlyle Europe Partners II

2003

€1.8

36%

20%

2.0x

Carlyle Europe Partners III

2006

€5.3

19%

14%

2.3x

Carlyle Europe Partners IV

2013

€3.7

14%

8%

1.3x

Carlyle Europe Partners V

2018

€6.3

NM

NM

1.0x

Carlyle Realty Partners V (U.S.)

2006

$3.0

13%

9%

1.8x

Carlyle Realty Partners VI (U.S.)

2010

$2.3

28%

19%

1.8x

Carlyle Realty Partners VII (U.S.)

2014

$4.2

21%

14%

1.6x

Carlyle Realty Partners VIII (U.S.)

2017

$5.5

NM

NM

1.1x

Natural Gas Partners X

2012

$3.6

4%

1%

1.1x

Natural Gas Partners XI

2014

$5.3

12%

8%

1.3x

Natural Gas Partners XII

2017

$4.3

NM

NM

1.1x

Carlyle International Energy Partners I

2013

$2.5

26%

14%

1.6x

Carlyle International Energy Partners II

2019

$1.6

N/A

N/A

N/A

Carlyle Strategic Partners II

2007

$1.4

17%

11%

1.8x

Carlyle Strategic Partners III

2011

$0.7

26%

16%

1.6x

Carlyle Strategic Partners IV

2016

$2.5

NM

NM

1.2x

Note: Data as of 9/30/2019. Past performance is not indicative of future results. Does not represent all Carlyle carry funds. For a full list of the firm's significant funds and information about their performance, see

information in our latest earnings release or quarterly or annual reports filed with the U.S. Securities and Exchange Commission. Bold represents funds currently in the investment period.

26

1) CIEP II is currently in fundraising; Committed Capital reflects fundraising to date.

Diversified Investment Platform Creates The Opportunity For Larger Committed Capital Per Strategy

FLAGSHIP PE FUND COMMITMENTS ($BN)

$33.6

$28.3

$25.6 $24.7

$22.0

$18.8 $18.4$18.1

Prior Vintage

Current Vintage

Peer 1

Peer 2

Peer 3

Carlyle US Carlyle Europe Carlyle Asia Carlyle Japan

Carlyle's geographically diverse fund structure (relative to a single large global fund) enables us to collectively raise more capital and diversification provides better likelihood of generating performance fees

Presented for illustrative purposes only. Source: Company filings. Peer commitments include flagship global buyout funds, as well as any comparable buyout funds focused on Europe or Asia.

27

Note: Data as of 9/30/2019.

FRE Growth Supported By A Growing Carry Fund Investment Platform

Fund Commitments for Major CPE/RA/GC Carry Funds

~ 30-40%+

+40%

$49 bn

$35 bn

Prior Generation¹

2013-16 Vintage Funds²

Next Generation³

Note: Data as of 9/30/2019. Reflects Management's views as of 11/5/2019. Please see "Important Information" slides for information about the use of and reliance on projections. There is no guarantee these

trends will continue.

1)

Prior Generation of funds includes direct predecessors to Current Generation where applicable.

2)

Current Generation of funds includes: CP VI, CEP IV, CAP IV, CJP III, CGFSP II, CEOF II, CETP III, CGP, CRP VII, NGP XI, CIEP, CPP II, CSP IV, CEMOF II.

3)

Next Generation of funds includes follow on funds for Current Generation as well as new fund families and new product initiatives. There is no assurance these trends will continue or that we will be able to

28

raise the capital required to achieve these targets.

Scaling and Broadening Global Credit Will Support FRE Growth

  • Global Credit now generates more than $300 million in annualrun-rate management fees, up 25% YoY
  • Continue to build out capabilities to manage larger amounts of capital
    • Fortitude relationship is expected to help Global Credit develop incremental scale
  • Launch/acquire new funds & products
    • Opportunistic Credit
    • New Direct Lending funds and vehicles
    • Managed Accounts
  • Leverage functional platform to scale broadening investment capabilities

AUM: $48 BILLION

Loans & Structured

Credit

$26.7

Direct Lending

$4.9

Aviation

Opportunistic Credit

$6.3

$2.9

Distressed Credit

Energy Credit

$3.4$3.7

GLOBAL CREDIT AUM1

$44

$48

$33

$29

$26

2015

2016

2017

2018

Q3 2019

Legacy H/F platform

Global Credit AUM (ex HFs)

Note: Data as of 9/30/2019.

29

1) 2015 Total AUM reflects breakout of the former hedge fund platform.

Breadth Of Fundraising Resources And Capabilities Drive New Investor Relationships

  • Team of more than100 fundraising employeesacross all regions
  • More than2,600 fund investorsfrom 94 countries
  • More than410 new fund investorsover the past 3 years have committed $8.8 billion
  • 76% of fund investor capitalis invested across six or more carry funds, up from 50% in 2006

GROSS FUNDRAISING SINCE Q1 2016

$106 billion

$44

$26

$20

$17

CPE

GC

RA

IS

DIVERSE SOURCE OF CAPITAL COMMITMENTS

Banks Other

Insurance 4% 3%

6%

Corporations

Public Pensions

1%

Fund of Funds

& Agencies

47%

6%

High Net

Worth

14%

Endowments

2%

Corporate Pensions

CROSS SELLING ACROSS FUNDS1

% OF $ COMMITMENTS ACROSS MULTIPLE FUNDS

> 20 funds

6%

11 - 20 funds

16%

39%

6 - 10 funds

28%

19%

2 - 5 funds

41%

18%

18%

4%

Sovereign

1 fund

9%

6%

Wealth Funds

12%

2006

9/30/2019

Note: Data as of 9/30/2019.

Number of fund investors for prior years is shown as of September 30thof each year.

30

1) Percentage of capital committed by investors to active carry funds, segmented by the number of active carry funds in which the investors were committed as of 12/31/2006 and 9/30/2019.

Deployment Has Increased As Our Investment Platform Has Grown

Invested Capital ($ billions)

All Carry Funds

$25.7

$22.0

$22.4

$17.9

$14.8

$14.0

Investment

$12.8

$12.3

Solutions

Global Credit

Real Assets

Corporate

Private Equity

2012 2013 2014 2015 2016 2017 2018 LTM

Q3 2019

31

Diverse Investment Activity Across Carry Funds And Credit Despite Competitive Global Markets

LTM Total Investment Activity ($ billions)

Carry Fund Deployment: $25.7

Credit Investment Activity (Non-Carry Fund): $6.4

$14.1

$2.0

Other CPE

$2.1

Europe Buyout

$0.9

Asia Buyout

$2.6

$9.1

$4.2

US Buyout

$3.8

$0.9

Other

$1.3

Energy

$2.1

US RE

$2.3

Middle Market

Lending

Obligations

CLO

Issuance &

Resets

Global Credit Carry Funds

$5.1

$0.3

Real Estate

$1.7

Co-Invests

$1.7

Secondaries

$1.4

Funds

Corporate Private Equity

Real Assets

Global Credit

Investment Solutions

Note: Data as of 9/30/2019.

32

Remaining Fair Value Concentrated Among Relatively Newer Private Investments

REMAINING FAIR VALUE OF CPE/RA/GC CARRY FUND PORTFOLIO1- $83 BILLION

RFV AGED 4 OR MORE YEARS HAS DECLINED, LEADING TO A YOUNGER PORTFOLIO

37%

6%

0-2 Public years

31%

26%

36%

2-4

94%

years

Private

>4

26%years

VintagePublic/Private

3Q163Q19

Note: Data as of 9/30/2019.

1) Remaining Fair Value reflects the unrealized carrying value of investments for all carry funds and related vehicles, the aggregate collateral balance of our CLOs and the gross asset value of our business

33

development companies. Totals may not sum due to rounding.

Annual Realized Proceeds Slowing In The Short Term, But Record Level Of Remaining Fair Value Highlights Positive Future Opportunity

REALIZED PROCEEDS ($BN, ALL CARRY FUNDS)

29.4

29.0

29.4

25.3

25.4

26.0

24.0

19.7

Invest

Solutions

Global

Credit

Real

Assets

CPE

2012 2013 2014 2015 2016 2017 2018 LTM

Q3

2019

REMAINING FAIR VALUE OF CAPITAL ($BN, ALL CPE/RA/GC CARRY FUNDS)

$83

$79

$71

$63 $63

$60$60

$56

4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 3Q19

Note: Data as of 9/30/2019. There is no guarantee these trends will continue.

34

Investment Metrics Support Growing Future Performance Revenue

TOTAL AUM ($BN)

+31%

$222

$169

Q3 2016

Q3 2019

NET ACCRUED PERFORMANCE REVENUE ($BN)

+52%

$1.8

$1.2

Q3 2016

Q3 2019

REMAINING FAIR VALUE ($BN)

CPE/RA/GC CARRY FUNDS

+49%

$83

$56

Q3 2016

Q3 2019

AVAILABLE CAPITAL ($BN)

+33%

$73

$54

Q3 2016

Q3 2019

Note: Data as of 9/30/2019. There is no guarantee these trends will continue.

35

Strong Balance Sheet With Growing Value Per Unit

Key Balance Sheet Items1($bn)

9/30/2019

Cash, Cash Equivalents and Corporate

$1.1

Treasury Investments2

Net accrued performance revenues3

$1.8

(net of giveback and accrued

performance fee compensation)

Investments attributable to Carlyle

$1.4

unitholders4

Loans Payable and Senior Notes5

$1.6

(Pro forma for Sept 2019 debt

issuance)

Drawn revolving credit line

$0

  1. Balance sheet amounts presented exclude the effect of U.S. GAAP consolidation eliminations on investments and accrued performance revenues, as well as cash and debt associated with Carlyle's consolidated funds.
  2. Excludes $405 million of cash that was used to redeem the Preferred Units on October 7, 2019.
  3. Net accrued performance revenues as of September 30, 2019 are net of $63 million in accrued giveback obligations and $2,041 million in accrued performance allocations and investment fee compensation related tonon-controlling interests.
  4. Investments include the $565 million investment in Fortitude Re, excluding the impact of unrealized gains on embedded derivatives included in Fortitude Re's U.S. GAAP financial statements. Investments exclude the equity investments by Carlyle in NGP Energy Capital Management and the portion of CLO investments attributable to Carlyle unitholders that were financed with debt.
  5. Excludes approximately $320 million of loans used to finance investments in CLOs and $293 million of lease liabilities.

KEY BALANCE SHEET ITEMS

($BN, EXCEPT PER ADJUSTED UNIT AMOUNTS)

$3.5

$7.66 /

$6.86 /

unit

$3.0

$7.14 /

unit

$2.5

unit

Net

1.8

Accrued

$2.0

Performance

$3.62 /

1.7

Revenues

$1.5

unit

1.7

$1.0

1.1

1.4

Investments 3

$0.5

0.7

1.2

0.5

$0.0

0.1

(0.4)

(0.6)

(0.6)

Cash/Equivalents

($0.5)

less Debt 3

($1.0)

Q4 2016

Q4 2017

Q4 2018

Q3 2019

36

Our Conversion to Full C-Corp: Best Way To Unlock Shareholder Value

  • Carlyle will convert to a Corporation as of January 1, 2020
  • Implementing a fixed $1.00/share dividend for 2020 (current yield: ~4%)

S I M P L E

I N D U S T R Y

V A L U A B L E

F U L LY

M A X I M I Z E S

and

L E A D I N G

recurring

A L I G N E D

index and

transparent

governance

fixed dividend

shareholder

benchmark inclusion

structure

rights

economic rights

opportunity with

improved trading

liquidity

Note: Current yield based on a $1.00 fixed dividend at current share price as of 11/4/19.

37

Conversion to Full C-Corp Produces the Greatest Potential Investor Demand

Conversion Is Expected to Increase

the Eligible Investor Universe…

  • With the conversion to a "FullC-Corporation," we expect to be added to most potential indices and benchmarks based on our tradeable market capitalization
  • There is a more than $3 trillion addressable passive index universe and over $4 trillion of active AUM benchmarked to potential indices into which CG shares may be added1
  • The top 25 financial investors have more than $500 billion2invested in financial stocks with less than $100 million invested in CG, which could increase with C-corp conversion and inclusion into active management benchmarks
  • We estimate more than $700 million in potential passive investment demand for CG shares; mutual funds benchmarked to Russell and S&P indices could add significantly more demand

Resulting in Meaningful Incremental Active

and Passive Buying Demand

37%

S&P

33%

CRSP

>$700 mm in estimated passive demand

15%

DJI / MSCI /

15%

Other

Russell

Presented for illustrative purposes only.

1)

Source: Nasdaq.

38

2)

Source: Factset.

Key Metrics Summary

Quarterly Data

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

Total AUM(1) ($ bn)

195.1

201.5

209.7

212.3

216.5

221.5

222.7

221.8

Corporate Private Equity

72.6

75.0

81.2

81.6

80.8

84.3

83.9

84.1

Real Assets

42.9

44.0

45.4

46.0

45.6

46.2

46.8

44.9

Global Credit

33.3

33.8

35.5

37.4

44.4

45.6

46.6

48.0

Investment Solutions

46.3

48.7

47.6

47.3

45.7

45.4

45.4

44.8

Fee-earning AUM(1) ($ bn)

124.6

125.8

146.5

147.4

159.6

160.0

158.4

158.8

Corporate Private Equity

35.6

35.3

56.3

56.3

62.4

61.9

60.5

61.2

Real Assets

31.6

32.1

31.5

31.6

33.0

32.9

33.2

32.7

Global Credit

27.3

27.8

28.8

30.1

35.2

36.5

35.9

37.1

Investment Solutions

30.2

30.5

29.8

29.5

29.1

28.7

28.8

27.7

Fundraising(2)(3) ($ bn)

24.7

7.7

12.3

6.0

7.1

6.9

3.5

5.7

Corporate Private Equity

19.1

3.9

8.8

1.8

2.4

3.6

0.5

1.9

Real Assets

3.2

1.3

0.7

1.1

2.6

0.6

1.6

0.6

Global Credit

1.7

0.8

2.0

2.0

1.4

1.5

1.0

2.8

Investment Solutions

0.7

1.7

0.7

1.2

0.6

1.2

0.4

0.4

Invested Capital(4) ($ bn)

7.2

4.0

3.5

3.3

11.5

3.4

7.3

3.4

Corporate Private Equity

3.6

0.7

1.6

1.1

7.8

1.1

4.2

1.0

Real Assets

1.6

1.9

0.9

0.8

1.7

0.8

0.9

0.8

Global Credit

0.8

0.4

0.2

0.1

0.4

0.4

0.8

0.7

Investment Solutions

1.2

1.0

0.8

1.3

1.6

1.1

1.4

0.9

Realized Proceeds(4) ($ bn)

8.0

5.6

7.0

6.4

4.9

4.7

4.4

5.7

Corporate Private Equity

3.4

2.7

2.9

1.5

1.7

0.9

1.6

1.1

Real Assets

1.3

1.1

1.4

1.7

0.9

1.6

0.6

1.7

Global Credit

0.3

0.2

0.3

0.1

0.2

0.4

0.3

1.0

Investment Solutions

2.9

1.7

2.4

3.1

2.2

1.8

1.9

1.9

Fund Appreciation(5)

5%

3%

5%

3%

(2%)

3%

2%

2%

Corporate Private Equity

8%

4%

3%

1%

(2%)

3%

1%

1%

Real Assets

4%

2%

7%

3%

(7%)

3%

0%

(0%)

Global Credit

1%

2%

3%

1%

(2%)

5%

1%

(2%)

Investment Solutions

3%

4%

8%

5%

2%

3%

4%

7%

Annual Data

2014

2015

2016

2017

2018

YTD 2019

Total AUM(1) ($ bn)

194.5

182.6

157.6

195.1

216.5

221.8

Corporate Private Equity

64.7

63.1

50.9

72.6

80.8

84.1

Real Assets

42.3

38.0

34.3

42.9

45.6

44.9

Global Credit

36.7

35.3

29.4

33.3

44.4

48.0

Investment Solutions

50.8

46.2

43.1

46.3

45.7

44.8

Fee-earning AUM(1) ($ bn)

135.6

131.0

115.0

124.6

159.6

158.8

Corporate Private Equity

40.2

40.9

36.3

35.6

62.4

61.2

Real Assets

28.4

30.9

27.5

31.6

33.0

32.7

Global Credit

33.9

31.0

24.1

27.3

35.2

37.1

Investment Solutions

33.1

28.2

27.1

30.2

29.1

27.7

Fundraising(2)(3) ($ bn)

24.3

16.4

8.2

43.3

33.1

16.1

Corporate Private Equity

7.6

8.0

0.8

20.5

17.0

6.0

Real Assets

9.2

3.9

1.2

10.2

5.7

2.7

Global Credit

6.9

2.9

3.5

6.6

6.3

5.3

Investment Solutions

0.5

1.6

2.8

5.9

4.2

2.0

Invested Capital(4) ($ bn)

14.8

14.0

17.9

22.0

22.4

14.2

Corporate Private Equity

6.8

5.3

7.9

11.1

11.3

6.3

Real Assets

2.5

3.1

5.1

4.4

5.2

2.6

Global Credit

0.6

0.6

0.7

2.1

1.2

1.9

Investment Solutions

5.0

5.0

4.3

4.4

4.7

3.5

Realized Proceeds(4) ($ bn)

29.4

29.0

29.4

26.0

24.0

14.8

Corporate Private Equity

14.5

12.9

14.8

11.2

8.8

3.7

Real Assets

4.7

4.8

5.6

4.5

5.1

3.9

Global Credit

0.7

0.5

0.4

0.6

0.8

1.6

Investment Solutions

9.5

10.8

8.6

9.6

9.4

5.6

Fund Appreciation(5)

19%

12%

12%

20%

9%

7%

Corporate Private Equity

23%

13%

11%

32%

5%

5%

Real Assets

(2%)

(3%)

18%

19%

5%

3%

Global Credit

20%

(8%)

(11%)

11%

5%

2%

Investment Solutions

26%

23%

12%

10%

19%

14%

Note: segments may not add to total due to rounding; for definitions of the operating metrics above, please see The Carlyle Group LP's filings with the Securities and Exchange Commission. In early 2018, our Global Market Strategies business was renamed to Global Credit.

1)

For purposes of aggregation, funds denominated in a currency other than U.S. Dollars have been converted at the spot rate as of the end of each period presented.

2)

For purposes of aggregation, commitments denominated in a currency other than U.S. Dollars have been converted at the spot rate as of the date of closing of such commitment.

3)

Excludes acquisitions.

4)

Amounts represent Carry Fund transactions only (including related coinvestments and separately managed accounts). Does not include hedge funds, mutual funds, structured credit funds, and NGP

5)

Predecessor funds. For purposes of aggregation, transactions denominated in a currency other than U.S. Dollars have been converted at the average rate for the period presented.

Appreciation / (Depreciation) represents unrealized gain / (losses) for the period on a total return basis before fees and expenses. The percentage of return is calculated as: Ending Remaining Investment FMV

39

plus net investment outflow (sales proceeds minus net purchases) minus Beginning Remaining Investment FMV divided by Beginning Remaining Investment FMV. Excludes external coinvestment.

Summary Financial Results

Pre-tax Segment Measures ($ millions)

Quarterly

Annual

4Q18

1Q19

2Q19

3Q19

2015

2016

2017

2018

YTD 2019

Segment Revenues

Fund Management Fees

391

382

415

385

1,198

1,086

1,081

1,362

1,181

Portfolio Advisory Fees, net and Other

6

6

5

5

33

29

32

31

16

Transaction Fees, net

25

5

10

6

10

31

27

32

20

Total Segment Fee Revenues

422

392

429

396

1,240

1,146

1,140

1,425

1,217

Realized Performance Revenues

112

49

42

118

1,435

1,216

1,085

682

209

Realized Principal Investment Income (Loss)

5

4

74

7

(65)

45

(26)

48

85

Interest Income

7

6

6

7

5

10

17

30

18

Total Segment Revenues

545

451

551

528

2,615

2,417

2,216

2,186

1,529

Segment Expenses

Cash-based Compensation and Benefits

193

202

207

194

650

601

658

741

604

Realized Performance Revenues Related Compensation

69

42

21

61

646

591

533

363

124

Total Compensation and Benefits

262

245

228

255

1,296

1,192

1,191

1,103

727

General, Administrative, and Other Indirect Expenses

44

76

80

81

313

484

259

299

237

Depreciation & Amortization Expense

10

10

10

12

26

29

31

35

32

Interest Expense

19

20

20

20

58

61

66

75

59

Total Segment Expenses

335

350

337

367

1,693

1,766

1,546

1,512

1,055

Distributable Earnings

$

211

$

101

$

213

$

161

$

923

$

652

$

670

$

674

$

475

(-) Realized Net Performance Revenues

43

7

21

58

789

625

553

320

86

(-) Realized Principal Investment Income (Loss)

5

4

74

7

(65)

45

(26)

48

85

(+) Net Interest

13

14

14

13

53

51

49

44

41

Fee Related Earnings

$

175

$

103

$

133

$

109

$

252

$

33

$

192

$

350

$

345

Per Unit Measures

Distributable Earnings Per Common Unit (after-tax)

$0.57

$0.25

$0.57

$0.41

$2.73

$1.85

$1.88

$1.78

$1.23

Distribution per Common Unit

$0.43

$0.19

$0.43

$0.31

$2.07

$1.55

$1.41

$1.34

$0.93

Note: Data as of 9/30/2019.

40

See "Selected Financial Data" in Carlyle's periodic and annual reports filed with the U.S. Securities and Exchange Commission.

Reconciliation of GAAP to Non-GAAP Financials

($ millions)

Income (loss) before provision for income taxes Adjustments:

Quarterly

Annual

3Q18

4Q18

1Q19

2Q19

3Q19

2015

2016

2017

2018

YTD 2019

$

61

$

(79)

$ 470

$

542

$

261

$

402

$

45

$

1,132

$

360

$

1,274

Net unrealized performance revenues

55

253

(156)

(82)

126

397

232

(625)

50

(112)

Unrealized principal investment income(1)

(7)

(23)

(239)

(235)

(199)

(42)

(5)

(73)

(49)

(672)

Adjusted unrealized principal investment income from

-

(12)

(27)

(40)

(68)

-

-

-

(12)

(135)

investment in Fortitude Re

Equity-based compensation(2)

52

44

39

38

39

381

343

365

252

117

Acquisition related charges, including amortization of

2

6

12

15

11

289

94

36

22

39

intangibles and impairment

Other non-operating expense (income)

0

0

0

0

0

(7)

(11)

(71)

1

1

Tax (expense) benefit associated with performance revenues

(13)

10

(6)

4

(11)

(15)

(15)

(9)

(2)

(13)

Net (income) loss attributable to non-controlling interests in

(15)

8

5

(40)

(11)

(538)

(41)

(73)

(34)

(46)

Consolidated entities

Reserve for litigation and contingencies

-

-

-

-

-

50

-

(25)

-

-

Lease assignment and termination costs

64

-

-

-

-

-

-

-

67

-

Debt extinguishment costs

8

-

0

-

-

-

-

-

8

0

Corporate conversion costs, severance and other adjustments

3

4

2

11

11

6

10

13

9

23

Distributable Earnings

$

210

$

211

$

101

$

213

$

161

$

923

$

652

$

670

$

674

$

475

(-) Realized Net Performance Revenues

124

43

7

21

58

789

625

553

320

86

(-) Realized Principal Investment Income (Loss)

7

5

4

74

7

(65)

45

(26)

48

85

(+) Net Interest

10

13

14

14

13

53

51

49

44

41

Fee Related Earnings

$

89

$

175

$

103

$

133

$

109

$

252

$

33

$

192

$

350

$

345

Note: Data as of 9/30/2019.

1)

The three months ended September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018 include $214 million, $231 million, $229 million and $46 million, respectively, in gains from changes in the

2)

fair value of embedded derivatives at Fortitude Re as a result of accounting principles related to derivatives and hedging.

Equity-based compensation for the three months ended September 30, 2019 includes $3.4 million which is included in principal investment income and general, administrative and other expenses in our U.S.

41

GAAP statement of operations, as well as $0.1 million related to units issued in conjunction with a previous acquisition.

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The Carlyle Group LP published this content on 05 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2019 16:24:04 UTC