> $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1Courier New1Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)**_($* #,##0_);_($* (#,##0);_($* ""_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* ""_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* ""??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* ""??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)60%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0) + ) , * Ј ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~8#܈ ~~9"܈ ~~3#܈ ~~7#܈ ~~9#܈ ~~4"܈ ~~8"܈ ~~4#܈ ~~83ffff̙̙3f3fff3f3f33333f33MThe Carlyle Group LP0The Carlyle Group LP (1)&UCondensed Combined and Consolid&0Condensed Combined and Cons (1)&Condensed Combined and Cons (2)&Condensed Combined and Cons (3)&"Investments in Unconsolidated V!<Acquisition of Claren Road%XAcquisition of Claren Road (1)%sAcquisition of Claren Road (2)%Acquisition of Claren Road (3)%"Acquisition of Claren Road (4)&dCLO Investments and CLO Loans P&sCLO Investments and CLO Loa (1)&DCLO Investments and CLO Loa (2)&kCLO Investments and CLO Loa (3)&CLO Investments and CLO Loa (4)&d5 Investments and Accrued PerfoAccrued Performance Fees#Accrued Performance Fees (1)#Accrued Performance Fees (2)#2Accrued Performance Fees (3)#UMAccrued Performance Fees (4)#zAccrued Performance Fees (5)#Accrued Performance Fees (6)#Accrued Performance Fees (7)&7Investments of Consolidated Fun&nInvestments of Consolidated (1)&[Investments of Consolidated (2)&ʝInterest and Other Income of Co&pInterest and Other Income o (1)&
Interest and Other Income o (2)&6 Noncontrolling Interests in C&6 Noncontrolling Interests (1)]'7 Fixed Assets NetC8 Loans Payable&ZLoans Payable of Consolidated F&{Loans Payable of Consolidat (1)&Loans Payable of Consolidat (2)&ȴLoans Payable of Consolidat (3)Termination Costs&Due from Affiliates and Other R&)Due from Affiliates and Oth (1)&11 Derivative Instruments in th&'<11 Derivative Instruments i (1)&Y11 Derivative Instruments i (2)&u11 Derivative Instruments i (3)&Z11 Derivative Instruments i (4)&11 Derivative Instruments i (5)&&11 Derivative Instruments i (6)&C11 Derivative Instruments i (7)&`11 Derivative Instruments i (8)&@}11 Derivative Instruments i (9)&p11 Derivative Instruments (10)&V11 Derivative Instruments (11)&15 Supplemental Financial Infor&:15 Supplemental Financial I (1)&~15 Supplemental Financial I (2)&15 Supplemental Financial I (3)& 15 Supplemental Financial I (4)&b= 15 Supplemental Financial I (5)&y Notes to Unaudited Condensed Co&x Notes to Unaudited Condense (1)& Unaudited Condensed Combined an&?f
Notes to Unaudited Condense (2)&
Notes to Unaudited Condense (3)&e
Notes to Unaudited Condense (4)&
Notes to Unaudited Condense (5)&
Notes to Unaudited Condense (6)&
Notes to Unaudited Condense (7)&K4 Calculation of Earnings per C&)4 Calculation of Earnings p (1)&?D4 Calculation of Earnings p (2)&N]Economic Net Income Fee Related&7Economic Net Income Fee Rel (1)&ӧTransaction and Portfolio Advis&wFeeearning Assets under Managem&Feeearning Assets under Man (1)Available Capital&(.Combined and Consolidated Resul"pkOther Nonoperating Expenses&Net Loss Attributable to Noncon&ʷNet Loss Attributable to No (1)&FNet Loss Attributable to No (2)&{
Net Loss Attributable to No (3)&/
Net Loss Attributable to No (4)&O
Net Loss Attributable to No (5)&
Net Loss Attributable to No (6)&
Net Loss Attributable to No (7)&k
Net Loss Attributable to No (8)&w
Net Loss Attributable to No (9)&
Net Loss Attributable to N (10)&>Net Loss Attributable to N (11)&pNet Loss Attributable to N (12)&Net Loss Attributable to N (13)&Net Loss Attributable to N (14)&Net Loss Attributable to N (15)&Net Loss Attributable to N (16)&Net Loss Attributable to N (17)&5Net Loss Attributable to N (18)&YNet Loss Attributable to N (19)&SNet Loss Attributable to N (20)&ԣNet Loss Attributable to N (21)&Net Loss Attributable to N (22)&Net Loss Attributable to N (23)&Net Loss Attributable to N (24)&!HNet Loss Attributable to N (25)&xNet Loss Attributable to N (26)&4Feeearning AUM as of and for th&fFeeearning AUM as of and fo (1)&~Total AUM as of and for the Thr&Total AUM as of and for the (1)&2Total AUM as of and for the (2)&^Historical Liquidity and Capita {
Cash Flows&Our Sources of Cash and Liquidi&6Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)
l /
dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0}$ }
Carlyle Group L.P.10Q
05/22/2012The Carlyle Group L.P.$ 1001 Pennsylvania Avenue, NW
200042505
Washington, D.C.0((Address of principal executive offices)
(Zip Code)
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&s@vjF~rJ=PF0*8X>
@
l 2NIU
dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LP!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }y
}$ }:}$ }}$
2
Carlyle Group L.P.10Q
05/22/2012The Carlyle Group L.P.& PART I ? FINANCIAL INFORMATION
Item 1.
Financial Statements
~
5Unaudited Condensed Combined and Consolidated1)Financial Statements ? March 31, 2012 and
2011:3+Condensed Combined and Consolidated Balance~
0(Sheets as of March 31, 2012 and December31, 20116.Condensed Combined and Consolidated Statements~
0(of Operations for the Three Months EndedMarch 31, 2012 and 20116.Condensed Combined and Consolidated Statements~
4,of Comprehensive Income for the Three Months%Ended March 31, 2012 and 20116.Condensed Combined and Consolidated Statements~
0(of Cash Flows for the Three Months EndedMarch 31, 2012 and 201180Notes to the Condensed Combined and Consolidated~
Financial StatementsItem 1A.1)Unaudited Pro Forma Financial Information~
Item 2.,$Management?s Discussion and Analysis~
>80of Financial Condition and Results of OperationsItem 3.0(Quantitative and Qualitative Disclosures~
>DlvjK}T[P;k0rj !"#$%&'()*+,./01 About Market Risk!Item 4.!!Controls and Procedures!!~
!>!#"PART II ? OTHER INFORMATION""""#Item 1.##Legal Proceedings##~
#B#$Item 1A.$$Risk Factors$$~
$B$%Item 2.%/%'Unregistered Sales of Equity Securities%%~
%B%&&&and Use of Proceeds'Item 3.'''Defaults Upon Senior Securities''~
'B'(Item 4.((Mine Safety Disclosures((~
(B()Item 5.))Other Information))~
)F)*Item 6.**Exhibits**~
*F*+ SIGNATURE++~
+J+,INDEX TO EXHIBITS,,~
,N,.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(TW(m}c=PF0*8X>
@:1100//,,++""
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }7}$ }
}$ }
}$
G
Carlyle Group L.P.10Q
05/22/2012:2Condensed Combined and Consolidated Balance Sheets March 31, December 31,
~
r
~
n(Unaudited)Assets!
Cash and cash equivalents
Y@
@
6.Cash and cash equivalents held at Consolidated33333o@̴@
FundsRestricted cashfffff8@8@6.Restricted cash and securities of Consolidated33333W@LV@
Funds Accrued performance fees33333s@33333@Investmentsy@fffffn@)!Investments of Consolidated Fundsyd@3333@2*Due from affiliates and other receivables,k@~
~net1)Due from affiliates and other receivablesr@q@"of Consolidated Funds, netFixed assets, net333333J@YJ@Deposits and otherR@̌Q@Intangible assets, net~
33333@Deferred tax assets~
F~
JTotal assets~
@D
lrfZNy\=,^BE1 ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? !Liabilities and equity!!!!!!!!"
Loans payable""fffffP@"""33333@".#&Subordinated loan payable to affiliate## #?####hp@#+$#Loans payable of Consolidated Funds$$$LS@$$$$3333@$.%&Accounts payable, accrued expenses and%%%33333f@%%%%li@%&other liabilities)'!Accrued compensation and benefits'''~@''''33333@'(Due to Carlyle partners((~
(F((((33333@()Due to affiliates)))fffff&U@)))) [@)*Deferred revenue***fffffFi@****LV@* +Deferred tax liabilities+++33333sK@++++fffff&H@+/,'Other liabilities of Consolidated Funds,,,@,,,,@,$Accrued giveback obligationsLV@a@........./Total liabilities///̳@////̌@/000%1Commitments and contingencies11111111,2$Redeemable noncontrolling interests222o@2222
@2 3in consolidated entities4445Members? equity555}@5555H@5,6$Accumulated other comprehensive loss666fffffFQ6666fffffK67777777778Total members? equity888T@8888fffff@8,9$Equity appropriated for Consolidated99~
99999@9
:Funds1;)Noncontrolling interests in consolidated;;;3333@;;;;33333H@;<entities=========>Total equity>>>ffff&<@>>>>@>?????????Dlq RR\8sR@ A B C D E F $@Total liabilities and equity@~
@@@@@@AAAAAAAAABC$D____________________________1E)Created by Morningstar Document Research.0F(http://documentresearch.morningstar.com/x=PF0*8X>
@FFEEDD@@@@""""
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }I;}$ }
}$ }
}$
A
Carlyle Group L.P.10Q
05/22/2012D<Condensed Combined and Consolidated Statements of Operations Three Months Ended
March 31,~
r~
nRevenues
Fund management fees
Lm@
~
Performance feesRealizedq@fffff&y@
Unrealized33333v@̄}@Total performance feesfffff@U@ Investment income (loss)Realizeď@@
UnrealizedL6@ @&Total investment income (loss)5@33333D@!Interest and other income@@1)Interest and other income of Consolidatedpj@d@
FundsTotal revenues[@33333@Expenses!Compensation and benefitsD
lh\PDi1C1/~ ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? Base compensation fffffZ@ ̬U@ !Performance fee related!!!!!!!!"Realized"""fffff&A@"""~
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Unrealized###ffffffK@####A@#$$$$$$$$$'%Total compensation and benefits%%%ffffffh@%%%%fffffe@%2&*General, administrative and other expenses&&&V@&&&&P@&'Interest'''$@'''~
'F'3(+Interest and other expenses of Consolidated(((g@((((fffffU@(
)Funds*%Other nonoperating (income) expenses***ffffff****.@*+++++++++,Total expenses,,,33333}@,,,,33333v@,.Other income (loss)........5/Net investment gains (losses) of Consolidated///@@//// g/
0Funds11111111102(Income before provision for income taxes22233333@2222fffff"@2"3Provision for income taxes333ffffff'@3333ffffff@34444444445
Net income555fffffX@5555@5666971Net income (loss) attributable to noncontrolling77733333@777~
77*8"interests in consolidated entities9999999990:(Net income attributable to Carlyle Group::@:::@:;;;;;;;;;<=$>____________________________1?)Created by Morningstar Document Research.DlwxQ2!nJ9/JVJ>@ 0@(http://documentresearch.morningstar.com/H=PF0*8X>
@Z@@??>>::::
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012NFCondensed Combined and Consolidated Statements of Comprehensive Income Three Months Ended
March 31,~
r~
n
Net incomefffffX@@)
!Other comprehensive income (loss)
0(Foreign currency translation adjustments)p?@Cash flow hedges( Unrealized losses for the period ?%Less: reclassification adjustment forffffff??%losses included in net incomeTotal cash flow hedges333333??)!Other comprehensive income (loss)$p~
Comprehensive income33333O@@6.Less: Comprehensive (income) loss attributablefffff\Ld@/'to equity appropriated for Consolidated
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l^RF:_pa/54 ! " # $ % & ' ( ) * / 'to redeemable noncontrolling interests !in consolidated entities""""""""",#$Comprehensive income attributable to##33333?@##~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }I;}$ } }$ } }$
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Carlyle Group L.P.10Q
05/22/2012D<Condensed Combined and Consolidated Statements of Cash Flows $ Three Months Ended March 31,
~
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n
,$Cash flows from operating activities
Net income
fffffX@
@
.&Adjustments to reconcile net income to1)net cash flows from operating activities:%Depreciation and amortization3333338@3333332@/'Amortization of deferred financing fees??!Noncash performance fees}fffff.Other noncash amountsffffff.@#Consolidated Funds related:/'Realized/unrealized gain on investments33333ۏ ? 8 0Change in other receivables held at Consolidated 9@ ,Q@
!Funds8"0Change in other liabilities held at Consolidated"""̌E@"""~
"Z"
#Funds$Investment income$$$3$$$$B$ %Purchases of investments%%~
%%%%%333333%&%Proceeds from the sale of investments&&&fffff6b@&&&&333333n@& 'Change in deferred taxes'''ffffff@''''333333@'/('Change in due from affiliates and other((('(((( ()receivables$*Change in deposits and other***ffffff!**** *4+,Change in accounts payable, accrued expenses+++ffffff6++++̌H+,and other liabilities3+Change in accrued compensation and benefits33333W33333[#.Change in due to affiliates...;....ffffff@."/Change in deferred revenue///fffff[@////YO@/00000000011)Net cash provided by operating activities111fffff}@1111%@1222,3$Cash flows from investing activities33333333!4Change in restricted cash44 4?44444&5Purchases of fixed assets, net555ffffff5555ffffff5&6Purchases of intangible assets666̌E666 6?67777777778%Net cash used in investing activities888H88883333338999,:$Cash flows from financing activities::::::::(; Borrowings under credit facility;;;s@;;; ;?;(< Repayments under credit facility<<<33333K<<< <?<!=Payments on loans payable==~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)Acquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$ }
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$
Carlyle Group L.P.10Q
05/22/2012@8Investments in Unconsolidated Variable Interest Entities
As of
March 31,
December 31,
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n(Dollars in millions)
Investments
@
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Receivables333333@~
Maximum Exposure to Loss333330@33333Y@
$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2l`TH&{g=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated V Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }*}$ }U}$ }U}$
Carlyle Group L.P.10Q
05/22/2012"Acquisition of Claren Road March 31, December 31,
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n(Dollars in millions)#Acquired contractual rights33333@fffff>@
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33333@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 ~rfEjcwY=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }%}$ }$}$ }U}
$ }U}$
Carlyle Group L.P.10Q
05/22/2012"Acquisition of Claren Road
Global Market
Fund of Funds
Total
Strategies
Solutions(Dollars in millions)'Balance as of December 31, 2011~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$
Carlyle Group L.P.10Q
05/22/2012"Acquisition of Claren Road~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$ }
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Carlyle Group L.P.10Q
05/22/2012"Acquisition of Claren Road
(Dollars in millions) Level I Level II
Level III
Total
Assets
*"Investments of Consolidated Funds:
Equity securitiesv@@
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Bonds
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Loans ? ?
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Liabilities
+#Loans payable of Consolidated Funds
$?
$?
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*"Derivative instruments of the CLOs ? ?
333333@
333333@$Contingent consideration (2) ? ?
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0.}$ } }$ }
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Carlyle Group L.P.10Q
05/22/2012"Acquisition of Claren Road
(Dollars in millions) Level I Level II
Level III
Total
Assets
*"Investments of Consolidated Funds:
Equity securities33333N@33333s@
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+#Loans payable of Consolidated Funds
$?
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }6}$ } }$ }
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Carlyle Group L.P.10Q
05/22/2012%CLO Investments and CLO Loans Payable
Financial Assets
)
!Three Months Ended March 31, 2012
)!Investments of Consolidated Funds
PartnershipTrading
Equity
and LLC
securities and
securities
Bonds
Loans
interests
Other
other
Total$Balance, beginning of period3@~
L@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }6}$ } }$ } }
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Carlyle Group L.P.10Q
05/22/2012%CLO Investments and CLO Loans Payable
Financial Assets
)
!Three Months Ended March 31, 2011
)!Investments of Consolidated Funds
PartnershipTrading
Equity
and LLC
securities and
securities
Bonds
Loans
interests
Other
other
Total$Balance, beginning of periodffffffB@@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }6}$ }
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Carlyle Group L.P.10Q
05/22/2012%CLO Investments and CLO Loans Payable
Financial Liabilities
)
!Three Months Ended March 31, 2012
Derivative
Loans PayableInstruments of
Subordinated
of Consolidated
Consolidated
Loan Payable
Contingent
Funds
Funds
to Affiliate
Consideration
Total$Balance, beginning of period3333@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }6}$ }U}$ } }
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Carlyle Group L.P.10Q
05/22/2012%CLO Investments and CLO Loans Payable
Financial Liabilities
)
!Three Months Ended March 31, 2011
Derivative
Loans PayableInstruments of
Subordinated
of Consolidated
Consolidated
Loan Payable
Contingent
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Funds
to Affiliate
Consideration
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }a/}$ } }$ }$}$ }%} $ }
a
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Carlyle Group L.P.10Q
05/22/2012%CLO Investments and CLO Loans Payable
Fair Value
at
March 31,
Range(Dollars in millions)~
rValuation Technique(s)Unobservable Input(s)
(Weighted Average)
Assets
*"Investments of Consolidated Funds:
Equity securities33333w@Comparable MultipleLTM EBITDA Multiple
4.8x 13.2x (8.8x)=@Comparable MultiplePrice Earnings Multiple
(10.1x)ffffff@Comparable MultipleBook Value Multiple
(1.0x)M@Consensus Pricing'Indicative Quotes ($ per Share) ~
Bondse@Consensus Pricing$Indicative Quotes (% of Par) ~
Loans3333s1@Consensus Pricing$Indicative Quotes (% of Par) ~
fffffv@Discounted Cash Flow
Discount Rate
9%  25%
(13%)%Partnership and LLC interests5@NAV of UnderlyingN/A
N/AFund (1)
Other333333'@Counterparty PricingIndicative Quotes (% of ~
Notional Amount)
3333S0@
$Trading securities and other333333@@Dealer Pricing$Indicative Quotes (% of Par)
75  86 (81)
Totall8@
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!Liabilities!!!!!!!!! !
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#Senior secured notes###٪@###Discounted Cash Flow##Discount Rates# #
(6%)$$$$$$$with Consensus%%%%%%%Pricing&&&&&&&&&
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(3%)'''''''''Recovery Rates'
'
(67%)(((((((($(Indicative Quotes (% of Par)( ~
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(2%)Recovery Rates

(67%)........$.Indicative Quotes (% of Par). ~
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B/Combination notes///333333@///Consensus Pricing/$/Indicative Quotes (% of Par)/ ~
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.0&Derivative instruments of Consolidated000333333@000Counterparty Pricing00Indicative Quotes (% of0 ~
0
1Funds11111111Notional Amount)$2Contingent consideration (2)222Pe@222Discounted Cash Flow2$2Assumed % of Total Potential2 2
37% 100% (84%)333333333Contingent Payments444444444
Discount Rate4 4
6% 25% (21%)5555555555 5
6Total663333@666666 6
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)Accrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/20123+5. Investments and Accrued Performance Fees
As of
March 31,
December 31,
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$ }
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05/22/2012 Accrued Performance Fees
As of
March 31,
December 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/2012 Accrued Performance Fees
As of
March 31,
December 31,
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Corporate Private Equity
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TotalLVa$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4th^I6e=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }}$ }}$
Carlyle Group L.P.10Q
05/22/2012 Accrued Performance Fees$XXX,X$XXX,X Three Months Ended
March 31,
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/2012 Accrued Performance Fees
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }'}$ }
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Aggregate Totals
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }} $
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!!!!!!!!!!!!!Carlyle Group L.P.10Q
05/22/2012 Accrued Performance Fees
Corporate
Global
Private Equity
Market Strategies
Real Assets
Aggregate Totals
As of
As of
As of
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$}$ }U}$ }U}$
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }U}$ }U}$
Carlyle Group L.P.10Q
05/22/2012 Accrued Performance Fees Three Months Ended
March 31,~
r~
n(Dollars in millions)
Corporate Private Equity
fffff3@
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Global Market Strategies?333333?Real Assets?@
Total5@C@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4ath5xe(=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }=}$ }
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Carlyle Group L.P.10Q
05/22/2012)!Investments of Consolidated Funds
Fair Value $
Percentage of Investments of
Consolidated Funds3+Geographic Region/Instrument Type/ Industry March 31,December 31,
March 31,
December 31,*"Description or Investment Strategy~
r~
n ~
r
~
n
(Dollars in millions)
United States
Equity securities:
'Accommodation and Food Services333333U@fffffZ@
Gz? %
HzG? %1)Administrative Support, Waste Management,33333c@ ?
Gz? %
?Remediation ServicesAerospace and defense~
J@
? %
HzG? %Education Services@J@ ?
q=
ףp? %
?Finance and Insurance~
N ?
ףp=
? %
?
Manufacturing~
J33333y@
Q? %
(\@ %+#Professional, Scientific, TechnicalfffffF@~
ffffff@ %
{Gz@ %ServicesRetail tradefffff`@33333cb@
(\? %
? %Wholesale Trade33333R@ ?
{Gz? %
?
Other)b@33333sp@
)\(? %
? %
1)Total equity securities (cost of $2,024.4@33333)@
@ %
\(\@ %7/and $2,160.6 at March 31, 2012 and December 31,2011, respectively)Dlwk_?fw !"#$%&'()*+,./0123456789:;<=>?& Partnership and LLC interests:
!Fund investments!!!ߤ@!!!~
!6*!! !
!L'@ !%!
!!33333+@ !%"""""""""" "
"""
"""1#)Total Partnership and LLC interests (cost###ߤ@###~
#6*## #
#L'@ #%#
##33333+@ #%2$*of $2,513.8 and $2,593.5 at March 31, 2012,%$and December 31, 2011, respectively)&Loans:&&&&&&&&& &
&&&
&&&1')Administrative Support, Waste Management,'' '?''''LN@'' '
'?''
''ףp=
? '%(Remediation Services)
Manufacturing)))̌U@)))~
))) )
)RQ? )%)
))Q? )%+*#Professional, Scientific, Technical***33333X@****fffffFT@** *
*Q? *%*
**zG? *%+Services,Wholesale Trade,,,fffffP@,,, ,?,, ,
,(\? ,%,
, ,?,
Other~
<`@ 
)\(? %
q=
ףp? %.......... .
...
...1/)Total loans (cost of $422.6 and $361.4 at/// v@//// u@// /
/p=
ף? /%/
//Gz? /%;03March 31, 2012 and December 31, 2011, respectively)'1Total investment in hedge funds111g@1111fffff$@11 1
1q=
ףp#@ 1%1
11Hz#@ 1%2Assets of the CLOs222222222 2
222
222
3Bonds333p@3333fffffn@33 3
3(\? 3%3
33RQ? 3%4Equity444I@4444L9@44 4
4q=
ףp? 4%4
44p=
ף? 4%
5Loans55~
5v5555@55 5
5Gz@@ 5%5
55ףp=
A@ 5%
6Other66 6?6666?66 6
6?66
6 6?67777777777 7
777
77728*Total assets of the CLOs (cost of $8,036.888833333@88883333@88 8
8fffffFA@ 8%8
88
ףp=jB@ 8%79/and $7,446.8 at March 31, 2012 and December 31,:2011, respectively);;;;;;;;;; ;
;;;
;;;<Total United States<<@<<<٠@<< <
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }F}$ }U}$ }U}
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Carlyle Group L.P.10Q
05/22/2012)!Investments of Consolidated Funds
Fair Value $
Percentage of Investments of
Consolidated Funds*"Geographic Region/Instrument Type/ March 31,December 31,
March 31,
December 31,Industry~
r~
n ~
r
~
n*
"Description or Investment Strategy(Dollars in millions)
Canada
Equity securities:
Other~
333333@
{Gz? %
Q? %
/'Total equity securities (cost of $0 and~
333333@
{Gz? %
Q? %B:$6.1 at March 31, 2012 and December 31, 2011,respectively)&Partnership and LLC interests:
Fund investments~
~
RQ? %
q=
ףp? %
1)Total Partnership and LLC interests (cost~
~
RQ? %
q=
ףp? %2*of $106.6 and $112.0 at March 31, 2012 and( December 31, 2011, respectively)Loans:
&Transportation and Warehousing~
&~
"
{Gz? %
{Gz? %
80Total loans (cost of $15.3 and $9.5 at March 31,~
&~
"
{Gz? %
{Gz? %1)2012 and December 31, 2011, respectively)Dlwk_@n !"#$%&'()*+,./0123456789:;<=>? Assets of the CLOs
!Bonds!!~
!*!!!!/@!! !
!{Gz? !%!
!!{Gz? !%
"Loans"""33333[p@""""l@"" "
"=
ףp=? "%"
""Q? "%########## #
###
###0$(Total assets of the CLOs (cost of $269.6$$$33333p@$$$$n@$$ $
$zG? $%$
$$? $%5%and $247.2 at March 31, 2012 and December 31,&2011, respectively)'''''''''' '
'''
'''(Total Canada((33333kt@(((r@(( (
(Q? (%(
((? (%)))))))))) )
)))
)))**** *
+Europe+++++++++ +
+++
+++,Equity securities:,,,,,,,,, ,
,,,
,,,1)Administrative Support, Waste Management,yZ@Z@ 
q=
ףp? %
HzG? %.Remediation Services)/!Health Care and Social Assistance///fffffI@/// /?// /
/q=
ףp? /%/
/ /?/0Information000V@0000fffffV@00 0
0(\? 0%0
00? 0%1
Manufacturing111z@111133333Sx@11 1
1(\? 1%1
11ףp=
? 1%2Mining222 U@222 2?22 2
2Gz? 2%2
2 2?23Retail Trade33333333^@3333W@33 3
3HzG? 3%3
33\(\? 3%4Wholesale Trade44433333S@4444ffffffO@44 4
4Q? 4%4
44{Gz? 4%
5Other555fffffR@5555Z@55 5
5Q? 5%5
55? 5%6666666666 6
666
66617)Total equity securities (cost of $1,556.5777@7777fffffv@77 7
7
ףp=
@ 7%7
77\(\@ 7%78/and $1,249.3 at March 31, 2012 and December 31,92011,respectively)&:Partnership and LLC interests:::::::::: :
:::
:::;Fund investments;;;33333?@;;;;33333@;; ;
;zG@ ;%;
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<<<1=)Total Partnership and LLC interests (cost==33333?@===33333@== =
=zG@ =%=
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }F}$ }U}$ }
}
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Carlyle Group L.P.10Q
05/22/2012)!Investments of Consolidated Funds
Fair Value $
Percentage of Investments of
Consolidated Funds*"Geographic Region/Instrument Type/ March 31,December 31,
March 31,
December 31,Industry~
r~
n ~
r
~
n*
"Description or Investment Strategy(Dollars in millions)
Europe
Loans:
Manufacturing?fffffc@
{Gz? %
Q? %
Other ?33333`@
?
Gz? %
7/Total loans (cost of $0 and $413.3 at March 31,?Tr@
{Gz? %
? %1)2012 and December 31, 2011, respectively)Assets of the CLOs
Bonds@ r@
Q@ %
Gz? %Equity&@)@
? %
Q? %
Loans33333@fffff"@
(\µ3@ %
Qk*@ %
Other333333'@333334@
? %
)\(? %
2*Total assets of the CLOs (cost of $5,747.9fffff@~
N
ffffff6@ %
Q@ %7/and $3,345.2 at March 31, 2012 and December 31,2011, respectively)
D>lwk_@n+@th !"#$%&'()*+,./0123456789:;<=>? Total Europe ~
o ~
bN
p=
#?@ %
(\µ9@ %!!!!!!!!!! !
!!!
!!!" Australia""""""""" "
"""
"""#Assets of the CLOs######### #
###
###
$Bonds$~
$$$$@$$ $
$Q? $%$
$$Q? $%%%%%%%%%%% %
%%%
%%%2&*Total assets of the CLOs (cost of $6.5 and&&~
&&&&&@&& &
&Q? &%&
&&Q? &%B':$5.0 at March 31, 2012 and December 31, 2011,respectively)(((((((((( (
(((
((()Total Australia)~
))))@)) )
)Q? )%)
))Q? )%********** *
***
***+Global+++++++++ +
+++
+++,Equity securities:,,,,,,,,, ,
,,,
,,,
Manufacturing333333[@yR@ 
Gz? %
RQ? %.......... .
...
..../&Total equity securities (cost of $89.8///333333[@////yR@// /
/Gz? /%/
//RQ? /%40,and $85.3 at March 31, 2012 and December 31,12011, respectively)2222 2
&3Partnership and LLC interests:333333333 3
333
3334Fund investments44433333}@444433333}@44 4
4=
ףp=@ 4%4
44Q@ 4%5555555555 5
555
55516)Total Partnership and LLC interests (cost66633333}@666633333}@66 6
6=
ףp=@ 6%6
66Q@ 6%27*of $408.5 and $427.2 at March 31, 2012 and(8 December 31, 2011, respectively)9999999999 9
999
999:Total Global::@:::,@:: :
:@ :%:
::(\@ :%;;;;;;;;;; ;
;;;
;;;/<'Total investments of Consolidated Funds<<yd@<<<3333@<< <
~
< <%<
<~
< <%5=(cost of $22,223.3 and $19,514.9 at March 31,1>)2012 and December 31, 2011, respectively)?????????? ?
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }'}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/20127/Interest and Other Income of Consolidated Funds Three Months Ended
March 31,~
r~
n(Dollars in millions)(
Interest income from investments
~
9a@
Other income;@=@
Totalpj@d@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2ui]Qv]m\=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0.}$ }}$ }}$
Carlyle Group L.P.10Q
05/22/20127/Interest and Other Income of Consolidated Funds Three Months Ended
March 31,~
r~
n(Dollars in millions).
&Gains from investments of Consolidated
fffff@
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Funds'Losses from liabilities of CLOsfffffc~
.&Gains (losses) on other assets of CLOs?ٿ
Total@@ g$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6ui]QvSB@=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$}$ }
}$ }
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Carlyle Group L.P.10Q
05/22/20127/Interest and Other Income of Consolidated Funds Three Months Ended
March 31,~
r~
n(Dollars in millions)
Realized gains
33333j@
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&Net change in unrealized gains~
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Totalfffff@qu@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2ui]Qvkq`=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }:}$ }
}$ }
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Carlyle Group L.P.10Q
05/22/2012=56. Noncontrolling Interests in Consolidated Entities
As of
March 31,
December 31,
~
r~
n(Dollars in millions)
%NonCarlyle interests in Consolidated
L@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }:}$ }U}$ }U}$
%
Carlyle Group L.P.10Q
05/22/2012=56. Noncontrolling Interests in Consolidated Entities Three Months Ended
March 31,~
r~
n(Dollars in millions)
%NonCarlyle interests in Consolidated
!@
333333#@
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?80and cash held for carried interest distributions/'Net income (loss) attributable to otherd@~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }<(}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/20127. Fixed Assets, Net
As of
March 31,
December 31,
~
r~
n(Dollars in millions))
!Furniture, fixtures and equipment
B@
33333B@
&Computer hardware and software~
~33333W@Leasehold improvementsYH@̌H@Total fixed assets̬f@f@&Less: accumulated depreciation~
33333`Net fixed assets333333J@YJ@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:e xlbP0:<`TH =PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U } }$ }I}$
Carlyle Group L.P.10Q
05/22/20128. Loans Payable~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }7}$ }
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Carlyle Group L.P.10Q
05/22/2012+#Loans Payable of Consolidated Funds
As of March 31, 2012
Borrowing
Fair Value
Weighted
Weighted Average
Outstanding
Average Interest
Remaining
Rate
Maturity in Years
Senior secured notes
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }7}$ }
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Carlyle Group L.P.10Q
05/22/2012+#Loans Payable of Consolidated Funds
As of December 31, 2011
Borrowing
Fair Value
Weighted
Weighted Average
Outstanding
Average Interest
Remaining
Rate
Maturity in Years
Senior secured notes
@
Y@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }
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Carlyle Group L.P.10Q
05/22/2012+#Loans Payable of Consolidated Funds Unfunded
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }I }$
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }I"}$ }U}$ }U}$
Carlyle Group L.P.10Q
05/22/2012Termination Costs Three Months Ended
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }U5}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/20126.Due from Affiliates and Other Receivables, Net
As of
March 31,
December 31,
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n(Dollars in millions)4
,Unbilled receivable for giveback obligations
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }a/}$ } }$ } }$
Carlyle Group L.P.10Q
05/22/20126.Due from Affiliates and Other Receivables, Net
As of
March 31,
December 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }%}$ }
}$ }U}
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Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
March 31, 2012
Notional
Fair Value 
Fair Value 
AmountAssets
LiabilitiesCurrencyrelated
'
Crosscurrency swap contract(s)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }%}$ }
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Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
December 31, 2011
Notional
Fair Value 
Fair Value 
AmountAssets
LiabilitiesCurrencyrelated
'
Crosscurrency swap contract(s)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }%}$ }$}$ } }
$ } }$
Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
) !Three Months Ended March 31, 2012
Realized
Change in
Total
Appreciation
UnrealizedDepreciation
Currencyrelated
'Crosscurrency swap contract(s)333333?!
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }%}$ }$}$ } }
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Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
) !Three Months Ended March 31, 2011
Realized
Change in
Total
Appreciation
UnrealizedAppreciation
(Depreciation)Currencyrelated
'Crosscurrency swap contract(s)333333@333333?
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$Credit risk swap contract(s) ?
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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05/22/2012.&11. Derivative Instruments in the CLOs
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Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
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Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }U5}$ }}$ }}$
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Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs Three Months Ended
March 31,~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }2}$ }
}$ }
}
$ }
}$
+
Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
) !Three Months Ended March 31, 2012
Carlyle
Adjustments (3)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }2}$ }
}$ }
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*
Carlyle Group L.P.10Q
05/22/2012.&11. Derivative Instruments in the CLOs
) !Three Months Ended March 31, 2011
Carlyle
Adjustments (3)
Total Reportable
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }7}$ } }$ }
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Carlyle Group L.P.10Q
05/22/2012.&15. Supplemental Financial Information
As of March 31, 2012
Consolidated
Consolidated
Eliminations
Consolidated
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FundsEntities
(Dollars in millions)
Assets
!Cash and cash equivalentsY@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }7}$ } }$ }
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I
Carlyle Group L.P.10Q
05/22/2012.&15. Supplemental Financial Information
As of December 31, 2011
Consolidated
Consolidated
Eliminations
Consolidated
Operating
FundsEntities
(Dollars in millions)
Assets
!Cash and cash equivalents@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012.&15. Supplemental Financial Information
) !Three Months Ended March 31, 2012
Consolidated
Consolidated
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(Dollars in millions)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }I;}$ }
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Carlyle Group L.P.10Q
05/22/2012.&15. Supplemental Financial Information
) !Three Months Ended March 31, 2011
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Consolidated
Eliminations
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(Dollars in millions)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012.&15. Supplemental Financial Information Three Months Ended
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n(Dollars in millions),
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.... .?."/Contributions from members///?////@/ 0Distributions to members00033333h0000031+Contributions from noncontrolling interest111ffffff@1111ffffff
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activities7777777778%Net cash used in financing activities888ffffff8888333338999/:'Effect of foreign exchange rate changes:::?::::333333@:;;;;;;;;;8<0Increase (decrease) in cash and cash equivalents<<<333333+@<<<<4</='Cash and cash equivalents, beginning of===@====33333G@=>period?????????DAlna=.^R<3p\@ A B C D E F 0@(Cash and cash equivalents, end of period@@Y@@@@fffff@@AAAAAAAAABC$D____________________________1E)Created by Morningstar Document Research.0F(http://documentresearch.morningstar.com/)xx=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }7}$ }
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S
Carlyle Group L.P.10Q
05/22/2012.&15. Supplemental Financial Information
Carlyle Reorganization
Carlyle
Offering Carlyle Adjustments The Carlyle
Group
and Other
Holdings
Adjustments
Holdings
for Non
Group L.P .CombinedAdjustments(1)
Pro
( 2 ) Pro FormaControllingConsolidated
Historical
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As AdjustedInterests( 3 ) Pro Forma
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Offering(Dollars in millions )Assets
!Cash and cash equivalentsY@
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(d)6.Cash and cash equivalents held at Consolidated33333o@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012VNNotes to Unaudited Condensed Combined and Consolidated Pro Forma Balance Sheet1 )Taxbasis of Carlyle Holdings I GP Inc.?s ~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012VNNotes to Unaudited Condensed Combined and Consolidated Pro Forma Balance Sheet2 *Carlyle Holdings pro forma members? equity ~
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Carlyle Group L.P.10Q
05/22/2012WOUnaudited Condensed Combined and Consolidated Pro Forma Statement of Operations
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Carlyle Group L.P.10Q
05/22/2012`XNotes to Unaudited Condensed Combined and Consolidated Pro Forma Statement of Operations
Investment Interest
Net investment
Net income
Net income
Income
and other
gains of
attributable to
attributableincome
Consolidated
noncontrolling
to Carlyle
Funds
interests in
Group
consolidated
entities
(Dollars in millions)
80Distributed beneficial interests in Consolidated
$?
$?
$?
Funds
.&Other distributed beneficial interests'
?
?~
)!Restructured beneficial interests ? ?
?
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }I;}$ }
}$
Carlyle Group L.P.10Q
05/22/2012`XNotes to Unaudited Condensed Combined and Consolidated Pro Forma Statement of Operations. &Compensation and benefits attributable 333333J@ *
"to senior Carlyle professionals(1),$Performance fee related compensation0k@7/attributable to senior Carlyle professionals(1)9
1Fair value adjustment to contingent consideration
?
liability(2),$Performance fee related compensation33333sJ2*expense adjustment due to carried interestreallocation(3)
Total33333Ck@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8L@4(bN6C=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }=}$ }
}$
)
Carlyle Group L.P.10Q
05/22/2012`XNotes to Unaudited Condensed Combined and Consolidated Pro Forma Statement of Operations0 (Income before provision for income taxes @ $
? Carlyle Holdings pro forma0(Less: income before provision for income@;3taxes ? attributable to nontaxable subsidiaries(1)
0(Income before provision for income taxes~
^1)? attributable to Carlyle Holdings I L.P.1)Less: income allocable to existing owners33333S@/'and not allocable to Carlyle Holdings IGP Inc. (2)3+Carlyle Holdings I L.P. income attributableffffff!@%to Carlyle Holdings I GP Inc.4,Expenses of of Carlyle Holdings I GP Inc.(3)3333330(Income before provision for income taxes333333@/'? attributable to Carlyle Holdings I GPInc..&Federal tax expense at statutory rate,ffffff?"net of foreign tax credits/'State and local tax expense and foreign?tax expense(4)D lL@4(f{H1_W$V !"#$%&'( /!'Total adjustment ? provision for income!!@!
"taxes#####$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/CgV=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$4}$ }}$ } }$
Carlyle Group L.P.10Q
05/22/2012`XNotes to Unaudited Condensed Combined and Consolidated Pro Forma Statement of Operations
Net income Net income attributable
attributable to
to noncontrolling
Carlyle Groupinterests inconsolidated entities0
(Restructuring of beneficial interests(1)
L0
ffffff@
$Compensation and benefits(2)33333Ck ?Interest expense(3)333333ӿ ?Tax provision(4) ?3+Restructuring of carried interest rights(5)~
~~
TotalpffffffB@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 L@4(G}wY=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }6}$ } }$
Carlyle Group L.P.10Q
05/22/2012`XNotes to Unaudited Condensed Combined and Consolidated Pro Forma Statement of Operations %Issuance of unvested Carlyle Holdings H@ /
'partnership units to our senior Carlyleprofessionals(1)%Grant of unvested deferred restrictedffffff.@1
)common units of The Carlyle Group L.P.(2)5Grant of unvested phantom deffered restricted333333?common units(3)
Total33333O@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 L@4(^B7i]Q)=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }:}$ }}$
Carlyle Group L.P.10Q
05/22/2012`XNotes to Unaudited Condensed Combined and Consolidated Pro Forma Statement of Operations
xxxxxxxxxx/ 'Net income ? Carlyle Holdings pro forma fffff@ 8
0Less: net income attributable to noncontrolling
@
*"interests in consolidated entities3
+Net income attributable to Carlyle Holdings
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$4}$ }}$
Carlyle Group L.P.10Q
05/22/20122*4. Calculation of Earnings per Common Unit1 )Units from which proceeds will be used to ~
6 '
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N3
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }8}$ }}$ }}$
Carlyle Group L.P.10Q
05/22/20122*4. Calculation of Earnings per Common Unit
Basic Diluted 7
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }1}$ }}$ }}$
Carlyle Group L.P.10Q
05/22/20122*4. Calculation of Earnings per Common Unit
Basic Diluted 0
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }8}$ } }$
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Carlyle Group L.P.10Q
05/22/2012\TEconomic Net Income, Fee Related Earnings and Distributable Earnings #151; Pro Forma4 ,Pro forma income before provision for income @
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with this offering4,Acquisition related charges and amortization7@of intangibles"Other nonoperating income1)Noncontrolling interests in consolidatedentities( Severance and lease terminations333333@Other adjustmentsɿ%Pro forma Economic Net Incomey@Net performance fees(1),v@Investment income(1)ffffff@&Pro forma Fee Related Earnings33333sC@1)Realized performance fees, net of related̬b@compensation(1)'Investment income (realized)(1)?D
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }2}$ }
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Carlyle Group L.P.10Q
05/22/2012\TEconomic Net Income, Fee Related Earnings and Distributable Earnings #151; Pro Forma
) !Three Months Ended March 31, 2012
Carlyle Pro
Forma
Total CarlyleConsoldiatedAdjustments
Pro Forma
U.S. GAAP
~
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0.}$ }
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Carlyle Group L.P.10Q
05/22/20120(Transaction and Portfolio Advisory Fees.
As of March 31, 2012
Corporate
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }6}$ }}$ }}$
Carlyle Group L.P.10Q
05/22/2012+#Feeearning Assets under Management As of March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under ManagemAvailable Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }
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Carlyle Group L.P.10Q
05/22/2012+#Feeearning Assets under Management $ Three Months Ended March 31,
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(Dollars in millions)Consolidated Results#
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }
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Carlyle Group L.P.10Q
05/22/2012Available Capital
Available
Fair Value of
Total AUM
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Carlyle Group L.P.10Q
05/22/20127/Combined and Consolidated Results of Operations
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated Resul!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0.}$ }
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05/22/2012%Other Nonoperating Expenses.$XXX,X$XXX,X Three Months Ended
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }U5}$ }}$ }}$
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }2}$ }
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
) !Three Months Ended March 31, 2012
Carlyle
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Total
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Performance fees
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }2}$ }
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+
Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
) !Three Months Ended March 31, 2011
Carlyle
Adjustments(3)
Total
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ } }$ } }$
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$4}$ }U}$ } }$
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }+}$ }I }$ }$}
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
# Inception to March 31, 2012
Fund Inception
Committed Capital
Gross IRR (2)
Net IRR (3)
Realized/PartiallyDate (1)As of March 31,
Realized Gross IRR (4)~
r
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Corporate Private Equity
Fully Invested Funds (5)
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27%
CP IV12/2004~
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CEP I12/1997 ?\@
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18%CEP II9/2003 ?5@
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CAP I12/1998~
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8%
33%
CJP I10/2001 ?~
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72%All Other Funds (6)Various
18%
7%
22%#Coinvestments and Other (7)Various
36%33%
36%
"Total Fully Invested Funds
28%21%
31%
*"Funds in the Investment Period (5)
CP V5/2007@
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$4}$ }U}$ }U}$
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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(Dollars in millions)Segment Revenues
Fund level fee revenues
Fund management feesLH@fffff@@$Portfolio advisory fees, netffffff??Transaction fees, net ? ?%Total fund level fee revenuesfffffH@fffff&A@Performance feesRealized333333@@ffffffA@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }U}$ }U}$ } }$
Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities As of March 31,
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(Dollars in millions) Global Market Strategies)
!Components of Feeearning AUM (1)
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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(Dollars in millions) Global Market Strategies#
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }U}$ }
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
Available
Fair Value of
Capital
Capital
Total AUM
(Dollars in millions) Global Market Strategies
(
Balance, As of December 31, 2011
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }}$ }}
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
as of March 31, 2012 ' Inception to March 31, 2012 (1)
Fund Inception
Cumulative Invested
DateCapital (2)
Total Fair Value (3)
MOIC (4)
Gross IRR (5)Net IRR (6)/'Reported in Local Currency, in Millions
CSP II
6/2007
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }2}$ }}$}$ }$}$}
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
1 Year (2)
3Year (2)
5Year (2)
Inception (3)
Net Annualized Return(1)
Claren Road Master Fund~
%~
2 %
~
. %
~
* %&Claren Road Opportunities Fund~
6 %~
N %
n/a
~
B %%
Barclays Aggregate Bond Index
~
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%
~
%
~
%
~
%
Volatility(4)
2*Claren Road Master Fund Standard Deviation~
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~
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~
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%~
" %
n/a
~
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~
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~
%Deviation (Annualized)"Sharpe Ratio (1M LIBOR)(5)
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }$4}$ }U}$ }U}$
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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(Dollars in millions)Segment Revenues
Fund level fee revenues
Fund management feesLB@33333B@$Portfolio advisory fees, net333333? ?Transaction fees, net?333333?%Total fund level fee revenues~
B@Performance feesRealized3333337@~
UnrealizedT@ffffffN@Total performance feesffffffZ@333333Y@Investment incomeRealized ?ɿ
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@!Interest and other income?333333?Total revenues~
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00009X@01111111112Fee Related Earnings2222223333333334Net Performance Fees4433333X@444W@45555555556Investment Income6~
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Cash Flows!Our Sources of Cash and Liquidi!Our Sources of Cash and Liq (1)Obligations of CLOsObligations of CLOs (1)Obligations of CLOs (2)U }0}$ }U}$ }U}$
Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (22)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities As of March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (23)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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Carlyle Group L.P.10Q
05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities $ Three Months Ended March 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wThe Carlyle Group LPThe Carlyle Group LP (1)!Condensed Combined and Consolid!Condensed Combined and Cons (1)!Condensed Combined and Cons (2)!Condensed Combined and Cons (3)!Investments in Unconsolidated VAcquisition of Claren Road Acquisition of Claren Road (1) Acquisition of Claren Road (2) Acquisition of Claren Road (3) Acquisition of Claren Road (4)!CLO Investments and CLO Loans P!CLO Investments and CLO Loa (1)!CLO Investments and CLO Loa (2)!CLO Investments and CLO Loa (3)!CLO Investments and CLO Loa (4)!5 Investments and Accrued PerfoAccrued Performance FeesAccrued Performance Fees (1)Accrued Performance Fees (2)Accrued Performance Fees (3)Accrued Performance Fees (4)Accrued Performance Fees (5)Accrued Performance Fees (6)Accrued Performance Fees (7)!Investments of Consolidated Fun!Investments of Consolidated (1)!Investments of Consolidated (2)!Interest and Other Income of Co!Interest and Other Income o (1)!Interest and Other Income o (2)!6 Noncontrolling Interests in C!6 Noncontrolling Interests (1)7 Fixed Assets Net8 Loans Payable!Loans Payable of Consolidated F!Loans Payable of Consolidat (1)!Loans Payable of Consolidat (2)!Loans Payable of Consolidat (3)Termination Costs!Due from Affiliates and Other R!Due from Affiliates and Oth (1)!11 Derivative Instruments in th!11 Derivative Instruments i (1)!11 Derivative Instruments i (2)!11 Derivative Instruments i (3)!11 Derivative Instruments i (4)!11 Derivative Instruments i (5)!11 Derivative Instruments i (6)!11 Derivative Instruments i (7)!11 Derivative Instruments i (8)!11 Derivative Instruments i (9)!11 Derivative Instruments (10)!11 Derivative Instruments (11)!15 Supplemental Financial Infor!15 Supplemental Financial I (1)!15 Supplemental Financial I (2)!15 Supplemental Financial I (3)!15 Supplemental Financial I (4)!15 Supplemental Financial I (5)!Notes to Unaudited Condensed Co!Notes to Unaudited Condense (1)!Unaudited Condensed Combined an!Notes to Unaudited Condense (2)!Notes to Unaudited Condense (3)!Notes to Unaudited Condense (4)!Notes to Unaudited Condense (5)!Notes to Unaudited Condense (6)!Notes to Unaudited Condense (7)!4 Calculation of Earnings per C!4 Calculation of Earnings p (1)!4 Calculation of Earnings p (2)!Economic Net Income Fee Related!Economic Net Income Fee Rel (1)!Transaction and Portfolio Advis!Feeearning Assets under Managem!Feeearning Assets under Man (1)Available Capital!Combined and Consolidated ResulOther Nonoperating Expenses!Net Loss Attributable to Noncon!Net Loss Attributable to No (1)!Net Loss Attributable to No (2)!Net Loss Attributable to No (3)!Net Loss Attributable to No (4)!Net Loss Attributable to No (5)!Net Loss Attributable to No (6)!Net Loss Attributable to No (7)!Net Loss Attributable to No (8)!Net Loss Attributable to No (9)!Net Loss Attributable to N (10)!Net Loss Attributable to N (11)!Net Loss Attributable to N (12)!Net Loss Attributable to N (13)!Net Loss Attributable to N (14)!Net Loss Attributable to N (15)!Net Loss Attributable to N (16)!Net Loss Attributable to N (17)!Net Loss Attributable to N (18)!Net Loss Attributable to N (19)!Net Loss Attributable to N (20)!Net Loss Attributable to N (21)!Net Loss Attributable to N (22)!Net Loss Attributable to N (24)!Net Loss Attributable to N (25)!Net Loss Attributable to N (26)!Feeearning AUM as of and for th!Feeearning AUM as of and fo (1)!Total AUM as of and for the Thr!Total AUM as of and for the (1)!Total AUM as of and for the (2)!Historical Liquidity and Capita
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05/22/2012SKNet Loss Attributable to Noncontrolling Interests in Consolidated Entities
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