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(d)	Exhibits.

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•	U.S. GAAP results included net income attributable to The Carlyle Group L.P. common unitholders of $12 million, or $0.10 per common unit on a diluted basis, for Q3 2018

•	Economic Income of $111 million on a pre-tax basis and Economic Net Income of $0.25 per Adjusted Unit on a post-tax basis in Q3 2018, driven by 3% carry fund portfolio appreciation

•	Distributable Earnings of $210 million on a pre-tax basis for Q3 2018 and $0.56 per common unit on a post-tax basis in Q3 2018

•	Declared a quarterly distribution of $0.42 per common unit for Q3 2018

•	Assets Under Management of $212.3 billion as of Q3 2018, up 22% over the last twelve months

•	Net accrued performance revenues of $1.9 billion as of Q3 2018, up 28% over the last twelve months

•	$6.4 billion in realized proceeds in Q3 2018 and $27.1 billion realized over the last twelve months

•	$3.3 billion of invested capital in Q3 2018 and $18.0 billion invested over the last twelve months

•	$6.0 billion in capital raised in Q3 2018 and $50.7 billion raised over the last twelve months

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•	$66 million increase in fund management fees primarily due to activation of CP VII and CAP V management fees in Q2 2018;

•	$62 million decrease in investment income, including performance allocations, net of the related compensation primarily due to lower net performance allocations;

•	$31 million decrease in equity-based compensation due to the final vesting of the IPO awards in May 2018, partially offset by the increase in awards granted, including performance awards, in 2018 compared to 2017;

•	$185 million increase in general, administrative and other expenses primarily due to a $64 million charge in Q3 2018 related to the assignment of an existing office lease in New York, $74 million of net insurance recoveries in Q3 2017 and the $25 million reversal of a litigation reserve in Q3 2017;

•	$61 million decrease in expenses from consolidated entities and loss on deconsolidation of Urbplan due to a $65 million charge in Q3 2017 from the Urbplan transaction; and

•	$10 million increase in interest and other non-operating expenses primarily due to $8 million of debt extinguishment costs in Q3 2018

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•	Fee Related Earnings were $89 million in Q3 2018 compared to $108 million in Q3 2017, which included $74 million in net insurance recoveries. Fund Management Fees of $355 million for Q3 2018 increased 28% versus Q3 2017, slightly higher than the 21% increase in Fee-Earning AUM over the same period. Catch-up management fees were $8 million in Q3 2018 compared to $1 million in Q3 2017.

•

Distributable Earnings of $210 million in Q3 2018 include $89 million in Fee Related Earnings and $124 million in Realized Net Performance Revenues. During Q3 2018, Realized Net Performance Revenues benefited from public equity sales in Focus Media (CAP III) and Coresite (CRP III), and private company sale of Expereo (CETP III), among others. We continue to expect full year 2018 Realized Net Performance Revenues to be lower than full year 2017.

•	Economic Income was $111 million in Q3 2018, driven by 3% carry fund appreciation in the quarter, consistent with the overall appreciation in Q3 2017, although appreciation in Corporate Private Equity and Natural Resources were below the year-ago levels. Economic Income of $918 million over the LTM was generally in line with the prior LTM.

•	Total Assets Under Management (“AUM”) of $212.3 billion as of Q3 2018 increased 22% compared to Q3 2017 due to a combination of $50.7 billion in fundraising and $17.7 billion in market appreciation, partially offset by $27.1 billion in realized proceeds to fund investors.

•	Fee-Earning AUM of $147.4 billion increased 21% compared to Q3 2017. As of Q3 2018, there was $11.4 billion in pending Fee-Earning AUM that will turn on fees either through activation of the underlying fund or additional capital deployment.

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•

Fee Related Earnings were $44 million in Q3 2018, compared to $8 million in Q3 2017. Fund Management Fees increased 49% in Q3 2018 versus Q3 2017 due to strong fundraising activity in our latest vintage U.S. and Asia buyout funds, and was partially offset by a 12% increase in cash-based compensation expense and higher general and administrative expenses. Catch up management fees were $3 million in Q3 2018 compared with $0 in Q3 2017.

•	Distributable Earnings were $121 million in Q3 2018 compared to $207 million in Q3 2017, and includes $78 million in Realized Net Performance Revenues, $4 million in Realized Investment Income and $44 million in Fee Related Earnings. Realized proceeds of $1.5 billion in Q3 2018 were lower than Q3 2017, driving lower Realized Net Performance Revenues.

•	CPE carry funds appreciated 1% in the quarter, driving Net Performance Revenues of $28 million, as compared to 4% appreciation in Q3 2017 resulting in Net Performance Revenues of $81 million.

•	Economic Income was $47 million in Q3 2018 and $509 million for the LTM, a decrease of 29% from the prior LTM, generally due to lower carry fund appreciation of 16% in the LTM compared to 27% for the prior LTM.

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Invested $1.1 billion in Q3 2018 into new and follow-on investments, including Du Xiaoman Financial (CAP V), One Medical (CP VII), and LPG Systems and HGH Infared Systems (CETP III). As of the end of Q3 2018, CPE had also announced transactions with over $7.0 billion of additional equity commitments, including Nouryon (formerly AkzoNobel Specialty Chemicals) which closed in October, and Sedgwick which is expected to close over the next few quarters.

•	Assets Under Management reached a record $81.6 billion in Q3 2018, an increase of 46% compared to Q3 2017, positively impacted by $33.6 billion in fundraising and $5.8 billion in market appreciation, partially offset by $10.5 billion in realized proceeds.

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•	Fee Related Earnings were $26 million in Q3 2018, compared to $16 million in Q3 2017, with Fund Management Fees increasing 7% and cash-based compensation declining 14%. Over the LTM, Fee Related Earnings of $118 million increased 293% relative to the prior LTM. Catch-up management fees were $3 million in Q3 2018, up from $1 million in Q3 2017.

•	Distributable Earnings were $66 million in Q3 2018 and $202 million over the LTM, higher relative to a loss of $(45) million in the prior LTM which included a realized investment loss in Q3 2017 related to Urbplan Desenvolvimento Urbano. Realized Net Performance Revenues were a quarterly record $42 million in Q3 2018 driven by realized proceeds of $1.7 billion.

•	Real Assets carry funds appreciated 3% in the quarter with strong appreciation in the seventh U.S. real estate fund, eleventh NGP energy fund and our international energy fund, driving Net Performance Revenues of $35 million, compared with appreciation of 2% and Net Performance Revenue of $50 million in Q3 2017 due to higher appreciation in Natural Resources.

•	Economic Income was $51 million in Q3 2018 and $324 million for the LTM, an increase of 70% from the prior LTM, driven by significant growth in Fee Related Earnings over the same period.

•	Invested $0.8 billion in the quarter and $5.2 billion over the LTM.

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Assets Under Management of $46.0 billion increased 16% compared to Q3 2017, largely driven by $6.3 billion in fundraising and $4.2 billion in market appreciation, partially offset by $5.6 billion in realized proceeds. Fundraising of $1.1 billion in Q3 2018 included the final close of our eighth U.S. Realty fund, and additional closes in our Europe real estate, core plus real estate (CPI) funds and the latest vintage NGP energy fund, along with several coinvestment vehicles.

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•	Fee Related Earnings were $9 million in Q3 2018 compared to $77 million in Q3 2017, which included $74 million in net insurance recoveries. Fund Management Fees increased 27% year over year, partially offset by higher compensation expense related to the continuing build out of our credit platform.

•	Distributable Earnings were $10 million in Q3 2018 and $58 million over the LTM, higher relative to a loss of $(64) million over the prior LTM, which included losses related to our former commodities and hedge fund businesses.

•	Economic Income was $1 million in Q3 2018 and $22 million for the LTM, higher relative to a $(51) million Economic loss in the prior LTM. Global Credit carry funds appreciated 1% in the quarter and 10% over the LTM.

•	Invested $0.1 billion in Global Credit carry funds in the quarter and $1.5 billion for the LTM. Direct Lending originated gross new loans of approximately $508 million in the quarter and approximately $2.1 billion for the LTM. We raised $1.2 billion of CLO par value of in the quarter and $4.8 billion for the LTM.

•

Assets Under Management of $37.4 billion increased 17% compared to Q3 2017, largely driven by $6.5 billion of fundraising, partially offset by $0.9 billion in realized proceeds. Fundraising of $2.0 billion for Q3 2018 included two new CLOs and several CLO resets, as well as additional capital raised for our opportunistic fund, and several managed accounts. Fee Earning AUM of $30.1 billion increased 16% compared to Q3 2017.

•	On October 15, 2018, Carlyle announced an agreement to acquire Apollo Aviation Group, a global commercial aviation investment and servicing firm with $5.6 billion in Assets Under Management. Apollo Aviation will operate as a new business line within Global Credit upon its closing, which is expected no later than January 31, 2019.

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•	Fee Related Earnings were $9 million in Q3 2018 and $36 million over the LTM, an increase of 33% over the prior LTM.

•	Distributable Earnings were $13 million in Q3 2018 and $40 million for the LTM, an increase of 63% over the prior LTM generally attributable to higher Fee Related Earnings and Realized Net Performance Revenues.

•	Investment Solutions carry funds appreciated 5% in the quarter and 20% over the LTM, both including the impact of foreign exchange translation.

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Economic Income was $11 million in Q3 2018 and $63 million for the LTM, 24% higher than the prior LTM. Net Performance Revenues were $7 million in Q3 2018, and $39 million over the LTM, nearly double the prior LTM. Net Accrued Performance Revenue of $93 million increased 48% compared to Q3 2017 due to strong underlying fund performance, as well as an increasing share of AlpInvest performance revenues that are now accruing to our benefit.

•	Invested $1.3 billion in Investment Solutions carry funds during Q3 2018, and $4.3 billion over the LTM, roughly in line with the $4.2 billion invested over the prior LTM period.

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Assets Under Management of $47.3 billion increased 1% compared to Q3 2017, attributable to $4.3 billion in fundraising and $7.4 billion in market appreciation, and generally offset by $10.1 billion in realized proceeds. Fundraising of $1.2 billion for Q3 2018 included closings in managed accounts and new commitments to Metropolitan Real Estate's secondary fund and co-investment vehicles. Fee-Earning AUM of $29.5 billion declined (3)% compared to Q3 2017.

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•	Cash and Cash Equivalents and Corporate Treasury Investments(1) of $1.5 billion.

•	On-balance sheet investments attributable to unitholders of $1.1 billion(2), excluding the equity investment by Carlyle in NGP Energy Capital Management.

•	Net accrued performance revenues attributable to unitholders of $1.9 billion. These performance revenues are comprised of $4.2 billion of gross accrued performance revenues, less $0.1 billion in accrued giveback obligation and $2.2 billion in accrued performance allocations and incentive fee compensation and non-controlling interests.

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Debt obligations, consisting of loans, senior notes, and promissory notes totaling $1.2 billion, exclusive of $0.3 billion of loans used to finance our investments in CLOs. In September 2018, Carlyle issued $350 million of 5.650% senior notes due in September 2048 and used the net proceeds from that issuance to repurchase $250 million of the $500 million outstanding 3.875% senior notes due in February 2023 and prepay a $109 million promissory note due in January 2022.

•	5.875% Series A Preferred Units totaling $387.5 million.

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1)	The amount in the "Carlyle Consolidated" column is income before provision for income taxes, which is the GAAP measure that is most directly comparable to Economic Income.

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(a)

The Revenues adjustment principally represents fund management fees and performance revenues earned from the Consolidated Funds that were eliminated in consolidation to arrive at Carlyle’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, adjustments to reflect Carlyle’s share of Urbplan’s net losses as a component of principal investment income until Urbplan was deconsolidated during 2017, the inclusion of tax expenses associated with certain performance revenues, and adjustments to reflect Carlyle’s ownership interests in Claren Road (until January 2017) that were included in Revenues in the Partnership's segment reporting.

(b)

The Expense adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to Carlyle, the inclusion of certain tax expenses associated with performance revenue compensation, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, adjustments to reflect Carlyle’s share of Urbplan’s net losses as a component of principal investment income until Urbplan was deconsolidated in Q3 2017, changes in the tax receivable agreement liability, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect Carlyle’s economic interests in Claren Road (until January 2017), as detailed below:

(c)	The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at Carlyle’s total Other Income (Loss).

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(d)	Reconciliation for Economic Income and Distributable Earnings (Unaudited)

1)	Included in other non-operating expense (income) for the three months ended December 31, 2017 is a $71.5 million adjustment for the revaluation of the tax receivable agreement liability as a result of the passage of the Tax Cuts and Jobs Act of 2017.

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(1)

Income before provision for income taxes is the GAAP measure that is most directly comparable to both Economic Income (EI) and Distributable Earnings, both of which management uses to measure the performance of the business.  In most periods, income before provision for income taxes will be lower than EI principally due to excluding from EI equity compensation from awards issued in conjunction with the initial public offering, acquisitions and strategic investments, as well as other acquisition-related charges, including amortization of intangibles and impairment, corporate actions, and infrequently occurring or unusual events.  In periods of positive earnings, net income attributable to The Carlyle Group L.P. Common Unitholders typically will be lower than EI as net income attributable to The Carlyle Group L.P. Common Unitholders only includes the portion of earnings (approximately 32% before taxes as of September 30, 2018) that is attributable to the public unitholders whereas the calculation of EI reflects the adjusted earnings attributable to all unitholders.  A full reconciliation is included on page 29.

(1)	Represents the implied provision for income taxes that was calculated using a similar methodology as that used in calculating the provision for income taxes for The Carlyle Group L.P., without any reduction for non-controlling interests and without the impact of the Tax Cuts and Jobs Act of 2017.

(2)	Represents the implied provision for current income taxes that was calculated using a similar methodology as that used in calculating the provision for current income taxes for The Carlyle Group L.P., without any reduction for non-controlling interests.

(3)	Represents current corporate income taxes payable on Distributable Earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax Receivable Agreement payments owed.

(1)

Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses. The percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value. Fund only, does not include co-investment.

(2)

We generally earn performance revenues from our carry funds representing a 20% allocation of profits generated on third-party capital, and on which the general partner receives a special residual allocation of income from limited partners, which we refer to as performance allocations, or carried interest, in the event that specified investment returns are achieved by the fund. Disclosures referring to carry funds also include the impact of certain commitments that do not earn carried interest, but are either part of, or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform.

(3)	Natural Resources is comprised of NGP, infrastructure, power and international energy funds.

(4)	Other primarily reflects the impact of foreign exchange translation.

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(1)	Includes a $(25) million reduction to the reserve for ongoing litigation and contingencies taken in Q3 2017, which was allocated to the segments in the following manner: Corporate Private Equity $(13) million, Real Assets $(6) million, Global Credit $(4) million and Investment Solutions $(2) million.

(1)	Includes Mezzanine funds.

(1)	Primarily comprised of expiring dry powder, the impact of capital calls for fees and expenses and changes in gross asset value for our business development companies.

(2)

Available capital refers to the amount of capital commitments available to be called for investments, which may be reduced for equity invested that is funded via fund credit facility and expected to be called from investors at a later date, plus any additional assets/liabilities at the fund level other than active investments. Amounts previously called may be added back to available capital following certain distributions.

(3)	Remaining Fair Value reflects the unrealized carrying value of investments for all carry funds, related co-investment vehicles and separately managed accounts, the aggregate collateral balance of our CLOs and the gross asset value of our business development companies.

(4)	The In-Carry Ratio represents percentage of Remaining Fair Value in an accrued carry position.

(5)	Reflects the percentage of Remaining Fair Value attributable to investments originated in Q3 2014 or prior. Investments that include follow-on tranches are fully recognized based on the date of the initial investment activity.

(1)	Corporate Treasury Investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased.

(2)	Included in our on-balance sheet investments is approximately $292.7 million of loans attributable to Carlyle Holdings used to finance our investments in CLOs.

(1)	New Commitments reflects the impact of gross fundraising during the period. For funds or vehicles denominated in foreign currencies, this reflects translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual closing.

(2)	Outflows includes distributions in our carry funds and related co-investment vehicles, the NGP management fee funds and separately managed accounts, as well as runoff of CLO collateral balances.

(3)	Market Appreciation/(Depreciation) generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds and related co-investment vehicles, the NGP management fee funds and separately managed accounts.

(4)	Represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the period end.

(5)	Includes expiring available capital, the impact of capital calls for fees and expenses, change in gross asset value for our business development companies and other changes in AUM.

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(6)	The fair market values for our Investment Solutions carry funds are based on the latest available valuations of the underlying limited partnership interests (in most cases as of June 30, 2018) as provided by their general partners, plus the net cash flows since the latest valuation, up to September 30, 2018.

(7)	Inflows represent limited partner capital raised and capital invested by our carry funds and the NGP management fee funds outside the investment period, weighted-average investment period or commitment fee period. Inflows do not include funds raised of $11 billion, which are not yet earning fees.

(8)	Outflows represent limited partner distributions from our carry funds and the NGP management fee funds, changes in basis for our carry funds where the investment period, weighted-average investment period or commitment fee period has expired, and reductions for funds that are no longer calling for fees.

(9)	Represents the change in the aggregate Fee-earning collateral balances at par of our CLOs/structured products, as of the quarterly cut-off dates.

(10)	Market Appreciation/(Depreciation) represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the lower of cost or fair value and net asset value.

(11)	Includes activity of funds with fees based on gross asset value. Represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the average rate for the period. Ending balances are translated at the spot rate as of the period end.

(12)

Energy III, Energy IV, and Renew II (collectively, the “Legacy Energy Funds”), are managed with Riverstone Holdings LLC and its affiliates. Affiliates of both Carlyle and Riverstone act as investment advisers to each of the Legacy Energy Funds. Carlyle has a minority representation on the management committees of Energy IV and Renew II. Carlyle and Riverstone each hold half of the seats on the management committee of Energy III, but the investment period for this fund has expired and the remaining investments in such fund are being disposed of in the ordinary course of business.

(1)	The data presented herein that provides “inception to date” performance results of our segments relates to the period following the formation of the first fund within each segment. For our Corporate Private Equity segment our first fund was formed in 1990. For our Real Assets segment our first fund was formed in 1997. For our Global Credit segment our first carry fund was formed in 2004.

(2)	Represents the original cost of investments since inception of the fund.

(3)	Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried interest.

(4)	Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest, divided by cumulative invested capital.

(5)

An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized when the total amount of proceeds received in respect of such investment, including dividends, interest or other distributions and/or return of capital, represents at least 85% of invested capital and such investment is not yet fully realized. Because part of our value creation strategy involves pursuing best exit alternatives, we believe information regarding Realized/Partially Realized MOIC and Gross IRR, when considered together with the other investment performance metrics presented, provides investors with meaningful information regarding our investment performance by removing the impact of investments where significant realization activity has not yet occurred. Realized/Partially Realized MOIC and Gross IRR have limitations as measures of investment performance, and should not be considered in isolation. Such limitations include the fact that these measures do not include the performance of earlier stage and other investments that do not satisfy the criteria provided above. The exclusion of such investments will have a positive impact on Realized/Partially Realized MOIC and Gross IRR in instances when the MOIC and Gross IRR in respect of such investments are less than the aggregate MOIC and Gross IRR. Our measurements of Realized/Partially Realized MOIC and Gross IRR may not be comparable to those of other

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(6)	Fully Invested funds are past the expiration date of the investment period as defined in the respective limited partnership agreement. In instances where a successor fund has had its first capital call, the predecessor fund is categorized as fully invested.

(7)	Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on contributions, distributions and unrealized value before management fees, expenses and carried interest.

(8)

Net Internal Rate of Return (“Net IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on contributions, distributions and unrealized value after management fees, expenses and carried interest. Fund level IRRs are based on aggregate Limited Partner cash flows, and this blended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a blended Net IRR that is below the preferred return hurdle for that fund.

(9)	Aggregate includes the following funds: CP I, CMG, CVP I, CVP II, CUSGF III, CEVP, CETP I, CAVP I, CAVP II, CAGP III, CSABF, CPF I, Mexico, CBPF, and MENA.

(10)	Includes coinvestments and certain other stand-alone investments arranged by us.

(11)	Aggregate, which is considered not meaningful, includes the following funds and their respective commencement dates: CSSAF (April 2012) , CCI (December 2012), CETP III (May 2014), CAGP V (May 2016), CGFSP III (June 2017), and CBPF II (November 2017).

(12)	For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time since initial investment and early stage of capital deployment. For funds marked “Neg,” IRR is negative as of reporting period end.

(13)	For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting period spot rate.

(14)	Aggregate includes the following funds: CRP I, CRP II, CAREP I, CAREP II, CRCP I, CPOCP, Renew I and Energy I.

(15)	Aggregate, which is not meaningful, includes NGP GAP, CCR, and CER. The investment period commenced in December 2013 for NGP GAP, October 2016 for CCR, and December 2017 for CER.

(16)	Aggregate includes the following funds: CMP I, CMP II, CSP I, and CASCOF.

(17)	Represents the original cost of investments net of investment level recallable proceeds which is adjusted to reflect recyclability of invested capital for the purpose of calculating the fund MOIC.

(18)	Fully Committed funds are past the expiration date of the commitment period as defined in the respective limited partnership agreement.

(19)

Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments originated by the AlpInvest team, as well as real estate primary fund investments, secondary fund investments and co-investments originated by the Metropolitan Real Estate team. Excluded from the performance information shown are a) investments that were not originated by AlpInvest, and b) Direct Investments, which was spun off from AlpInvest in 2005. As of September 30, 2018, these excluded investments represent $0.2 billion of AUM at AlpInvest.

(20)	To exclude the impact of FX, all AlpInvest foreign currency cash flows have been converted to Euro at the reporting period spot rate.

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(21)	Gross Internal Rate of Return ("Gross IRR") represents the annualized IRR for the period indicated on Limited Partner invested capital based on investment contributions, distributions and unrealized value of the underlying investments, before management fees, expenses and carried interest at the AlpInvest/Metropolitan Real Estate level.

(22)	Aggregate includes Main Fund VII - Fund Investments, Main Fund VIII - Fund Investments, Main Fund IX - Fund Investments, Main Fund I - Co-Investments, Main Fund I - Mezzanine Investments, Main Fund IV - Mezzanine Investments, Main Fund V - Mezzanine Investments, AlpInvest CleanTech Funds and funds which are not included as part of a main fund.

(23)	Represents the U.S. dollar equivalent balance translated at the spot rate as of period end.

(1)	Remaining Fair Value reflects the unrealized carrying value of investments for Corporate Private Equity, Real Assets and Global Credit carry funds and related co-investment vehicles. Significant funds with remaining fair value of greater than $100 million are listed individually.

(2)	Unrealized multiple of invested capital (“MOIC”) represents remaining fair market value, before management fees, expenses and carried interest, divided by remaining investment cost.

(3)

Total MOIC represents total fair value (realized proceeds combined with remaining fair value), before management fees, expenses and carried interest, divided by cumulative invested capital. For certain funds, represents the original cost of investments net of investment-level recallable proceeds, which is adjusted to reflect recyclability of invested capital for the purpose of calculating the fund MOIC.

(4)	Represents cumulative invested capital as of the reporting period divided by total commitments. Amount can be greater than 100% due to the re-investment of recallable distributions to fund investors.

(5)	Fund has a net accrued performance revenue balance/(giveback obligation) as of the current quarter end, driven by a significant portion of the fund’s asset base.

(6)	Fund has generated realized net performance revenues/(realized giveback) in the last twelve months.

(7)	Represents the date of the first capital contribution for management fees.

(8)

Aggregate includes the following funds: CMG, CP I, CP II, CP III, CEP I, CEP II, CAP I, CAP II, CBPF, CBPF II, CJP I, CEVP, CETP I, CETP II, CETP III, CCI, CAVP I, CAVP II, CAGP III, CAGP V, Mexico, MENA, CSABF, CSSAF, CPF, CGFSP I, CGFSP III, CVP I, CVP II, and CUSGF III. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.

(9)	Includes co-investments, prefund investments and certain other stand-alone investments arranged by us. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.

(10)	Aggregate includes the following funds: CRP I, CRP II, CRCP I, CEREP I, CEREP II, CER, CAREP I, CAREP II, CCR, CPOCP, CGIOF, NGP GAP, Energy I, Energy II and Renew I. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.

(11)	Aggregate includes the following funds: CSP I, CSP II, CMP I, CMP II, CSC, CCOF, and CASCOF. In Accrued Carry/(Clawback) and LTM Realized Carry not indicated because the indicator does not apply to each fund within the aggregate.

(12)	For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting period spot rate.