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Fourth Quarter Distribution

The Board of Directors has declared a quarterly distribution of $0.85 per common unit to holders of record at the close of business on March 4, 2013, payable on March 13, 2013. Since its IPO in May 2012, Carlyle has announced an aggregate of $1.12 per common unit in distributions to common unitholders.

The Carlyle Group Distribution Policy

Carlyle intends to distribute $0.16 per full quarter to common unitholders for each of the first three quarters of the calendar year, and to announce a year-end catch-up distribution in its fourth quarter earnings release. As noted in Carlyle’s Registration Statement on Form S-1, Carlyle intends to make the year-end catch-up distribution in an amount that, taken together with the other quarterly distributions, represents substantially all of its Distributable Earnings in excess of the amount determined by the General Partner to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and its funds or to comply with applicable law or any of its financing agreements. Carlyle anticipates that the aggregate amount of its distributions for most years will be less than its total Distributable Earnings for that year. The declaration and payment of any distribution is at the sole discretion of the General Partner, which may change the distribution policy at any time.

The Carlyle Engine

Carlyle evaluates the underlying performance of its business on four key metrics, known as the Carlyle Engine: funds raised, equity invested, carry fund returns and realized proceeds for fund investors. The table below highlights the results of those metrics for Q4 2012, and for 2012 and 2011.

Funds Raised Equity Invested
Q4 $4.6 billion   Q4 $3.3 billion  

2012: $14.0 bn

  2011: $6.6 bn

2012: $7.9 bn

  2011: $11.3 bn
Realized Proceeds Carry Fund Returns
Q4 $6.8 billion   Q4 4%  

2012: $18.7 bn

  2011: $17.6 bn

2012: 14%

  2011: 16%
Note: Equity Invested and Realized Proceeds reflect carry funds only.

During Q4 2012, Carlyle generated net realized proceeds of $6.8 billion from 155 different investments across 39 carry funds. Carlyle deployed $3.3 billion of equity in Q4 2012 in 96 new or follow-on investments across 24 carry funds. For 2012, Carlyle realized proceeds of $18.7 billion, compared to $17.6 billion in 2011, and invested $7.9 billion in 2012 compared to $11.3 billion in 2011.

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