The Carlyle Group Announces Fourth Quarter and Full Year 2012 Earnings Results

  The Carlyle Group Announces Fourth Quarter and Full Year 2012 Earnings
  Results

  *$0.49 per common unit in Distributable Earnings in Q4 2012 and $1.39 per
    common unit in Distributable Earnings since The Carlyle Group IPO in May
    2012
  *Quarterly distribution of $0.85 per common unit declared, aggregate
    distributions of $1.12 per common unit for 2012, which represents 80% of
    post-IPO, after-tax Distributable Earnings
  *$18.7 billion of carry fund realizations in 2012 and more than $36 billion
    in carry fund realizations over the past two years
  *$14.0 billion in new capital raised in 2012, including $4.6 billion in Q4
    2012, which was more than double the 2011 level
  *$7.9 billion in carry fund equity invested in 2012, including $3.3 billion
    in Q4 2012
  *Acquired equity interests in NGP Energy Capital Management and Vermillion
    Asset Management during Q4 2012
  *U.S. GAAP net income attributable to The Carlyle Group L.P. of $12
    million, which was $0.25 per common unit on a fully diluted basis, for Q4
    2012

Business Wire

WASHINGTON -- February 21, 2013

Global alternative asset manager The Carlyle Group L.P. (NASDAQ: CG), today
reported its unaudited results for the fourth quarter and the year ended
December 31, 2012.

David M. Rubenstein, Co-Chief Executive Officer of Carlyle, said, “We had
another excellent year. Our performance over the past two years was marked by
steady, continuous progress across our business. Most notably, in 2012 we
raised twice as much capital as we did in 2011, with over $14 billion of new
capital commitments into our funds. As a strong reflection of our cash
earnings, we are announcing an attractive fourth quarter distribution of $0.85
per unit to our common unitholders.”

William E. Conway, Jr., Co-Chief Executive Office of Carlyle, said, “I am
optimistic about investment opportunities globally, in developed and emerging
markets alike. We deployed and harvested capital at a solid pace in the fourth
quarter, which is a reflection of the scope of the Carlyle global platform. In
the fourth quarter alone, we invested $3.3 billion in equity in 96 investments
in 19 countries across 24 carry funds. In the same period, we achieved $6.8
billion in realized proceeds from 155 investments across 39 carry funds. Our
performance in 2012 has built a strong foundation for producing significant
returns for our fund investors and Distributable Earnings for our common
unitholders in 2013 and beyond.”

U.S. GAAP results for Q4 2012 included income before provision for income
taxes of $146 million and net income attributable to the public unitholders
through The Carlyle Group L.P. of $12 million, or net income per common unit
of $0.25 on a fully diluted basis. For the year ended December 31, 2012,
income before provision for income taxes was $2.4 billion, compared to $1.2
billion in 2011. Total balance sheet assets were $31.6 billion as of December
31, 2012 compared with $24.7 billion as of December 31, 2011.

                         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.

In 2012, 78% of realized proceeds were from sale activities, versus 88% in
2011. In addition, 58% of realized proceeds in 2012 were produced by funds
actively realizing performance fees versus 64% in 2011.

                                              
      Segment      Realized Proceeds               Equity Invested
                                                                      
                   # of                          # of               
                   Investments   # of    $ mn      Investments   # of    $ mn
                                 Funds                           Funds
                                                                   
      Corporate
      Private      50            18      $4,739    18            10      $2,369
      Equity
                                                                         
      Global
Q4    Market       42            6       $584      9             4       $106
      Strategies
                                                                         
      Real         67            15      $1,477    70            10      $861
      Assets
                                                             
      Carlyle     155          39     $6,801   96           24     $3,336

      Corporate
      Private      94            21      $12,148   49            16      $4,170
      Equity
                                                                         
      Global
YTD   Market       58            6       $1,127    26            5       $577
      Strategies
                                                                         
      Real        106          15     $5,444   126          11     $3,172
      Assets
      Carlyle     250          42     $18,719  197          32     $7,919
                                                                         
      Note: The columns may not sum as some investments cross segment lines,
      but are only counted one time for Carlyle results.
      

      Carlyle All Segment Results for Fourth Quarter and Full Year 2012

  *Distributable Earnings (DE): $188 million for Q4 2012 and $688 million for
    2012

       *Pre-tax Distributable Earnings of $188 million for Q4 2012 equates to
         $0.49 per common unit on a post-tax basis. Post-IPO and after-tax
         Distributable Earnings per common unit for 2012 was $1.39.
         Distributable Earnings of $688 million in 2012 compares to $864
         million in 2011.
       *Fee-Related Earnings were $55 million for Q4 2012 and increased from
         $14 million in Q4 2011 due to an increase in fee earning assets under
         management, lower general and administrative expenses and $18 million
         in proceeds from an insurance settlement. Fee-Related Earnings of
         $170 million in 2012 increased 40% from $121 million in 2011.
       *Realized Net Performance Fees of $127 million for Q4 2012 compares to
         $216 million in Q4 2011. For the current quarter, realized net
         performance fees were positively impacted by public equity exits in
         Hertz, Housing Development Finance Corporation (HDFC) and Kinder
         Morgan in Corporate Private Equity and the sale of Metaldyne in
         Global Market Strategies, among other full and partial realization
         events. Realized net performance fees of $502 million in 2012
         compared to $678 million in 2011.
       *Realized Investment Income was $6 million in Q4 2012. Realized
         investment income was $16 million in 2012.

  *Economic Net Income (ENI): $182 million for Q4 2012 and $736 million for
    2012

       *Economic Net Income was $182 million for Q4 2012 and $736 million for
         2012. On an after-tax basis, Carlyle generated $0.47 in ENI per
         Adjusted Unit for Q4 2012.
       *Q4 2012 ENI was positively impacted by appreciation of 4% in
         Carlyle’s carry fund portfolio, which excludes structured credit,
         hedge funds and Fund of Funds Solutions vehicles. Corporate Private
         Equity and Global Market Strategies carry funds were up an average of
         5%, while Real Asset funds were up 1% compared to the end of Q3 2012.
         Carry fund appreciation was 14% in 2012 compared to 16% in 2011.
       *Carlyle’s public carry fund portfolio increased 4% during Q4 2012
         while the private carry fund portfolio increased 3%.

                                                                      
The Carlyle
Group L.P. -
All Segments  Period                                  LTM     % Change
(Actual
Results)
$ in                                                  Q1 12
millions,     Q4     Q1     Q2     Q3     Q4     - Q4   QoQ    YoY    YTD
except where  2011    2012    2012    2012    2012    12
noted
                                                                    
Revenues      666     894     61      584     505     2,044   (14%)   (24%)   (5%)
                                                                              
Expenses      411    501    119    365    323    1,308  (12%)  (21%)  (1%)
Economic Net  254    392    (57)   219    182    736    (17%)  (28%)  (12%)
Income
Fee-Related   14     34     36     46     55     170    20%    289%   39%
Earnings
Net
Performance   223    335    (107)  165    132    525    (20%)  (41%)  (17%)
Fees
Realized Net
Performance   216    143    76     156    127    502    (18%)  (41%)  (26%)
Fees
Distributable 247    179    115    206    188    688    (9%)   (24%)  (20%)
Earnings
                                                                              
Total Assets
Under         147.0  159.2  156.2  157.4  170.2        8%     16%    
Management ($
billion)
Fee-Earning
Assets Under  111.0  117.0  112.0  115.1  123.1        7%     11%    
Management ($
billion)
Note: Totals may not sum due to rounding.

                                                                              

         Assets Under Management and Remaining Fair Value of Capital

  *Total Assets Under Management: $170.2 billion as of Q4 2012 (+16% in 2012)

       *Changes versus Q3 2012: Acquisitions of equity interests in NGP
         Energy Capital Management and Vermillion Asset Management (+$14.4
         billion), new capital commitments (+$3.5 billion), market
         appreciation (+$2.9 billion), foreign exchange impact (+$640
         million), changes in par value of CLO collateral (-$383 million) and
         net distributions (-$8.0 billion).
       *Increases versus year end 2011 primarily were due to acquisitions,
         portfolio appreciation, fundraising and foreign exchange impacts.
         Partially offsetting these additions was a significant level of
         distributions to fund investors.
       *Total Dry Powder of $43.9 billion as of Q4 2012, comprised of
         Corporate Private Equity $17.6 billion, Global Market Strategies $1.8
         billion, Real Assets $9.9 billion and Fund of Funds Solutions $14.5
         billion.

  *Fee-Earning Assets Under Management: $123.1 billion as of Q4 2012 (+11% in
    2012)

       *Changes versus Q3 2012: Acquisitions (+$12.6 billion), asset inflows
         (+$2.8 billion), foreign exchange impact (+$968 million), market
         appreciation (+$394 million), change in the par value of CLO
         collateral (-$364 million) and net distributions and outflows (-$8.4
         billion).
       *As of December 31, 2012, Carlyle had raised Limited Partner
         commitments of $5.0 billion to several of its latest vintage funds,
         including our U.S. Buyout, Asia Buyout and Financial Services funds,
         which are not yet included in Fee-Earning Assets Under Management.

  *Remaining Fair Value of Capital (carry funds only) as of Q4 2012: $60
    billion

       *Current Multiple of Invested Capital (MOIC) of remaining fair value
         of capital: 1.2x.
       *Remaining fair value of capital in the ground in investments made in
         2008 or earlier: 48% of total fair value.
       *AUM in-carry ratio as of the end of Q4 2012: 67%.

                          Non-GAAP Operating Results

Carlyle’s non-GAAP results for Q4 2012 are provided in the table below:

                                                              
Carlyle Group Summary
$ in millions, except unit and per unit amounts
                                                                       
Economic Net income                       Q4 2012
Economic Net Income (pre-tax)              $       182.2
Less: Provision for income taxes ^                36.6
(1)
Economic Net Income, After Taxes           $       145.6
Fully diluted units (in millions)                  311.8
                                                                       
Economic Net Income, After Taxes           $       0.47
per Adjusted Unit
                                                                       
Distributable Earnings                    
Distributable Earnings                     $       187.5
Less: Estimated foreign, state,                   12.5
and local taxes ^(2)
Distributable Earnings, After              $       175.0
Taxes
                                                                       
Allocating Distributable Earnings
for only public unitholders of The
Carlyle Group L.P.
                                                                       
Distributable Earnings to The              $       24.7
Carlyle Group L.P.
Less: Estimated current corporate                 3.6
income taxes ^ (3)
Distributable Earnings to The
Carlyle Group L.P. net of                  $       21.1
corporate income taxes
                                                                       
Units in public float (in                          43.2
millions)
                                                                       
Distributable Earnings, net, per
The Carlyle Group L.P. common unit        $       0.49
outstanding
(1) Represents the implied provision for income taxes that was calculated
using a similar methodology applied in calculating the tax provision for The
Carlyle Group L.P., without any reduction for noncontrolling interests.
(2) Represents the implied provision for current income taxes that was
calculated using a similar methodology applied in calculating the current tax
provision for The Carlyle Group L.P., without any reduction for noncontrolling
interests.
(3) Represents current corporate income taxes payable upon distributable
earnings allocated to Carlyle Holdings I GP Inc. and estimated current Tax
Receivable Agreement payments owed


                        Corporate Private Equity (CPE)

                                                           
Funds Raised          Equity Invested       Realized Proceeds    Carry Fund
                                                                 Returns
Q4    $3.0 bn        Q4    $2.4 bn        Q4    $4.7 bn       Q4   5%   
2012:       2011:     2012:       2011:     2012:       2011:    2012:   2011:
$7.8 bn    $1.6 bn   $4.2 bn    $7.5 bn   $12.1 bn   $11.4    16%    16%
                                                        bn
                                                                    

  *Distributable Earnings (DE): $74 million for Q4 2012 and $399 million for
    2012. The following components impacted Distributable Earnings in Q4 and
    2012:

       *Fee Related Earnings were $18 million in Q4 2012 and $61 million for
         2012, compared to $(4) million in Q4 2011 and $57 million in 2011.
       *Realized Net Performance Fees were $54 million for Q4 2012 and $335
         million for 2012, compared to $130 million for Q4 2011 and $465
         million for 2011. In 2012, realized proceeds of $12.1 billion
         compared to $11.4 billion in 2011.

  *Economic Net Income (ENI): $122 million for Q4 2012 and $479 million for
    2012

       *Economic Net Income of $122 million for Q4 2012 and $479 million for
         2012 compared to $162 million for Q4 2011 and $514 million for 2011.
       *CPE carry fund valuations increased 5% in Q4 2012, compared with 7%
         in Q4 2011. For 2012, carry fund valuations increased 16%, in line
         with 16% appreciation in 2011.
       *Net Performance Fees of $100 million for Q4 2012 and $394 million for
         2012, compared to $152 million for Q4 2011 and $413 million for 2011.
         The composition of funds experiencing appreciation was different
         year-over-year, resulting in a lower increase in unrealized
         performance fees in 2012 versus 2011.

  *Assets Under Management (AUM): $53.3 billion as of Q4 2012

       *Total AUM increased 4% during 2012 to $53.3 billion.
       *Funds Raised of $3.0 billion was driven by an additional closing of
         our latest vintage U.S. buyout fund, a first closing in our latest
         vintage Asia buyout fund, as well as closings in our U.S. mid-market
         buyout fund, regional funds and various co-investments. For 2012,
         corporate private equity funds raised of $7.8 billion compared to
         $1.6 billion for 2011.
       *Fee Earning Assets Under Management were $33.8 billion as of Q4 2012,
         down from $38.0 billion as of Q4 2011, with the decline driven by
         $5.2 billion in outflows, which are partially offset by fundraising.

                                                                
Corporate
Private Equity Period                              LTM   % Change
(Actual
Results)
                                                   Q1
$ in millions, Q4      Q1     Q2     Q3     Q4     12
except where   2011   2012  2012  2012  2012   -     QoQ    YoY    YTD
noted                                              Q4
                                                   12
                                                               
Economic Net   162    244   (65)  177   122   479  (31%)  (24%)  (7%)
Income
Net
Performance    152    215   (80)  159   100   394  (38%)  (34%)  (5%)
Fees
Realized Net
Performance    130    105   50    126   54    335  (57%)  (58%)  (28%)
Fees
Distributable  134    120   61    145   74    399  (49%)  (45%)  (29%)
Earnings
                                                                         
Total Assets
Under          51.1   53.3  52.5  53.2  53.3     0%     4%     
Management ($
in billions)
Fee-Earning
Assets Under   38.0   37.8  37.1  36.9  33.8     (8%)   (11%)  
Management ($
in billions)
Note: Totals may not sum due to rounding.

                                                                         

                        Global Market Strategies (GMS)

                                                           
Funds Raised          Equity Invested       Realized Proceeds    Carry Fund
                                                                 Returns
Q4   $1.2 bn         Q4   $0.1 bn         Q4   $0.6 bn        Q4  5%     
2012:     2011:      2012:     2011:      2012:     2011:     2012:  2011:
$5.2 bn    $2.4 bn    $0.6 bn    $0.8 bn    $1.1 bn    $1.0 bn   23%     9%
Note: Funds Raised excludes acquisitions, but includes hedge funds and CLOs.
Equity Invested and Realized Proceeds are for carry funds only.
                                                                       

  *Distributable Earnings (DE): $86 million for Q4 2012 and $168 million for
    2012. The following components impacted Distributable Earnings for Q4 and
    2012:

       *Fee Related Earnings were $31 million in Q4 2012 and $89 million for
         2012, compared to $14 million for Q4 2011 and $57 million for 2011,
         as fee-earning AUM increased 34% for 2012 driven by organic
         fundraising, a new CLO issuance and acquisitions.
       *Realized Net Performance Fees were $50 million for Q4 2012 and $66
         million for 2012, compared to $67 million in Q4 2011 and $116 million
         for 2011, as hedge fund net performance was not as strong in 2012 as
         it was in 2011.

  *Economic Net Income (ENI): $59 million for Q4 2012 and $165 million for
    2012

       *Economic Net Income of $59 million for Q4 2012 and $165 million for
         2012 compared to $22 million for Q4 2011 and $162 million for 2011.
       *Net Performance Fees were $23 million for Q4 2012 and $53 million for
         2012.

  *Assets Under Management (AUM): $32.5 billion as of Q4 2012

       *Total AUM of $32.5 billion as of Q4 2012  increased 33% versus Q4
         2011, while Fee-Earning AUM of $31.0 billion as of Q4 2012 increased
         34% versus Q4 2011.
       *Hedge Fund net inflows (excluding acquisitions) were flat in Q4 2012
         and were $1.8 billion in 2012. Total hedge fund AUM was $12.1 billion
         as of Q4 2012.
       *Carlyle raised a fourth new CLO during Q4 2012 with $620 million in
         assets. For the year, Carlyle raised four new CLOs with total capital
         of $2.3 billion.
       *GMS Carry Fund AUM ended 2012 at $3.8 billion.
       *Total Structured Credit AUM ended 2012 at $16.6 billion.

                                                                 
Global Markets
Strategies     Period                              LTM   % Change
(Actual
Results)
                                                   Q1
$ in millions, Q4      Q1     Q2     Q3     Q4     12
except AUM     2011   2012  2012  2012  2012   -     QoQ    YoY    YTD
where noted                                        Q4
                                                   12
Economic Net   22     38    32    36    59    165  64%    169%   3%
Income
Net
Performance    3      18    4     8     23    53   183%   673%   (25%)
Fees
Realized Net
Performance    67     15    1     1     50    66   7086%  (25%)  (43%)
Fees
Distributable  90     31    23    28    86    168  210%   (5%)   (13%)
Earnings
                                                               
Total Assets
Under          24.5   28.3  29.0  30.1  32.5      8%     33%    
Management ($
in billions)
Fee-Earning
Assets Under   23.2   26.8  27.7  28.5  31.0      9%     34%    
Management ($
in billions)
                                                        
Funds Raised,
excluding      0.0    0.7   0.8   0.8   1.2   3.5  50%    N.A.   
hedge funds ($
in billions)
Hedge Fund Net
Inflows ($ in  0.8    0.7   0.7   0.4   0.0   1.8  N.M    N.M.   
billions)
Note: Totals may not sum due to rounding. Funds Raised excludes the impact of
acquisitions.



                               Real Assets (RA)

                                                       
Funds Raised         Equity Invested     Realized Proceeds   Carry Fund
                                                             Returns
Q4    $0.0 bn       Q4   $0.9 bn       Q4   $1.5 bn       Q4   1%       
2012:     2011:     2012:    2011:     2012:    2011:     2012:    2011:
$0.3 bn    $2.1 bn   $3.2 bn   $3.0 bn   $5.4 bn   $5.2 bn   9%        16%
Note: Equity Invested and Realized Proceeds are for carry funds only.
Funds Raised excludes acquisitions.
                                                                     

  *Distributable Earnings (DE): $22 million for Q4 2012 and $102 million for
    2012. The following components impacted Distributable Earnings in Q4 and
    2012:

       *Fee Related Earnings were $0.3 million in Q4 2012 and $3 million for
         2012, compared to $(2) million for Q4 2011 and $(7) million for 2011.
       *Realized Net Performance Fees were $22 million for Q4 2012 and $99
         million for 2012, compared to $17 million for Q4 2011 and $90 million
         for 2011.

  *Economic Net Income (ENI): $(7) million for Q4 2012 and $67 million for
    2012

       *Economic Net Income was $(7) million for Q4 2012 and $67 million for
         2012, compared to $64 million for Q4 2011 and $144 million for 2011.
         Real Assets carry fund valuations increased 9% in 2012 and 16% in
         2011. The ENI loss in Q4 2012 was due to unrealized losses on real
         estate investments.
       *Net Performance Fees were $6 million for Q4 2012 and $69 million for
         2012, compared to $67 million for Q4 2011 and $146 million for 2011.

  *Assets Under Management (AUM): $40.2 billion as of Q4 2012

       *Total AUM increased 31% versus 2011, driven largely by the investment
         in NGP Energy Capital Management and portfolio appreciation, offset
         by net distributions of $4.2 billion.
       *Fee-Earning AUM of $29.3 billion was up 32% in 2012 compared to 2011,
         with the increase driven largely by the investment in NGP Energy
         Capital Management, partially offset by outflows of $5.3 billion.
       *On December 20, 2012, Carlyle announced the acquisition of an equity
         interest in NGP Energy Capital Management which entitles Carlyle to
         47.5% of NGP’s management fee related revenues. NGP had $12.1 billion
         in total AUM as of Q3 2012 and $10.3 billion in fee earning AUM as of
         Q4 2012. Although Carlyle does not consolidate NGP, Carlyle includes
         NGP AUM within Total AUM and Fee-Earning AUM.

                                                                 
Real Assets
(Actual       Period                             LTM   % Change
Results)
$ in                                             Q1
millions,     Q4     Q1     Q2     Q3     Q4     12
except where  2011  2012  2012  2012  2012  -     QoQ     YoY     YTD
noted                                            Q4
                                                 12
Economic Net  64    101   (29)  2     (7)   67   (531%)  (111%)  (53%)
Income
Net
Performance   67    99    (33)  (4)   6     69   272%    (91%)   (53%)
Fees
Realized Net
Performance   17    22    26    29    22    99   (25%)   30%     10%
Fees
Distributable 14    22    28    31    22    102  (27%)   60%     21%
Earnings
                                                              
Total Assets
Under         30.7  32.2  30.0  29.5  40.2      36%     31%     
Management ($
in billions)
Fee-Earning
Assets Under  22.2  22.8  19.5  19.6  29.3      49%     32%     
Management ($
in billions)
Note: Totals may not sum due to rounding.

                                                                         

                        Fund of Funds Solutions (FoF)

  *Distributable Earnings (DE): $6 million for Q4 2012 and $18 million for
    2012

       *Fee Related Earnings of $5 million for Q4 2012 and $16 million for
         2012.
       *Realized Net Performance Fees were $1 million for Q4 2012 and $2
         million for 2012.

  *Economic Net Income (ENI): $8 million for Q4 2012 and $24 million for 2012
  *Assets Under Management (AUM): $44.1 billion as of Q4 2012

       *Total AUM was up 8% compared to 2011.
       *Fee-Earning AUM of $28.9 billion increased 4% versus 2011.
       *AlpInvest raised $349 million in new commitments during Q4 2012.

                                                                  
Fund of Funds
Solutions      Period                                LTM   % Change
(Actual
Results)
                                                     Q1
$ in millions, Q4      Q1      Q2      Q3     Q4     12
except where   2011   2012   2012   2012  2012  -     QoQ   YoY    YTD
noted                                                Q4
                                                     12
                                                                
Economic Net   6      9      4      4     8     24   105%  27%    N.A.
Income
Net
Performance    1      4      1      1     3     9    383%  190%   N.A.
Fees
Realized Net
Performance    3      0      0      0     1     2    233%  (67%)  N.A.
Fees
Distributable  9      6      3      3     6     18   68%   (37%)  N.A.
Earnings
                                                                          
Total Assets
Under          40.7   45.4   44.6   44.6  44.1      (1%)  8%     N.A.
Management ($
in billions)
Fee-Earning
Assets Under   27.7   29.5   27.6   30.2  28.9      (4%)  4%     N.A.
Management ($
in billions)
Note: Carlyle Group acquired a 60% ownership interest in AlpInvest on July 1,
2011. Totals may not sum due to rounding.

                                                                          

                           Balance Sheet Highlights

The amounts presented below exclude the effect of U.S. GAAP consolidation
eliminations on investments and accrued performance fees, as well as cash and
debt associated with Carlyle’s consolidated funds. All data is as of December
31, 2012.

  *Cash and Cash Equivalents of $567 million.
  *On-balance sheet investments attributable to unitholders of $310 million,
    excluding the equity-method investment by Carlyle in NGP Energy Capital
    Management.
  *Net Accrued Performance Fees attributable to unitholders of $1,200
    million. These performance fees comprise Gross Accrued Performance Fees of
    $2,205 million less $79 million in accrued giveback obligation and $926
    million in accrued performance fee compensation and non-controlling
    interest.
  *Loans payable of $886 million, including $386 million drawn from the
    revolving credit facility. On January 15, 2013, Carlyle Holdings Finance
    L.L.C., an indirect subsidiary of The Carlyle Group L.P., issued $500
    million aggregate principal amount of 3.875% Senior Notes due 2023.
    Carlyle used a portion of the net proceeds to repay the outstanding
    borrowings of $386 million under the revolving credit facility of its
    senior credit facility, as of December 31, 2012. The remaining net
    proceeds were used to prepay the initial $75 million amortization amount
    due under Carlyle’s term loan and for general corporate purposes.

Conference Call

Carlyle will host a conference call on February 21, 2013 at 8:00 a.m. EST to
discuss Q4 and 2012 results and industry trends. Immediately following the
prepared remarks, there will be a question and answer session for analysts and
investors.

Analysts and institutional investors may listen to the call by dialing
+1-800-850-2903 (international +1-253-237-1169) and mentioning “Carlyle Group
Fourth Quarter 2012 Results Conference Call.” The conference call will be
webcast simultaneously to the public through a link on the investor relations
section of The Carlyle Group web site at ir.carlyle.com. An archived replay of
the webcast also will be available on the website shortly after the live
event.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170
billion of assets under management across 113 funds and 67 fund of fund
vehicles as of December 31, 2012. Carlyle's purpose is to invest wisely and
create value on behalf of its investors, many of whom are public pensions.
Carlyle invests across four segments – Corporate Private Equity, Real Assets,
Global Market Strategies and Fund of Funds Solutions – in Africa, Asia,
Australia, Europe, the Middle East, North America and South America. Carlyle
has expertise in various industries, including: aerospace, defense &
government services, consumer & retail, energy, financial services,
healthcare, industrial, technology & business services, telecommunications &
media and transportation. The Carlyle Group employs 1,400 people in 33 offices
across six continents.

Web: www.carlyle.com

Videos: www.youtube.com/onecarlyle

Tweets: www.twitter.com/onecarlyle

Podcasts: www.carlyle.com/about-carlyle/market-commentary

Forward Looking Statements

This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements include, but are not limited to,
statements related to our expectations regarding the performance of our
business, our financial results, our liquidity and capital resources and other
non-historical statements. You can identify these forward-looking statements
by the use of words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates” or the negative version of
these words or other comparable words. These statements are subject to risks,
uncertainties and assumptions, including those described under the section
entitled “Risk Factors” in our prospectus dated May 2, 2012, filed with the
SEC pursuant to Rule 424(b) of the Securities Act on May 4, 2012, as such
factors may be updated from time to time in our periodic filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov. These factors should
not be construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this release and in our
filings with the SEC. We undertake no obligation to publicly update or review
any forward-looking statements, whether as a result of new information, future
developments or otherwise, except as required by applicable law.

This release does not constitute an offer for any Carlyle fund.

                                                
The Carlyle Group L.P.
GAAP Statement of Operations (Unaudited)
                                                                   
                     Three Months Ended           Year Ended
                     Dec 31,         Dec 31,     Dec 31,          Dec 31,
                     2012             2011        2012             2011
                     (Dollars in millions, except unit and per unit data)
Revenues
Fund management      $ 263.5          $ 232.3     $ 977.6         $ 915.5
fees
Performance fees
Realized               218.8            437.3       907.5            1,307.4
Unrealized            45.6           (52.2 )    133.6          (185.8  )
Total performance      264.4            385.1       1,041.1          1,121.6
fees
Investment income
(loss)
Realized               4.9              14.8        16.3             65.1
Unrealized            (7.2       )    7.0       20.1           13.3    
Total investment       (2.3       )     21.8        36.4             78.4
income (loss)
Interest and other     4.6              0.2         14.5             15.8
income
Interest and other
income of             225.1          192.4     903.5          714.0   
Consolidated Funds
Total revenues         755.3            831.8       2,973.1          2,845.3
                                                                   
Expenses
Compensation and
benefits
Base compensation      191.5            97.3        624.5            374.5
Equity-based           54.3             -           201.7            -
compensation
Performance fee
related
Realized               97.2             89.5        285.5            225.7
Unrealized            33.6           (40.6 )    32.2           (122.3  )
Total compensation     376.6            146.2       1,143.9          477.9
and benefits
General,
administrative and     89.4             98.8        357.5            323.5
other expenses
Interest               4.0              12.1        24.6             60.6
Interest and other
expenses of            190.0            163.1       758.1            453.1
Consolidated Funds
Other
non-operating         0.2            2.0       7.1            32.0    
expenses
Total expenses         660.2            422.2       2,291.2          1,347.1
                                                                   
Other income
(loss)
Net investment
gains (losses) of      50.4             294.9       1,758.0          (323.3  )
Consolidated Funds
Gain on business      -              7.9       -              7.9     
acquisition
                                                                   
Income before
provision for          145.5            712.4       2,439.9          1,182.8
income taxes
Provision for         12.6           2.8       40.4           28.5    
income taxes
Net income             132.9            709.6       2,399.5          1,154.3
Net income (loss)
attributable to
non-controlling       48.5           270.8     1,756.7        (202.6  )
interests in
consolidated
entities
Net income
attributable to        84.4           $ 438.8      642.8          $ 1,356.9 
Carlyle Holdings
Net income
attributable to
non-controlling       72.4                       622.5       
interests in
Carlyle Holdings
Net income
attributable to      $ 12.0                      $ 20.3        
The Carlyle Group
L.P.
                                                                   
                                                                   
Net income
attributable to
The Carlyle Group
L.P. per common
unit
Basic                $ 0.28                      $ 0.48        
Diluted^(1)          $ 0.25                      $ 0.41        
                                                                   
Weighted-average
common units
Basic                 43,300,792                 42,562,928  
Diluted               48,945,580                 259,698,987 
                                                                   
(1) Included in net income attributable to The Carlyle Group L.P. per common
unit on a fully diluted basis is incremental net income from
the assumed exchange of Carlyle Holdings partnership units of $87.1 million
for the year ended December 31, 2012.


                                                             
Total Segment Information (Unaudited)
                                                                     
The following table sets forth information in the format used by management
when making resource
deployment decisions and in assessing the performance of our segments. The
information below is the
aggregate results of our four segments.
                                                                     
                        Three Months Ended               Twelve Months Ended
                        Dec 31,   Dec 31,   Sept 30,     Dec 31,     Dec 31,
                        2012      2011      2012         2012        2011
                        (Dollars in millions)
Segment Revenues
Fund level fee
revenues
Fund management         $ 248.9   $ 220.6   $  233.9     $ 943.2     $ 870.5
fees
Portfolio advisory        2.4       5.7        4.6         22.0        37.5
fees, net
Transaction fees,        13.9     9.9       7.2        27.5       38.2
net
Total fee revenues        265.2     236.2      245.7       992.7       946.2
Performance fees
Realized                  200.6     414.6      276.4       869.1       1,301.3
Unrealized               39.3     (3.4)     49.0       126.9      (195.1)
Total performance         239.9     411.2      325.4       996.0       1,106.2
fees
Investment income
(loss)
Realized                  5.6       17.2       4.6         16.3        65.6
Unrealized               (9.8)    0.4       3.8        25.2       15.8
Total investment          (4.2)     17.6       8.4         41.5        81.4
income (loss)
Interest and other       4.2      0.6       4.4        13.7       15.5
income
Total revenues            505.1     665.6      583.9       2,043.9     2,149.3
                                                                     
Segment Expenses
Compensation and
benefits
Direct base               112.5     101.0      97.9        417.4       404.4
compensation
Indirect base             42.3      32.9       32.9        144.5       133.5
compensation
Equity-based              0.6       -          0.6         1.8         -
compensation
Performance fee
related
Realized                  73.2      198.2      120.2       367.0       623.8
Unrealized               34.8     (9.8)     40.6       104.4      (148.0)
Total compensation        263.4     322.3      292.2       1,035.1     1,013.7
and benefits
General,
administrative, and
other indirect            49.5      72.9       62.3        227.2       221.5

expenses
Depreciation and
amortization              6.1       3.4        6.2         21.5        21.8
expense
Interest expense         3.9      12.8      4.7        24.5       59.2
Total expenses           322.9    411.4     365.4      1,308.3    1,316.2
                                                                     
Economic Net Income     $ 182.2   $ 254.2   $  218.5     $ 735.6     $ 833.1
Fee Related             $ 54.5    $ 13.8    $  45.5      $ 169.5     $ 121.3
Earnings
Net Performance         $ 131.9   $ 222.8   $  164.6     $ 524.6     $ 630.4
Fees
Realized Net            $ 127.4   $ 216.4   $  156.2     $ 502.1     $ 677.5
Performance Fees
Investment Income       $ (4.2)   $ 17.6    $  8.4       $ 41.5      $ 81.4
(Loss)
Distributable           $ 187.5   $ 247.4   $  206.3     $ 687.9     $ 864.4
Earnings
                                                                     

                                                                           
Total Segment Information (Unaudited), cont
                                                                                    
                    Three Months Ended
                                                                        Dec 31, 2012 vs.
                                                    Sept                           
                    Dec 31,   Mar 31,   Jun 30,     30,       Dec 31,
                    2011      2012      2012        2012      2012      Dec 31,     Sept 30,
                                                                        2011        2012
Economic Net        (Dollars in millions)
Income,
Total Segments
Revenues
Segment fee
revenues
Fund management     $ 220.6   $ 225.4   $ 235.0     $ 233.9   $ 248.9   $ 28.3      $ 15.0
fees
Portfolio
advisory fees,        5.7       8.0       7.0         4.6       2.4       (3.3)       (2.2)
net
Transaction          9.9      2.7      3.7        7.2      13.9     4.0        6.7
fees, net
Total fee             236.2     236.1     245.7       245.7     265.2     29.0        19.5
revenues
Performance
fees
Realized              414.6     281.8     110.3       276.4     200.6     (214.0)     (75.8)
Unrealized           (3.4)    349.7    (311.1)    49.0     39.3     42.7       (9.7)
Total
performance           411.2     631.5     (200.8)     325.4     239.9     (171.3)     (85.5)
fees
Investment
income
Realized              17.2      2.1       4.0         4.6       5.6       (11.6)      1.0
Unrealized           0.4      21.2     10.0       3.8      (9.8)    (10.2)     (13.6)
Total
investment            17.6      23.3      14.0        8.4       (4.2)     (21.8)      (12.6)
income
Interest and         0.6      2.6      2.5        4.4      4.2      3.6        (0.2)
other income
Total revenues        665.6     893.5     61.4        583.9     505.1     (160.5)     (78.8)
                                                                                    
Expenses
Compensation
and benefits
Direct base           101.0     101.2     105.8       97.9      112.5     11.5        14.6
compensation
Indirect base         32.9      33.1      36.2        32.9      42.3      9.4         9.4
compensation
Equity-based          -         -         0.6         0.6       0.6       0.6         -
compensation
Performance fee
related
Realized              198.2     139.1     34.5        120.2     73.2      (125.0)     (47.0)
Unrealized           (9.8)    157.6    (128.6)    40.6     34.8     44.6       (5.8)
Total
compensation          322.3     431.0     48.5        292.2     263.4     (58.9)      (28.8)
and benefits
General,
administrative,
and other             72.9      55.4      60.0        62.3      49.5      (23.4)      (12.8)

indirect
expenses
Depreciation
and                   3.4       5.2       4.0         6.2       6.1       2.7         (0.1)
amortization
expense
Interest             12.8     9.8      6.1        4.7      3.9      (8.9)      (0.8)
expense
Total expenses       411.4    501.4    118.6      365.4    322.9    (88.5)     (42.5)
                                                                                    
Economic Net        $ 254.2   $ 392.1   $ (57.2)    $ 218.5   $ 182.2   $ (72.0)    $ (36.3)
Income (Loss)
Fee Related         $ 13.8    $ 34.0    $ 35.5      $ 45.5    $ 54.5    $ 40.7      $ 9.0
Earnings
Net Performance     $ 222.8   $ 334.8   $ (106.7)   $ 164.6   $ 131.9   $ (90.9)    $ (32.7)
Fees
Realized Net
Performance         $ 216.4   $ 142.7   $ 75.8      $ 156.2   $ 127.4   $ (89.0)    $ (28.8)
Fees
Investment          $ 17.6    $ 23.3    $ 14.0      $ 8.4     $ (4.2)   $ (21.8)    $ (12.6)
Income (Loss)
Distributable       $ 247.4   $ 178.8   $ 115.3     $ 206.3   $ 187.5   $ (59.9)    $ (18.8)
Earnings
                                                                                      

                 
Corporate Private Equity Segment Results (Unaudited)
                    
                    Three Months Ended
                                                                   Dec 31, 2012 vs.
                                                    Sept                           
                    Dec 31,   Mar 31,   Jun 30,     30,       Dec 31,             
                    2011      2012      2012        2012      2012      Dec 31,     Sept 30,
                                                                        2011        2012
Corporate           (Dollars in millions)
Private Equity
                                                                                    
Revenues
Segment fee
revenues
Fund management     $ 123.6   $ 123.9   $ 124.0     $ 124.8   $ 123.5   $ (0.1)     $ (1.3)
fees
Portfolio
advisory fees,        4.3       7.0       4.9         3.1       2.8       (1.5)       (0.3)
net
Transaction          8.3      1.6      1.6        6.2      9.6      1.3        3.4
fees, net
Total fee             136.2     132.5     130.5       134.1     135.9     (0.3)       1.8
revenues
Performance
fees
Realized              262.2     223.0     80.6        241.4     94.5      (167.7)     (146.9)
Unrealized           79.7     241.3    (269.7)    72.8     86.4     6.7        13.6
Total
performance           341.9     464.3     (189.1)     314.2     180.9     (161.0)     (133.3)
fees
Investment
income (loss)
Realized              8.1       0.8       1.5         (0.2)     1.2       (6.9)       1.4
Unrealized           5.9      14.5     3.7        (1.0)    3.3      (2.6)      4.3
Total
investment            14.0      15.3      5.2         (1.2)     4.5       (9.5)       5.7
income (loss)
Interest and         1.1      1.4      1.6        3.4      2.6      1.5        (0.8)
other income
Total revenues        493.2     613.5     (51.8)      450.5     323.9     (169.3)     (126.6)
                                                                                    
Expenses
Compensation
and benefits
Direct base           63.9      55.3      54.8        56.2      59.9      (4.0)       3.7
compensation
Indirect base         23.7      20.8      24.1        19.9      27.7      4.0         7.8
compensation
Equity-based          -         -         0.4         0.4       0.4       0.4         -
compensation
Performance fee
related
Realized              131.9     117.6     31.0        115.6     40.5      (91.4)      (75.1)
Unrealized           58.0     132.0    (140.3)    39.2     40.8     (17.2)     1.6
Total
compensation          277.5     325.7     (30.0)      231.3     169.3     (108.2)     (62.0)
and benefits
General,
administrative,
and other             44.3      34.8      36.9        36.0      26.3      (18.0)      (9.7)

indirect
expenses
Depreciation
and                   2.2       3.2       2.3         3.5       3.5       1.3         -
amortization
expense
Interest             7.5      5.9      3.5        2.5      2.4      (5.1)      (0.1)
expense
Total expenses       331.5    369.6    12.7       273.3    201.5    (130.0)    (71.8)
                                                                                    
Economic Net        $ 161.7   $ 243.9   $ (64.5)    $ 177.2   $ 122.4   $ (39.3)    $ (54.8)
Income (Loss)
Fee Related         $ (4.3)   $ 13.9    $ 10.1      $ 19.0    $ 18.3    $ 22.6      $ (0.7)
Earnings
Net Performance     $ 152.0   $ 214.7   $ (79.8)    $ 159.4   $ 99.6    $ (52.4)    $ (59.8)
Fees
Realized Net
Performance         $ 130.3   $ 105.4   $ 49.6      $ 125.8   $ 54.0    $ (76.3)    $ (71.8)
Fees
Investment          $ 14.0    $ 15.3    $ 5.2       $ (1.2)   $ 4.5     $ (9.5)     $ 5.7
Income (Loss)
Distributable       $ 134.1   $ 120.1   $ 61.2      $ 144.6   $ 73.5    $ (60.6)    $ (71.1)
Earnings
                                                                                    

                                                                          
Global Market Strategies Segment Results (Unaudited)
                                                                                   
                    Three Months Ended
                                                                        Dec 31, 2012 vs.
                                          Jun      Sept                           
                    Dec 31,     Mar 31,   30,      30,       Dec 31,
                    2011        2012      2012     2012      2012       Dec 31,    Sept 30,
                                                                        2011       2012
Global Market       (Dollars in millions)
Strategies
                                                                                   
Revenues
Segment fee
revenues
Fund management     $ 44.9      $ 48.6    $ 59.5   $ 58.2    $ 70.9     $ 26.0     $ 12.7
fees
Portfolio
advisory fees,        0.8         0.7       0.5      0.8       0.5        (0.3)      (0.3)
net
Transaction          -          -        -       0.3      3.2       3.2       2.9
fees, net
Total fee             45.7        49.3      60.0     59.3      74.6       28.9       15.3
revenues
Performance
fees
Realized              108.5       32.4      1.3      0.9       77.8       (30.7)     76.9
Unrealized           (101.0)    12.7     4.0     5.7      (43.6)    57.4      (49.3)
Total
performance           7.5         45.1      5.3      6.6       34.2       26.7       27.6
fees
Investment
income
Realized              9.3         1.3       2.8      4.6       4.4        (4.9)      (0.2)
Unrealized           (4.7)      3.7      4.8     0.8      0.3       5.0       (0.5)
Total
investment            4.6         5.0       7.6      5.4       4.7        0.1        (0.7)
income
Interest and         (0.4)      0.6      0.4     0.5      0.8       1.2       0.3
other income
Total revenues        57.4        100.0     73.3     71.8      114.3      56.9       42.5
                                                                                   
Expenses
Compensation
and benefits
Direct base           13.9        19.7      25.2     17.4      24.0       10.1       6.6
compensation
Indirect base         3.9         4.9       4.5      5.9       6.0        2.1        0.1
compensation
Equity-based          -           -         0.1      -         0.1        0.1        0.1
compensation
Performance fee
related
Realized              41.8        17.8      0.7      0.2       27.5       (14.3)     27.3
Unrealized           (37.5)     9.7      0.2     (1.8)    (16.5)    21.0      (14.7)
Total
compensation          22.1        52.1      30.7     21.7      41.1       19.0       19.4
and benefits
General,
administrative,
and other             9.6         7.3       9.1      11.7      12.5       2.9        0.8

indirect
expenses
Depreciation
and                   0.5         0.8       0.6      1.1       1.0        0.5        (0.1)
amortization
expense
Interest             3.0        1.7      0.9     1.3      0.6       (2.4)     (0.7)
expense
Total expenses       35.2       61.9     41.3    35.8     55.2      20.0      19.4
                                                                                   
Economic Net        $ 22.2      $ 38.1    $ 32.0   $ 36.0    $ 59.1     $ 36.9     $ 23.1
Income
Fee Related         $ 14.4      $ 15.5    $ 20.0   $ 22.4    $ 31.2     $ 16.8     $ 8.8
Earnings
Net Performance     $ 3.2       $ 17.6    $ 4.4    $ 8.2     $ 23.2     $ 20.0     $ 15.0
Fees
Realized Net
Performance         $ 66.7      $ 14.6    $ 0.6    $ 0.7     $ 50.3     $ (16.4)   $ 49.6
Fees
Investment          $ 4.6       $ 5.0     $ 7.6    $ 5.4     $ 4.7      $ 0.1      $ (0.7)
Income
Distributable       $ 90.4      $ 31.4    $ 23.4   $ 27.7    $ 85.9     $ (4.5)    $ 58.2
Earnings
                                                                                   

                                                                           
Real Assets Segment Results (Unaudited)
                                                                                    
                    Three Months Ended
                                                                         Dec 31, 2012 vs.
                                                                                   
                    Dec 31,   Mar 31,   Jun 30,    Sept 30,   Dec 31,
                    2011      2012      2012       2012       2012       Dec 31,    Sept 30,
                                                                         2011       2012
Real Assets         (Dollars in millions)
                                                                                    
Revenues
Segment fee
revenues
Fund management     $ 35.8    $ 36.6    $ 34.1     $ 34.4     $ 35.9     $ 0.1      $ 1.5
fees
Portfolio
advisory fees,        0.6       0.3       1.6        0.7        (0.9)      (1.5)      (1.6)
net
Transaction          1.6      1.1      2.1       0.7       1.1       (0.5)     0.4
fees, net
Total fee             38.0      38.0      37.8       35.8       36.1       (1.9)      0.3
revenues
Performance
fees
Realized              16.9      23.2      27.0       31.9       24.5       7.6        (7.4)
Unrealized           50.8     82.4     (56.0)    (27.7)    (11.9)    (62.7)    15.8
Total
performance           67.7      105.6     (29.0)     4.2        12.6       (55.1)     8.4
fees
Investment
income (loss)
Realized              (0.2)     -         (0.3)      0.2        -          0.2        (0.2)
Unrealized           (0.8)    3.0      1.5       4.0       (13.4)    (12.6)    (17.4)
Total
investment            (1.0)     3.0       1.2        4.2        (13.4)     (12.4)     (17.6)
income (loss)
Interest and         (0.2)    0.4      0.4       0.4       0.5       0.7       0.1
other income
Total revenues        104.5     147.0     10.4       44.6       35.8       (68.7)     (8.8)
                                                                                    
Expenses
Compensation
and benefits
Direct base           17.0      18.2      16.9       16.1       19.9       2.9        3.8
compensation
Indirect base         5.3       6.4       5.6        5.7        6.8        1.5        1.1
compensation
Equity-based          -         -         0.1        0.2        0.1        0.1        (0.1)
compensation
Performance fee
related
Realized              0.3       0.9       1.5        2.5        2.4        2.1        (0.1)
Unrealized           0.5      5.9      2.1       5.3       4.0       3.5       (1.3)
Total
compensation          23.1      31.4      26.2       29.8       33.2       10.1       3.4
and benefits
General,
administrative,
and other             14.6      11.7      11.1       11.4       7.7        (6.9)      (3.7)

indirect
expenses
Depreciation
and                   0.6       1.0       0.7        1.1        1.1        0.5        -
amortization
expense
Interest             2.3      1.9      1.1       0.7       0.7       (1.6)     -
expense
Total expenses       40.6     46.0     39.1      43.0      42.7      2.1       (0.3)
                                                                                    
Economic Net        $ 63.9    $ 101.0   $ (28.7)   $ 1.6      $ (6.9)    $ (70.8)   $ (8.5)
Income (Loss)
Fee Related         $ (2.0)   $ (0.8)   $ 2.7      $ 1.0      $ 0.3      $ 2.3      $ (0.7)
Earnings
Net Performance     $ 66.9    $ 98.8    $ (32.6)   $ (3.6)    $ 6.2      $ (60.7)   $ 9.8
Fees
Realized Net
Performance         $ 16.6    $ 22.3    $ 25.5     $ 29.4     $ 22.1     $ 5.5      $ (7.3)
Fees
Investment          $ (1.0)   $ 3.0     $ 1.2      $ 4.2      $ (13.4)   $ (12.4)   $ (17.6)
Income (Loss)
Distributable       $ 14.4    $ 21.5    $ 27.9     $ 30.6     $ 22.4     $ 8.0      $ (8.2)
Earnings
                                                                                      

                                                                      
Fund of Funds Solutions Segment Results (Unaudited)
                                                                               
                    Three Months Ended
                                                                    Dec 31, 2012 vs.
                                                                              
                    Dec 31,    Mar      Jun      Sept      Dec
                    2011       31,      30,      30,       31,      Dec 31,    Sept
                               2012     2012     2012      2012     2011       30,
                                                                               2012
Fund of Funds       (Dollars in millions)
Solutions
                                                                               
Revenues
Segment fee
revenues
Fund management     $ 16.3     $ 16.3   $ 17.4   $ 16.5    $ 18.6   $ 2.3      $ 2.1
fees
Portfolio
advisory fees,        -          -        -        -         -        -          -
net
Transaction          -         -       -       -        -       -         -
fees, net
Total fee             16.3       16.3     17.4     16.5      18.6     2.3        2.1
revenues
Performance
fees
Realized              27.0       3.2      1.4      2.2       3.8      (23.2)     1.6
Unrealized           (32.9)    13.3    10.6    (1.8)    8.4     41.3      10.2
Total
performance           (5.9)      16.5     12.0     0.4       12.2     18.1       11.8
fees
Investment
income
Realized              -          -        -        -         -        -          -
Unrealized           -         -       -       -        -       -         -
Total
investment            -          -        -        -         -        -          -
income
Interest and         0.1       0.2     0.1     0.1      0.3     0.2       0.2
other income
Total revenues        10.5       33.0     29.5     17.0      31.1     20.6       14.1
                                                                               
Expenses
Compensation
and benefits
Direct base           6.2        8.0      8.9      8.2       8.7      2.5        0.5
compensation
Indirect base         -          1.0      2.0      1.4       1.8      1.8        0.4
compensation
Equity-based          -          -        -        -         -        -          -
compensation
Performance fee
related
Realized              24.2       2.8      1.3      1.9       2.8      (21.4)     0.9
Unrealized           (30.8)    10.0    9.4     (2.1)    6.5     37.3      8.6
Total
compensation          (0.4)      21.8     21.6     9.4       19.8     20.2       10.4
and benefits
General,
administrative,
and other             4.4        1.6      2.9      3.2       3.0      (1.4)      (0.2)

indirect
expenses
Depreciation
and                   0.1        0.2      0.4      0.5       0.5      0.4        -
amortization
expense
Interest             -         0.3     0.6     0.2      0.2     0.2       -
expense
Total expenses       4.1       23.9    25.5    13.3     23.5    19.4      10.2
                                                                               
Economic Net        $ 6.4      $ 9.1    $ 4.0    $ 3.7     $ 7.6    $ 1.2      $ 3.9
Income
Fee Related         $ 5.7      $ 5.4    $ 2.7    $ 3.1     $ 4.7    $ (1.0)    $ 1.6
Earnings
Net Performance     $ 0.7      $ 3.7    $ 1.3    $ 0.6     $ 2.9    $ 2.2      $ 2.3
Fees
Realized Net
Performance         $ 2.8      $ 0.4    $ 0.1    $ 0.3     $ 1.0    $ (1.8)    $ 0.7
Fees
Investment          $ -        $ -      $ -      $ -       $ -      $ -        $ -
Income
Distributable       $ 8.5      $ 5.8    $ 2.8    $ 3.4     $ 5.7    $ (2.8)    $ 2.3
Earnings
                                                                                 

                                                                                                                                                                                                    
                                                                                                                                                                                                                    
Total Assets Under Management Roll Forward (Unaudited)
                                                                                                                                                                                                                    
                              Corporate Private Equity               Global Market Strategies (8)          Real Assets (9)                        Fund of Funds ^ (10)                   Total
(USD in millions)             Available   Fair Value  Total AUM    Available  Fair Value  Total AUM    Available   Fair Value  Total AUM    Available   Fair Value  Total AUM    Available   Fair Value   Total AUM
                              Capital      of Capital                Capital     of Capital                Capital      of Capital                Capital      of Capital                Capital      of Capital
Balance, As of September      $ 15,576     $ 37,595     $ 53,171     $ 1,277     $ 28,854     $ 30,131     $ 7,037      $ 22,446     $ 29,483     $ 15,518     $ 29,062     $ 44,580     $ 39,408     $ 117,957     $ 157,365
30, 2012
Acquisitions                    -            -            -            -           2,275        2,275        4,000        8,106        12,106       -            -            -            4,000        10,381        14,381
Commitments (1)                 2,924        -            2,924        566         -            566          (315   )     -            (315   )     308          -            308          3,483        -             3,483
Capital Called, net (2)         (1,623 )     1,482        (141   )     (145  )     111          (34    )     (1,052 )     1,046        (6     )     (1,607 )     1,513        (94    )     (4,427 )     4,152         (275    )
Distributions (3)               755          (5,036 )     (4,281 )     122         (463   )     (341   )     260          (1,496 )     (1,236 )     140          (2,291 )     (2,151 )     1,277        (9,286  )     (8,009  )
Subscriptions, net of           -            -            -            -           15           15           -            -            -            -            -            -            -            15            15
Redemptions (4)
Changes in CLO collateral       -            -            -            -           (383   )     (383   )     -            -            -            -            -            -            -            (383    )     (383    )
balances (5)
Market                                                    1,652
Appreciation/(Depreciation)     -            1,652        *Story
(6)                                                       too
                                                          large*

[TRUNCATED]
 
Press spacebar to pause and continue. Press esc to stop.