Investor Day Elements B - 255 Text #4 Color #6 (Black) Col 3 Row 3 R: 0 R – 153 November 11, 2013 G: 0 G – 255 B: 0 B - 51
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CHARTS & OBJECTS Text #1 Header Color #1 R: 153 Col 8 Row 5 G: 255 The Column / R – 255 B: 51 Row values can G – 255 B - 255 be found in the Text # 2 “area” color Color #2 Body-white Col 5 Row 2 R: 255 choice section R – 0 for choosing G: 255 G – 128 B: 255 pie & column B - 128 chart colors Color #3 Col 2 Row 4 The RGB R – 255 Text #3 values can be G – 204 B - 0 Emphasis found at R: 102 Fill Effects > Color #4 G: 255 Col 2, Row 1 B: 255 More Fill R - 153 Colors > G - 51 Custom B - 0 Black for good Color #5 contrast with Col 6 Row 3 bright R – 51 background G – 102 Investor Day elements B - 255 Text #4 Color #6 (Black) Col 3 Row 3 R: 0 R – 153 November 11, 2013 G: 0 G – 255 B: 0 B - 51 Color #7 Col 8 Row 4 R – 192 G – 192 B - 192 R-0 R-43 1 G-101 G-131 9 B-179 B-35 R-145 R-156 2 G-213 G-226 10 B-242 B-146 R-61 R-163 3 G-175 G-143 11 B-46 B-187 R-145 R-127 4 G-229 G-127 12 B-0 Investor Day Overview B-127 R-85 R-219 G-67 13 5 G-217 B-113 B-217 R-118 Daniel Harris White 6 G-92 R-255 B-150 G-255 Managing Director & Head of Public Market Investor Relations B-255 Text Colors Text R-0 November 11, 2013 Dark Blue G-161 R-0 7 B-224 G-74 B-136 Use colors in preferred order for best results best for order preferred in colors Use Blue R-189 R-0 G-230 8 G-161 B-247 B-224 R-0 R-43 1 G-101 G-131 9 B-179 Forward Looking Statements B-35 R-145 This presentation may contain forward‐looking statements within the meaning of Section 27A R-156 2 G-213 G-226 10 B-242 of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These B-146 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 R-61 R-163 3 G-175 non‐historical statements. You can identify these forward‐looking statements by the use of G-143 11 B-46 words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” B-187 “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative R-145 version of these words or other comparable words. These statements are subject to risks, R-127 4 G-229 G-127 12 B-0 uncertainties and assumptions, including those described under the section entitled “Risk Factors” in our Annual Report on Form 10‐K for the year ended December 31, 2012 filed with B-127 the SEC on March 14, 2013, as such factors may be updated from time to time in our periodic R-85 R-219 G-67 filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors 13 5 G-217 B-113 should not be construed as exhaustive and should be read in conjunction with the other B-217 cautionary statements that are included in this release and in our filings with the SEC. We R-118 undertake no obligation to publicly update or review any forward‐looking statements, whether White 6 G-92 as a result of new information, future developments or otherwise, except as required by R-255 B-150 G-255 applicable law. B-255 Text Colors Text R-0 Dark Blue G-161 R-0 7 B-224 This release does not constitute an offer for any Carlyle fund. G-74 B-136 Use colors in preferred order for best results best for order preferred in colors Use Blue R-189 R-0 G-230 8 3 G-161 B-247 B-224 R-0 R-43 1 G-101 G-131 9 B-179 Important Information B-35 R-145 Informational Purposes Only. This presentation has been prepared by The Carlyle Group L.P. (together with its affiliates, “Carlyle”) and may only be used for informational purposes only. This presentation sets forth management’s views as of November 11, 2013, unless otherwise indicated. Carlyle undertakes no obligation to R-156 2 G-213 update the information contained herein. Neither Carlyle nor any investment fund managed or sponsored by Carlyle or its affiliates or NGP Energy Capital Management G-226 10 (any such entity, a “Fund”) makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Unless B-242 otherwise specified, the source for all graphs, charts and other information contained herein is Carlyle. In addition, certain information contained herein has been B-146 obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purpose used in this presentation, Carlyle does not assume any responsibility for the accuracy or completeness of such information and such information has not been independently verified by Carlyle. Nothing in this presentation constitutes the provision of any tax, accounting, financial, R-61 investment, regulatory, legal or other advice by Carlyle or its advisors. This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Carlyle. R-163 3 G-175 Not an Offer. This presentation provides an overview of Carlyle and is not intended to be taken by, and should not be taken by, any individual recipient as investment G-143 11 B-46 advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. An offer or solicitation for an investment B-187 in any Fund will occur only through an offering memorandum and related purchase documentation, and subject to the terms and conditions contained in such documents and in such Fund’s operative agreements. The offering memorandum relating to any Fund contains additional information about the investment objective, terms and conditions of such Fund, tax information and risk disclosure that should be reviewed prior to making an investment decision regarding a Fund. This R-145 presentation is qualified in its entirety by such offering memorandum, which should be read completely before making any investment. An investment in a Fund would be speculative and would involve significant risks. Nothing in this presentation is intended to be taken by, and should not be taken by, any individual recipient as R-127 4 G-229 investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. G-127 12 B-0 Performance Data. Past performance is not indicative of future results and there can be no assurance that any Carlyle fund or strategy will achieve comparable results, B-127 or that any investments made by Carlyle in the future will be profitable. The fund return information reflected in this presentation is not indicative of the performance of The Carlyle Group L.P. and is also not necessarily indicative of the future performance of any particular fund. There can be no assurance that any of Carlyle’s funds or its other existing and future funds will achieve similar returns. As used throughout this document, and unless otherwise indicated, Gross Internal Rate of Return (“Gross R-85 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, which will reduce returns and in the aggregate are expected to be substantial. Net Internal Rate of Return (“Net IRR”) R-219 G-67 represents the annualized IRR for the period indicated on limited partner invested capital based on contributions, distributions and unrealized value after management 13 5 fees, expenses and carried interest. Gross multiple of invested capital (“Gross MOIC”) represents total fair value, before management fees, expenses and carried interest, G-217 B-113 divided by cumulative invested capital. An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized when the total proceeds received in respect of such investment, including dividends, interest or other B-217 distributions and/or return of capital represents at least 85% of invested capital and such investment is not yet fully realized. This definition is used to calculate the Realized/Partially Realized Gross IRR and Gross MOIC. Unless otherwise specified, LTM, or last twelve months, refers to the period Q4 2012 through Q3 2013. R-118 Throughout this presentation, fundraising data excludes acquisitions, but includes fundraising activity post-acquisition. White G-92 AlpInvest Performance Data. AlpInvest Realized Gross IRR for primary funds assumes every distribution received from a primary fund investment to be part of the R-255 6 realized track record. For each primary fund investment, the determination of the cost basis percentage corresponding to related distributions, as provided by such B-150 underlying fund’s general partner, is calculated as follows: (i) the sum of (A) the total amount of distributions received from such underlying fund that represent a return G-255 of invested capital in underlying portfolio investments (“ROIC”), plus (B) the greater of (x) the total amount of invested capital in underlying portfolio investments (“IC”) B-255 minus ROIC minus the FMV of the underlying fund and (y) zero, divided by (ii) IC.