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corrected transcript Other Participants Other Participants Corporate Daniel Harris, Managing Director and Head of Public Investor Relations, The Carlyle Group Carlyle The Relations, InvestorPublic of Head and Director Managing Harris, Daniel MANAGEMENT DISCUSSION DISCUSSION MANAGEMENTSECTION PARTICIPANTS It’s now my pleasure to turn the floor over to Daniel Harris. Sir, the floor is yours. is floor Sir, the Harris. Daniel to over floorthe turn to pleasuremy now It’s conference today’s reminder,a As instructions] [Operatortime. that at listen F Group’s Carlyle the to welcomeAnd by. standingfor you thank and gentlemen, and ladies day, Good Operator: Chung Kaimon Shin Dina Davitt Patrick Bedell B. Brian Kim S. Michael Kel Matt Irizarry S. Marc Worthington B. Kenneth Friedman T. Adena E. Conway William Rubenstein M. David Harris Daniel e managementoncurrent based are statements These them. on beplaced not should reliance forward Any release. earningsourin GAAP hav We Principles. Accounting Accepted Generally with accordance in prepared measures for substitute a oras from isolation in considered benot non certain to referwill We o beavailable will replaya and webcast is being call This questions. additional have if you queue,the in back get to freefeel So timeframe. reasonablea in participate to line quarterlast did weAs question a holdwill we our remarks, Following website. ourof portion Relations Investorthe on is available which of copy our with release press a issued we morning, this Earlier Friedman. AdenaOfficer, Financial Chiefour and Rubenstein; David Co Carlyle’s are call today onthe me With call. earnings fo Carlyle’s to welcome and morning GoodHughie. you, Thank risk the in identified those including uncertainties, and risks inherentinvolve and xpectations - only mode. Later, we’ll conduct a question a conduct we’llLater, mode. only w w w .Ca llStre e t.com • • t.com e llStre .Ca w w w ley The The Carlyle Group LP

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looking statements made today do not guarantee future performance and undue and performance future guarantee not do today made statements looking – Analyst, Credit Suisse Securities (USA Securities Suisse Credit Analyst,

Analyst, Morgan Stanley & Co. LLC & Co. Stanley MorganAnalyst, – –

Managing Director and Head of Public Investor Relations, The Carlyle Group Carlyle The Relations, Investor Public ofHead and Director Managing – – – – Analyst, Autonomous Research US LP US Research Autonomous Analyst, ourth Quarter 2013 Earnings Conference Call. At this time, all participants are in a in are participants all time, this At Call. ConferenceEarnings 2013 Quarterourth

nls,Snlr ’el ates LP & Partners O’Neill Sandler Analyst, nls,Itrainl taey&Ivsmn Gop LLC Group Investment & Strategy InternationalAnalyst, Inc. Securities, Bank Deutsche Analyst, Co. & Sachs Goldman Analyst,

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- - – GAAP financial measures during today’s call. These measures should measures Thesecall. today’s during measures financial GAAP unitholders. institutional and analysts for session answer

Analyst, JPMorgan Securities LLC Securities JPMorganAnalyst,

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Feb. 19, 2014 19, Feb. CallStreet

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1 corrected transcript David M. Rubenstein, Founder and Coand Founder Rubenstein, M. David we will have distributed $1.88 per unit to our common unitholders in connection with our 2013our with connection in unitholders common our to unit per $1.88 distributed havewill we 11 March on $1.40of distribution a receivewill 3 onMarch record of Unitholders million. pre in increase 22% a posted we whole,a as 2013For dis in anafter On 2012. of quarterfourth the in million $188the doublethan more or million $401 were quarter the for earnings distributable Specifically, company. rewarde beenhave business of our performance longer our shared have who unitholders those that pleasedare We intact. longerfirm’s the outline to Day InvestorNovember took wewhy exactly is That year. particular a oreven quarter particulara in take place will exits orwhich investments which to manage,try dowe nor predict precisely cannot would expected earlierwe that activities exit the of some because outlook priorour exceeded also performanceOur Day. Investorour at highlightedwe that funds hedgeand funds p ourof year the during strength growingthe of becauseyear the in earlier anticipated wehad than better was performance 2013our full year, Forthe year. verystrong a andquarter strong verya posted Carlyle metric, quar fourth Carlyle’s joiningfor you thank and morningGood Co our to it overturnme let that, With time. any u to noobligation assumes Carlyle indicated. those from 10 onForm reportannualour of section factors Riverstone. with relationship legacy our excluding but Management, Capital Energy NGP partner,our within and Carlyle within management active underbillion capability investment Resources’ Natural our enhancing and broadeningrepositioning, in progress substantial wemade First, platform. our strengthen and to broaden2013in made we moves significant the hi fundraisingthe of some into digging Before beyond.and 2014 wellfor us positions believewe which portfolio, globalour strengthen to and managementfirm’s the bolster to strategies investmentnew wetook term, long the for importantly, And investors.our to yearthe duringbillion $17 than more distributing is after that And year. prior the overup11% billion, $189 Alon 2007. since fund best ourwas that And capital. newin billion $22than more raised we 2013,In 2013. of quarterthird the ofend the at 57% fromup carry, in funds carry ofour value fair remainingthe of 80% havenowwe result, aAs position carry accrued fulla into III,moved Partners EuropeCarlyle andIII Partners Asia Carlyle funds, buyout largeour of two including funds, our of Several of2012. quarterfourth the in million t for income net economic our carry, accrued into movedfunds significant our of severalbecause and appreciation fundofrobust Because performance.

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a number of important steps in 2013 to create or add or to create 2013in steps important of numbera - CSET ACTS F $182the triple than more million, $576 was hequarter ghlights and trends, I want to first highlight some of some highlight first to Iwant trends, and ghlights Ticker▲ - K that could cause actual results to differ materially materially differ to results actual cause could that K d during the first full year of our being a public a beingour of year full first the during d - term expectations, which are still very much still are which expectations, term CG -

tax distributable earnings from 2012 to $840 to 2012 from earnings distributable tax

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CallStreet Feb. 19, 2014 19, Feb. . Date▲

corrected transcript the largest pools of capital throughout the world have seen significant increases in asset values, asset in increases significant seen haveworld the throughout of capital pools largest the Specificall 2014. throughout capital newin billion $20 to $15billion betweenraise to able be to expect we November,in Day Investorour at noted weAs 2014. in continue will trends these environments micro and macro the but intensive,resource remains Fundraising trends. and highlights fundraising to turn me let Now, leaders. generation next ofpool our in hires external some and growth internal throughfirmthe across strengthen to cont will we and Carlyle throughout leaders firm of future group animpressive have to fortunate are We segment. Assets Realthe within activities resourcenatural Carlyle’s overseeingrole ope Estate Real International our of beHead to Metz Adam and business, Equity Private CorporateourofCIO Deputy be to Lee Kewsong includingfirm, the to managers of senior number a recruited we 2013,in Fourth, inves distressed and mezzanine energyour and assets in billion $14 over to grew funds Ourhedge products. fundmutual two first ourfor SEC the with filings submitted recently we and funds hedge our grew We Europe.in and States Unitedthe in CLOs ne six and billion $3than more weissued In2013, assets. in billion $35 managesnow which platform, Strategies Market Global our andgrow strengthen to wecontinued year, last Third, ver performedAlpInvest addition, In funds. of fundhedge and estate real equity, privatein capabilities provenwith Carlyle positioning strategy, Solutions ourof legs third and second the addedwe 2013,in Second, area. this in capital to 2014 in opportunitiesthe about excited we’reand market the in havenowwe fundsenergy three the for demandinvestor strong veryseeing are We investments. 21 completed ye Last one for accounting capital, ofsource largest our remained fundspension Public Asia. from came 27% andEast, Middlethe and Europefrom came 28% Americas, the from came 45% 2013,in raised wefunds total the Of billion. $140 to 2013 14% increased management under assets earningsfeeour efforts, fundraisingourof result aAs fund. energy internationalnew our and company development business n saw We funds. buyout Europe and Japan Asian, latest our on progressgood making weare and fund Africa SaharanSub ourin target our We exceeded target. billion $10original our above billion, $13 billion $14 overraised we funds, carry our Within 2013.in strategies ourof all across billion $22than more raise to us enabled market, the in funds ofour attractiveness the andrecord track investmentour with along trends, These opportunitie investment alternative other for equity privatein proceeds these reinvest to likely turnseemed in partners Limited 2013.in partners to limited billion $120record a returned alone managers equity private expect be reasonably can trend This area. this in participate who investorsof spectrum the across increasing also are equity private to allocations Second, investments. alternative institutional large many prices, asset in rise the of result a As trillion. $25 almost at stands nowand 2013in $2trillion than more by increased assets fund pension global of valuethe data, OECDof analysis our to According so the reversing

et inflows of nearly $1 billion to our hedge funds, and we are making solid progress on our on progress solid making arewe and funds, hedgeour to billion $1 nearly ofinflows et w w w .Ca llStre e t.com • • t.com e llStre .Ca w w w NGP and platform, Carlylethe across investments energynew nine completed wear, y, three dynamics are contributing to the better macro environment for fundraising. First, First, fundraising. for environmentmacro better the to contributing are dynamics three y, The y well in 2013 with 17% appreciation and strong distribution activity. distribution strong and appreciation17% with 2013in well y - Carlyle Carlyle Group LP alddnmntr fet hc a rsue fu pressured has which effect, denominator called

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investors are now significantly below their stated allocation targets for targets allocation stated their below significantly now are investors rations. Ken Hersh, who founded NGP, recently assumed a leadershipa assumed recently NGP, foundedwho Hersh, Ken rations. Company▲ improved significantly in 2013, and we are cautiously optimistic, optimistic, cautiously arewe and 2013,in significantly improved - term. 1 in 2013. We closed our latest vintage U.S. buyout fund at at fundbuyout U.S. vintagelatest our closed We 2013.in - 877

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CallStreet Feb. 19, 2014 19, Feb. inue - in Date▲

corrected transcript William E. Conway, Founder and Co and E.Founder Conway, William U the in particularly to invest, year challenginga it was exit, to year good another was 2013 While carry. cash or accrued either producingnoware Day Investor Carlyle’s at highlightedwe that funds $17.4of total a realizing appropriate, whenexit to and portfolio existing the across appreciation to drive We continue low. remain rates interest and to all climbed markets public We witnessed realizations. of billion $60 over hadhave we four the Inexit. to year good another yet was 2013 segment. by business investmentour discuss Ibefore comments introductory few A David. you, Thank envi exit in investing and portfoliothe on color more provide to ConwayBill to turnme let Now ones. existing their expanding appropriatewhereand strategies new several by developinggrow to continuing are fundshedgeour And year. this funds JapaandEurope Asia, our for fundraising complete to weexpect Assets, Real Beyond fund. energy international first our and fundpower U.S. second our fund,11th NGP’s fund, estate whi segment, Assets Real our from come to 2014 in fundraisingourof share greatera expect we year, the for aheadLooking approval. regulatory pendingyear this later launch to plan we that SEC la In partners. feeder new adding and products new creating including funds, Carlyle access to investors retail for ways add to continue We partners. fund our feeder through investors retail from coming 2013in commitments capital pr fundraisingourin role important an play to continue investors Retail earlier. years fewa just fromshare their doubled than morefunds carry ourin raised of capital 26% representedfunds wealth sovereignwhile year. priorthe since 15% than more increased has companies equity portfolio corporateour for EBITDA months 12 last averagethe 30, of September As well. are portfolioourin companies underlyingThe 16%. appreciatedfunds CPE our 2012, For markets. public the of appreciation and growthearnings of combinationa by driven2013, CPE ourof terms In businesses. fivein equity of billion $2.3 invest to agreed wehave 2014,in Already firm. brokerage insurance based U.S. a Partners, Edgewood in investedwe and India, in hospitals specialist by Beats in investmentour closed We investments. on follow 15 andnew three in quarterfourth the in million $900 than more investedwe CPE, or Equity, Private CorporateIn update. segment quarterlyour to move to like would I overview, that With ye of as funds carry ourin billion $18 than more to portfolio public ofour value the increased performance, market the wellas as others, and IPOs These company. fashionend equipme telecom U.S. the CommScope, operator, cable French the Completel, and Numericable included IPOs quarter fourth The year. the 15over and quarter the in companies portfolioourof eight public took Corpora new sevencompleted weU.S., the In mid of lack a and prices attractive relatively of advantage taking $1 billion, than more totaling Europe,in transactions newseven closed also We year. more billion, $1than more invested we whereChina,in active particularly were We year. last than more slightly funds, carry our across 2013 inbillion $8.2

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portfolio, our carry funds appreciated 9% in the fourth quarter and 30% during30% and quarterfourth the in 9% appreciatedfunds carry our portfolio, ch currently has five funds in the market, including our seventh U.S. real U.S. seventhour including market, the in funds five has currently ch Company▲ - Chief Executive Officer Executive Chief te 2013, Carlyle filed to register two mutual funds with the with funds mutual two register to filed Carlyle 2013, te 1 - 877

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CallStreet Feb. 19, 2014 19, Feb. 13, - Date▲

corrected transcript returns. their pressured portfoliopublic theirin volatility as yearthe for 2% downwas business energy Riverstone legacy the And year. the for 4% of class asset estate non while fund estate realU.S. 2012.in 9% up versusyear the for 1% upabout mixed, was segment Assets Realour in performance portfolio The properties. follow gas naturala Oak, Red acquired we fund, energy internationalour in investments two first our closed we Notably, investments. Real to Turning start. strong a offto BDCis our $1billion, overof capital equity initial with Lastly, year. this CLOs issue new offer to continue to weplan and objectives, ourwith consistent well, performing also are CLOs Our and quarterfourth the in $77 million of to Carlyle fees incentive net produced fundshedge our Overall, risk strong in turned funds hedge GMS Our the in 10% by appreciated mezzanine, energyand mezzanine distressed, include which funds, carry GMS Our funds. carry our in quarter the in million $400 about investedwe orGMS, segment, Strategies Market Globalour to Turning Hamilton. Allen Booz and OzFore BankUnited, Allison, Nielsen, at sales block we executed and gain, substantial a to fund buyout U.S. fifthour in railroadline short the Wyoming, & Genesee investment.original our times o in company software a Informatik, & Personal capital. investedof multiple 4.5 a and billion $1.4 forCollins Rockwell to fund,buyout U.S. fourthourin company a ARINC, were quarter the in sales notable more The2013.in billion $12.2 f the in billion of$5.3 proceeds realized segment CPE our realizations, of terms In Adena. to turnme let Now year. a over in beenit’s than is stronger pipeline investmentglobal our them, of because maybe volatility, increased and prices, stock falling markets, developedthe in rates interest fallingwith started that market a 2014, For ahead. years the in po quality a alreadywas what to significantly weadded that believe We Energy. andVero Power Oak Red & Phelps, Duff (00:17:26) [indiscernible] Media, Focus TCW, Packaging, Chesapeake pleas veryare We 2013.in funds carry ourin realizations in billion $17 than morein resulted portfolio, investmentour of maturity and quality the with combined realizations, for environmentattractivethe summary, In 20 in well performed AlpInvest mentioned, David as front, investmentthe On strategies. fund of fund hedgeand estate real equity, private of range wide a investors our offernow can we Solutions, In funds. infrastructure and energythe and rea the betweenequally aboutsplit was which year, the forbillion $4.1 and quarter the in proceedsin million $770 about realized business Assets Realthe realizations, to Turning

rtfolio, and we believe that these transactions will drive value creation and powerful distributions distributions powerfuland creation valuedrivewill transactions these that believewe and rtfolio, of17%. appreciation achieving13,

8 ilo o 2013. for million $85 - on real estate investments in United States with an increasing focus on office and hotel and onoffice focus increasing anwith States United in investments estate real on w w w .Ca llStre e t.com • • t.com e llStre .Ca w w w - U.S. real estate performance struggled, resulting in total appreciation across the realthe across total appreciation in resulting struggled, performance estate real U.S. The

Assets, we invested almost $900 million in the quarter. This number excludes NGP excludes numberThis quarter. the in million $900 almost weinvested Assets, Carlyle Carlyle Group LP ed with the investments we chose to make, companies like Axalta, Beats, Beats, like Axalta, companies to make, wechose investments the with ed

particularly in the emerging markets. Despite these factors, or factors, these Despite markets. emergingthe in particularly Company▲ - fired power plant in New Jersey and we investedwe and Jersey Newin plant powerfired gnrtd year generated s

1 ur second European technology fund, for a total return of 6.5 ofreturn total a for fund, technology European second ur quarter and 28% during 2013, compared to up 23% in 2012.in 23% up to compared 2013, during28% and quarter - 877

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CallStreet Feb. 19, 2014 19, Feb. x Date▲

corrected transcript Adena T. Friedman, Chief Financial Officer Financial Chief Friedman, T. Adena in Latin America. Latin in investment sheet balanceour from as losses well as business, estate real Europeanourin matter $5 of loss investment unrealized Our segment. Strategies Market Globalour in results strong and segment Equity Private Corporateour in appreciation fund carry quarterly 9% by underpinnedwere fees performancequarterFourth level. mor werebillion of$1.2 fees performancenet full year, the for And quarter. the in million $592 were fees performanceNet income. net and economic fees performance had we quarter, fourth the during carry, accrued and income net economic fees, performance onto Moving earnings. distributable tax afterour of 85% to 75% out pay to remains intention our 2014, fiscal to needthe as well platforms, our in investment continued reflecting also but year, strong Carlyle’s of consideration in amountthis distributed We target. we that range85% payou 75% a represents truea in $1.24the as well as payment quarterly $0.16base our includes unit per $1.40of distribution quarterfourth Our $2.50.was distribu tax after2013, in and 2012, to compared22% up million, $840 were after mentioned, DavidAs distribution. the with beginI’ll results. our impacting items fewa on down drill me Let earnings. futurepotential robust for foundationour to build continued Carlyle Bill. you, Thank unit. per $6 almost equates carry accruednet our basis, over year at billion $3.7 reached carry accrued Gross level. record to carry accruednet and gross drove performancefund solid Our reali recognize to begin to time appropriate the determine to Novemberin Day Investor our at described we guidelinesthe carry taken yet not havewe carry, accruing noware fundsboth of underpinningsinvestment the though rates, hurdle their to close remained funds these while fees, performancequarterlyin volatility be could There fees. performancenet to million $350 approximately contributed together and quarter car accrued full into crossed both value, fair remaining combinedinbillion $9.3 representing III,Partners Asia Carlyle andIII Partners Europe Carlyle funds, buyout largerour of Two upside. th givenCarlyle, of state the evaluate short upon rely not wedo said, ThatIPO. our since Carlyle post and million, $576 fee solid and fees performancerobust Our

- - er desp year tax distributable earnings per unit of $1.18. For the fullthe For $1.18. of unit per earnings distributable tax

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ite $677 million in net realized performance fees during the year. On a per unit unit pera On year. the during fees performancerealizednet in million $677 ite

Carlyle Carlyle Group LP

- orh ure pre quarterfourth up distribution. For the full fiscal year, $1.88 in distributions per unit unit per distributions in $1.88 year, fiscal fullthe For distribution. up - tax ENI per unit of $1.64, both of which represents the best results for results best the represents which of both$1.64, of unit perENI tax

zed carry associated with future exit events. exit futurewith associated carry zed had a very solid year solid verya had t on our fullour on t

- end and our net accrued carry balance was $1.8 billion, up 15% year 15% up billion, $1.8 was balance carry accruednet our and end Company▲ 6 million in the quarter was primarily the result of managing a tax tax a ofmanaging result the primarily was quarter the in million 6 - year after tax distributable earnings, and it’s within the 75% to to 75% the within it’s and earnings, distributable tax after year e volatile nature of ENI, and this quarter proves that on the on that proves quarterthis and ENI, of nature volatile e 1 - - tax distributable earnings were $401 million, which led to to ledwhich million, $401 were earnings distributable tax 877

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realized carry in either fund. We will follow We will fund.either in carry realized

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CallStreet Feb. 19, 2014 19, Feb. ry this this ry

- Date▲

corrected transcript David M. Rubenstein, Founder and Coand Founder Rubenstein, M. David carry over the past 12 months 12 past the over carry taken havefunds which and quarterthe of end the of as carry accruing is fund the whethervalue, remainingofMOIC the highlight also wefund, each for value fair remainingthe with Along value. least at have that funds significant ofour each into transparency more provide that fundsof family ourof characteristics certain highlights which table, a added I Lastly, 2. onMay vesting majority the with 2014, of remainder the throughout count unit earnings distributable our units to more million 3.6 addwill year, this vest we’ll that grants IPO including grants, year Prior 2014. 3, Februaryof as by approximate count unit public our increased has grants stock year prior of vestingthe and acquisition DGAM the with connection in issued units Commonunits. common million 49 and exi weunits, ourof terms In 2013. 31, of Decemberas assets advised and managedin million $6.6 had which DGAM, or Management, Asset Global ofDiversified acquisition the wecompleted 3, 2014, Februaryon feeour to $7million addedchanges two these Together, 1. August through 60% from up AlpInvest,in stake ownership100% our of quarterfull a reflected also quarterThe that transaction. of close 1 November the as of platform, estate realnew our Estate, Real Metropolitanof acquisition the to reflect began We catch fee management one some werethere Additionally, costs. offset somewhat fees, professional by driven quarter, fourth the in higher were fee impacted items fewa quarter, fourth the During million. $152 compar quarterfourth fee to Shifting markets. capital available and backdrop market reasonable conver and proceeds realized to generate investments fundmature exiting in beopportunistic to continue to expect We we’reNow, 2014.forpositioned well arewe feel we be, will year this performanceour what guaranteecannot we while Obviously, standard. or any measure any almost by year stronga and quarterstrong a had Carlyle morning, this convey to tried have weAs remarks. concluding some forDavid to over back turnit nowme Let disclosures. or results onour questions any haveif you us to se to forward look we that, With carry. futurefor location andsize potential the into transparency improvedprovide disclosures these of Both reside. securities those funds whichin and positions 10public top ourprovide we disclosure, second the In

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pleased to take any questions you might have. might you questions any take to pleased - related earnings, Carlyle produced $39 million in feein million $39 producedCarlyle earnings, related

Carlyle Carlyle Group LP t accrued carry into realized performance fees over the next year, assuming a assuming next year, theover fees performancerealized into carry accrued t ed to $44 million in the third quarter. And for the full year, fee year, full the for And quarter. thirdthe in million $44 to ed - ups that largely offset each other. each offset largely that ups ted the fourth quarter of 2013 with approximately 312 million total units units total million 312 approximately with 2013 of quarterfourth the ted .

Company▲ eing many of you throughout 2014 and encourage you to reach out reach to you encourageand 2014 throughout you of many eing - eae earni related - Chief Executive Officer Executive Chief 1 - 877 - time revenue rebates and expense items, as well as as well as items, expense and rebates revenue time

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CallStreet Feb. 19, 2014 19, Feb. Date▲

corrected transcript QUESTION AND ANSWER SECTION QUESTION AND ANSWER that some of the performance in Europe was not the market, but it was Carlyle.was it but market, the not was Europe in performancethe of some that say wouldI but happened, that like ifthings Europe,in stronger was consumer the if created, being w market ifthe helpfulbewould it Yes, business. that rebuild helpus time, over hewill, that hopes high haveweAnd executive. estate real experienced very is a He business. estate real internationalour run to in Metz all at expectations our met not has performancethe Europe, In on. working we’re something that’s And bigger.get to needs business Thescale. of problem a it’s think IAsia, Inworld. the arounddifferent are problems our estate, real internationalIn carr of amounts meaningfulpaying begin and thereget will all they that hopeful we’reand carry into get typically Thefunds well. performs that business So 20%. about Isaid, orfo three are There well. veryperform to continues business the remarks, my in Imentioned as estate, realU.S. In say. let’s energy, and estate real internationalestate, real U.S. businesses, different seg Assets Realthe anticipated, question your

– –

Bill Conway Conway Bill Ken Worthington Worthington Ken w w w .Ca llStre e t.com • • t.com e llStre .Ca w w w ifyou’re me, believeAnd equity. privatein longtime a investing been I’veAnd carry. in all re

The which is a very big part of the Real Assets focus there, what we’ve done is try to manage to is try donewe’ve what there, focus Assets Realthe partof big veryis a which And is it something that Carlyle can do or are these issues just something that Carlyle that something just issues these orare do can Carlyle that something is it And

– Carlyle Carlyle Group LP

they have 10 funds. They’re working on the eleventh fund. The first 10 funds, we funds, 10 first The fund. eleventh onthe working They’refunds. 10have they –

ur funds that are active today in U.S. real estate. They were up on average, as as average, upon wereThey estate. real U.S. in today activeare that funds ur The Carlyle Group>: Carlyle The –

JPMorgan Securities LLC>: Securities JPMorgan alt and Pattern Energy are two of the bigthe oftwo are Energy Pattern and alt Company▲ source, and there’s a transition going on from coal to natural gas. gas. natural to coal fromon going transition a there’s and source,

1 ere better in international real estate, if there were more jobs jobs more wereifthere estate, real international in better ere ey continue to be depressed, and you’ve called out called you’veand depressed, be to continue ey - 877

Ken, this is Bill Conway. Thanks for the question. As As question. the for Thanks Conway. is Bill this Ken,

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Hi. Good morning and thank you for taking taking for you thank and morningGood Hi.