Document:

Ex-10.1

 EXHIBIT 10.1 

EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT (the “Agreement”), dated as of May 2, 2012, among Carlyle Group Management L.L.C., The Carlyle Group L.P., Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub
L.L.C., Carlyle Holdings II GP L.L.C., Carlyle Holdings III GP L.P., Carlyle Holdings III GP Sub L.L.C., Carlyle Holdings I L.P., Carlyle Holdings II L.P., Carlyle Holdings III L.P., Carlyle Holdings II Sub L.L.C., and the Carlyle Holdings Limited
Partners from time to time party hereto. 
 WHEREAS, the parties hereto desire to provide for the exchange of certain Carlyle
Holdings Partnership Units for Common Units, on the terms and subject to the conditions set forth herein; 
 WHEREAS, the right
to exchange Carlyle Holdings Partnership Units set forth in Section 2.1(a) below, once exercised, represents a several, and not a joint and several, obligation of the Carlyle Holdings Partnerships (on a pro rata basis), and no Carlyle
Holdings Partnership shall have any obligation or right to acquire Carlyle Holdings Partnership Units issued by another Carlyle Holdings Partnership; 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in
this Agreement. 
 “Agreement” has the meaning set forth in the preamble of this Agreement. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York are authorized or required by law to close. 
 “Carlyle Entity Parties” means, collectively, Issuer
General Partner, Issuer, Carlyle Holdings I GP Parent, Carlyle Holdings III GP Parent, the Carlyle Holdings General Partners, the Carlyle Holdings Partnerships and Subsidiary Company. 

“Carlyle Holdings I” means Carlyle Holdings I L.P., a limited partnership formed under the laws of the State of
Delaware, and any successor thereto. 
 “Carlyle Holdings I General Partner” means Carlyle Holdings I GP Sub
L.L.C., a Delaware limited liability company and the general partner of Carlyle Holdings I, and any successor thereof. 

 “Carlyle Holdings I GP Parent” means Carlyle Holdings I GP Inc., a
corporation formed under the laws of the State of Delaware and the sole member of Carlyle Holdings I General Partner, and any successor thereof. 
 “Carlyle Holdings I Partnership Units” means the units of limited partner interest of Carlyle Holdings I, issued pursuant to the Amended and Restated Limited Partnership Agreement of
Carlyle Holdings I, as it may be amended, supplemented or restated from time to time. 
 “Carlyle Holdings II”
means Carlyle Holdings II L.P., a société en commandite formed under the laws of the Province of Québec, and any successor thereto. 
 “Carlyle Holdings II General Partner” means Carlyle Holdings II GP L.L.C., a limited liability company formed under the laws of the State of Delaware and the general partner of Carlyle
Holdings II, and any successor general partner thereof. 
 “Carlyle Holdings II Partnership Units” means the
units of limited partner interest of Carlyle Holdings II, issued pursuant to the Amended and Restated Limited Partnership Agreement of Carlyle Holdings II, as it may be amended, supplemented or restated from time to time. 

“Carlyle Holdings III” means Carlyle Holdings III L.P., a société en commandite formed under the
laws of the Province of Québec, and any successor thereto. 
 “Carlyle Holdings III General Partner”
means Carlyle Holdings III GP Sub L.L.C., a Delaware limited liability company and the general partner of Carlyle Holdings III, and any successor thereof. 
 “Carlyle Holdings III GP Parent” means Carlyle Holdings III GP L.P., a société en commandite formed under the laws of the Province of Québec and the sole
member of Carlyle Holdings III General Partner, and any successor thereof. 
 “Carlyle Holdings III Partnership
Units” means the units of limited partner interest of Carlyle Holdings III, issued pursuant to the Amended and Restated Limited Partnership Agreement of Carlyle Holdings III, as it may be amended, supplemented or restated from time to time.

 “Carlyle Holdings General Partners” means, collectively, Carlyle Holdings I General Partner, Carlyle
Holdings II General Partner and Carlyle Holdings III General Partner. 
 Carlyle Holdings Limited Partner” means
each party hereto other than a Carlyle Entity Party. 
 “Carlyle Holdings Partnership Agreements” means,
collectively, the Amended and Restated Limited Partnership Agreement of Carlyle Holdings I, the Amended and Restated Limited Partnership Agreement of Carlyle Holdings II and the Amended and Restated Limited Partnership Agreement of Carlyle Holdings
III, as they may each be amended, supplemented or restated from time to time. 

  
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 “Carlyle Holdings Partnership Unit” means, collectively, one Carlyle
Holdings I Partnership Unit, one Carlyle Holdings II Partnership Unit, and one Carlyle Holdings III Partnership Unit. 

“Carlyle Holdings Partnerships” means, collectively, Carlyle Holdings I, Carlyle Holdings II and Carlyle Holdings III.

 “Change of Control” means: (i) the occurrence of any Person, other than a Person approved by the
current Issuer General Partner, becoming the general partner of the Issuer; or (ii) during any period of two consecutive years, Continuing Directors cease for any reason to constitute a majority of the directors serving on the Issuer General
Partner’s board of directors. For purposes of this definition, “Continuing Director” means any director of the Issuer General Partner (a) serving on the Issuer General Partner’s board of directors at the beginning of the
relevant period of two consecutive years referred to in the immediately preceding sentence, (b) appointed or elected to the Issuer General Partner’s board of directors by the members of the Issuer General Partner or (c) whose
appointment or election to the Issuer General Partner’s board of directors by such board, or nomination for election to the Issuer General Partner’s board of directors by the limited partners of the Issuer, was approved by a majority of
the directors of the Issuer General Partner then still serving at the time of such approval who were so serving at the beginning of the relevant period of two consecutive years, were so appointed or elected by the members of the Issuer General
Partner or whose appointment or election or nomination for election was so approved. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Common Unit” means a limited partner interest in the Issuer
representing a fractional part of the limited partner interests in the Issuer of all limited partners of the Issuer having the rights and obligations specified with respect to Common Units in the Issuer Partnership Agreement. 

“Dispute” has the meaning set forth in Section 3.9(a) of this Agreement. 

“Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Exchange Rate” means the number of Common Units for which a Carlyle Holdings Partnership Unit is entitled to be
exchanged. On the date of this Agreement, the Exchange Rate shall be 1 for 1, which Exchange Rate shall be subject to modification only as provided in Section 2.4. 
 “IPO” means the initial public offering and sale of Common Units, as contemplated by the Issuer’s Registration Statement on Form S-1 (File No. 333-176685). 

“Issuer” means The Carlyle Group L.P., a limited partnership formed under the laws of the State of Delaware, and any
successor thereto. 
 “Issuer General Partner” means Carlyle Group Management L.L.C., a limited liability
company formed under the laws of the State of Delaware, and any successor thereto. 

  
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 “Issuer Partnership Agreement” means the Amended and Restated Agreement of
Limited Partnership of the Issuer to be dated substantially concurrently with the consummation of the IPO, as such agreement of limited partnership may be amended, supplemented or restated from time to time. 

“Liens” means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting
trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever. 
 “Mubadala Holders” means, collectively, MDC/TCP Investments (Cayman) I, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) II, Ltd., a Cayman Islands exempted company,
MDC/TCP Investments (Cayman) III, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) IV, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) V, Ltd., a Cayman Islands exempted company, MDC/TCP Investments
(Cayman) VI, Ltd., a Cayman Islands exempted company, and Five Overseas Investment L.L.C., a United Arab Emirates limited liability company registered in the Emirate of Abu Dhabi, and, to the extent such Persons are Permitted Transferees, each of
Mubadala Development Company PJSC and its direct and indirect subsidiaries. 
 “Person” means an individual or
a corporation, limited liability company, partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state,
county, or any other governmental or political subdivision, agency or instrumentality thereof) or other entity (or series thereof). 
 “Permitted Transferee” has the meaning set forth in Section 3.1 of this Agreement. 
 “Quarter” means, unless the context requires otherwise, a fiscal quarter of the Issuer. 
 “Quarterly Exchange Date” means, unless the Issuer cancels such Quarterly Exchange Date pursuant to Section 2.8 hereof, the date that is the later to occur of either: (1) the
second Business Day after the date on which the Issuer makes a public news release of its quarterly earnings for the prior Quarter or (2) the first day each Quarter that directors and executive officers of the Issuer General Partner are
permitted to trade under the applicable polices of the Issuer relating to trading by directors and executive officers; provided that there shall be no Quarterly Exchange Date for any party other than the California Public Employees’
Retirement System prior to the first anniversary of the closing of the IPO (or, if later, the date of the initial filing by the Issuer of a registration statement with the U.S. Securities and Exchange Commission to cover delivery of Common Units to
Carlyle Holdings Limited Partners upon an Exchange). The parenthetical in the proviso of the immediately preceding sentence shall not apply to any Mubadala Holder. At least seventy-five (75) days prior to each Quarterly Exchange Date, the
Issuer will provide notice thereof to each Carlyle Holdings Limited Partner eligible to Exchange Carlyle Holdings Partnership Units for Common Units on such Quarterly Exchange Date. 

“Sale Transaction” has the meaning set forth in Section 2.8 of this Agreement. 

“Securities Act” has the meaning set forth in Section 2.3(a) of this Agreement. 

  
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 “Subsidiary Company” means Carlyle Holdings II Sub L.L.C., a limited
liability company organized under the laws of Delaware, and any successor thereto. 
 “Transfer Agent” means
such bank, trust company or other Person as shall be appointed from time to time by the Issuer pursuant to the Issuer Partnership Agreement to act as registrar and transfer agent for the Common Units. 

ARTICLE II 

EXCHANGE OF CARLYLE HOLDINGS PARTNERSHIP UNITS 
 SECTION 2.1. Exchange of Carlyle Holdings Partnership Units. 
 (a) (i)
Subject to adjustment as provided in this Article II, to the provisions of the Carlyle Holdings Partnership Agreements and the Issuer Partnership Agreement and to the provisions of Section 2.2 hereof, each Carlyle Holdings Limited Partner shall
be entitled, on any Quarterly Exchange Date, to surrender Carlyle Holdings Partnership Units to the Carlyle Holdings Partnerships in exchange for the delivery by the Carlyle Holdings Partnerships of a number of Common Units equal to the product of
such number of Carlyle Holdings Partnership Units surrendered multiplied by the Exchange Rate (an “Exchange”); provided that any such Exchange is for a minimum of the lesser of 100 Carlyle Holdings Partnership Units or all of the vested
Carlyle Holdings Partnership Units held by such Carlyle Holdings Limited Partner that are then permitted under the Carlyle Holdings Partnership Agreements to be exchanged by such Limited Partner. In addition, subject to adjustment as provided in
this Article II, to the provisions of the Carlyle Holdings Partnership Agreements, the Issuer Partnership Agreement and to the provisions of Section 2.2 hereof, the California Public Employees’ Retirement System shall be entitled at any
time from and after the closing of the IPO, and the Mubadala Holders shall be entitled at any time following the first anniversary of the closing of the IPO, to Exchange Carlyle Holdings Partnership Units for Common Units, provided that the number
of Carlyle Holdings Partnership Units surrendered by the California Public Employees’ Retirement System or the Mubadala Holders, as the case may be, in any such Exchange is greater than two percent of the then-outstanding Carlyle Holdings
Partnership Units (provided that such Exchange constitutes a “Block Transfer” within the meaning of Treasury Regulation section 1.7704-1 (e)(2)). 
 (ii) Notwithstanding anything to the contrary herein, upon the occurrence of a Dissolution Event (as defined in the Carlyle Holdings Partnership Agreements) with respect to any Carlyle Holdings
Partnership, each Carlyle Holdings Limited Partner shall be entitled, upon the terms and subject to the conditions hereof, to elect to Exchange Carlyle Holdings Partnership Units for Common Units; provided, that any such Exchange pursuant to this
sentence shall be effective immediately prior to the effectiveness of the applicable dissolution of such Carlyle Holdings Partnership (and, for the avoidance of doubt, shall not be effective if such dissolution is not effective). 

(b) On the date Carlyle Holdings Partnership Units are surrendered for exchange, all rights of the exchanging Carlyle Holdings Limited
Partner as holder of such Carlyle Holdings Partnership Units shall cease, and such exchanging Carlyle Holdings Limited 

  
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Partner shall be treated for all purposes as having become the Record Holder (as defined in the Issuer Partnership Agreement) of such Common Units and shall be admitted as a Limited Partner (as
defined in the Issuer Partnership Agreement) of the Issuer in accordance and upon compliance with Section 10.2 of the Issuer Partnership Agreement. 
 (c) For the avoidance of doubt, any exchange of Carlyle Holdings Partnership Units shall be subject to the provisions of the Carlyle Holdings Partnership Agreements, including without limitation the
provisions of Sections 8.01, 8.02, 8.03, 8.04 and 8.12 to the extent applicable to an exchanging Carlyle Holdings Limited Partner. 
 (d) Where a Carlyle Holdings Limited Partner has exercised its right to surrender its Carlyle Holdings Partnership Units to the Carlyle Holdings Partnerships in an Exchange pursuant to
Section 2.1(a), Carlyle Holdings I General Partner (with respect to Carlyle Holdings I Partnership Units), Subsidiary Company (with respect to Carlyle Holdings II Partnership Units) and Carlyle Holdings III General Partner (with respect to
Carlyle Holdings III Partnership Units), shall have a superseding right to acquire such interests for an amount of Common Units equal to the amount of Common Units that would be received pursuant to such Exchange. 

SECTION 2.2. Exchange Procedures. (a) A Carlyle Holdings Limited Partner may exercise the right to exchange Carlyle Holdings
Partnership Units set forth in Section 2.1(a) above by providing a written notice of exchange at least sixty (60) days prior to the applicable Quarterly Exchange Date (or in the case of an Exchange effected by the California Public
Employees’ Retirement System or the Mubadala Holders pursuant to the last sentence of 2.1(a) above, ten (10) days prior to the date of such Exchange) to each of the Carlyle Holdings Partnerships and each of Carlyle Holdings I General
Partner, Subsidiary Company and Carlyle Holdings III General Partner substantially in the form of Exhibit A hereto, duly executed by such holder or such holder’s duly authorized attorney in respect of the Carlyle Holdings Partnership
Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Carlyle Holdings Partnerships. 
 (b) As promptly as practicable following the surrender for exchange of the Carlyle Holdings Partnership Units in the manner provided in this Article II, the Carlyle Holdings Partnerships shall deliver or
cause to be delivered at the offices of the then-acting Transfer Agent or, if there is no then-acting Transfer Agent, at the principal executive offices of the Issuer, the number of Common Units issuable upon such exchange, registered in the name of
such exchanging Carlyle Holdings Limited Partner, or its nominee. To the extent the Common Units are settled through the facilities of The Depository Trust Company, the Carlyle Holdings Partnerships will, subject to Section 2.2(c) below, upon
the written instruction of the exchanging Carlyle Holdings Limited Partner deliver the Common Units deliverable to such exchanging Carlyle Holdings Limited Partner, through the facilities of The Depository Trust Company, to the account of the
participant of The Depository Trust Company designated by such exchanging Carlyle Holdings Limited Partner. The Issuer General Partner, the Issuer and the Carlyle Holdings General Partners shall take such actions as may be required to ensure the
performance by the Carlyle Holdings Partnerships of their respective obligations under this Article II, including causing the issuance and sale of Common Units to or for the account of the Carlyle Holdings Partnerships in exchange for the delivery
to the Issuer of a number of Carlyle Holdings Partnership Units that is equal to the number of Carlyle Holdings Partnership Units surrendered by an exchanging Carlyle Holdings Limited Partner. 

  
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 (c) The Carlyle Holdings Partnerships on the one hand, and each exchanging Carlyle Holdings
Limited Partner, on the other hand, shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that the Carlyle Holdings Partnerships and Subsidiary Company,
as applicable, shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any such Exchange; provided, however, that if any Common Units are to be delivered in a name other than
that of the exchanging Carlyle Holdings Limited Partner that requested such Exchange (other than in the name of The Depository Trust Company or its nominee), then such Carlyle Holdings Limited Partner and/or the person in whose name such Common
Units are to be delivered shall pay to the Carlyle Holdings Partnerships the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable
satisfaction of the Carlyle Holdings Partnerships that such tax has been paid or is not payable. 
 (d) The Carlyle Holdings
Partnerships may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article II, including, without limitation, procedures for the giving of notice of an election for exchange. A Carlyle Holdings Limited
Partner may not revoke a notice of exchange delivered pursuant to Section 2.2(a) above, without the consent of the Carlyle Holdings General Partners, which consent may be provided or withheld, or made subject to such conditions, limitations or
restrictions, as determined by the Carlyle Holdings General Partners in their sole discretion. Such determinations need not be uniform and may be made selectively among Carlyle Holdings Limited Partners, whether or not such Carlyle Holdings Limited
Partners are similarly situated. 
 SECTION 2.3. Limitations on Exchanges. 

(a) Notwithstanding anything to the contrary, a Carlyle Holdings Limited Partner shall not be entitled to exchange Carlyle Holdings
Partnership Units, and the Issuer and the Carlyle Holdings Partnerships shall have the right to refuse to honor any request for exchange of Carlyle Holdings Partnership Units, at any time or during any period if the Issuer or the Carlyle Holdings
Partnerships shall determine, that such exchange (i) would be prohibited by law or regulation (including, without limitation, the unavailability of any requisite registration statement filed under the Securities Act of 1933, as amended (the
“Securities Act”) or any exemption from the registration requirements thereunder), or (ii) would not be permitted under any other agreements with the Issuer or any of its subsidiaries to which such exchanging Carlyle Holdings
Limited Partner may be party (including, without limitation, the Carlyle Holdings Partnership Agreements) or any written policies of the Issuer related to unlawful or inappropriate trading applicable to its directors, officers or other personnel.

 SECTION 2.4. Splits, Distributions and Reclassifications. 

(a) The Exchange Rate shall be adjusted accordingly if there is: (i) any subdivision (by any unit split, unit distribution,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, 

  
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recapitalization or otherwise) of the Carlyle Holdings Partnership Units that is not accompanied by an identical subdivision or combination of the Common Units; or (ii) any subdivision (by
any unit split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the Common Units that is not accompanied
by an identical subdivision or combination of the Carlyle Holdings Partnership Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Common Units are converted or changed into another
security, securities or other property, then upon any Exchange, an exchanging Carlyle Holdings Limited Partner shall be entitled to receive the amount of such security, securities or other property that such exchanging Carlyle Holdings Limited
Partner would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any
subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property
that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions shall be made
upon the exchange of any Carlyle Holdings Partnership Unit. 
 SECTION 2.5. Common Units to be Issued. 

(a) The Issuer and the Carlyle Holdings Partnerships covenant that all Common Units issued upon an Exchange will be validly issued.
Nothing contained herein shall be construed to preclude the Issuer or Carlyle Holdings Partnerships from satisfying their obligations in respect of the exchange of the Carlyle Holdings Partnership Units by delivery of Common Units which are held in
the treasury of the Issuer or the Carlyle Holdings Partnership or any of their subsidiaries. 
 (b) The Issuer and the Carlyle
Holdings Partnerships covenant and agree that, to the extent that a registration statement under the Securities Act is effective and available for Common Units to be delivered with respect to any Exchange, Common Units that have been registered
under the Securities Act shall be delivered in respect of such exchange. In the event that any exchange in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is
unavailable, upon the request and with the reasonable cooperation of the exchanging Carlyle Holdings Limited Partners requesting such exchange, the Issuer and the Carlyle Holdings Partnerships shall promptly facilitate such exchange pursuant to any
reasonably available exemption from such registration requirements. The Issuer shall list the Common Units required to be delivered upon exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon
which the outstanding Common Units may be listed or traded at the time of such delivery. 
 SECTION 2.6. Restrictions.

 (a) The provisions of Sections 8.02, 8.03, 8.04, 8.06 and 8.11 of the Carlyle Holdings Partnership Agreements and the
restrictions on transfer under any other agreements with the Issuer or any of its subsidiaries to which an exchanging Carlyle Holdings Limited 

  
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Partner may be party shall apply, mutatis mutandis, to any Common Units. In each case, the provisions of Sections 8.03 and 8.04 of the Carlyle Holdings Partnership Agreements shall apply
in the aggregate to Carlyle Holdings Partnership Units and Common Units received in exchange for Carlyle Holdings Partnership Units held by each Carlyle Holdings Limited Partner or Limited Partner (as defined in the Issuer Partnership Agreement) of
the Issuer. 
 SECTION 2.7. Acquisition and Disposition of Common Units. 

(a) A Carlyle Holdings Limited Partner (other than the California Public Employees’ Retirement System or a Mubadala Holder)
requesting an exchange under this Agreement covenants (i) to use reasonable best efforts to sell or otherwise dispose of any Common Units received in such an exchange within ten (10) days of the receipt thereof or any other specified
period as the Issuer General Partner may determine from time to time, and (ii) that no other Common Units are held by such Carlyle Holdings Limited Partner, such Carlyle Holdings Limited Partner’s spouse, or any entity disregarded as an
entity separate from such Carlyle Holdings Limited Partner or such Carlyle Holdings Limited Partner’s spouse for United States federal income tax purpose, at the time such Carlyle Holder Limited Partner gives notice of such exchange pursuant to
this Agreement or will be acquired by any such person from such time through the sale or disposition described in clause (i). Any Carlyle Holdings Limited Partner (other than the California Public Employees’ Retirement System or a Mubadala
Holder) still holding any Common Units on the last day of such period shall cause all such Common Units to be transferred immediately to a partnership, trust or other entity (other than an entity disregarded as an entity separate from its parent for
United States federal income tax purposes). 
 SECTION 2.8. Subsequent Offerings. 

(a) The Issuer may from time to time provide the opportunity for Carlyle Holdings Limited Partners to sell their Carlyle Holdings
Partnership Units to the Issuer, the Carlyle Holdings Partnerships or any of their subsidiaries (a “Sale Transaction”); provided that no Sale Transaction shall occur unless the Issuer cancels the nearest Quarterly Exchange Date
scheduled to occur in the same fiscal year of the Issuer as such Sale Transaction. A Carlyle Limited Partner selling Carlyle Holdings Partnership Units in connection with a Sale Transaction must provide notice to Issuer at least thirty
(30) days prior to the cash settlement of such Sale Transaction in respect of the Carlyle Holdings Partnership Units to be sold, in each case delivered during normal business hours at the principal executive offices of the Issuer. For the
avoidance of doubt, the total aggregate number of Quarterly Exchange Dates and Sale Transactions occurring during any fiscal year of the Issuer shall not exceed four (4). 
 ARTICLE III 
 GENERAL PROVISIONS 

SECTION 3.1. Additional Carlyle Holdings Limited Partners. To the extent a Carlyle Holdings Limited Partner validly transfers any
or all of such holder’s Carlyle Holdings Partnership Units to another person in a transaction in accordance with, and not in contravention of, the Carlyle Holdings Partnership Agreements or any other agreement or agreements with the Issuer or
any of its subsidiaries to which a transferring Carlyle Holdings Limited Partner may be 

  
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party, then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B
hereto, whereupon such Permitted Transferee shall become a Carlyle Holdings Limited Partner hereunder. To the extent the Carlyle Holdings Partnerships issue Carlyle Holdings Partnership Units in the future, the Carlyle Holdings Partnerships shall be
entitled, in their sole discretion, to make any holder of such Carlyle Holdings Partnership Units a Carlyle Holdings Limited Partner hereunder through such holder’s execution and delivery of a joinder to this Agreement, substantially in the
form of Exhibit B hereto. 
 SECTION 3.2. Amendment. (a) The provisions of this Agreement may be amended by the
affirmative vote or written consent of each of the Carlyle Holdings Partnerships and, after a Change of Control, the holders of at least a majority of the Vested Percentage Interests (as such term as defined in the Carlyle Holdings Partnership
Agreements) of the Carlyle Holdings Partnership Units (excluding Carlyle Holdings Partnership Units held by the Issuer or any direct or indirect wholly-owned subsidiary thereof); provided, however, that any amendment of this Agreement that is
materially adverse to the California Public Employees’ Retirement System shall not be effective with respect to the California Public Employees’ Retirement System unless the prior written consent of the California Public Employees’
Retirement System shall have been obtained and any amendment of this Agreement that is materially adverse to a Mubadala Holder shall not be effective with respect to the Mubadala Holder unless the prior written consent of such Mubadala Holder shall
have been obtained. 
 (b) Each Carlyle Holdings Limited Partner hereby expressly consents and agrees that, whenever in this
Agreement it is specified that an action may be taken upon the affirmative vote or written consent of less than all of the Carlyle Holdings Limited Partners, such action may be so taken upon the concurrence of less than all of the Carlyle Holdings
Limited Partners and each Carlyle Holdings Limited Partner shall be bound by the results of such action. 
 SECTION 3.3.
Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by
fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified
in a notice given in accordance with this Section 3.3): 
 (a) If to any Carlyle Entity Party, to: 

1001 Pennsylvania Avenue, NW 
 Washington, DC 20004-2505 
 Attention: General Counsel 

Fax: (202) 729-5266 
 Electronic Mail: list_exchangenotice@carlyle.com 

  
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 (b) If to any Carlyle Holdings Limited Partner, to: 

c/o The Carlyle Group L.P. 
 1001 Pennsylvania Avenue, NW 
 Washington, DC 20004-2505 

Attention: General Counsel 
 Fax: (202) 729-5266 
 Electronic Mail: list_exchangenotice@carlyle.com

 The Issuer General Partner shall forward any such communication to the applicable Carlyle Holdings Limited Partner’s
address, email address or facsimile number as shown in the books and records of the Carlyle Holdings Partnerships. 
 SECTION
3.4. Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

SECTION 3.5. Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the
extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

SECTION 3.6. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 3.7. Integration. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 SECTION 3.8. Waiver. No
failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other
covenant, duty, agreement or condition. 
 SECTION 3.9. Dispute Resolution. 

(a) Each party hereto other than the California Public Employees’ Retirement System and each of the Mubadala Holders
(i) irrevocably agrees that any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance
or 

  
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non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) (a “Dispute”) shall be finally settled by arbitration conducted
by three arbitrators (or, in the event the amount of quantified claims and/or estimated monetary value of other claims contained in the applicable request for arbitration is less than $3.0 million, by a sole arbitrator) in Wilmington, Delaware in
accordance with the Rules of Arbitration of the International Chamber of Commerce (including the rules relating to costs and fees) existing on the date of this Agreement except to the extent those rules are inconsistent with the terms of this
Section 3.9, and that such arbitration shall be the exclusive manner pursuant to which any Dispute shall be resolved; (ii) agrees that this Agreement involves commerce and is governed by the Federal Arbitration Act, 9 U.S.C.
Section 1, et seq., and any applicable treaties governing the recognition and enforcement of international arbitration agreements and awards; (iii) agrees to take all steps necessary or advisable, including the execution of documents to be
filed with the International Court of Arbitration or the International Centre for ADR in order to properly submit any Dispute for arbitration pursuant to this Section 3.9; (iv) irrevocably waives, to the fullest extent permitted by law,
any objection it may have or hereafter have to the submission of any Dispute for arbitration pursuant to this Section 3.9 and any right to lay claim to jurisdiction in any venue; (v) agrees that (A) the arbitrator(s) shall be U.S.
lawyers, U.S. law professors and/or retired U.S. judges and all arbitrators, including the president of the arbitral tribunal, may be U.S. nationals and (B) the arbitrator(s) shall conduct the proceedings in the English language;
(vi) agrees that except as required by law or as may be reasonably required in connection with ancillary judicial proceedings to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm or
challenge an arbitration award, the arbitration proceedings, including any hearings, shall be confidential, and the parties shall not disclose any awards, any materials in the proceedings created for the purpose of the arbitration, or any documents
produced by another party in the proceedings not otherwise in the public domain; and (vii) agrees that performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), each party hereto may bring an action or special proceeding for the purpose of
compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, or enforcing an arbitration award and, for the purposes of this paragraph (b), each party hereto (i) irrevocably agrees that any such
action or special proceeding shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located in the State of Delaware with subject matter
jurisdiction; (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such action or special proceeding; (iii) irrevocably agrees not to, and waives any right to, assert in any such action or special
proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such action or special proceeding is brought in an inconvenient forum, or
(C) the venue of such action or special proceeding is improper; (iv) expressly waives any requirement for the posting of a bond by a party bringing such action or special proceeding; (v) consents to process being served in any such
action or special proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and
notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law; (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or

  
 12 

 
proceeding; and (vii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law
would be inadequate. 
 (c) If the arbitrator(s) shall determine that any Dispute is not subject to arbitration, or the
arbitrator(s) or any court or tribunal of competent jurisdiction shall refuse to enforce Section 3.9(a) or shall determine that any Dispute is not subject to arbitration as contemplated thereby, then, and only then, shall the alternative
provisions of this Section 3.9(c) be applicable. Each party hereto, to the fullest extent permitted by law, (i) irrevocably agrees that any Dispute shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such
court does not have subject matter jurisdiction thereof, any other court located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim,
suit, action or proceeding; (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which
proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper; (iv) expressly waives any requirement
for the posting of a bond by a party bringing such claim, suit, action or proceeding; (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to
such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to
serve process in any other manner permitted by law; and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding; and (vii) agrees that proof shall not be required that monetary damages for
breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to
the parties’ relationship with one another. 
 SECTION 3.10. Counterparts. This Agreement may be executed and
delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.10. 

SECTION 3.11. Tax Treatment. To the extent this Agreement imposes obligations upon a particular Carlyle Holdings Partnership or a
Carlyle Holdings General Partner, this Agreement shall be treated as part of the relevant Carlyle Holdings Partnership Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury
Regulations. The parties shall report any Exchange consummated hereunder, (x) in the case of Carlyle Holdings I, as a taxable sale of Carlyle Holdings I Partnership Units by a Carlyle Holdings Limited Partner to Carlyle Holdings I GP Parent,
(y) in the case of Carlyle Holdings II, as a taxable sale of Carlyle Holdings II Partnership Units by a Carlyle Holdings Limited Partner to Subsidiary Company and (z) in the case of Carlyle Holdings III, as a taxable sale of Carlyle
Holdings III Partnership Units by a Carlyle Holdings Limited Partner to Carlyle Holdings III GP Parent, and no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 

  
 13 

 SECTION 3.12. Independent Nature of Holdings Unitholders’ Rights and
Obligations. The obligations of each Carlyle Holdings Limited Partner hereunder are several and not joint with the obligations of any other Carlyle Holdings Limited Partner, and no Carlyle Holdings Limited Partner shall be responsible in any way
for the performance of the obligations of any other Carlyle Holdings Limited Partner hereunder. The decision of each Carlyle Holdings Limited Partner to enter into to this Agreement has been made by such Carlyle Holdings Limited Partner
independently of any other Carlyle Holdings Limited Partner. Nothing contained herein, and no action taken by any Carlyle Holdings Limited Partner pursuant hereto, shall be deemed to constitute the Carlyle Holdings Limited Partners as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Carlyle Holdings Limited Partners are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby
and the Issuer acknowledges that the Carlyle Holdings Limited Partners are not acting in concert or as a group, and the Issuer will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

SECTION 3.13. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 [Remainder of Page Intentionally Left Blank] 

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

	
	LIMITED PARTNERS
	
	 /s/ William E. Conway, Jr.

	William E. Conway, Jr.
	
	 /s/ Daniel A. D’Aniello

	Daniel A. D’Aniello
	
	 /s/ David M. Rubenstein

	David M. Rubenstein

  
 [Signature
Page for Exchange Agreement] 

 
			
	 CALIFORNIA PUBLIC EMPLOYEES’
 RETIREMENT SYSTEM, an agency of the State of
 California

		
	By:	 	 /s/ Réal Desrochers

	Name: Réal Desrochers
	Title: Senior Investment Officer
		
	By:	 	 /s/ Scott Jacobsen

	Name: Scott Jacobsen
	Title: Portfolio Manager

  
 [Signature
Page for Exchange Agreement] 

 
			
	MDC/TCP INVESTMENTS (CAYMAN) I, LTD.
		
	By:	 	 /s/ Samar Azar

	Name: Samar Azar
	Title: Director
	
	MDC/TCP INVESTMENTS (CAYMAN) II, LTD.
		
	By:	 	 /s/ Samar Azar

	Name: Samar Azar
	Title: Director
	
	MDC/TCP INVESTMENTS (CAYMAN) III, LTD.
		
	By:	 	 /s/ Samar Azar

	Name: Samar Azar
	Title: Director
	
	MDC/TCP INVESTMENTS (CAYMAN) IV, LTD.
		
	By:	 	 /s/ Qussay Al Hajjiri

	Name: Qussay Al Hajjiri
	Title: Director
	
	MDC/TCP INVESTMENTS (CAYMAN) V, LTD.
		
	By:	 	 /s/ Qussay Al Hajjiri

	Name: Qussay Al Hajjiri
	Title: Director

  
 [Signature
Page for Exchange Agreement] 

 
			
	MDC/TCP INVESTMENTS (CAYMAN) VI, LTD.
		
	By:	 	 /s/ Qussay Al Hajjiri

	Name: Qussay Al Hajjiri
	Title: Director
	
	FIVE OVERSEAS INVESTMENT L.L.C.
		
	By:	 	 /s/ Shahzad Khan

	Name: Shahzad Khan
	Title: General Manager

  
 [Signature
Page for Exchange Agreement] 

 
			
	All Limited Partners listed on Schedule I attached hereto
		
	By:	 	 /s/ Lauren B. Dillard

		 	Name: Lauren B. Dillard
		 	Title: Attorney-in-fact

  
 [Signature
Page for Exchange Agreement] 

 
			
	CARLYLE GROUP MANAGEMENT L.L.C.
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member
	
	THE CARLYLE GROUP L.P.
	
	By: Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member
	
	CARLYLE HOLDINGS I GP INC.
		
	By:	 	 /s/ William E. Conway, Jr.

		 	Name: William E. Conway, Jr.
		 	Title: Co-Chief Executive Officer
	
	CARLYLE HOLDINGS I GP SUB L.L.C.
	
	By: Carlyle Holdings I GP Inc., its sole member
		
	By:	 	 /s/ William E. Conway, Jr.

		 	Name: William E. Conway, Jr.
		 	Title: Co-Chief Executive Officer

  
 [Signature
Page for Exchange Agreement] 

 
									
	CARLYLE HOLDINGS II GP L.L.C.
		
	By:	 	The Carlyle Group L.P., its sole member
		
		 	By: Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member
	
	CARLYLE HOLDINGS III GP L.P.
	
	By: Carlyle Holdings III GP Management L.L.C., its general partner
			
		 	By:	 	The Carlyle Group L.P., its sole member
			
		 		 	By: Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member
	
	CARLYLE HOLDINGS III GP SUB L.L.C.
		
	By:	 	Carlyle Holdings III GP L.P., its sole member
			
		 	By:	 	Carlyle Holdings III GP Management L.L.C., its general partner
				
		 		 	By:	 	The Carlyle Group L.P., its sole member
					
		 		 		 	By:	 	Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member

  
 [Signature
Page for Exchange Agreement] 

 
									
	CARLYLE HOLDINGS I L.P.
	
	By: Carlyle Holdings I GP Sub L.L.C., its general partner
		
		 	By: Carlyle Holdings I GP Inc., its sole member
		
	By:	 	 /s/ William E. Conway, Jr.

		 	Name: William E. Conway, Jr.
		 	Title: Co-Chief Executive Officer
	
	CARLYLE HOLDINGS II L.P.
	
	By: Carlyle Holdings II GP L.L.C., its general partner
			
		 	By:	 	The Carlyle Group L.P., its sole member
			
		 		 	By: Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member
	
	CARLYLE HOLDINGS III L.P.
	
	By: Carlyle Holdings III GP Sub L.L.C., its general partner
		
		 	By: Carlyle Holdings III GP L.P., its sole member
			
		 		 	By: Carlyle Holdings III GP Management L.L.C., its general partner
				
		 		 		 	By: The Carlyle Group L.P., its sole member
					
		 		 		 		 	By: Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member

  
 [Signature
Page for Exchange Agreement] 

 
			
	CARLYLE HOLDINGS II SUB L.L.C.
		
	By:	 	The Carlyle Group L.P., its managing member
		
		 	 By: Carlyle Group Management L.L.C., its general partner

		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name: Daniel A. D’Aniello
		 	Title: Founding Member

  
 [Signature
Page for Exchange Agreement] 

 EXHIBIT A 
 [FORM OF] 
 NOTICE OF EXCHANGE 

Carlyle Holdings I L.P. 
 Carlyle Holdings II
L.P. 
 Carlyle Holdings III L.P. 

Carlyle Holdings I GP Sub L.L.C. 
 Carlyle
Holdings II Sub L.L.C. 
 Carlyle Holdings III GP Sub L.L.C. 
 1001 Pennsylvania Avenue, NW 
 Washington, DC 20004-2505 

Attention: General Counsel 
 Fax:
(202) 729-5266 
 Electronic Mail: list_exchangenotice@carlyle.com 
 Reference is hereby made to the Exchange Agreement, dated as of May 2, 2012 (the “Exchange Agreement”), among Carlyle Group Management L.L.C., The Carlyle Group L.P., Carlyle
Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C., Carlyle Holdings II GP L.L.C., Carlyle Holdings III GP L.P., Carlyle Holdings III GP Sub L.L.C., Carlyle Holdings I L.P., Carlyle Holdings II L.P., Carlyle Holdings III L.P., Carlyle Holdings II
Sub L.L.C., and the Carlyle Holdings Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 

The undersigned Carlyle Holdings Limited Partner desires to exchange the number of Carlyle Holdings Partnership Units set forth below in
the form of exchange selected below to be issued in its name as set forth below. 
  

			
	Legal Name of Carlyle Holdings Limited Partner:	 	  

			
	Address:	 	  

			
	Number of Carlyle Holdings Partnership Units to be exchanged:	 	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Notice of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Notice of Exchange has been duly executed and delivered by the undersigned; (iii) the Carlyle Holdings Partnership Units
subject to this Notice of Exchange will be transferred to the Carlyle Holdings Partnerships free and clear of any Lien; (iv) in the case of a Carlyle Holdings Limited Partner other than the California Public Employees’ Retirement System
and each of the Mubadala Holders, none of the undersigned, the undersigned’s spouse or any an entity disregarded as an entity separate from the undersigned or the undersigned’s spouse for United States federal income tax purposes holds any
Common Units or will acquire any Common Units from the date hereof through the sale or disposition of the Common Units acquired in the Exchange in accordance with the Exchange Agreement; and (v) no consent,

 
approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Carlyle Holdings
Partnership Units subject to this Notice of Exchange is required to be obtained by the undersigned for the transfer of such Carlyle Holdings Partnership Units to the Carlyle Holdings Partnerships. 

The undersigned hereby irrevocably constitutes and appoints each officer of each Carlyle Entity Party as the attorney of the
undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to exchange the Carlyle Holdings Partnership Units subject to this Notice of Exchange on
the books of the Carlyle Holdings Partnerships for Common Units on the books of the Issuer. 
 IN WITNESS WHEREOF the undersigned, by authority
duly given, has caused this Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

	
	  

	Name:

  

			
	Dated:	 	  

 EXHIBIT B 
 [FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of May 2, 2012 (the
“Agreement”), among Carlyle Group Management L.L.C., The Carlyle Group L.P., Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C., Carlyle Holdings II GP L.L.C., Carlyle Holdings III GP L.P., Carlyle Holdings III GP Sub
L.L.C., Carlyle Holdings I L.P., Carlyle Holdings II L.P., Carlyle Holdings III L.P., Carlyle Holdings II Sub L.L.C., and the Carlyle Holdings Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but
not defined in this Joinder Agreement shall have their meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. In the event of any conflict between
this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control. 
 The undersigned hereby joins
and enters into the Agreement having acquired Carlyle Holdings Partnership Units in the Carlyle Holdings Partnerships. By signing and returning this Joinder Agreement to the Issuer and the Carlyle Holdings Partnerships, the undersigned accepts and
agrees to be bound by and subject to all of the terms and conditions of and agreements of a Carlyle Holdings Limited Partner contained in the Agreement, with all attendant rights, duties and obligations of a Carlyle Holdings Limited Partner
thereunder. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Issuer and by the Carlyle
Holdings Partnerships, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement. 
  

									
	Name:	 	  
	 		 	
				
	Address for Notices:	 		 	With copies to:	 	
				
	  
	 		 	  
	 	
				
	  
	 		 	  
	 	
				
	  
	 		 	  
	 	
					
	Attention:Ex-10.2

 Exhibit 10.2 
 TAX RECEIVABLE AGREEMENT 
 dated as of 

May 2, 2012 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS	  
			
	Section 1.01.	  	 Definitions
	  	 	2	  
	
	ARTICLE II	  
	DETERMINATION OF REALIZED TAX BENEFIT	  
			
	Section 2.01.	  	 Basis Adjustment Principles
	  	 	8	  
	Section 2.02.	  	 Exchange Basis Schedule
	  	 	9	  
	Section 2.03.	  	 Tax Benefit Schedule
	  	 	9	  
	Section 2.04.	  	 Procedures, Amendments
	  	 	10	  
	
	ARTICLE III	  
	TAX BENEFIT PAYMENTS	  
			
	Section 3.01.	  	 Payments
	  	 	10	  
	Section 3.02.	  	 No Duplicative Payments
	  	 	11	  
	Section 3.03.	  	 Pro Rata Payments; Coordination of Benefits
	  	 	11	  
	
	ARTICLE IV	  
	TERMINATION	  
			
	Section 4.01.	  	 Early Termination and Breach of Agreement
	  	 	12	  
	Section 4.02.	  	 Early Termination Notice
	  	 	13	  
	Section 4.03.	  	 Payment upon Early Termination
	  	 	13	  
	
	ARTICLE V	  
	SUBORDINATION AND LATE PAYMENTS	  
			
	Section 5.01.	  	 Subordination
	  	 	14	  
	Section 5.02.	  	 Late Payments by a Corporate Holdco
	  	 	14	  
	
	ARTICLE VI	  
	NO DISPUTES; CONSISTENCY; COOPERATION	  
			
	Section 6.01.	  	 Limited Partner Representative Participation in Corporate Holdcos’ and Carlyle Holdings Partnerships’ Tax
Matters
	  	 	14	  
	Section 6.02.	  	 Consistency
	  	 	15	  
	Section 6.03.	  	 Cooperation
	  	 	15	  

  
 i 

							
	
	ARTICLE VII	  
	MISCELLANEOUS	  
			
	Section 7.01.	  	 Notices
	  	 	15	  
	Section 7.02.	  	 Counterparts
	  	 	16	  
	Section 7.03.	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	16	  
	Section 7.04.	  	 Governing Law
	  	 	17	  
	Section 7.05.	  	 Severability
	  	 	17	  
	Section 7.06.	  	 Successors; Assignment; Amendments; Waivers
	  	 	17	  
	Section 7.07.	  	 Titles and Subtitles
	  	 	18	  
	Section 7.08.	  	 Dispute Resolution
	  	 	18	  
	Section 7.09.	  		  	 	18	  
	Section 7.09.	  	 Reconciliation
	  	 	19	  
	Section 7.10.	  	 Withholding
	  	 	20	  
	Section 7.11.	  	 Affiliated Corporations of Parent; Addition of Corporate Holdcos; Admission of a Corporate Holdco into a Consolidated Group;
Transfers of Corporate Assets
	  	 	20	  
	Section 7.12.	  	 Confidentiality
	  	 	21	  
	Section 7.13.	  	 Carlyle Holdings Partnership Agreements
	  	 	22	  
	Section 7.14.	  	 Carlyle Holdings Partnerships
	  	 	22	  
	Section 7.15.	  	 Termination Election
	  	 	22	  
	Section 7.16.	  	 Independent Nature of the Limited Partners’ Rights and Obligations
	  	 	22	  

  
 ii 

 This TAX RECEIVABLE AGREEMENT (as amended from time to time, this
“Agreement”), dated as of May 2, 2012, is hereby entered into by and among Carlyle Holdings I GP Inc., a Delaware corporation (together with any successors thereto, the “Corporate Taxpayer”), Carlyle Holdings I
L.P., a Delaware limited partnership (together with any successors thereto “Carlyle Holdings I”), The Carlyle Group L.P., a Delaware limited partnership (together with any successors thereto, the “Parent”), each of
the undersigned parties hereto identified as “Limited Partners”, all other Persons (as defined herein) who execute and deliver a joinder contemplated in Section 7.11. 

RECITALS 

WHEREAS, the Limited Partners hold limited partner interests (“Carlyle Holdings Partnership Units”) in each of the
Carlyle Holdings Partnerships (as defined herein); 
 WHEREAS, the Corporate Taxpayer wholly owns (directly or indirectly) the
general partner of Carlyle Holdings I; 
 WHEREAS, pursuant to and subject to the provisions of the Exchange Agreement (as
defined below), the Limited Partners are entitled to surrender Carlyle Holdings Partnership Units to the Carlyle Holdings Partnerships in exchange for the delivery by the Carlyle Holdings Partnerships of Common Units (the “Common
Units”) in the Parent, cash or other consideration and the general partners of the Carlyle Holdings Partnerships have a superseding right to acquire such Carlyle Holdings Partnership Units for Common Units; 

WHEREAS, Carlyle Holdings I and each of its direct and indirect subsidiaries that are treated as partnerships for United States federal
income tax purposes, will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”) for each Taxable Year in which an exchange of Carlyle Holdings Partnership Units for Common
Units or any other acquisition of Carlyle Holdings Partnership Units for cash or other consideration (collectively, an “Exchange”) occurs, which elections are intended generally to result in an adjustment to the tax basis of the
assets owned by the Carlyle Holdings Partnerships (with respect to the Corporate Holdcos (as defined below)) at the time of an Exchange (any such time, an “Exchange Date”) by reason of such Exchange and the receipt of payments under
this Agreement; 
 WHEREAS, the income, gain, loss, expense and other Tax items of (i) the Carlyle Holdings Partnerships
solely with respect to each Corporate Holdco may be affected by the Basis Adjustment (defined below) and (ii) the Corporate Holdcos may be affected by the Imputed Interest (as defined below); 

WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed
Interest on the actual liability for Taxes of the Corporate Holdcos; 

  
 1 

 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 
 Section 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined). 
 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate” means LIBOR plus 100 basis points. 

“Agreement” is defined in the recitals of this Agreement. 

“Amended Schedule” is defined in Section 2.04(b) of this Agreement. 

“Basis Adjustment” means the adjustment to the tax basis of an Exchange Date Asset under Sections 732 and 1012 of the
Code (in situations where, as a result of one or more Exchanges, a Carlyle Holdings Partnership becomes an entity that is disregarded as separate from its owner for tax purposes), or Sections 743(b) and 754 of the Code, where applicable, (in
situations where, following an Exchange, a Carlyle Holdings Partnership remains in existence as an entity for tax purposes) and, in each case, comparable sections of state, local and foreign tax laws (as calculated under Section 2.01 of this
Agreement) as a result of an Exchange and the payments made pursuant to this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Carlyle Holdings Partnership
Units shall be determined without regard to any Pre-Exchange Transfer of such Carlyle Holdings Partnership Units and as if any such Pre-Exchange Transfer had not occurred. 
 “Bankruptcy Code” means The Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11 U.S.C. Section 101 et seq. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the
government of the United States of America or the State of New York shall not be regarded as a Business Day. 

“CalPERS” means the California Public Employees’ Retirement System. 

“Carlyle Holdings I” is defined in the preamble of this Agreement. 

“Carlyle Holdings II” means Carlyle Holdings II L.P., a Québec société en commandite, and
any successor thereto. 
 “Carlyle Holdings III” means Carlyle Holdings II L.P., a Québec
société en commandite, and any successor thereto. 

  
 2 

 “Carlyle Holdings Partnership Agreements” means, collectively, the Amended
and Restated Limited Partnership Agreement of Carlyle Holdings I, the Amended and Restated Limited Partnership Agreement of Carlyle Holdings II and the Amended and Restated Limited Partnership Agreement of Carlyle Holdings III (and the partnership
agreement then in effect of any future partnership designated as a Carlyle Holdings Partnership), as they may each be amended, supplemented or restated from time to time. 
 “Carlyle Holdings Partnerships” means, collectively, Carlyle Holdings I, Carlyle Holdings II and Carlyle Holdings III (and any future partnership designated as a Carlyle Holdings
Partnership hereunder). 
 “Carlyle Holdings Partnership Units” is defined in the recitals of this Agreement.

 “Change of Control” means (i) the occurrence of any Person, other than a Person approved by the General
Partner, becoming the general partner of the Parent or (ii) during any period of two consecutive years, Continuing Directors cease for any reason to constitute a majority of the directors serving on the General Partner’s board of
directors. For purposes of this definition, “Continuing Director” means any director of the General Partner (a) serving on the General Partner’s board of directors at the beginning of the relevant period of two consecutive years
referred to in the immediately preceding sentence, (b) appointed or elected to the General Partner’s board of directors by the members of the General Partner or (c) whose appointment or election to the General Partner’s board of
directors by such board, or nomination for election to the General Partner’s board of directors by the limited partners of the Parent, was approved by a majority of the directors of the General Partner then still serving at the time of such
approval who were so serving at the beginning of the relevant period of two consecutive years, were so appointed or elected by the members of the General Partner or whose appointment or election or nomination for election was so approved.

 “Code” is defined in the recitals of this Agreement. 

“Common Units” is defined in the recitals of this Agreement. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Holdco
Return” means the federal, state, local and/or foreign Tax Return, as applicable, of each of the Corporate Holdcos filed with respect to Taxes of any Taxable Year. 
 “Corporate Holdcos” means any direct or indirect subsidiary of Parent (other than any Carlyle Holding Partnership and any direct or indirect subsidiary of a Carlyle Holdings Partnership)
that is at any time treated as a domestic corporation for United States federal income tax purposes, including, but not limited to, the Corporate Taxpayer, or Parent, if it is at any time treated as a corporation for United States federal income tax
purposes. 
 “Corporate Taxpayer” is defined in the preamble of this Agreement. 

  
 3 

 “Default Rate” means LIBOR plus 500 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of
state, local and foreign tax law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Dispute” is defined in Section 7.08(a) of this Agreement. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 

“Early Termination Schedule” is defined in Section 4.02 of this Agreement. 

“Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 

“Early Termination Rate” means LIBOR plus 100 basis points. 

“Exchange” is defined in the recitals of this Agreement. 

“Exchange Agreement” means the Exchange Agreement, dated as of the date hereof, among the Parent, the Corporate
Taxpayer, the Carlyle Holdings Partnerships and certain affiliates thereof, as it may be amended, supplemented or restated from time to time. 
 “Exchange Basis Schedule” is defined in Section 2.02 of this Agreement. 
 “Exchange Date” is defined in the recitals of this Agreement. 

“Exchange Date Assets” means (i) any assets owned by the Carlyle Holdings Partnerships on an Exchange Date and
allocable to the interests in the Carlyle Holdings Partnerships that are Exchanged and (ii) any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any asset referred to in clause (i). 

“Exchange Payment” is defined in Section 5.01 of this Agreement. 

“Exchanged Initial Basis Adjustments” means, with respect to any Exchange or deemed Exchange, the portion of the
adjustments to the tax basis with respect to the Initial Carlyle Parent Entities under Section 743(b) of the Code to which the Mubadala Investors became entitled as a result of the acquisition by the Mubadala Investors of the Existing Units and
the New Units (as such terms are defined in the Note and Unit Subscription Agreement, dated as of December 16, 2010, by and among the Initial Carlyle Parent Entities, the Mubadala Investors and the other parties thereto) that remains
unamortized as of the date of such Exchange and that is attributable to the Carlyle Holdings Partnership Units subject to such Exchange or deemed Exchange. 
 “Expert” is defined in Section 7.09 of this Agreement. 

  
 4 

 “General Partner” means Carlyle Group Management L.L.C., a Delaware limited
liability company, and any successor thereto. 
 “Imputed Interest” means any interest imputed under
Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state, local and foreign tax law with respect to a Corporate Holdco’s payment obligations under this Agreement. 

“Initial Carlyle Parent Entities” means, collectively, TC Group, L.L.C., a Delaware limited liability company, TC Group
Cayman, L.P., a Cayman Islands exempted limited partnership, TC Group Investment Holdings, L.P., a Delaware limited partnership, TC Group Cayman Investment Holdings, L.P., a Cayman Islands exempted limited partnership. 

“Interest Amount” is defined in Section 3.01(b) of this Agreement. 

“LIBOR” means for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per
annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available
source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 

“Limited Partner” means (i) the parties hereto (other than the Corporate Taxpayer, Carlyle Holdings I or Parent)
and (ii) each other Person (other than a Corporate Holdco or Carlyle Holdings Partnership) who from time to time executes a joinder agreement to this Agreement. 
 “Limited Partner Representative” means, (i) in the case of each Limited Partner (other than CalPERS and the Mubadala Investors), initially, TCG Carlyle Global Partners L.L.C., a
Delaware limited liability company, and thereafter, that Limited Partner or committee of Limited Partners determined from time to time by a plurality vote of the Limited Partners (other than CalPERS and the Mubadala Investors) ratably in accordance
with their right to receive Early Termination Payments hereunder if all Limited Partners had fully Exchanged their Carlyle Holdings Partnership Units for Common Units and each Corporate Holdco had exercised its right of early termination on the date
of the most recent Exchange; (ii) in the case of CalPERS, CalPERS; and (iii) in the case of the Mubadala Investors, initially, Five Overseas Investment L.L.C., a United Arab Emirates limited liability company registered in the Emirate of
Abu Dhabi, and thereafter, that Limited Partner or committee of Limited Partners determined from time to time by a plurality vote of the Mubadala Investors ratably in accordance with their right to receive Early Termination Payments hereunder if all
Limited Partners had fully Exchanged their Carlyle Holdings Partnership Units for Common Units and each Corporate Holdco had exercised its right of early termination on the date of the most recent Exchange. 

“Market Value” shall mean the closing price of the Common Units on the applicable Exchange Date on the national
securities exchange or interdealer quotation system on which such Common Units are then traded or listed, as reported by the Wall Street Journal; provided that if the closing price is not reported by the Wall Street Journal for the applicable
Exchange Date, then the Market Value shall mean the closing price of the Common Units on the 

  
 5 

 
Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system on which such Common Units are then traded or listed, as reported by the
Wall Street Journal; provided further, that if the Common Units are not then listed on a national securities exchange or interdealer quotation system, “Market Value” shall mean the cash consideration paid for Common Units, or
the fair market value of the other property delivered for Common Units, as determined by the General Partner in good faith. 

“Material Objection Notice” is defined in Section 4.02 of this Agreement. 

“Mubadala Investors” means, collectively, each of MDC/TCP Investments (Cayman) I, Ltd., a Cayman Islands exempted
company, MDC/TCP Investments (Cayman) II, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) III, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) IV, Ltd., a Cayman Islands exempted company, MDC/TCP
Investments (Cayman) V, Ltd., a Cayman Islands exempted company, MDC/TCP Investments (Cayman) VI, Ltd., a Cayman Islands exempted company, and Five Overseas Investment L.L.C., a United Arab Emirates limited liability company registered in the
Emirate of Abu Dhabi, and their successors and assigns. 
 “Net Tax Benefit” is defined in Section 3.01(b)
of this Agreement. 
 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax basis
that such asset would have had at such time if no Basis Adjustment had been made. 
 “Non-Stepped Up Tax
Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) each of the Corporate Holdcos and (ii) without duplication, any Carlyle Holdings Partnership in which each of the Corporate Holdcos own an
interest, but only with respect to Taxes imposed on such Carlyle Holdings Partnership and allocable to the Corporate Holdco (including all members of their consolidated groups), in each case using the same methods, elections, conventions and similar
practices used on the relevant Corporate Holdco Return, but (i) using the Non-Stepped Up Tax Basis as reflected on the Exchange Basis Schedule, including any amendments thereto, instead of the tax basis of the Exchange Date Assets and
(ii) excluding any deduction attributable to the Imputed Interest. 
 “Objection Notice” is defined in
Section 2.04(a) of this Agreement. 
 “Parent” is defined in preamble of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pre-Exchange Transfer” means any
transfer (including upon the death of a Limited Partner) of one or more Carlyle Holdings Partnership Units (i) that occurs prior to an Exchange of such Carlyle Holdings Partnership Units, and (ii) to which Section 743(b) of the Code
applies. 

  
 6 

 “Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of
the Non-Stepped Up Tax Liability over the actual liability for Taxes of (i) each of the Corporate Holdcos and (ii) without duplication, any Carlyle Holdings Partnership in which each Corporate Holdco owns an interest, but only with respect
to Taxes imposed on such Carlyle Holdings Partnership and allocable to such Corporate Holdco (including all members of its consolidated group) for such Taxable Year. If all or a portion of the actual tax liability for Taxes for the Taxable Year
arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for Taxes of
(i) each of the Corporate Holdcos and (ii) without duplication, any Carlyle Holdings Partnership in which each Corporate Holdco owns an interest but only with respect to Taxes imposed on such Carlyle Holdings Partnership and allocable to
such Corporate Holdco (including all members of its consolidated group) for such Taxable Year over the Non-Stepped Up Tax Liability for such Taxable Year. If all or a portion of the actual tax liability for Taxes for the Taxable Year arises as a
result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” is defined in Section 7.09 of this Agreement. 

“Reconciliation Procedures” is defined in Section 2.04(a) of this Agreement. 

“Schedule” means any Exchange Basis Schedule, Tax Benefit Schedule and the Early Termination Schedule. 

“Senior Obligations” is defined in Section 5.01 of this Agreement. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such
Person owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 
 “Taxable Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of state, local or foreign tax law, as applicable, (and, therefore, for the
avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made) ending on or after an Exchange Date in which there is a Basis Adjustment due to an Exchange. 

  
 7 

 “Taxes” means any and all U.S. federal, state, local and foreign taxes,
assessments or similar charges measured with respect to net income or profits and any interest related to such Tax. 

“Taxing Authority” shall mean any domestic, foreign, federal, national, state, county or municipal or other local
government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time
(including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year
ending on or after such Early Termination Date, each of the Corporate Holdcos will have taxable income sufficient to fully utilize the deductions arising from the Basis Adjustment and the Imputed Interest during such Taxable Year (including, for the
avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions), (2) each Tax Benefit Payment in respect of each Taxable Year ending
on or after such Early Termination Date is made 90 calendar days after the latest due date (taking into account available extensions under the law as in effect on the Early Termination Date) for the filing of the U.S. federal income tax return of
each of the Corporate Holdcos for such Taxable Year, (3) the federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code
and other law as in effect on the Early Termination Date, (4) any loss carryovers generated by the Basis Adjustment or the Imputed Interest and available as of the date of the Early Termination Schedule will be utilized by each of the Corporate
Holdcos on a pro rata basis from the date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers, (5) any non-amortizable assets are deemed to be disposed of for cash at their fair market value
(A) with respect to short-term or liquid non-amortizable assets, after 12 months, (B) with respect to non-amortizable assets not described in clause (A) that are related to funds with a specified number of years remaining under the
original fund agreement until expected liquidation, pro-rata over the number of years so remaining and (C) with respect to all other non-amortizable assets, on the fifteenth anniversary of the earlier of the applicable Basis Adjustment and the
Early Termination Date and (6) if as of an Early Termination Date, there are Carlyle Holdings Partnership Units that have not been Exchanged, then each such Carlyle Holdings Partnership Unit shall be deemed to be Exchanged for the Market Value
of the Common Units that would be transferred if the Exchange occurred on the Early Termination Date. 
 ARTICLE II

 DETERMINATION OF REALIZED TAX BENEFIT 
 Section 2.01. Basis Adjustment Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the actual liability
for Taxes of the Corporate Holdcos for such Taxable Year attributable to the 

  
 8 

 
Basis Adjustments and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, the actual liability for Taxes will take into account the
deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable for the Carlyle Holdings Partnership Units acquired
in an Exchange. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustment and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state
and local income and foreign tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to the Basis
Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in accordance with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments attributable to
the Basis Adjustments (other than amounts accounted for as interest under the Code) will (A) be treated as subsequent upward purchase price adjustments that give rise to further Basis Adjustments to Exchange Date Assets for the Corporate
Holdcos and (B) have the effect of creating additional Basis Adjustments to Exchange Date Assets for the Corporate Holdcos in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the
current year Tax Benefit Payment calculation and into future year Tax Benefit Payment calculations, as appropriate. 

Section 2.02. Exchange Basis Schedule. Within 90 calendar days after the filing of the U.S. federal income tax return of
each of the Corporate Holdcos for each Taxable Year in which any Exchange has been effected (but in no event later than 120 calendar days after the due date of such tax return taking into account available extensions), each of the Corporate Holdcos
shall deliver to the applicable Limited Partner a schedule (the “Exchange Basis Schedule”) that shows for purposes of Taxes (i) the actual unadjusted tax basis of the Exchange Date Assets as of each applicable Exchange Date,
(ii) the Basis Adjustment with respect to the Exchange Date Assets as a result of the Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the period or periods, if any, over which the Exchange Date Assets are
amortizable and/or depreciable and (iv) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable (which, for non-amortizable assets shall be based on the Valuation Assumptions). The Corporate Holdcos
shall engage a nationally recognized accounting or law firm to review each Exchange Basis Schedule prior to delivery. 

Section 2.03. Tax Benefit Schedule. Within 90 calendar days after the filing of the U.S. federal income tax return of
each of the Corporate Holdcos for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, each of the Corporate Holdcos shall provide to the applicable Limited Partner a schedule showing the calculation of the aggregate
Realized Tax Benefit or Realized Tax Detriment for such Taxable Year and the portion thereof allocable to the applicable Limited Partner (a “Tax Benefit Schedule”). The Schedule will become final as provided in Section 2.04(a)
and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(b)). The Corporate Holdcos shall engage a nationally recognized accounting or law firm to review each Tax Benefit Schedule prior to
delivery. 

  
 9 

 Section 2.04. Procedures, Amendments. 

(a) Procedure. Every time each of the Corporate Holdcos delivers to the applicable Limited Partner an applicable Schedule under
this Agreement, including any Amended Schedule delivered pursuant to Section 2.04(b), but excluding any Early Termination Schedule or amended Early Termination Schedule, each of the Corporate Holdcos shall also (x) deliver to the
applicable Limited Partner schedules and work papers providing reasonable detail regarding the preparation of the Schedule and (y) allow such Limited Partner reasonable access at no cost to the appropriate representatives at each of the
Corporate Holdcos in connection with a review of such Schedule. The applicable Schedule shall become final and binding on a Limited Partner unless the applicable Limited Partner Representative of such Limited Partner, within 30 calendar days after
receiving an Exchange Basis Schedule or amendment thereto or within 30 calendar days after receiving a Tax Benefit Schedule or amendment thereto, provides such Corporate Holdco with notice of a material objection to such Schedule (“Objection
Notice”) made in good faith; provided, for the sake of clarity, only a Limited Partner Representative shall have the right to object to any Schedule or Amended Schedule pursuant to this Section 2.04. If the parties, for any reason, are
unable to successfully resolve the issues raised in such notice within 30 calendar days of receipt by such Corporate Holdco of an Objection Notice, if with respect to an Exchange Basis Schedule, or 30 calendar days of receipt by such Corporate
Holdco of an Objection Notice, if with respect to a Tax Benefit Schedule, after such Schedule was delivered to the applicable Limited Partner, such Corporate Holdco and the applicable objecting Limited Partner Representative(s) shall employ the
reconciliation procedures as described in Section 7.09 of this Agreement (the “Reconciliation Procedures”). 
 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by each of the Corporate Holdcos (i) in connection with a Determination affecting such
Schedule, (ii) to correct material inaccuracies in the Schedule identified after the date the Schedule was provided to the applicable Limited Partner, (iii) to comply with the Expert’s determination under the Reconciliation
Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a
material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made
pursuant to this Agreement (such Schedule, an “Amended Schedule”). 
 ARTICLE III 

TAX BENEFIT PAYMENTS 
 Section 3.01. Payments. 
 (a) Payments. Within five
calendar days of a Tax Benefit Schedule delivered to an applicable Limited Partner becoming final in accordance with Section 2.04(a), the Corporate Holdcos shall pay to the applicable Limited Partner for such Taxable Year the portion of the Tax
Benefit Payment determined pursuant to Section 3.01(b) that is allocable to such Limited Partner. Each such payment shall be made by cash or wire transfer of immediately available funds or direct deposit to a bank account of the applicable
Limited Partner previously designated by such Limited Partner to each of the Corporate Holdcos or as otherwise agreed by 

  
 10 

 
the Corporate Holdco and the applicable Limited Partner. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation,
federal income tax payments. Notwithstanding anything herein to the contrary, in no event shall the aggregate Tax Benefit Payments (other than amounts accounted for as interest under the Code) in respect of any Exchange exceed 50% of the purchase
price for the Carlyle Holdings Partnership Units Exchanged. 
 (b) A “Tax Benefit Payment” means an amount, not
less than zero, equal to 85% of the sum of the Net Tax Benefit and the Interest Amount. The “Net Tax Benefit” shall equal: (1) the Realized Tax Benefit, if any, for a Taxable Year plus (2) the amount of the excess Realized
Tax Benefit reflected on an Amended Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Tax Benefit Schedule for such previous Taxable Year,
minus (3) an amount equal to the Realized Tax Detriment (if any) for the current or any previous Taxable Year, minus (4) the amount of the excess Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable Year over the
Realized Tax Benefit (or Realized Tax Detriment (expressed as a negative number)) reflected on the Amended Tax Benefit Schedule for such previous Taxable Year; provided, however, that to the extent of the amounts described in
3.01(b)(2), (3) and (4) were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax Benefit Payment attributable to any other Taxable Year;
provided, further, for the avoidance of doubt, no Limited Partner shall be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax
Benefit calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Holdco Return with respect to Taxes for such Taxable Year until the Payment Date. Notwithstanding the foregoing, for each Taxable Year ending on or
after the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to Carlyle Holdings Partnership Units that were Exchanged (i) prior to the date of such Change of Control or (ii) on or after the date of such
Change of Control, shall be calculated by utilizing Valuation Assumptions (1), (4), and (5), substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date”. 

Section 3.02. No Duplicative Payments. It is intended that the above provisions of this Agreement will not result in
duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement provide that 85% of the Realized Tax Benefit and Interest Amount is paid to the Limited Partners pursuant
to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner as such intentions are realized. 
 Section 3.03. Pro Rata Payments; Coordination of Benefits. 
 (a)
Notwithstanding anything in Section 3.01 to the contrary, to the extent that the aggregate net tax benefit of a Corporate Holdco’s deduction with respect to Basis Adjustments or Imputed Interest in respect of all Limited Partners under
this Agreement is limited in a particular Taxable Year because the Corporate Holdco does not have sufficient taxable income, the limitation on the tax benefit for the applicable Corporate Holdco shall be allocated among the Limited Partners in
proportion to the respective amounts of Realized Tax 

  
 11 

 
Benefits that would have been determined under this Agreement in respect of each Limited Partner if the applicable Corporate Holdco had sufficient taxable income so that there were no such
limitation. 
 (b) If for any reason a Corporate Holdco does not fully satisfy its payment obligations to make all Tax Benefit
Payments due under this Agreement in respect of a particular Taxable Year, then such Corporate Holdco and the Limited Partners agree that (i) such Corporate Holdco shall pay the same proportion of each Tax Benefit Payment due under this
Agreement in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been
made in full. 
 (c) Each of the Mubadala Investors and the other parties hereto hereby agrees that all Tax Benefit Payments
and/or Early Termination Payments payable in respect of an Exchange or deemed Exchange by a Mubadala Investor or its transferee shall be payable to the persons listed under the caption “Seller” on Schedule I hereto ratably in accordance
with the percentages set forth opposite the names of such persons under the caption “Percentage” on Schedule I hereto, except to the extent such Tax Benefit Payments and/or Early Termination Payments are attributable to Basis Adjustments
that exceed the Exchanged Initial Basis Adjustments. 
 ARTICLE IV 

TERMINATION 
 Section 4.01. Early Termination and Breach of Agreement. 
 (a)
Each of the Corporate Holdcos may terminate this Agreement with respect to all of the Carlyle Holdings Partnership Units held (or previously held and Exchanged) by all Limited Partners at any time by paying to all of the applicable Limited Partners
the Early Termination Payment; provided, however, that this Agreement shall terminate only upon the receipt of the Early Termination Payment by all Limited Partners, and provided, further, that each of the Corporate Holdcos may withdraw any notice
to execute its termination rights under this Section 4.01(a) prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payments by a Corporate Holdco, neither the applicable Limited Partners
nor the Corporate Holdco shall have any further payment obligations under this Agreement in respect of such Limited Partners, other than for any (a) Tax Benefit Payment agreed to by the Corporate Holdco and the applicable Limited Partner as due
and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause
(b) is included in the Early Termination Payment). If an Exchange occurs after such Corporate Holdco exercises its termination rights under this Section 4.01(a), the Corporate Holdco shall have no obligations under this Agreement with
respect to such Exchange. 
 (b) In the event that a Corporate Holdco breaches any of its material obligations under this
Agreement, whether as a result of failure to make any payment when due, 

  
 12 

 
failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise,
then all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination
Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by a Corporate Holdco and any Limited Partners as due and payable but unpaid as of the date of a breach, and
(3) any Tax Benefit Payment due for the Taxable Year ending with or including the date of a breach. Notwithstanding the foregoing, in the event that a Corporate Holdco breaches this Agreement, the Limited Partners shall be entitled to elect to
receive the amounts set forth in clauses (1), (2) and (3), above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such
payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due
pursuant to this Agreement within three months of the date such payment is due. 
 (c) The parties hereto agree that the
aggregate value of the Tax Benefit Payments cannot be ascertained with any reasonable certainty for U.S. federal income tax purposes. 
 Section 4.02. Early Termination Notice. If a Corporate Holdco chooses to exercise its right of early termination under Section 4.01 above, such Corporate Holdco shall deliver to the
applicable Limited Partners notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying such Corporate Holdco’s intention to
exercise such right and showing in reasonable detail the calculation of the Early Termination Payment. The applicable Early Termination Schedule shall become final and binding on a Limited Partner unless the applicable Limited Partner Representative
of such Limited Partner, within 30 calendar days after receiving the Early Termination Schedule thereto provides such Corporate Holdco with notice of a material objection to such Schedule made in good faith (“Material Objection
Notice”); provided, for the sake of clarity, only a Limited Partner Representative shall have the right to object to any Schedule or Amendment pursuant to this Section 4.02. If the parties, for any reason, are unable to successfully
resolve the issues raised in such notice within 30 calendar days after receipt by such Corporate Holdco of the Material Objection Notice, the Corporate Taxpayer and the applicable objecting Limited Partner Representative(s) shall employ the
Reconciliation Procedures as described in Section 7.09 of this Agreement. 
 Section 4.03. Payment upon Early
Termination. 
 (a) Within five calendar days after agreement between the consenting Limited Partner Representative(s) and a
Corporate Holdco of the Early Termination Schedule, such Corporate Holdco shall pay to the respective Limited Partner(s) represented by such Limited Partner Representative(s) an amount equal to the Early Termination Payment. Such payment shall be
made by cash or wire transfer of immediately available funds or direct deposit to a bank account designated by the applicable Limited Partner or as otherwise agreed by such Corporate Holdco and the applicable Limited Partner. 

  
 13 

 (b) The “Early Termination Payment” as of the date of the delivery of an
Early Termination Schedule shall equal with respect to the applicable Limited Partner the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by a Corporate Holdco to
the applicable Limited Partner beginning from the Early Termination Date assuming the Valuation Assumptions are applied. 

ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 
 Section 5.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to be made by a Corporate
Holdco to the applicable Limited Partner under this Agreement (an “Exchange Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in
respect of indebtedness for borrowed money of such Corporate Holdco and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of such Corporate Holdco that are not Senior
Obligations. 
 Section 5.02. Late Payments by a Corporate Holdco. The amount of all or any portion of any
Exchange Payment not made to the applicable Limited Partner when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such Exchange Payment was
due and payable. 
 ARTICLE VI 
 NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01. Limited
Partner Representative Participation in Corporate Holdcos’ and Carlyle Holdings Partnerships’ Tax Matters. Except as otherwise provided herein, each of the Corporate Holdcos and the Carlyle Holdings Partnerships shall have full
responsibility for, and sole discretion over, all Tax matters concerning each of the Corporate Holdcos and the Carlyle Holdings Partnerships, respectively, including without limitation the preparation, filing or amending of any Tax Return and
defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, each of the Corporate Holdcos shall notify each of the Limited Partner Representatives of, and keep each of the Limited Partner Representatives
reasonably informed with respect to the portion of any audit of such Corporate Holdco and the Carlyle Holdings Partnerships by a Taxing Authority the outcome of which is reasonably expected to affect such Limited Partner Representative’s rights
and obligations under this Agreement, and shall provide to each Limited Partner Representative reasonable opportunity to provide information and other input to such Corporate Holdco, the Carlyle Holdings Partnerships and their respective advisors
concerning the conduct of any such portion of such audit; provided, however, that each of the Corporate Holdcos and the Carlyle Holdings Partnerships shall not be required to take any action that is inconsistent with any provision of
any of the Carlyle Holdings Partnership Agreements. 

  
 14 

 Section 6.02. Consistency. Each of the Corporate Holdcos and each Limited
Partner agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including without limitation the Basis Adjustment and each Tax
Benefit Payment and Early Termination Payment) in a manner consistent with that specified by each of the Corporate Holdcos in any Schedule required to be provided by or on behalf of each of the Corporate Holdcos to such Limited Partner under this
Agreement. 
 Section 6.03. Cooperation. Each Limited Partner shall (a) furnish to each of the Corporate
Holdcos in a timely manner such information, documents and other materials as each such Corporate Holdco may reasonably request, and which is reasonably available to such Limited Partner, for purposes of making any determination or computation
necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to each of Corporate Holdcos and its representatives
to provide explanations of documents and materials and such other information as each of the Corporate Holdcos or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and
(c) reasonably cooperate in connection with any such matter, and each such Corporate Holdco shall reimburse the applicable Limited Partner for any reasonable third-party costs and expenses incurred pursuant to this Section. 

ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01. Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, by email or facsimile upon confirmation of transmission by the
sender’s server or fax machine if sent on a Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder
shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 If to the Parent, to: 
 The Carlyle Group L.P. 

1001 Pennsylvania Avenue, NW 
 Washington, DC 20004 
 (T) (202) 729-5626 

(F) (202) 729-5325 
 Attention: General Counsel 
 Email: list_taxreceivablenotice@carlyle.com

  
 15 

 with a copy to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 
 (T) (212) 455-2000 
 (F) (212) 735-2502 

Attention: Joshua Ford Bonnie, Esq. 
 Email: jbonnie@stblaw.com 
 If to any Corporate Holdco or any Carlyle Holdings
Partnership, to: 
 c/o The Carlyle Group L.P. 
 1001 Pennsylvania Avenue, NW 
 Washington, DC 20004 

(T) (202) 729-5626 
 (F) (202) 729-5325 
 Attention: General Counsel 

Email: list_taxreceivablenotice@carlyle.com 
 with a copy to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, New York 10017 
 (T) (212) 455-2000 

(F) (212) 735-2502 
 Attention: Joshua Ford Bonnie, Esq. 
 jbonnie@stblaw.com 

If to the applicable Limited Partner, to: 
 The address, electronic mail address and facsimile number set forth in the records of the applicable Carlyle Holdings Partnership. 
 Any party may change its address, electronic mail address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an
executed signature page to this Agreement by electronic mail or facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 Section 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof. This Agreement 

  
 16 

 
shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns and nothing in this Agreement, express or implied, is intended to
or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles
thereof that would mandate the application of the laws of another jurisdiction. 
 Section 7.05. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible. 
 Section 7.06. Successors; Assignment; Amendments; Waivers

 (a) Each Limited Partner may assign any of its rights under this Agreement to any Person in accordance with applicable law,
as long as any such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance, reasonably satisfactory to the Corporate Taxpayer, agreeing to become a
Limited Partner, as applicable, for all purposes of this Agreement, except as otherwise provided in such joinder. 
 (b) No
provision of this Agreement may be amended unless such amendment is approved in writing by the Parent, each of the Corporate Holdcos, Carlyle Holdings I, any other Carlyle Holdings Partnership that is a party hereto at the time of such amendment and
by the Limited Partners who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Limited Partners hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the most
recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any Limited Partner pursuant to this Agreement since the date of such most recent Exchange); provided, that no such amendment shall be
effective if such amendment will have a disproportionate effect on the payments certain Limited Partners will or may receive under this Agreement unless two-thirds of all such Limited Partners so disproportionately affected consent in writing to
such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto, each Limited Partner and their respective
successors, assigns, heirs, executors, administrators and legal representatives. Each of the Corporate Holdcos shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially
all of 

  
 17 

 
the business or assets of such Corporate Holdco, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that such Corporate Holdco
would be required to perform if no such succession had taken place. 
 Section 7.07. Titles and Subtitles. The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.08. Dispute Resolution. (a) Each party hereto other than CalPERS and each of the Mubadala Investors (i) irrevocably agrees that any and all disputes, except for those
governed by Section 7.09, which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of
this Agreement (including the validity, scope and enforceability of this arbitration provision) (a “Dispute”) shall be finally settled by arbitration conducted by three arbitrators (or, in the event the amount of quantified claims and/or
estimated monetary value of other claims contained in the applicable request for arbitration is less than $3.0 million, by a sole arbitrator) in Wilmington, Delaware in accordance with the Rules of Arbitration of the International Chamber of
Commerce (including the rules relating to costs and fees) existing on the date of this Agreement except to the extent those rules are inconsistent with the terms of this Section 7.08, and that such arbitration shall be the exclusive manner
pursuant to which any Dispute shall be resolved; (ii) agrees that this Agreement involves commerce and is governed by the Federal Arbitration Act, 9 U.S.C. Section 1, et seq., and any applicable treaties governing the recognition and
enforcement of international arbitration agreements and awards; (iii) agrees to take all steps necessary or advisable, including the execution of documents to be filed with the International Court of Arbitration or the International Centre for
ADR in order to properly submit any Dispute for arbitration pursuant to this Section 7.08; (iv) irrevocably waives, to the fullest extent permitted by law, any objection it may have or hereafter have to the submission of any Dispute for
arbitration pursuant to this Section 7.08 and any right to lay claim to jurisdiction in any venue; (v) agrees that (A) the arbitrator(s) shall be U.S. lawyers, U.S. law professors and/or retired U.S. judges and all arbitrators,
including the president of the arbitral tribunal, may be U.S. nationals and (B) the arbitrator(s) shall conduct the proceedings in the English language; (vi) agrees that except as required by law or as may be reasonably required in
connection with ancillary judicial proceedings to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm or challenge an arbitration award, the arbitration proceedings, including any hearings,
shall be confidential, and the parties shall not disclose any awards, any materials in the proceedings created for the purpose of the arbitration, or any documents produced by another party in the proceedings not otherwise in the public domain; and
(vii) agrees that performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 
 (b) Notwithstanding the provisions of paragraph (a), each party hereto may bring an action or special proceeding for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief
in aid of an arbitration hereunder, or enforcing an arbitration award and, for the purposes of this paragraph (b), each party hereto (i) irrevocably agrees that any such action or special proceeding shall be exclusively brought in the Court of
Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to

  
 18 

 
the exclusive jurisdiction of such courts in connection with any such action or special proceeding; (iii) irrevocably agrees not to, and waives any right to, assert in any such action or
special proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such action or special proceeding is brought in an inconvenient forum,
or (C) the venue of such action or special proceeding is improper; (iv) expressly waives any requirement for the posting of a bond by a party bringing such action or special proceeding; (v) consents to process being served in any such
action or special proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and
notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law; (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or
proceeding; and (vii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate. 

(c) If the arbitrator(s) shall determine that any Dispute is not subject to arbitration, or the arbitrator(s) or any court or tribunal of
competent jurisdiction shall refuse to enforce Section 7.08(a) or shall determine that any Dispute is not subject to arbitration as contemplated thereby, then, and only then, shall the alternative provisions of this Section 7.08(c) be
applicable. Each party hereto, to the fullest extent permitted by law, (i) irrevocably agrees that any Dispute shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter
jurisdiction thereof, any other court located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding;
(iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts
may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper; (iv) expressly waives any requirement for the posting of a bond
by a party bringing such claim, suit, action or proceeding; (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in
effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other
manner permitted by law; and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding; and (vii) agrees that proof shall not be required that monetary damages for breach of the provisions of
this Agreement would be difficult to calculate and that remedies at law would be inadequate. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’
relationship with one another. 
 Section 7.09. Reconciliation. In the event that a Corporate Holdco and a
Limited Partner Representative are unable to resolve a disagreement with respect to the matters governed by Sections 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the
Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a
nationally recognized 

  
 19 

 
accounting or law firm, and, unless the applicable Limited Partner Representative(s) agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material
relationship with such Corporate Holdco or the applicable Limited Partner Representative(s) or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within 15 calendar days of receipt by the respondent(s) of
written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early
Termination Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case
after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a
disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by such Corporate Holdco, subject to adjustment or amendment upon resolution. The costs and expenses relating to
the engagement of such Expert or amending any Tax Return shall be borne by such Corporate Holdco, except as provided in the next sentence. Each of the Corporate Holdcos and the applicable Limited Partner Representative(s) shall bear its own costs
and expenses of such proceeding, unless any applicable Limited Partner Representative has a prevailing position that is more than 10% of the payment at issue, in which case the applicable Corporate Holdco shall reimburse such Limited Partner
Representative for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert. The Expert shall
finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the applicable Corporate Holdco, the applicable Limited Partner Representative(s) and each Limited Partner and
may be entered and enforced in any court having jurisdiction. 
 Section 7.10. Withholding. Each Corporate
Holdco shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as such Corporate Holdco is required to deduct and withhold with respect to the making of such payment under the Code, or any provision
of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by such Corporate Holdco, such withheld amounts shall be treated for all purposes of this Agreement as having been paid
to the applicable Limited Partner. 
 Section 7.11. Affiliated Corporations of Parent; Addition of Corporate
Holdcos; Admission of a Corporate Holdco into a Consolidated Group; Transfers of Corporate Assets. 
 (a) The Parent shall
cause each entity that is a Corporate Holdco and that is not already a party to this Agreement to execute and deliver a joinder to this Agreement providing that all provisions of this Agreement shall correspondingly apply to such Corporate Holdco,
including the payment of Tax Benefit Payments by such Corporate Holdco with respect to any Realized Tax Benefit attributable to Carlyle Holdings Partnership Units that are part of an Exchange. 

  
 20 

 (b) If any Carlyle Holdings Partnership Unit was acquired, directly or indirectly, in an
Exchange by an entity prior to such entity becoming a Corporate Holdco, such Exchange shall be treated for purposes of this Agreement as having occurred immediately after such entity became a Corporate Holdco at the Fair Market Value in existence at
the time of such prior Exchange, and the entity that is now a Corporate Holdco shall be required to make the same Tax Benefit Payments pursuant to the terms of this Agreement that it would have been required to make had it been treated as a
Corporate Holdco on the date of such Exchange; provided, however, that such Tax Benefit Payments shall be payable only with respect to (i) Exchange Date Assets that are still owned at the time such entity becomes a Corporate
Holdco, and (ii) taxable years of such entity ending on or after it becomes a Corporate Holdco. 
 (c) If a Corporate
Holdco becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then:
(i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments shall be computed with reference to the consolidated taxable income and consolidated tax liability of the group as a
whole. 
 (d) If any entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a
corporation (or a Person classified as a corporation for U.S. income tax purposes) with which such entity does not file a consolidated tax return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount of any
Exchange Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such
contribution. The consideration deemed to be received by such entity shall be equal to the Fair Market Value of the contributed asset, plus (i) the amount of debt to which such asset is subject, in the case of a contribution of an encumbered
asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a partner interest. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated as a transfer of the transferring
partner’s share of each of the assets and liabilities of that partnership. 

Section 7.12. Confidentiality. Each Limited Partner and assignee acknowledges and agrees that the information of each
Corporate Holdco is confidential and, except as required by law or legal process or to enforce the terms of this Agreement or in the course of performing any duties as necessary for such Corporate Holdco and its Affiliates, shall keep and retain in
the strictest confidence and not to disclose to any Person all confidential matters, acquired pursuant to this Agreement, of such Corporate Holdco or any Person included within the Parent and their respective Affiliates and successors and the other
Limited Partners, including, without limitation, the identity of the beneficial holders of interests in any fund or account managed by the Parent or any of its Subsidiaries, confidential information concerning the Parent, any Person included within
the Parent and their respective Affiliates and successors, the other Limited Partners and any fund, account or investment managed by any Person included within the Parent, including marketing, investment, performance data, fund management, credit
and financial information, and other business affairs of such Corporate Holdco, any Person included within the Parent and their respective Affiliates and successors, the other Limited Partners and any fund, account or investment managed directly or
indirectly by any Person included within such Corporate Holdco learned by the Limited Partner heretofore or hereafter. This clause 7.12 shall not apply to (i) any 

  
 21 

 
information that has been made publicly available by any Corporate Holdco or any of their Affiliates, becomes public knowledge (except as a result of an act of such Limited Partner in violation
of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for a Limited Partner to prepare and file his or her tax returns, to respond to any inquiries regarding the same
from any taxing authority or to prosecute or defend any action, proceeding or audit by any taxing authority with respect to such returns. Notwithstanding anything to the contrary herein, each Limited Partner (and each employee, representative or
other agent of such Limited Partner) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of (x) each Corporate Holdco and (y) any of its transactions, and all materials of any kind
(including opinions or other tax analyses) that are provided to the Limited Partners relating to such tax treatment and tax structure. 
 If a Limited Partner or assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12, each Corporate Holdco shall have the right and remedy to have the
provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or
threatened breach shall cause irreparable injury to each Corporate Holdco or any of their Subsidiaries or the other Limited Partners and the accounts and funds managed by each Corporate Holdco and that money damages alone shall not provide an
adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 
 Section 7.13. Carlyle Holdings Partnership Agreements. This Agreement shall be treated as part of the partnership agreement of each Carlyle Holdings Partnership as described in
Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

Section 7.14. Carlyle Holdings Partnerships. Each Corporate Holdco hereby agrees that, to the extent it directly or
indirectly through one or more wholly-owned subsidiaries acquires a limited partnership interest, a general partner interest, managing member interest or similar interest in any Person other than a direct or indirect subsidiary after the date
hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and become a “Carlyle Holdings Partnership” for all purposes of this Agreement. 
 Section 7.15. Termination Election. Notwithstanding anything herein to the contrary, at the election of each Limited Partner and to the extent specified by such Limited Partner, this
Agreement (i) shall cease to have further effect or (ii) shall not apply to an Exchange occurring after a date specified by such Limited Partner. 
 Section 7.16. Independent Nature of the Limited Partners’ Rights and Obligations. The obligations of each Limited Partner hereunder are several and not joint with the obligations of
any other Limited Partner, and no Limited Partner shall be responsible in any way for the performance of the obligations of any other Limited Partner hereunder. The decision of each Limited Partner to enter into this Agreement has been made by such
Limited Partner independently of any other Limited Partner. Nothing contained herein, and no action taken by 

  
 22 

 
any Limited Partner pursuant hereto, shall be deemed to constitute the Limited Partners as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that
the Limited Partners are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporate Taxpayer, Carlyle Holdings I and Parent acknowledge that the Limited Partners are not
acting in concert or as a group, and none of the Corporate Taxpayer, Carlyle Holdings I or Parent will assert any such claim with respect to such obligations or the transactions contemplated hereby. 

[Remainder of Page Intentionally Left Blank] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date
first written above. 
  

	
	LIMITED PARTNERS
	
	 /s/ William E. Conway, Jr.

	William E. Conway, Jr.
	
	 /s/ Daniel A. D’Aniello

	Daniel A. D’Aniello
	
	 /s/ David M. Rubenstein

	David M. Rubenstein

  
 [Signature
Page for Tax Receivable Agreement] 

 
			
	CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, an agency of the State of California
		
	By:	 	 /s/ Réal Desrochers

	Name:	 	Réal Desrochers
	Title:	 	Senior Investment Officer
		
	By:	 	 /s/ Scott Jacobsen

	Name:	 	Scott Jacobsen
	Title:	 	Portfolio Manager

  
 [Signature
Page for Tax Receivable Agreement] 

 
			
	MDC/TCP INVESTMENTS (CAYMAN) I, LTD.
		
	By:	 	 /s/ Samar Azar

	Name:	 	Samar Azar
	Title:	 	Director
	
	MDC/TCP INVESTMENTS (CAYMAN) II, LTD.
		
	By:	 	 /s/ Samar Azar

	Name:	 	Samar Azar
	Title:	 	Director
	
	MDC/TCP INVESTMENTS (CAYMAN) III, LTD.
		
	By:	 	 /s/ Samar Azar

	Name:	 	Samar Azar
	Title:	 	Director
	
	MDC/TCP INVESTMENTS (CAYMAN) IV, LTD.
		
	By:	 	 /s/ Qussay Al Hajjiri

	Name:	 	Qussay Al Hajjiri
	Title:	 	Director
	
	MDC/TCP INVESTMENTS (CAYMAN) V, LTD.
		
	By:	 	 /s/ Qussay Al Hajjiri

	Name:	 	Qussay Al Hajjiri
	Title:	 	Director

  
 [Signature
Page for Tax Receivable Agreement] 

 
			
	MDC/TCP INVESTMENTS (CAYMAN) VI, LTD.
		
	By:	 	 /s/ Qussay Al Hajjiri

	Name:	 	Qussay Al Hajjiri
	Title:	 	Director
	
	FIVE OVERSEAS INVESTMENT L.L.C.
		
	By:	 	 /s/ Shahzad Khan

	Name:	 	Shahzad Khan
	Title:	 	General Manager

  
 [Signature
Page for Tax Receivable Agreement] 

 
					
	Each Limited Partner set forth on Schedule I hereto.
		
	By:	 	 /s/ Lauren B. Dillard

		 	Name:	 	Lauren B. Dillard
		 	Title:	 	Attorney-in-fact

  
 [Signature
Page for Tax Receivable Agreement] 

 
					
	CARLYLE HOLDINGS I GP INC.
		
	By:	 	 /s/ William E. Conway, Jr.

		 	Name:	 	William E. Conway, Jr.
		 	Title:	 	Co-Chief Executive Officer
	
	CARLYLE HOLDINGS I L.P.
	
	By: Carlyle Holding I GP Sub L.L.C., its general partner
		
	By:	 	Carlyle Holdings I GP Inc., its sole member
		
	By:	 	 /s/ William E. Conway, Jr.

		 	Name:	 	William E. Conway, Jr.
		 	Title:	 	Co-Chief Executive Officer
	
	THE CARLYLE GROUP L.P.
	
	By: Carlyle Group Management L.L.C., its general partner
		
	By:	 	 /s/ Daniel A. D’Aniello

		 	Name:	 	Daniel A. D’Aniello
		 	Title:	 	Founding Member

  
 [Signature
Page for Tax Receivable Agreement]

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