Document:

Ex-10.7

 EXHIBIT 10.7 

REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 8, 2012, is by and among The Carlyle Group L.P., a Delaware limited partnership (the
“Company”), and the investors whose signatures appear on the signature pages hereto (collectively, the “Investors” and each individually, an “Investor”). For purposes of this Agreement, the term
“Company” shall be deemed to include and refer to any successor in interest to the Company (whether by merger, consolidation, conversion, recapitalization, restructuring, reorganization or otherwise). 

RECITALS 
 WHEREAS, the Investors, pursuant to the terms of (a) that certain Subscription and Equity Holder Agreement, dated as of September 17, 2007, by and among certain of the Investors or their
predecessors or assignors, and certain current and former subsidiaries of the Company, as amended by the First Amendment to Subscription and Equity Holder Agreement dated as of the date of issuance of the Notes (as defined below), as further amended
and/or restated from time to time (the “Subscription Agreement”), purchased certain interests (the “Parent Entity Interests”) in the Carlyle Parent Entities (as defined in the Subscription Agreement), pursuant to
the terms and subject to the conditions set forth therein and (b) that certain Note and Unit Subscription Agreement, dated as of December 16, 2010, by and among certain of the Investors or their predecessors or assignors, and certain
current and former subsidiaries of the Company, as further amended and/or restated from time to time (the “Note and Unit Subscription Agreement”), purchased certain notes (the “Notes”) and certain interests issued
by the Carlyle Parent Entities, pursuant to the terms and subject to the conditions set forth therein; 
 WHEREAS, as
contemplated by the Subscription Agreement and the Note and Unit Subscription Agreement, as applicable, the Company and the Investors deem it desirable to enter into this Agreement to set forth the registration rights of the Investors on the terms
and subject to the conditions set forth herein. 
 AGREEMENT 

In consideration of the recitals and the mutual premises, covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
Definitions. Capitalized terms used but not defined herein shall have the meaning set forth in the Subscription Agreement. In addition to capitalized terms defined elsewhere in this Agreement, the following capitalized terms shall have the
following meaning when used in this Agreement. 
 “Additional New Units” has the meaning set forth in the Note
and Unit Subscription Agreement. 
 “Affiliate” has the meaning set forth in the Note and Unit Subscription
Agreement. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor statute thereto and the
rules and regulations of the Commission promulgated thereunder. 
 “Holder” means each Investor that holds
Registrable Securities, any permitted transferee or assignee thereof to whom an Investor assigns its rights under this Agreement, the Subscription 

 
Agreement and/or the Note and Unit Subscription Agreement, as applicable, and who agrees to become bound by the provisions of this Agreement, the Subscription Agreement and/or the Note and Unit
Subscription Agreement, as applicable, and any permitted transferee or assignee thereof to whom a permitted transferee or assignee assigns its rights under this Agreement, the Subscription Agreement and/or the Note and Unit Subscription Agreement,
as applicable, and who agrees to become bound by the provisions of this Agreement, the Subscription Agreement and/or the Note and Unit Subscription Agreement, as applicable and in each case, in accordance with the terms of this Agreement, the
Subscription Agreement and/or the Note and Unit Subscription Agreement, as applicable. 
 “Initial New Units”
has the meaning set forth in the Note and Unit Subscription Agreement. 
 “Lockup Date” means, with respect to
(i) Registrable Securities that were derived from Original Securities or Original Securities that are outstanding, the date that is 12 months after the date of the consummation of the Qualified IPO and (ii) Registrable Securities that were
derived from New Securities or New Securities that are outstanding upon consummation of the Qualified IPO, the earlier of (a) (x) the date that is 18 months after a Qualified IPO with respect to 50% of such securities and (y) the date
that is 24 months after a Qualified IPO for the remaining 50% of such securities and (b) the date on which a Change of Control occurs. Notwithstanding the limitations set forth in the foregoing sentence, (1) the Lockup Date for the
Registrable Securities identified in the foregoing clause (i) shall be adjusted in accordance with the terms set forth in Section 8.1(d) of the Subscription Agreement and (2) the Lockup Date for the Registrable Securities identified
in the foregoing clause (ii) shall be adjusted in accordance with the terms set forth in Section 3.4(b) of the Note and Unit Subscription Agreement. 
 “New Securities” means the Initial New Units, the Additional New Units, the Exchange Securities and any other Units, interests or securities acquired pursuant to a Qualifying
Reorganization, Optional Exchange, or through the exercise of pre-emptive rights. 
 “Operating Agreement”
means the amended and restated limited partnership agreement of the Company dated on or about the date hereof, as the same may be amended, restated, supplemented or otherwise modified or superseded from time to time. 

“Optional Exchange” has the meaning set forth in the Note and Unit Subscription Agreement. 

“Original Securities” means the Interests and the interests or securities acquired through the exercise of pre-emptive
rights. 
 “Person” means an individual, partnership, corporation, limited liability company, association,
joint stock company, trust, joint venture, unincorporated organization or other entity, or a governmental entity or any department, agency, self-regulatory organization or political subdivision thereof. 

“Public Offering” means any offering by the Company (or its successor) of its equity securities to the public pursuant
to an effective registration statement under the Securities Act or any comparable statement under any comparable Unites States federal statute then in effect; provided, however, that the following shall not be considered a Public
Offering: (i) any issuance of common equity as consideration for a merger or acquisition under Rule 145 of the Commission under the Securities Act and (ii) any issuance of common equity or rights to acquire common equity to existing
securityholders or to employees of the Company or its subsidiaries on Form S-4 or Form S-8 (or a successor form adopted by the Commission) or otherwise. 

 “Qualified IPO” has the meaning set forth in the Note and Unit Subscription
Agreement. 
 “Registrable Securities” means (i) any outstanding IPO Entity Equity Securities received by
the Investors in connection with the Exchange or Optional Exchange; (ii) any IPO Entity Equity Securities issued or issuable upon the exchange of any Exchange Securities received by the Investors in connection with the Exchange, Optional
Exchange, or upon exchange of Exchange Securities pursuant to and in accordance with any agreement and related documentation (including the operating agreements of the Carlyle Parent Entities, if applicable) entered into among the Investors and the
Carlyle Parent Entities in connection with the Reorganization or Qualifying Reorganization, as the case may be, which provides for the exchange of Substitute Parent Interests constituting Exchange Securities for IPO Entity Equity Securities;
(iii) any other securities of the Company (or its successor) issuable or issued to the Investors and into which the Exchange Securities shall be reclassified or changed upon a merger, consolidation conversion, recapitalization, reorganization
or similar event; and (iv) any other securities of the Company (or its successor) issued as a dividend or other distribution with respect to, or in exchange for or in replacement of, any of the securities referred to in clauses (i) through
(iii) of this definition; provided, however, that Registrable Securities shall cease to be Registrable Securities when (A) a registration statement covering resales of such Registrable Securities has been declared effective
under the Securities Act by the Commission and the Registrable Securities registered thereunder have been disposed of pursuant to such effective registration statement, (B) such Registrable Securities cease to be held by a Holder or
(C) such Registrable Securities cease to be outstanding. 
 “Registration” means a registration effected
by preparing and filing a registration statement in compliance with the Securities Act (and any post-effective amendments filed or required to be filed) and the declaration or ordering of effectiveness of such registration statement with the
Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor statute
thereto and the rules and regulations of the Commission promulgated thereunder. 
 “Shelf Registration” means a
registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect). 

“Units” has the meaning set forth in the Note and Unit Subscription Agreement. 

2. Demand Registration. 
 2.1 Registrations. 
 (a) Subject to the terms of this Agreement, at any
time after the applicable Lockup Date, the Holder and its Affiliates may request registration under the Securities Act of their Registrable Securities (any Holder or Affiliate making such request being referred to as an “Initiating
Holder”) by providing written notice thereof to the Company and specifying in such notice the number of Registrable Securities to be registered, following which the Company shall use its commercially reasonable efforts to effect, as
expeditiously as reasonably practicable (and subject to the requirements and restrictions in Sections 2.1(b) and (c) below), the Registration of the Registrable Securities for which the Initiating Holder has requested registration under this
Section 2.1(a); provided, however, that the number of Registrations which the Company shall be required to effect pursuant to this Section 2.1(a) (each, a “Demand Registration”), together with the number of
Underwritten Shelf Takedowns (as defined below) which the Company shall be required to effect pursuant to Section 3.2, shall be no more than six (6) (the “Demand Limit”); and provided, further, that the
Company shall not be required to effect a Demand Registration unless the aggregate gross proceeds of the offering (including the aggregate gross proceeds 

 
to the Holders making the request to be included in a Demand Registration pursuant to Section 2.1(b) as a consequence of such Demand Registration) is estimated to be $25.0 million or more.
Any Demand Registration shall be prepared and filed on such form, as selected by the Company in its sole discretion, for which the Company then qualifies or that its counsel deems appropriate and which form shall be available for the registration of
the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and the Company shall be permitted to effect such Demand Registration on a then currently effective shelf registration statement.

 (b) Within ten (10) days after receipt of any request pursuant to this Section 2.1, the Company shall give written
notice of such request to all other Holders (and any other Persons having a right to participate in such Registration) and shall include in such Registration all Registrable Securities with respect to which the Company has received written requests
for inclusion within thirty (30) days of the Company’s notice, along with any securities which the Company and other holders entitled to piggyback rights in respect of such Registration may decide to include in such Registration (in each
case, subject to the cut-back provisions set forth in Section 2.3 below). 
 (c) Notwithstanding any provision in this
Section 2.1 or elsewhere in this Agreement, no provision relating to the registration of Registrable Securities shall be construed as permitting the Holders to effect a Transfer of securities (including pursuant to Section 4 below) to the
extent that it is otherwise prohibited by the terms of the Subscription Agreement, the Operating Agreement, the Note and Unit Subscription Agreement or any other applicable agreement between the respective Holders and the Company or any of its
subsidiaries. 
 2.2 Effectiveness of Demand Registrations. A Demand Registration shall not be deemed to have been
effected and shall not count as a Demand Registration (i) unless a registration statement with respect thereto has become effective and has remained effective for a period of at least one hundred fifty (150) days (or such shorter period in
which all Registrable Securities included in such Demand Registration have actually been sold thereunder), (ii) if, after it has become effective, such Demand Registration becomes subject prior to one hundred fifty (150) days (or such
shorter period in which all Registrable Securities included in such Demand Registration have actually been sold thereunder) after effectiveness to any stop order, injunction or other order or requirement of the Commission or other governmental
entity or court for any reason, (iii) if, at any time prior to the effective date of the registration statement relating to a Demand Registration, the Initiating Holder revokes such Demand Registration request by providing written notice
thereof to the Company, provided that such revoked Demand Registration shall nonetheless count as having been effected unless the Initiating Holder pay all Registration Expenses in connection with such revoked Demand Registration within
thirty (30) days of written request therefor by the Company or (iv) if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with such Demand Registration are not satisfied by
reason of any act or omission on the part of the Company. 
 2.3 Priority. If a Demand Registration is an underwritten
Public Offering and the managing underwriters advise the Company in writing that, in their opinion, the inclusion of all or a portion of the Registrable Securities and other equity securities of the Company requested to be included in such
Registration creates a substantial risk that the public offering price will be reduced, the Company shall include in such Registration the number of Registrable Securities and other equity securities requested to be included which in the opinion of
such managing underwriters can be sold without creating such a risk, first, pro rata among the respective Holders of such Registrable Securities on the basis of the number of Registrable Securities owned by such Holders, with further
successive pro rata allocations among such Holders if any such Holder has requested the registration of less than all such Registrable Securities such Holder is entitled to register, and second any equity securities proposed to be registered
by the Company and any equity securities proposed to be registered for the account of any other Persons other than the Holders, pro rata among the Company and the holders of such securities on the basis of the 

 
number of shares which are owned by such holders and the number of shares to be offered by the Company (or on such other basis as may be required pursuant to agreements among the Company and such
other holders of equity securities). 
 2.4 Restrictions. The Company will not be obligated to effect any Demand
Registration (x) within one hundred eighty (180) days after the effective date of a previous Demand Registration, (y) to the extent restricted from doing so pursuant to any agreement in place prior to September 17, 2007 or
(z) to the extent it is contractually restricted from doing so pursuant to any underwriters’ lock-up agreement that it has become subject to in the context of any prior underwritten Public Offering. With respect to any Demand Registration,
if (a) the Company, by decision of its general partner, reasonably and in good faith determines that such filing would be materially detrimental to the Company or require a disclosure of a material fact that would reasonably be expected to have
a material adverse effect on the Company or any plan or proposal by the Company or any of its subsidiaries to engage in any acquisition or disposition of assets or equity securities (other than in the ordinary course of business) or any merger,
consolidation, tender offer, material financing or other significant transaction and (b) the Company shall furnish the Holders who have requested a Demand Registration a certificate signed by an executive officer of the Company to such effect,
the Company may postpone the filing or the effectiveness of a registration statement for a Demand Registration for up to ninety (90) days; provided that the Company may not postpone the filing or effectiveness of a registration statement
for a Demand Registration for more than one hundred eighty (180) days during any three hundred sixty five (365) consecutive day period. 
 2.5 Underwriting and Selection of Underwriters. If the Initiating Holder intends to distribute the Registrable Securities covered by its request by means of an underwritten Public Offering, it
shall so advise the Company as a part of its request made pursuant to Section 2.1(a). The Initiating Holder shall have the right to select the investment banker(s) and manager(s) to administer such underwritten Public Offering, subject to the
Company’s approval which shall not be unreasonably withheld or delayed. 
 3. Shelf Registrations. 

3.1 Filing. If requested by the Holders of Registrable Securities having an aggregate value of $25.0 million or more, the Company
shall use its commercially reasonable efforts to file, a registration statement on any permitted form that qualifies, and is available for, the resale of the Registrable Securities, with the Commission in accordance with and pursuant to Rule 415
promulgated under the Securities Act (or any successor rule then in effect) (the “Shelf”), provided that the Company shall not be required to file the Shelf until such time as it is eligible to use Form S-3 (or would be eligible to
use Form S-3 but for its failure to file in a timely manner all such reports or other materials required to be so filed in order to become eligible, or its failure to satisfy the requirements set forth in Section I.A.5 of the General Instructions
for Form S-3, or any successor instructions substantially consistent therewith). The Company shall use its commercially reasonable efforts to cause the Shelf to become effective as promptly thereafter as practicable and not later than thirty
(30) days of such filing. The Company shall give written notice of the filing of the registration statement at least sixty (60) days prior to filing the registration statement to all Holders of Registrable Securities (the
“Registration Notice”) and shall include in the Shelf all Registrable Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after sending the Registration
Notice and questionnaire provided to Holders; provided, however, that in order to be named as a selling securityholder each Holder must furnish to the Company in writing such information in writing as may be reasonably requested by the
Company for the purpose of including such Holder’s Registrable Securities in the Shelf (the “Selling Holder Information”). The Company shall include in the Shelf, Selling Holder Information received, to the extent necessary and
in a manner so that upon effectiveness of the Shelf, the Holder shall be named, to the extent required by the rules promulgated under the Securities Act by the 

 
Commission, as a selling securityholder and be permitted to deliver (or be deemed to deliver) a prospectus relating to the Shelf to purchasers of the Registrable Securities in accordance with
applicable law, and shall, if requested, within ten (10) Business Days of any request, amend or supplement the Shelf such that the plan of distribution or other related information reflects transactions proposed to be conducted by any Holder.
If the Company files an amended version of the Shelf, the Company shall include in such Shelf Selling Holder Information that was not included in any previous filed version of the Shelf. The Company shall use its commercially reasonable efforts to
convert any Shelf that is on a Form S-1 (including any Follow-On Shelf) to a registration statement on Form S-3 (“the “Form S-3 Shelf”) as soon as practicable after the Company is eligible to use the Form S-3. If any
Registrable Securities remain issued and outstanding after three (3) years following the initial effective date of such Shelf (the “Initial Shelf Effective Date”), the Company shall, prior to the expiration of such Shelf, file
a new Shelf covering such Registrable Securities and shall thereafter use its commercially reasonable efforts to cause to be declared effective as promptly as practical, such new Shelf. The Company shall maintain the effectiveness of the Shelf in
accordance with the terms hereof until no Holder holds any Registrable Securities. 
 3.2 Requests for Underwritten Shelf
Takedowns. Subject to the Demand Limit provided in Section 2.1(a), at any time and from time to time after the Shelf has been declared effective by the Commission, any Holder may request to sell all or any portion of their Registrable
Securities in an underwritten offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that the Company shall not be required to effect a Underwritten Shelf Takedown unless the
aggregate gross proceeds of the offering (including the aggregate gross proceeds to the Holders making the request to be included in a Underwritten Shelf Takedown pursuant to Section 3.3 as a consequence of such Underwritten Shelf Takedown) is
estimated to be $25.0 million or more. 
 3.3 Demand Notices. All requests for Underwritten Shelf Takedowns shall be made
by giving written notice to the Company (the “Demand Shelf Takedown Notice”). Each Demand Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown
and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. Within ten (10) days after receipt of any Demand Shelf Takedown Notice, the Company shall give written notice of such requested
Underwritten Shelf Takedown to all other Holders of Registrable Securities (the “Company Shelf Takedown Notice”) and, subject to the provisions of Section 3.4, shall include in such Underwritten Shelf Takedown all Registrable
Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after sending the Company Shelf Takedown Notice. 
 3.4 Priority on Underwritten Shelf Takedowns. If the managing underwriters for such Underwritten Shelf Takedown advise the Company, in writing, that, in their opinion, the inclusion of all or a
portion of Registrable Securities requested to be included in such Underwritten Shelf Takedown creates a substantial risk that the Underwritten Shelf Takedown price will be reduced, the Company shall include in such Underwritten Shelf Takedown the
number of Registrable Securities which can be so sold, first, the Registrable Securities requested to be included in such Underwritten Shelf Takedown pursuant to Section 3.2, which in the judgment of such underwriter can be sold in an
orderly manner within the price range of such offering, pro rata among the respective Holders of such Registrable Securities on the basis of the number of Registrable Securities requested to be included therein by each such Holder, and
second, any other securities requested to be included in such Underwritten Shelf Takedown to the extent permitted hereunder. 
 3.5 Selection of Underwriters. The Holders of a majority of the Registrable Securities requested to be included in a Underwritten Shelf Takedown shall have the right to select the investment
banker(s) and manager(s) to administer the offering, subject to the Company’s prior approval which shall not be unreasonably withheld or delayed. 

 4. Piggyback Registration; Exchange Shelf. 

4.1 Right to Piggyback. Whenever either (i) the Company proposes to undertake an underwritten Public Offering of any of its
equity securities under the Securities Act for its own account (other than pursuant to a Demand Registration or Underwritten Shelf Takedown hereunder or a Rule 145 transaction under the Securities Act) in which the Founders and/or Carlyle Partners
and/or any other common equityholder of the Company choose to include equity securities of the Company for registration and resale or (ii) the Company proposes to undertake an underwritten Public Offering of its equity securities under the
Securities Act for the account of any of the Founders and/or Carlyle Partners and/or any other common equityholder of the Company and, in any case, the registration form to be used may be used for the registration of any Registrable Securities (a
“Piggyback Registration”) (except Forms S-4 or S-8), the Company will use reasonable efforts (based on the nature and circumstances of the Public Offering) to provide notice thereof to those Holders who are not restricted from
Transferring Registrable Securities at the time of such proposed Public Offering (it being understood that with respect to “bought” deals or overnight transactions such notice may be impractical) and, should the Holders and/or other
holders of equity securities of the Company take all actions requested of them in a timely fashion, the Company will use reasonable efforts to include in such registration the Registrable Securities and other equity securities (in accordance with
the priorities set forth in Section 4.2) with respect to which the Company has received written requests for inclusion (which requests shall specify the number of equity securities desired to be registered by such Holders or other holders, as
applicable). In the event that the Company (other than pursuant to any agreement in place prior to September 17, 2007) grants “piggy back” rights to any common equityholder of the Company to include equity securities for registration
and resale in the registration whenever the Company proposes to undertake an underwritten Public Offering of any of its equity securities exclusively for its own account, the words “in which the Founders and/or Carlyle Partners and/or any other
common equityholder of the Company choose to include equity securities of the Company for registration and resale” in clause (i) of this Section 4.1 shall be deemed to be deleted from such clause. 

4.2 Priority on Piggyback Registrations. If the managing underwriters advise the Company in writing that, in their opinion, the
number of Registrable Securities and other equity securities of the Company requested to be included in the Piggyback Registration exceeds the largest number of Registrable Securities that can be sold without having a material adverse effect on such
offering, including the price at which such Registrable Securities can be sold (the “Maximum Piggyback Offering Size”), the Company shall include in such Registration, in the priority listed below, a number of Registrable Securities
and other equity securities up to the Maximum Piggyback Offering Size: 
 (a) in the case of Piggyback Registrations of the type
described in clause (i) of Section 4.1, 
 (i) first, all securities proposed to be registered by the
Company; and 
 (ii) second, the Registrable Securities and any other securities proposed to be registered for
the account of any other Persons, allocated pro rata among the respective holders on the basis of the number of securities initially proposed to be included by each such holder prior to giving effect to the cutback pursuant to this
Section 4.2(a). 
 (b) in the case of Piggyback Registrations of the type described in clause (ii) of
Section 4.1, 
 (i) first, all securities proposed to be registered for the account of the Founders and
Carlyle Partners, allocated pro rata among the respective holders of securities participating in such Piggyback Registration on the basis of the number of equity securities (calculated on a converted to Company common equity basis) owned by such
holders; and 

 (ii) second, any securities proposed to be registered by the Company or any
securities proposed to be registered for the account of any other Persons other than the Founders, Carlyle Partners, including Registrable Securities held by the Holders, pro rata among the holders of such securities on the basis of the number of
shares which are owned by such holders. 
 4.3 Selection of Underwriters. The Holders will have no right to select the
managing underwriters to administer the offering of any Piggyback Registration. 
 4.4 Exchange Shelf. In addition to the
other rights set forth herein, the Company shall use its commercially reasonable efforts to cause to be declared effective under the Securities Act by the Commission, prior to the Initial Lockup Date, or if a Change of Control occurs, as promptly as
reasonably practicable thereafter, one or more registration statements (the “Exchange Registration”) covering (i) the delivery by the Company or its subsidiaries, from time to time, to the Holders of IPO Entity Equity
Securities registered under the Securities Act in exchange for Substitute Parent Entity Interests or (ii) if the Company determines that the registration provided for in clause (i) is not available for any reason, the registration of
resale of such IPO Entity Equity Securities by the Holders. The Company shall use its commercially reasonable efforts to maintain the effectiveness of such Exchange Registration until all IPO Entity Equity Interests of the Holders are sold. Without
limiting the generality of the foregoing, if (a) the Company, by decision of its general partner, reasonably and in good faith determines that such filing would be materially detrimental to the Company or require a disclosure of a material fact
that might reasonably be expected to have a material adverse effect on the Company or any plan or proposal by the Company or any of its subsidiaries to engage in any acquisition or disposition of assets or equity securities (other than in the
ordinary course of business) or any merger, consolidation, tender offer, material financing or other significant transaction, the Company may postpone the filing or the effectiveness of a registration statement for an Exchange Registration for up to
seventy-five (75) days; provided that the Company may not postpone the filing or effectiveness of a registration statement for an Exchange Registration for more than one hundred fifty (150) days during any three hundred sixty five
(365) consecutive day period. Notwithstanding the foregoing, the Company shall not be required to maintain the Exchange Registration in respect of securities covered by a Shelf. 

5. Holdback Agreements. 
 5.1 Holders’ Agreements. Each Holder agrees that, in connection with (x) the Qualified IPO of the Company’s common equity securities and (y) any other underwritten Public
Offering in which such Holder participates, such Holder shall (i) not sell, make any short sale of or enter into any other derivative transactions with respect to, loan, grant any option for the purchase of, or otherwise Transfer any
Registrable Securities (other than those included in such Registration, if any, and then only pursuant to such Registration) without the prior written consent of the Company and/or the underwriters managing the Public Offering of the Company’s
securities during the period beginning seven (7) days prior to the effective date of the applicable registration statement (or, if applicable, such lesser period commencing as of such time as the Holders acquire actual notice of such Public
Offering, in the case of a Piggyback Registration) and ending one hundred eighty (180) days following the pricing of the Public Offering contemplated by clauses (x) and (y), and (ii) enter into and be bound by such form of agreement
with respect to the foregoing as the Company and/or the underwriters may request, provided that such Holder shall not be so obligated pursuant to this Section 5 unless the Company, each of its directors and officers and each holder of 5%
or more of the Company’s outstanding securities participating in such Public Offering enter into the same form of agreement referred to in clause (ii) of this sentence. Nothing herein shall prevent a Holder from transferring Registrable
Securities to a (a) “Subscriber Affiliate” as 

 
defined in, and subject to the terms of, the Subscription Agreement or to an “Affiliate” as defined in, and subject to the terms of, the Note and Unit Subscription Agreement, provided
that such transferee agrees to be bound by the provisions of this Agreement to the extent the transferor would be so bound, provided, further, that if (A) the Company issues an earnings release or discloses other material information or a
material event relating to the Partnership occurs during the last 17 days of such one hundred eighty (180) day period or (ii) prior to the expiration of such one hundred eighty (180) day period, the Company announces that it will
release earnings results during the 16-day period beginning upon the expiration of such period, then to the extent necessary for a managing or co-managing underwriter of a registered offering required hereunder to comply with Rule 2711(f)(4) of the
Financial Industry Regulatory Authority, Inc., such period will be extended until 18 days after the earnings release or disclosure of other material information or the occurrence of the material event, as the case may be. 

5.2 Company’s Agreements. The Company agrees not to effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisable for such securities, during the seven (7) days prior to, and during the one hundred eighty (180) days following, the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration (except as part of any such underwritten registration or pursuant to registrations on Form S-4 or Form S-8 or any successor form), unless the underwriters managing the Public Offering otherwise agree.

 6. Registration Procedures. 
 6.1 Company’s Obligations. Whenever Holders have requested that any Registrable Securities be registered pursuant to this Agreement (it being agreed that in connection with any Exchange
Registration pursuant to Section 4.4, only paragraphs (a), (c), (d), (e) and (j) below shall be applicable, and in connection with any shelf registration pursuant to Section 3.1, only paragraphs (c), (e) and (j) below
shall be applicable ), the Company shall use its commercially reasonable efforts to effect the registration and sale of the Registrable Securities of such Holders in accordance with the intended method of disposition thereof and, pursuant thereto,
the Company shall as expeditiously as possible: 
 (a) prepare and file with the Commission a registration
statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and remain effective for a period of not less than one hundred fifty (150) days or until
the Holders have finished the distribution described in such registration statement; 
 (b) prior to filing a
registration statement or prospectus or any amendment or supplement thereto in respect of any Demand Registration, furnish to the Holders and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of
such registration statement as proposed to be filed, and thereafter the Company shall furnish to the Holders and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including
all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule
430A under the Securities Act and such other documents as the Holders or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Holders (subject to the limitations set forth herein). The
Holders shall have the right to request that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining to the Holders and the Company shall use its all commercially reasonable efforts to
comply with such request, provided, however, that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

 (c) after the filing of the registration statement, (i) cause the
related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Holders thereof set forth in such registration statement or supplement to
such prospectus and (iii) promptly notify the Holders of any stop order issued or threatened by the Commission suspending the effectiveness of such registration statement or any state securities commission and take all commercially reasonable
efforts to prevent the entry of such stop order or to obtain the withdrawal of such order if entered. 
 (d) to
the extent any “free writing prospectus” (as defined in Rule 405 under the Securities Act) is used, file with the Commission any free writing prospectus that is required to be filed by the Company with the Commission in accordance with the
Securities Act and retain any free writing prospectus not required to be filed. 
 (e) use its commercially
reasonable efforts to (i) register or qualify the Registrable Securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Holder or each
underwriter, if any, reasonably (in light of such member’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be
necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable the Holders to consummate the disposition of the Registrable Securities owned by the
Holders, provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.1(e), (B) subject itself to taxation in
any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (f)
immediately notify the Holders or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to
such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading and promptly prepare and make available to the Holders or underwriter, if any, and file with the Commission any such supplement or amendment. 

(g) enter into customary agreements (including an underwriting agreement in customary form) and take such all other
actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including if necessary the engagement of a “qualified independent underwriter” in connection
with the qualification of the underwriting arrangements with the Financial Industry Regulatory Authority. 
 (h)
subject to the execution of confidentiality agreements satisfactory in form and substance to the Company in the exercise of its good faith judgment, pursuant to the reasonable request of the underwriter (if any), give to each underwriter (if any)
and its counsel and accountants (i) reasonable and customary access to its books and records and (ii) such opportunities to discuss the business of the Company with its directors, officers, employees, counsel and the independent public
accountants who have certified its financial statements, as 

 
shall be appropriate, in the reasonable judgment of counsel to the underwriter, to enable them to exercise their due diligence responsibility, provided that any such discussions shall be done in
a manner so as to not unreasonably disrupt the operation of the business of the Company. 
 (i) use its
commercially reasonable efforts to furnish to the Holders and to each such underwriter, if any, a signed counterpart, addressed to such person or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort
letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the Holders (solely in the case
of a Demand Registration) or underwriter reasonably requests. 
 (j) use its commercially reasonable efforts to
list all Registrable Securities covered by such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 

(k) provide a transfer agent, a registrar and a CUSIP number for all such Registrable Securities not later than the
effective date of such registration statement. 
 (l) have appropriate officers of the Company or its general
partner (i) prepare and make presentations at “road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their
commercially reasonable efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities; provided that, notwithstanding the foregoing, such officers of the Company and/or
its general partner shall not be required to participate in more than five (5) Business Days per any Demand Registration in total of such presentations, road shows or any other marketing or selling events. 

(m) cooperate with the Holders to facilitate the timely delivery of Registrable Securities to be sold, which shall not
bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations and registered in such names as the Holders may reasonably request at least two (2) Business Days prior to the closing of any sale of
Registrable Securities. 
 6.2 Additional Holder Obligations. 

(a) The Holders shall promptly furnish in writing to the Company such information regarding itself and the distribution of
the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required or advisable in connection with such registration. 

(b) Each Holder of Registrable Securities included in a Demand Registration agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind referred to in Section 6.1(f), such Holder will immediately discontinue the disposition of Registrable Securities until such Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 6.1(f) and, if so directed by the Company, such Holder shall deliver to the Company, or destroy, all copies in such Holder’s possession of any prospectus covering such Registrable Securities
current at the time of receipt of such notice. 
 7. Registration Expenses. 

7.1 Company’s Expenses. Except as otherwise provided in Section 2.2, all expenses incident to the Company’s
performance of, or compliance with, this Agreement, including, but not limited 

 
to, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel
for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), shall be
borne by the Company, provided that the Company shall not be required to pay sales commissions, discounts or transfer taxes. In addition, the Company shall pay its internal expenses (including, but not limited to, all salaries and expenses of
its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance obtained by the Company and the expenses and fees for listing the securities to be
registered on each securities exchange. In connection with any other resales of Registrable Securities under shelf registrations under Section 3, the Company shall reimburse the Holders of such Registrable Securities for the reasonable fees and
disbursements of one counsel chosen by the Holders of more than 50% of such Registrable Securities, it being understood that such costs and expenses shall be considered “Registration Expenses” for purposes of this Agreement. 

7.2 Holder’s Expenses. In connection with any Demand Registration or Piggyback Registration, the Company shall reimburse the
Holders of such Registrable Securities for the reasonable cost and expenses incurred by such Holders in connection with such Registration (excluding, for purposes of clarity, sales commissions, discounts and transfer taxes), including, but not
limited to, reasonable fees and disbursements of one counsel chosen by the Holders of more than 50% of such Registrable Securities, it being understood that such costs and expenses shall be considered “Registration Expenses” for purposes
of this Agreement. 
 8. Indemnification. 
 8.1 By the Company. The Company agrees to indemnify, to the extent permitted by law, each Holder, its officers, employees and directors and each Person who controls such Holder (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and expenses (including, but not limited to, attorneys’ fees and expenses) caused by any untrue or alleged untrue statement of material fact contained in any registration
statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for the acknowledged purpose of use therein or by such Holder’s failure to deliver a copy of the prospectus or any
amendments or supplements thereto after the Company has furnished such Holder with a sufficient number of copies of the same. In connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors
and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holders. The payments required by this Section 8.1 shall be made
periodically during the course of the investigation or defense, as and when bills are received or expenses incurred. 
 8.2
By Each Holder. In connection with any registration statement in which a Holder is participating, each such Holder shall furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such
registration statement or prospectus and, to the extent permitted by law, shall, indemnify the Company, its directors, employees and officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including, but not limited to, attorneys’ fees and expenses) resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary
prospectus, or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is 

 
contained in or omitted from any information so furnished in writing by such Holder expressly for the acknowledged purpose of inclusion in such registration statement, prospectus or preliminary
prospectus; provided that (1) the obligation to indemnify will be several, not joint and several, among such Holders and (2) the liability of each such Holder will be in proportion to and limited in all events to the net amount
received by such Holder from the sale of Registrable Securities pursuant to such registration statement. 
 8.3
Procedure. Each party entitled to indemnification under this Section 8 (the “Indemnified Party”) shall give written notice to the party required to provide indemnification (the “Indemnifying Party”)
promptly after such Indemnified Party has received written notice of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom,
provided that such counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be reasonably satisfactory to the Indemnified Party. The Indemnified Party may participate in such defense at such
Indemnified Party’s expense; provided, however, that the Indemnifying Party shall bear the expense of such defense of the Indemnified Party if (i) the Indemnifying Party has agreed in writing to pay such expenses,
(ii) the Indemnifying Party shall have failed to assume the defense of such claim or employ counsel reasonably satisfactory to the Indemnified Party within a reasonable time or (iii) in the reasonable judgment of the Indemnified Party,
based upon the advice of such Indemnified Party’s counsel, representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest or that there may be defenses available to the Indemnified
Party which are different from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to direct the defense of such action on behalf of the Indemnified Party); provided,
further, that in no event shall the Indemnifying Party be liable for the fees and expenses of more than one counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same event, allegations or circumstances. The Indemnified Party shall not make any settlement without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed.
The Indemnifying Party shall not, except with the prior written consent of each Indemnified Party (not to be withheld, conditioned or delayed unreasonably), consent to the entry of any judgment or enter into any settlement unless the judgment or
proposed settlement involves only the payment of money damages (none of which shall be required to be paid by the Indemnified Party), does not require an admission of any wrongdoing by or liability of the Indemnified Party, includes a full and
unconditional release and does not impose an injunction or other equitable relief upon the Indemnified Party. 
 8.4
Survival. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such
Indemnified Party and shall survive the transfer of securities. 
 9. Contribution. If the indemnification provided for
in Section 8 from the Indemnifying Party is unavailable to or unenforceable by the Indemnified Party in respect to any costs, fines, penalties, losses, claims, damages, liabilities or expenses referred to herein, then the Indemnifying Party, in
lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such costs, fines, penalties, losses, claims, damages, liabilities or expenses in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Parties in connection with the actions which resulted in such costs, fines, penalties, losses, claims, damages, liabilities or expenses, as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to 

 
information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the costs, fines penalties, losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include, subject to the limitations set forth in Section 7, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 10. Cooperation by the Company. From and after the applicable Lockup Date, if any Holder shall transfer any Registrable Securities pursuant to Rule 144 under the Securities Act (or a successor
statute), the Company shall use its reasonable best efforts to cooperate with such Holder and shall provide to the Holder such information as may be required to be provided thereunder. 

11. Participation in Underwritten Registrations. No Holder may participate in any registration hereunder which is underwritten
unless such Holder (a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by such Person or Persons entitled to approve such arrangements and (b) completes and executes all questionnaires, powers
of attorney, custody agreements, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. The foregoing notwithstanding, with respect to any of the documents and/or agreements
referred to in this Section 11, (i) no Holder shall be required to make any representations and warranties with respect to or on behalf of the Company or any other holder of securities of the Company and (ii) the liability of any
Holder shall be limited as provided in Section 8.2. 
 12. Miscellaneous. 

12.1 No Inconsistent Agreements. The Company has not entered, and shall not hereafter enter, into any agreement with respect to
its securities which is inconsistent with the rights granted to the Holders in this Agreement. If the Company has entered into or enters into a registration rights agreement with a third party (excluding, for the avoidance of doubt, any Founder,
Carlyle Partner or employee of the Company or any of its Subsidiaries), the Company shall promptly send a copy thereof to the Holders. If such registration rights agreement is on terms more favorable than those set forth herein, this Agreement
shall, to the extent so requested by the Holders, be amended so as to provide the Holders with substantially the same material terms as provided to such other third party. 
 12.2 Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur, with respect to its Certificate of Formation or other governing documents
which would reasonably be expected to adversely affect the ability of the Holders to include their Registrable Securities in a registration undertaken pursuant to this Agreement or which would reasonably be expected to adversely affect the
marketability of such Registrable Securities in any such registration. 
 12.3 Other Registration Rights. The Company
will not hereafter grant to any Person or Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, or to participate in any
registration, which right conflicts or interferes with any of the rights granted hereunder or to the extent such participation rights provide for the inclusion of securities on a parity with or prior to the inclusion of Registrable Securities. The
Company will not include in any Demand Registration or Underwritten Shelf Takedown any Securities which are not Registrable Securities (for the purposes of Section 2 or Section 3, as applicable) unless and until all Registrable Securities
requested to be registered have first been so included. 

 12.4 Amendments and Waivers. Except as otherwise expressly provided herein, the
provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company (or its successor) and the Holders of more than 50% of the outstanding Registrable Securities. Any waiver, permit, consent or approval of
any kind or character on the part of any such Holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing. Any amendment or waiver effected in accordance
with this paragraph shall be binding upon each Holder and the Company. 
 12.5 Successors and Assigns. Except as
otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto, whether so
expressed or not. 
 12.6 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience
of reference only and do not constitute a part of and shall not be utilized in interpreting this Agreement. 
 13.
Notices. Any notices required or permitted to be sent hereunder shall be in writing and shall be delivered either in person, by overnight courier or by facsimile transmission (with delivery also by overnight courier sent on the day of the
sending of such facsimile transmission) to the following addresses (or such other address as any party hereto designates by written notice to the Company): 
 If to the Company: 
 The Carlyle Group L.P. 

1001 Pennsylvania Avenue, N.W., Suite 220 South 
 Washington, D.C. 20004 
 Fax: 202-347-1818 

Attn: General Counsel 
 If to the Holders: 
 c/o Mubadala Development Company PJSC 

PO Box 45005 
 Al
Mamoura Building A 
 Intersection of Muroor Road & 15th Street 

Abu Dhabi, United Arab Emirates 
 For the attention of: General Counsel of Acquisitions, 
 Mubadala Development
Company PJSC 
 Telephone: +971 (2) 413 0000 
 Fax. No: +971 (2) 413 0102 
 With a copy email to legalunit@mubadala.ae

 Any notice addressed and delivered as herein provided shall be deemed to be received upon delivery, if delivered personally,
when actually delivered to the address of the addressee (regardless of whether delivery is accepted) or if sent by facsimile transmission, upon confirmation by the transmitting equipment of successful transmission, except that if such confirmation
occurs after 5:00 p.m. (in the recipient’s time zone) on a Business Day, or occurs on a day that is not a Business Day, then such communication will not be deemed to be delivered until the next succeeding Business Day. 

 13.1 Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware. 
 13.2 Reproduction of Documents. This Agreement and all documents
relating hereto, including, but not limited to, (i) consents, waivers, amendments and modifications which may hereafter be executed, and (ii) certificates and other information previously or hereafter furnished, may be reproduced by any
photographic, photostatic, microfilm, optical disk, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in an arbitral, judicial or
administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence. 
 13.3 Remedies. Each of the parties to this Agreement will be entitled to enforce
its rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not
be an adequate remedy for any breach of the provisions of this Agreement and that any party shall be entitled to seek (in addition to any other remedy to which it may be entitled at law or in equity) injunctive relief, specific performance or any
other equitable remedy that may then be available without posting any bond or the necessity of showing actual monetary damages in order to enforce or prevent any violations of the provisions of this Agreement. 

13.4 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement. 
 13.5 Entire Agreement. This Agreement, the Subscription Agreement, the Note and Unit
Subscription Agreement and all other agreements entered into by the parties hereto pursuant to the Subscription Agreement and the Note and Unit Subscription Agreement, constitute the complete and final agreement of the parties concerning the matters
referred to herein, and supersedes all prior agreements and understandings. 
 13.6 Execution in Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and such counterparts together shall constitute one and the same instrument. 

14. Arbitration. 
 (a) Any dispute with respect to this Agreement or any Person’s direct or indirect rights or obligations arising out of or in connection with this Agreement or the construction of this Agreement or
the transactions contemplated hereby, including without limitation a breach, default, misrepresentation or any determination made by a party hereto pursuant to this Agreement, or failure to agree pursuant to any provision which expressly requires
mutual agreement among the parties, shall, after the unsuccessful negotiation in good faith by the parties hereto, be referred to and finally resolved by arbitration in London, England, under the London Court of International Arbitration Rules, as
then in effect, which rules are deemed to be incorporated by reference into this Section 14. Such arbitration shall be the exclusive manner pursuant to which any dispute shall be resolved. The arbitration shall be presided over by three
arbitrators. One arbitrator shall be appointed by a party or parties in dispute, and one shall be appointed by the other party or parties in dispute. The third arbitrator shall be appointed by the first two arbitrators. In the event of the failure
of either side in dispute to appoint an arbitrator or 

 
in the event of the failure of the first two arbitrators to agree on the third arbitrator within thirty (30) days after their appointment, that arbitrator shall be appointed in accordance
with the London Court of International Arbitration Rules. Hearings in such arbitration proceeding shall commence within thirty (30) days of the selection of the arbitrators or as soon thereafter as the arbitrators determine. The arbitrators
shall deliver their opinion within thirty (30) days after the completion of the arbitration hearings. The arbitrators’ decision shall be final and binding upon the parties, and may be entered and enforced in any court of competent
jurisdiction by any of the parties. The arbitrators shall have the power to grant temporary, preliminary and permanent relief, including, without limitation, injunctive relief and specific performance. Unless otherwise ordered by the arbitrators
pursuant to Section 14(e), the arbitrators’ expenses shall be shared equally by the relevant Holders, on the one hand, and the Company on the other hand. 

(b) In furtherance of the foregoing, each of the parties hereto (i) submits to the jurisdiction of the courts of
England located in London, England over any suit, action or proceeding with respect to enforcement of any arbitral award or decision rendered in accordance with the foregoing provisions, and (ii) waives any objection that it may have to the
venue of any suit, action or proceeding with respect to enforcement of any arbitral award or decision rendered in accordance with the foregoing provisions in the courts of England located in London, England. For the avoidance of doubt, where an
arbitral tribunal is appointed under this Agreement, the whole of its award shall be deemed for the purposes of the New York Convention on the Recognition and Enforcement of Arbitral Awards of 1958 to be contemplated by this Agreement (and judgment
on any such award may be entered in accordance with the provisions set forth in this Section 14). The Holders acknowledge that they are commercial entities separate from (and with an identity separate from) its direct and indirect shareholders,
are capable of suing and being sued and is entering into the transactions contemplated by this Agreement as private law commercial transactions that shall not be deemed as being entered into in the exercise of any public functions and shall not
assert otherwise in any judicial proceedings ancillary to an arbitration hereunder. 
 (c) Service of
Process. The parties hereto agree that the process by which any arbitral or other proceedings (“Proceedings”) in England are begun may be served on them by being delivered to Law Debenture Corporate Services Limited or their
registered offices for the time being and by giving notice in accordance with Section 13. If Law Debenture Corporate Services Limited is not or ceases to be effectively appointed to accept service of process in England on any party’s
behalf, such party shall immediately appoint a further Person in England to accept service of process on its behalf. If within 15 days of notice from a party requiring another party to appoint a Person in England to accept service of process on its
behalf the other party fails to do so, the party shall be entitled to appoint such a Person by written notice to the other party. Nothing in this Section 14 shall affect the right of the parties to serve process in any other manner permitted by
applicable law. 
 (d) Consent to Enforcement etc. Each of the parties hereto consents generally in
respect of any Proceedings to the giving of any relief or the issue of any process in connection with such Proceedings including, without limitation, the making, enforcement or execution against any property whatsoever, irrespective of its use or
intended use, of any order or judgment which is made or given in such Proceedings. No finding of fact, conclusion of law, decision, award, judgment or the like, or other issue decided or made in any Proceeding brought in New York, New York or any
other jurisdiction, shall be admitted, considered or determinative in any Proceeding brought in London, England pursuant to this Section 14. 
 (e) Attorney’s Fees. If any arbitration is brought under this Section 14, the arbitrators may award the successful or prevailing party or parties reasonable attorneys’ fees and

 
other costs incurred in that arbitration proceeding, in addition to any other relief to which it or they may be entitled. If any other proceeding is brought by one or more parties against one or
more other parties to enforce an arbitration award, the successful or prevailing party or parties shall be entitled to recover its or their reasonable attorneys’ fees and other costs incurred in that action or proceeding, in addition to any
other relief to which it or they may be entitled. For purposes of this Section 14(e), the determination of a successful or prevailing party or parties shall be an issue of fact to be determined by the finder of fact. 

(f) The arbitration provisions of this Section 14 shall survive any termination or expiration of this Agreement.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, each of the following parties has executed and delivered this Agreement
as of the date first set forth above. 
  

			
	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 Registration Rights Agreement - Mubadala] 

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

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

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

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

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

	Title: Director

 [Signature Page for Registration Rights Agreement - Mubadala] 

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

	Title: Director
	
	FIVE OVERSEAS INVESTMENT L.L.C.
		
	By:	 	 /s/ Shahzad Khan

	Title: General Manager

 [Signature Page for Registration Rights Agreement - Mubadala]Ex-10.8

 EXHIBIT 10.8 

REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 8, 2012 is by and among The Carlyle Group L.P., a Delaware limited partnership (the
“Company”), and those holders of equity securities of the Company or of securities convertible or exchangeable into or exercisable for equity securities of the Company whose signatures appear on the signature pages hereto (the
“Holders”). For the purposes of this Agreement, the term “Company” shall be deemed to include and refer to any successor in interest to the Company (whether by merger, conversion, recapitalization or otherwise), the
equity securities of which are owned by the Holders in substantially the same proportion as the Holders owned equity interests in the Company. 
 RECITALS 
 A. The Company deems it desirable to enter into this
Agreement to allow for registration of the Units (as defined herein) held by the Holders. 
 AGREEMENT 

In consideration of the recitals and the mutual premises, covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
Definitions. In addition to capitalized terms defined elsewhere in this Agreement, the following capitalized terms shall have the following meaning when used in this Agreement. 

“Commission” means the Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Agreement” means the Exchange Agreement dated on or about the date hereof, among the Company, the California
Public Employees’ Retirement System, and the other parties thereto. 
 “Operating Agreement” means the
Amended and Restated Agreement of Limited Partnership of the Company to be dated as of the date hereof substantially concurrently with the consummation of the initial public offering of the Company, as such agreement of limited partnership may be
amended, supplemented or restated from time to time. 
 “Person” means an individual, partnership, corporation,
limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or other entity, or a governmental entity or any department, agency or political subdivision thereof. 

“Public Offering” means any offering by the Company (or its successor) of its equity securities to the public pursuant
to an effective registration statement under the Securities Act or any comparable statement under any comparable federal statute then in effect; provided, however, that the following shall not be considered a Public Offering:
(i) any issuance of common equity as consideration for a merger or acquisition under Rule 145 of the Securities Act, 

 
and (ii) any issuance of common equity or rights to acquire common equity to existing securityholders or to employees of the Company or its subsidiaries on Form S-4 or Form S-8 (or a
successor form adopted by the Commission) or otherwise. 
 “Registrable Securities” means (i) the
outstanding Units and the Units issued or issuable upon the conversion, exercise or exchange of any convertible instrument, warrant, right or other security owned by any Holder, including any permitted transferee under the terms of the Operating
Agreement or the Exchange Agreement, (ii) any other securities of the Company (or its successor) issuable or issued upon conversion of the Units or issuable or issued upon conversion of other securities of the Company (or its successor) into
which the Units shall be reclassified or changed (including by reason of a merger, consolidation, reorganization, recapitalization or statutory conversion), owned by any Holder, including any permitted transferee under the terms of the Operating
Agreement, and (iii) any other securities of the Company (or its successor) issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or
in exchange for or in replacement of, any of the securities referred to in subsection (i) or (ii) of this definition; provided, however, that Registrable Securities shall not include any securities which have been registered
pursuant to the Securities Act or which have been sold to the public pursuant to Rule 144 of the Commission under the Securities Act. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such
Person has the right to acquire such Registrable Securities, whether or not such acquisition actually has been effected. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Units” has the meaning assigned to the term “Common Units” in the Operating Agreement. 

2. Demand Registration 
 2.1 Registrations. 
 (a) Subject to the terms of this
Agreement, at any time following the one hundred eightieth (180th) day after the first Public Offering by the Company, the Holders may request registration under the Securities Act of their Registrable Securities on Form S-1 or S-3 or any similar registration;
provided, however, that the Registrable Securities requested by all Holders to be registered pursuant to such request must have an expected aggregate offering price of (i) at least $25.0 million in the case of a registration on
Form S-1 or any similar registration or (ii) more than $10.0 million in the case of a registration on Form S-3 or any similar registration. 
 (b) Within ten (10) days after receipt of any request pursuant to this Section 2.1, the Company will give written notice of such request to all other holders of Registrable Securities and will
include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion within thirty (30) days after delivery of the Company’s notice. All registrations requested pursuant to
this Section 2.1 are referred to herein as “Demand Registrations.” 

 2.2 Payment of Expenses for Demand Registrations. The Company will pay all
Registration Expenses (as defined in Section 6 below) for any and all Demand Registrations hereunder. 
 2.3
Priority. If a Demand Registration is an underwritten Public Offering and the managing underwriters advise the Company in writing that in their opinion the inclusion of the number of Registrable Securities creates a substantial risk that the
public offering price will be reduced, the Company will include in such registration the number of Registrable Securities requested to be included which in the opinion of such underwriters can be sold without creating such a risk, pro rata among the
respective holders of Registrable Securities on the basis of the number of Registrable Securities owned by such holders, with further successive pro rata allocations among the holders of Registrable Securities if any such holder of Registrable
Securities has requested the registration of less than all such Registrable Securities such holder is entitled to register. 

2.4 Restrictions. The Company will not be obligated to effect any Demand Registration within one hundred eighty (180) days
after the effective date of a previous Demand Registration or of the Company’s initial Public Offering. With respect to any Demand Registration, if (a) the Company, by decision of its board of directors or similar governing body,
reasonably and in good faith determines that such filing would be materially detrimental to the Company or require a disclosure of a material fact that might reasonably be expected to have a material adverse effect on the Company or any plan or
proposal by the Company or any of its subsidiaries to engage in any acquisition or disposition of assets or equity securities (other than in the ordinary course of business) or any merger, consolidation, tender offer, material financing or other
significant transaction and (b) the Company shall furnish the holders of Registrable Securities who have requested a Demand Registration a certificate signed by an executive officer of the Company to such effect, the Company may postpone for up
to ninety (90) days the filing or the effectiveness of a registration statement for a Demand Registration; provided, that the Company may not postpone the filling or effectiveness of a registration statement for a Demand Registration for
more than one hundred eighty (180) days during any twelve (12) month period. 
 2.5 Selection of Underwriters.
The holders of a majority of the Registrable Securities included in any Demand Registration shall have the right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s approval which will not be
unreasonably withheld or delayed. 
 3. Piggyback Registration 

3.1 Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act (other
than pursuant to a Demand Registration hereunder) and the registration form to be used may be used for the registration of any Registrable Securities (a “Piggyback Registration”) (except Forms S-4 or S-8), the Company will give
written notice, at least thirty (30) days prior to the proposed filing of a registration statement, to all holders of the Registrable Securities of its intention to effect such a registration and will use reasonable best efforts to include in
such registration all Registrable Securities (in accordance with the priorities set forth in Sections 3.2 and 3.3 below) with respect to which the Company has received written requests for inclusion, within twenty (20) days after the delivery
of the Company’s notice, specifying the number of equity securities intended to be registered. 

 3.2 Priority on Piggyback Registrations. If a Piggyback Registration is an
underwritten primary registration on behalf of the Company and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in the registration creates a substantial risk that the
public offering price will be reduced, the Company will include in such registration first, the securities that the Company proposes to sell, and second, the Registrable Securities requested to be included in such registration and any securities
entitled to other registration rights that are pari passu with Registrable Securities (which rights were granted in compliance with this Agreement), pro rata among the holders of such securities on the basis of the number of shares which are
owned by such holders. 
 3.3 Other Registrations. If the Company has previously filed a registration statement with
respect to Registrable Securities pursuant to Section 2 or pursuant to this Section 3, and if such previous registration has not been withdrawn or abandoned, the Company will not file or cause to be effected any other registration of any
of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8 or Form S-4 or any successor forms thereto), whether on its own behalf or at the request of
any holder or holders of such securities, until a period of at least one hundred eighty (180) days has elapsed from the effective date of such previous registration. 
 3.4 Selection of Underwriters. The Company will have the right to select the managing underwriters to administer the offering of any Piggyback Registration (subject to the approval of a majority of
the Registrable Securities requested to be registered, which approval shall not be unreasonably withheld or delayed). 
 3.5
Limitations on Registrations. The Company shall not register any of its securities for sale for its own account (other than securities issued to employees of the Company under an employee benefit plan or securities issued to effect a business
combination pursuant to Rule 145 promulgated under the Securities Act and other than a registration on Form S-3) except as a firm commitment underwriting. 
 4. Holdback Agreements 
 4.1 Holders’ Agreements. Each Holder
agrees, in connection with the initial Public Offering of the Company’s securities and upon request of the underwriters managing any underwritten offering of the Company’s securities in which the Holder is a selling securityholder or was
offered the opportunity to participate as a selling securityholder and provided that the underwriter agrees not to exercise its rights under Section 3.2 with respect to the Holder, not to sell, make any short sale of, loan, grant any option for
the purchase of, or otherwise dispose of any Registrable Securities (other than those included in the registration, if any, and subject to other customary exceptions) without the prior written consent of such underwriters, as the case may be, during
the one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act, and to enter into and be bound by such form of agreement with respect to, and no more restrictive than,
the foregoing as the underwriter 

 
may request (it being understood that if any such agreement with the underwriter(s) conflicts with the foregoing terms of this paragraph, the terms of such agreement shall govern);
provided that the officers, directors and holders of 5% or more of the Company’s outstanding equity securities also agree to such restrictions. Nothing herein shall prevent a Holder from transferring Registrable Securities to a permitted
transferee under the Company’s Operating Agreement or Exchange Agreement provided that the transferees of such Registrable Securities agree to be bound by the provisions of this Agreement to the extent the transferor would be so bound.

 4.2 Company’s Agreements. The Company agrees not to effect any public sale or distribution of its equity
securities, or any securities convertible into or exchangeable or exercisable for such securities, during the seven (7) days prior to, and during the one hundred eighty (180) days following, the effective date of any underwritten Demand
Registration or any underwritten Piggyback Registration (except as part of any such underwritten registration or pursuant to registrations on Form S-4 or Form S-8 or any successor form), unless the underwriters managing the Public Offering otherwise
agree. 
 5. Registration Procedures. Whenever the Holders have requested that any Registrable Securities be registered
pursuant to this Agreement, the Company will use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company will as
expeditiously as possible: 
 (a) prepare and file with the Commission a registration statement with respect to such Registrable
Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a registration statement or prospectus, or any amendments or supplements thereto, the Company will furnish
copies of all such documents proposed to be filed to the counsel or counsels for the sellers of the Registrable Securities covered by such registration statement); 
 (b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus(es) used in connection therewith as may be necessary to keep such registration
statement effective for a period of one hundred eighty (180) days or until the holder or holders have finished the distribution described in such registration statement, and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

(c) furnish to each seller of Registrable Securities such number of copies of such registration statement, each amendment and supplement
thereto, the prospectus(es) included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by
such seller; 
 (d) use its reasonable best efforts to register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of
the 

 
Registrable Securities owned by such seller (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this subparagraph, (ii) consent to general service of process in any such jurisdiction, or (iii) subject it to taxation in any such jurisdiction); 

(e) notify each seller of such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading,
and, at the request of any such seller, the Company will prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of
a material fact or omit to state any fact necessary to make the statements therein not misleading; 
 (f) cause all such
Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed or if no such securities are then listed, such securities exchange as the holders of a majority of the Registrable
Securities included in such registration may request; 
 (g) provide a transfer agent, a registrar and a CUSIP number for all
such Registrable Securities not later than the effective date of such registration statement; 
 (h) enter into such customary
agreements (including underwriting agreements in customary form) and take all such other customary actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or
facilitate the disposition of such Registrable Securities (including, but not limited to, effecting a split or a combination of equity interests); 
 (i) advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness
of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

 (j) at the request of any seller of such Registrable Securities in connection with an underwritten offering, furnish on the
date or dates provided for in the underwriting agreement: (i) an opinion of counsel, addressed to the underwriters and the sellers of Registrable Securities, covering such matters as such counsel, underwriters and sellers may reasonably agree
upon, including such matters as are customarily furnished in connection with an underwritten offering, and (ii) a letter or letters from the independent certified public accountants of the Company addressed to the underwriters and the sellers
of Registrable Securities, covering such matters as such accountants, underwriters and sellers may reasonably agree upon, in which letter(s) such accountants shall state, without limiting the generality of the foregoing, that they are independent
certified public accountants within the meaning of the Securities Act and that in their opinion the financial statements and other financial data of the Company included in the registration statement, the prospectus(es), or any amendment or
supplement thereto, comply in all material respects with the applicable accounting requirements of the Securities Act; and 

 (k) make senior executives of the Company reasonably available to assist the underwriters
with respect to, and accompany the underwriters on the so-called “road show”, in connection with the marketing efforts for, and the distribution and sale of Registrable Shares pursuant to a registration statement. 

6. Registration Expenses 
 6.1 Company’s Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement, including, but not limited to, all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts
and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), will be borne by the Company, provided that the Company shall not be required to pay sales
commissions, discounts or transfer taxes. In addition, the Company will pay its internal expenses (including, but not limited to, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit or quarterly review, the expense of any liability insurance obtained by the Company and the expenses and fees for listing the securities to be registered on each securities exchange. 

6.2 Holder’s Expenses. In connection with any registration statement in which Registrable Securities are included, the
Company will reimburse the holders of Registrable Securities covered by such registration for the reasonable cost and expenses incurred by such holders in connection with such registration, including, but not limited to, reasonable fees and
disbursements of one counsel chosen by the holders of a majority of such Registrable Securities. 
 7. Indemnification

 7.1 By the Company. The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable
Securities, its officers, employees and directors and each Person who controls such holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including, but not limited to, attorneys’ fees
and expenses) caused by any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for use
therein or by such holder’s failure to deliver a copy of the prospectus or any amendments or supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same. In connection with an underwritten
offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification
of the holders of Registrable Securities. The payments required by this Section 7.1 will be made periodically during the course of the investigation or defense, as and when bills are received or expenses incurred. 

 7.2 By Each Holder. In connection with any registration statement in which a Holder
is participating, each such Holder will furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will
indemnify the Company, its directors, employees and officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged
untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in or omitted from any information so furnished in writing by such holder for the acknowledged purpose of inclusion
in such registration statement, prospectus or preliminary prospectus; provided that the obligation to indemnify will be several, not joint and several, among such Holders and the liability of each such Holder will be in proportion to and
limited in all events to the net amount received by such Holder from the sale of Registrable Securities pursuant to such registration statement. 
 7.3 Procedure. Each party entitled to indemnification under this Section 7 (the “Indemnified Party”) shall give written notice to the party required to provide indemnification
(the “Indemnifying Party”) promptly after such Indemnified Party has received written notice of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided such counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld or delayed).
The Indemnified Party may participate in such defense at such Indemnified Party’s expense; provided, however, that the Indemnifying Party shall bear the expense of such defense of the Indemnified Party if (i) the Indemnifying
Party has agreed in writing to pay such expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such claim or employ counsel reasonably satisfactory to the Indemnified Party, or (iii) in the reasonable judgment of
the Indemnified Party, based upon the written advice of such Indemnified Party’s counsel, representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest; provided,
however, that in no event shall the Indemnifying Party be liable for the fees and expenses of more than one counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same event, allegations or circumstances. The Indemnified Party shall not make any settlement without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed.
The failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Section 7 only to the extent that such failure to give notice shall materially adversely prejudice the
Indemnifying Party in the defense of any such claim or any such litigation. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation in form and
substance reasonably satisfactory to such Indemnified Party. 

 7.4 Survival. The indemnification provided for under this Agreement will remain in
full force and effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive the transfer of securities. 

8. Contribution. If the indemnification provided for in Section 7 from the Indemnifying Party is unavailable to or
unenforceable by the Indemnified Party in respect to any costs, fines, penalties, losses, claims, damages, liabilities or expenses referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to
the amount paid or payable by such Indemnified Party as a result of such costs, fines, penalties, losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of
the costs, fines, penalties, losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 7, any legal or other fees or expenses reasonably incurred by such
party in connection with any investigation or proceeding. 
 9. Compliance with Rule 144 and Rule 144A. In the event that
the Company (a) registers a class of securities under Section 12 of the Exchange Act, (b) issues an offering circular meeting the requirements of Regulation A under the Securities Act or (c) commences to file reports under
Section 13 or 15(d) of the Exchange Act, then at the request of any holder of Registrable Securities who proposes to sell securities in compliance with Rule 144 of the Commission, the Company will (i) forthwith furnish to such holder a
written statement of compliance with the filing requirements of the Commission as set forth in Rule 144, as such rule may be amended from time to time and (ii) make available to the public and such holders such information as will enable the
holders of Registrable Securities to make sales pursuant to Rule 144. If the California Public Employees’ Retirement System is eligible to sell Registrable Securities pursuant to Rule 144, the Company will promptly take such actions as the
California Public Employees’ Retirement System may reasonably request to permit the California Public Employees’ Retirement System to effect such sales, including by providing instructions to its transfer agent to deliver to or for the
account of the California Public Employees’ Retirement System of Registrable Securities that are unlegended. It is understood that opinions of counsel will not be required in connection with such sales pursuant to Rule 144. References herein to
the California Public Employees’ Retirement System shall be understood to include any of its successors and permitted assigns hereunder, and references to Rule 144 shall be understood to include any successor to such rule. Unless the Company is
subject to Section 13 or 15(d) of the Exchange Act, the Company will provide to the holder of Registrable Securities and to any prospective purchaser of Registrable Securities under Rule 144A of the Commission, the information described in Rule
144A(d)(4) of the Commission. 

 10. Participation in Underwritten Registrations. No Person may participate in any
registration hereunder which is underwritten unless such Person (a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by such Person or Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. The foregoing
notwithstanding, with respect to any of the documents and/or agreements referred to in this Section 10, (i) no holder of Registrable Securities shall be required to make any representations and warranties with respect to or on behalf of
the Company or any other equity holder of the Company and (ii) the liability of any holder of Registrable Securities shall be limited as provided in Section 7.2. 
 11. Miscellaneous 
 11.1 No Inconsistent Agreements. The Company has
not entered, and will not hereafter enter, into any agreement with respect to its securities which is inconsistent with the rights granted to the holders of Registrable Securities in this Agreement. To the extent that the Company, on or after the
date hereof, grants any superior or more favorable rights or terms to any Person with respect to the rights granted hereunder and terms provided herein than those provided to the holders of Registrable Securities as set forth herein, any such
superior or more favorable rights or terms shall also be deemed to have been granted simultaneously to the holders of Registrable Securities. 
 11.2 Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur, with respect to its Certificate of Limited Partnership, Operating Agreement
or other governing documents which would reasonably be expected to adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or which would
reasonably be expected to adversely affect the marketability of such Registrable Securities in any such registration. 
 11.3
Other Registration Rights. The Company will not hereafter grant to any Person or Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for
such securities, or to participate in any registration, which right conflicts or interferes with any of the rights granted hereunder or to the extent such participation rights provide for the inclusion of securities on a parity with or prior to the
inclusion of Registrable Securities. The Company will not include in any Demand Registration any securities which are not Registrable Securities (for the purposes of Section 2) unless and until all Registrable Securities requested to be
registered have first been so included. The Company maintains the right to add, from time to time as the general partner (or if no general partner exists, the governing body of the Company) acting in its sole discretion deems appropriate, other
holders of the Company’s equity securities or of securities convertible or exchangeable into or exercisable for the Company’s equity securities to this Agreement as Holders. Upon the execution of this Agreement by such holder and the
Company, such holder shall become a Holder hereunder and the equity securities of the Company held by such holder will be Registrable Securities hereunder. 

 11.4 Amendments and Waivers. Except as otherwise expressly provided herein, the
provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company (or its successor), the California Public Employees’ Retirement System (and any successor or permitted assign) for so long as it is a
holder of Registrable Securities and the holders of a majority of the Registrable Securities; provided, however, that the provisions of this Agreement may not be amended or waived without the consent of the holders of all the
Registrable Securities adversely affected by such amendment or waiver if such amendment or waiver adversely affects a portion of the Registrable Securities but does not so adversely affect all of the Registrable Securities. Any waiver, permit,
consent or approval of any kind or character on the part of any such holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing. Any amendment or waiver
effected in accordance with this paragraph shall be binding upon each holder of Registrable Securities and the Company. 
 11.5
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and
assigns of the parties hereto, whether so expressed or not. In addition, and whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit of the holders of Registrable Securities are also for the
benefit of, and enforceable by, any subsequent holders of such Registrable Securities. 
 11.6 Descriptive Headings. The
descriptive headings of this Agreement are inserted for convenience of reference only and do not constitute a part of and shall not be utilized in interpreting this Agreement. 
 11.7 Interpretation. For the avoidance of doubt, references herein to registration statements relating to mergers or acquisitions and/or registration statements on Form S-4 shall be deemed to
include any registration statement (on Form S-3 or otherwise) covering exclusively the delivery of Units by the Company or its subsidiaries, from time to time, to holders of other equity securities of the Company, its subsidiaries or its affiliates
in exchange for such other equity securities. 
 12. Notices. Any notices required or permitted to be sent hereunder
shall be delivered personally or mailed, certified mail, return receipt requested, or delivered by overnight courier service to the following addresses, or such other address as any party hereto designates by written notice to the Company, and shall
be deemed to have been given upon delivery, if delivered personally, three (3) days after mailing, if mailed, or one (1) business day after delivery to the courier, if delivered by overnight courier service to the Company at 1001
Pennsylvania Avenue, N.W., Suite 220 South, Washington, D.C. 20004, Attention: General Counsel. 
 12.1 GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW). 

 12.2 CONSENT TO JURISDICTION. THE COMPANY AND EACH PURCHASER HEREBY
IRREVOCABLY AGREE THAT ANY SUIT, ACTION, PROCEEDING OR CLAIM AGAINST IT ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS, OR ANY JUDGMENT ENTERED BY ANY COURT IN RESPECT THEREOF, MAY BE BROUGHT OR ENFORCED IN
THE STATE OR FEDERAL COURTS LOCATED IN WILMINGTON, DELAWARE AND THE COMPANY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY PROCEEDING BROUGHT IN WILMINGTON,
DELAWARE AND FURTHER IRREVOCABLY WAIVES ANY CLAIMS THAT ANY SUCH PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

12.3 WAIVER OF JURY TRIAL. EACH PURCHASER AND THE COMPANY HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT, POWER, OR REMEDY UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS OR UNDER OR IN CONNECTION WITH ANY AMENDMENT, INSTRUMENT, DOCUMENT, OR AGREEMENT DELIVERED OR WHICH MAY
IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED AGREEMENT, AND AGREE THAT ANY SUCH ACTION SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
THE TERMS AND PROVISIONS OF THIS SECTION CONSTITUTE A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS AGREEMENT. 

12.4 Reproduction of Documents. This Agreement and all documents relating hereto, including, but not limited to,
(i) consents, waivers, amendments and modifications which may hereafter be executed, and (ii) certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, optical
disk, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in
existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 

12.5 Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to
recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the
provisions of this Agreement and that any party shall be entitled to immediate injunctive relief or specific performance without bond or the necessity of showing actual monetary damages in order to enforce or prevent any violations of the provisions
of this Agreement. 

 12.6 Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this Agreement. 
 12.7 Entire Agreement. This
Agreement, together with the Purchase Agreement and all other agreements entered into by the parties hereto pursuant to the Purchase Agreement, constitutes the complete and final agreement of the parties concerning the matters referred to herein,
and supersedes all prior agreements and understandings. 
 12.8 Execution in Counterparts. This Agreement may be executed
in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and such counterparts together shall constitute one instrument. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, each of the following parties has executed and delivered this
Registration Rights Agreement as of the date first set forth above. 
  

					
	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 Registration Rights Agreement –CalPERS] 

 
			
	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 Registration Rights Agreement –CalPERS]

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