Employment Agreement of Kewsong Lee, dated as of October 23, 2017

Employer desires to employ Employee on the terms and conditions set forth herein in connection with Employee’s promotion to Co-Chief Executive Officer of the Company; and

Employee desires to be employed by Employer on such terms and conditions.

If at any time during the Term Employee’s employment is terminated due to death pursuant to Section 5.a. or disability pursuant to Section 5.b.i., then Employer shall pay Employee (or Employee’s beneficiary, as applicable) the Pro Rata Bonus.

In the case of a termination of Employee’s employment at any time for any reason, Employer shall pay to Employee, within 30 days after the Termination Date (to the extent not previously paid), the Base Salary Amount, but only to the extent such compensation has accrued through the Termination Date.

The sole liability of Employer under this Agreement upon a termination of Employee’s employment shall be: (i) to pay the amounts expressly provided for in this Section 6 and Section 4.b. as being due and owed upon such termination; (ii) to reimburse Employee pursuant to Section 4.d. for business expenses incurred by Employee during the Term; (iii) to honor the vested portion of any equity participation (including, without limitation, the Existing Interests) granted to Employee in accordance with the terms and conditions applicable thereto (which may include the forfeiture of such vested portion in the case of a termination for cause); and (iv) to comply with any other obligations under this Agreement that expressly survive termination of Employee’s employment or pursuant to any other written agreements between Employee and Employer or pursuant to any employee benefit plan.

All memoranda, notices, files, records and other documents made or compiled by Employee during the Term in the ordinary course of business (other than business cards and names and contact information retained in Employee’s rolodex or Outlook), or made available to Employee concerning the business of Carlyle (including, without limitation, any “best practices” materials made available to Employee), shall be Employer’s property and shall be delivered to Employer promptly following its request therefore or automatically promptly following the end of the Term. Notwithstanding anything herein to the contrary, Employee shall be entitled to retain, both during and following the Term, (i) all business cards and names and contact information retained in Employee’s rolodex or Outlook and (ii) shall be entitled to remove from Carlyle’s premises (and, upon a termination of employment for any reason, Employer shall reasonably assist Employee in gathering and removing) any personal documents (including, without limitation, any documents relating to his financial interests in Carlyle, including any funds, investment vehicles and accounts whose investments are or were managed by Carlyle, tax information, agreements or other contracts to which Employee is a party or a beneficiary, and information relating to employee benefit plans and entitlements) that is on Carlyle property (including electronically); provided that all documents covered by clause (ii) shall remain subject to all covenants and agreements for the benefit of Carlyle regarding confidentiality applicable thereto and under which Employee has any obligation.

Employee acknowledges that, in and as a result of Employee’s employment hereunder, Employee will be making use of and/or acquiring confidential or proprietary information, knowledge and data developed by Carlyle that is of a special and unique nature and value to Carlyle, including, but not limited to, the nature and material terms of business opportunities and proposals available to Carlyle and financial records of Carlyle, Carlyle investment funds and investors in such funds (collectively, “Confidential Information”). Employee shall not at

Employee will not publicly disclose any private placement fundraising information about a Carlyle fund vehicle that has not had a final closing of capital commitments if such disclosure would violate the federal “private placement” rules that permit fund offerings to be unregistered.

Notwithstanding any other provision of this Agreement: (i) no provision of this Agreement prohibits or restricts any employee from reporting possible violations of law or other whistleblower information to a government regulator or governmental agency or other authorized individuals; (ii) Carlyle’s consent is not required for such disclosure to a government regulator or governmental agency; and (iii) notice to Carlyle is not required in the case of such whistleblower disclosure to a government regulator or governmental agency. Notwithstanding the foregoing, under no circumstance is Employee authorized to disclose any information covered by Carlyle’s attorney-client privileged or attorney work product without Carlyle’s prior written consent. The obligations under this Section 7 shall survive the termination or expiration of this Agreement and any termination of Employee’s employment.

Except as provided in Section 18.b. or prohibited by applicable law, any dispute, claim or controversy arising in connection with or relating to this Agreement or otherwise in connection with or relating to Employee’s employment with Employer (including any statutory claims), Employee’s carried interest participation, Employee’s DRUs and Employee’s personal coinvestments shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (except as modified herein). No such arbitration proceedings shall be commenced or conducted until at least 60 days

Notwithstanding the foregoing, in the event of any claim or controversy arising in connection with this Agreement for which the remedy is equitable or injunctive relief, unless otherwise prohibited by law, the aggrieved party shall be entitled to seek injunctive or other equitable relief from any court of competent jurisdiction, including where necessary: (i) to compel arbitration; (ii) to obtain interim measures of protection prior to or pending arbitration; (iii) to seek injunctive relief in the courts of any jurisdiction as may be necessary and appropriate to protect the unauthorized disclosure of its proprietary or confidential information, or to enforce the provisions of Sections 7, 8, 9, 10 and 11 of this Agreement; and (iv) to enforce any decision of the arbitrators, including the final award.

Immunity. An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made in confidence, and solely for the purpose of reporting or investigating a suspected violation of law, to a federal, state or local government official, either directly or indirectly, or to an attorney; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

Use of Trade Secret Information in Anti-Retaliation Lawsuit. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

“Annual Bonus” means the bonus granted to Employee pursuant to Section 4.b. of the Employment Agreement.

“Arbitration Location” means New York, New York.

“Arbitration Notice” has the meaning given to it in Section 18.a. of the Employment Agreement.

“Average Annual Bonus” means the average of the Annual Bonuses paid to Employee with respect to the two most recently preceding calendar years during the Term or (i) if less than two years have elapsed during the Term, the Annual Bonus that was paid in the first year of the Term and (ii) if less than one year has elapsed during the Term, the actual Annual Bonus that would have been paid in respect of the 2018 calendar year had Employee remained employed through the payment date of such Annual Bonus.

“Base Salary Amount” means $275,000 per annum in Currency, or such increased amount as may be approved by the Board from time to time in accordance with Section 4.a. of the Employment Agreement.

“Board” means the Board of Directors of Carlyle Group Management L.L.C., a Delaware limited liability company.

“Carlyle” means Carlyle Investment Management, L.L.C. and its affiliates collectively operating under the trade name “The Carlyle Group,” which, for the avoidance of doubt, includes Employer and the Company and their affiliates.

“Carlyle Business” means all of the activities of the investment funds and other investment products and investment advisory and investment businesses operated under The Carlyle Group name.

“Cause” has the meaning given to it in Section 5.b.ii. of the Employment Agreement.

“Change of Control” means a “Change of Control” as defined in Section 16.2 of the Second Amended and Restated Agreement of Limited Partnership of The Carlyle Group L.P. dated as of September 13, 2017.

“Commencement Date” means January 1, 2018.

“Common Unit” means one common unit of the Company.

“Company” means The Carlyle Group L.P., a Delaware limited partnership.

“Confidential Information” has the meaning given to it in Section 7.b. of the Employment Agreement.

“Currency” means USD.

“Effective Date” means October 23, 2017.

“Employee” means Kewsong Lee.

“Employer” means The Carlyle Group Employee Co., L.L.C., a Delaware limited liability company.

“Equity Plan” means The Carlyle Group L.P. 2012 Equity Incentive Plan.

“Founders” means William E. Conway, Jr., Daniel A. D’Aniello and David M. Rubenstein.

“Good Reason” has the meaning given to it in Section 5.c.i. of the Employment Agreement.

“Governing Jurisdiction” means New York, New York.

“Person” means all natural persons, corporations, business trusts, associations, companies, partnerships, joint ventures and other entities and governments and agencies and political subdivisions.

“Severance Period” means the period commencing on the date that is 45 days following the Termination Date and ending on (i) if the Termination Date occurs during the first four years of the Term, the date that is 12 months immediately following the commencement of the Severance Period, and (ii) if the Termination Date is during the fifth year of the Term, on the date that is 45 days after the end of the Term.

“Term” has the meaning given to it in Section 1 of the Employment Agreement.

“Termination Date” means the date on which Employee’s termination of employment with Employer and its affiliates is effective.

Wherever the word “willful” occurs in this Agreement, no act or failure to act on a Person’s part will be considered willful if done, or omitted to be done, by such Person in good faith and with the reasonable belief that the action or omission was in the best interests of (i) Carlyle with respect to any act or failure to act by Employee, or (ii) Employee with respect to any act or failure to act by Carlyle.

General. Employer intends that the Company will grant to Employee deferred restricted common units (“DRUs”) of the Company as described in this Term Sheet, subject to Employee’s continued employment from the Effective Date through the grant date of such DRUs. Each DRU represents the right to receive a Common Unit upon satisfaction of the applicable vesting and delivery requirements. The terms of the DRUs will be determined by the Board and shall be materially consistent with the terms of similar DRUs granted to other executive officers of Carlyle to the extent not conflicting with this Term Sheet. The DRUs will be governed by and issued pursuant to the Equity Plan and the corresponding DRU grant agreement. Any grant of DRUs described in this Term Sheet is subject to the prior approval of the Board, and, to the extent required by the Equity Plan, the Administrator. Pursuant to the terms of the Equity Plan and the applicable grant agreement, when the DRU grants described in this Term Sheet vest, Common Units will be delivered to an Employer-designated brokerage account for Employee’s benefit as soon as administratively possible. In the event of a termination of employment for Cause as defined in, and pursuant to Section 5.b.ii. of, the Employment Agreement, all vested and unvested awards granted to Employee pursuant to this Term Sheet that have not been previously disposed of by Employee shall be forfeited. Vesting of DRUs following the Termination Date (i) is subject to execution of a release in accordance with Section 6 of the Employment Agreement if Employee’s employment is terminated pursuant to either Section 5.c.i. or Section 5.b.iii. of the Employment Agreement, and (ii) is subject to compliance with Sections 9, 10 and 11 of the Employment Agreement to the extent applicable in all cases.

Time-Vesting DRUs. Employer intends that the Company will grant to Employee on or prior to February 28, 2018, subject to the approvals set forth above and Employee’s continued employment from the Effective Date through the grant date, DRUs with respect to 1,250,000 Common Units (the “Time-Vesting DRUs”). The Time-Vesting DRUs will be subject to a five-year vesting period, vesting annually in five equal portions of 250,000 Common Units beginning in February 2019 on the date that is the ordinary DRU vesting date of the Company occurring in such month, subject to Employee’s continued employment from the Effective Date through each vesting date (unless terminated due to death pursuant to Section 5.a. of the Employment Agreement or disability pursuant to Section 5.b.i. of the Employment Agreement, in which case the Time-Vesting DRUs will vest in full on such termination); provided, however, that if (i) Employee terminates Employee’s employment pursuant to Section 5.c.i. of the Employment Agreement and Employer could not have terminated Employee’s employment for Cause as defined in, and pursuant to Section 5.b.ii. of, the

Performance-Vesting DRUs. Employer intends that the Board will approve on or prior to February 28, 2018 the Company’s grant to Employee, subject to the approvals set forth above and Employee’s continued employment from the Effective Date through the grant date, of DRUs with respect to a target of 1,250,000 Common Units (the “Performance-Vesting DRUs”). The Performance-Vesting DRUs will be subject to a five-year vesting period, vesting annually with respect to five equal target portions of 250,000 Common Units beginning in the first quarter of 2019, based on the level of attainment of annual performance metrics. The level at which a Performance-Vesting DRU vests (between 0% and 200% of target) will be based on the level of attainment of one-year performance metrics established by the Board in each of 2018 through 2022 (with respect to performance for such year) promptly (but no more than 8 business days) following certification of the Company’s fourth quarter results for the prior calendar year. The level of attainment of the established performance metrics shall be certified in the year immediately following the performance year (in each of 2019 through 2023) promptly (but no more than 8 business days) following certification of the Company’s fourth quarter results for the prior calendar year and at such a time that the Common Units subject to any vested portion of the Performance-Vesting DRUs will be delivered on or prior to the first Common Unit distribution record date of such applicable calendar year. Any Performance-Vesting DRU that vests will vest upon the certification of the performance metrics applicable to such Performance-Vesting DRU, subject to Employee’s continued employment from the Effective Date through the applicable vesting date (unless terminated due to death pursuant to Section 5.a. of the Employment Agreement or disability pursuant to Section 5.b.i. of the Employment Agreement, in which case the Performance-Vesting DRUs will vest in full on such termination at target); provided, however, that if (i) Employee terminates Employee’s employment pursuant to Section 5.c.i. of the Employment Agreement and Employer could not have terminated Employee’s employment for Cause as defined in, and pursuant to Section 5.b.ii. of, the Employment Agreement or (ii) Employer terminates Employee’s employment pursuant to Section 5.b.iii. of the Employment Agreement, in each case prior to the final vesting date of the Performance-Vesting DRUs, then a portion of the Performance-Vesting DRUs will vest at target on the next scheduled vesting date following the Termination Date with respect to (x) the Performance-Vesting DRUs scheduled to vest on such date plus (y) if the Termination Date occurs prior to the fourth vesting date of the Performance-Vesting DRUs, a number of Performance-Vesting DRUs equal to 20,834 multiplied by the number of full months from January 1 of the year in which the Termination Date occurs to the Termination Date (or, if

Following the Term. If the Term ends on December 31, 2022 and Employee’s employment has not been terminated for any reason either by Employer or Employee on or on or prior to such date, and following the end of the Term, Employee’s employment terminates for any reason other than for Cause, as defined in the Employment Agreement, prior to vesting of the Time-Vesting DRUs or the Performance-Vesting DRUs in 2023, then (i) the Time-Vesting DRUs scheduled to vest in 2023 and (ii) the Performance-Vesting DRUs scheduled to vest in 2023 shall all vest on their respective scheduled vesting date (based on actual performance with respect to the Performance-Vesting DRUs scheduled to vest in 2023).

Change of Control.

If following the occurrence of a Change of Control, (i) Employee terminates Employee’s employment pursuant to Section 5.c.i. of the Employment Agreement and Employer could not have terminated Employee’s employment for Cause as defined in, and pursuant to Section 5.b.ii. of, the Employment Agreement or (ii) Employer terminates Employee’s employment pursuant to Section 5.b.iii. of the Employment Agreement, in each case prior to the final vesting date of the Time-Vesting DRUs and the Performance-Vesting DRUs, then a portion of the Time-Vesting and Performance-Vesting DRUs will vest as follows:

a portion of the Time-Vesting DRUs will vest on the next scheduled vesting date following the Termination Date with respect to (x) the Time-Vesting DRUs scheduled to vest on such date plus (y) if the Termination Date occurs prior to the fourth vesting date of the Time-Vesting DRUs, the Time-Vesting DRUs scheduled to vest on the next immediately following vesting date plus (z) if the Termination Date occurs prior to the third vesting date of the Time-Vesting DRUs, a number of Time-Vesting DRUs equal to 20,834 multiplied by the number of full months from January 1 of the year in which the Termination Date occurs to the Termination Date (or, if the Termination Date occurs in January or February of a calendar year and prior to the applicable vesting date in respect of the prior year, multiplied by 12); and

a portion of the Performance-Vesting DRUs will vest at target on the next scheduled vesting date following the Termination Date with respect to (x) the Performance-Vesting DRUs scheduled to vest on such date plus (y) if the Termination Date occurs prior to the fourth vesting date of the Performance-Vesting DRUs, the Performance-Vesting DRUs scheduled to vest on the next immediately following vesting date plus (z) if the Termination Date occurs prior to the third vesting date of the Performance-Vesting DRUs, a number of Performance-Vesting DRUs equal to 20,834 multiplied by the number of full months from January 1 of the year in which the Termination Date occurs to the Termination Date (or, if the Termination Date occurs in January or February of a calendar year and prior to the applicable vesting date in respect of the prior year, multiplied by 12).

Effective promptly following the consummation of a Change of Control, Employee and Employer shall negotiate in good faith and agree on a framework or methodology for determining the future performance metrics applicable to the Performance-Vesting DRUs (or an alternative structure of such awards) to preserve after the Change of Control performance metrics that provide for a reasonable opportunity to achieve threshold, target and maximum level performance that is substantially similar to the opportunity to achieve threshold, target and maximum level performance in place immediately prior to the Change of Control.