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The Road Ahead

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The Road Ahead GLOBAL PRIVATE EQUITY THE ROAD AHEAD 2008 ANNUAL REPORT CONTENTS 8 The Carlyle Group: An Overview 10 Ten Years of Success in China 13 Letter from the Founders 17 2008 Fund Review 18 Corporate Private Equity 40 Leveraged Finance/Distressed 46 Real Estate 54 Corporate Responsibility 60 Investor Services All content included in this Annual Report, such as graphics, logos, articles and other materials, is the property of The Carlyle Group or others noted herein and is protected by copyright and other laws. All trademarks and logos displayed in this Annual Report are the property of their respective owners, who may or may not be affiliated with our organization. Any person receiving this Annual Report is permitted to copy and print individual pages for non-commercial purposes. Recipients may also copy or print minimal copies of this report for informational, non-commercial use. These copies must not alter the original report’s content, including all legal notices and legends. There can be no assurances that Carlyle’s investment objectives will be achieved or that our investment programs will be successful. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Investors should read this Annual Report in conjunction with fund quarterly reports, financial statements and other disclosures regarding the performance of the specific investments listed herein. Unless otherwise noted, the performance figures used herein do not reflect management fees, carried interest, taxes, transaction costs and other expenses that are borne by investors in funds sponsored by Carlyle, which will reduce returns and in the aggregate are expected to be substantial. Certain of the information contained in this Annual Report represents or is based upon forward-looking statements or information. Forward- looking statements are inherently uncertain, and changing factors, such as those affecting the markets generally, or those affecting particular industries or issuers, may cause events or results to differ from those discussed. Therefore, undue reliance should not be placed on such statements or the conclusions drawn therefrom, which in no event shall be construed as a guarantee of future performance, results or courses of action. The Carlyle Group expressly disclaims any obligation or undertaking to update or revise any such forward-looking statements. The road isn’t always straight and flat. Steep hills and unexpected curves are part of the journey. Yet within every challenge lies an opportunity. We know. We’ve been there. For more than 20 years, we’ve negotiated the complex highways of global private equity, applying a conservative and disciplined investment approach that has generated excellent returns for our investors. Today, more than 1,300 investors from 68 countries entrust Carlyle with their capital. It’s not something we take lightly. Which is why we’re responding aggressively around the world in our efforts to preserve and protect the value of our investments. Focused on a common purpose, Carlyle’s investment professionals are working together—leveraging our trademark One Carlyle global collaboration and expertise—to safeguard and grow our investments. As one of the largest and most global private equity firms in the world, we believe we have the resources and the knowledge to capitalize on the extraordinary opportunities that may develop on the road ahead. Global Vision. Local Insight. That’s how we can create value in diverse geographic locations denver as we move forward on the road ahead. NEW YorK WashingtOn, DC Los Angeles CHarlotte Carlyle’s global reach extends across 28 cities in 20 countries. Experience has taught us that the best way to thrive in a range of local markets— SÃO Paulo especially in times of uncertainty and economic dislocation—is by MEXico City hiring local people. Our investment professionals have strong reputations, established contacts and knowledge about the local business climate and culture. The insights of these diverse teams of more than 480 • Offices: 6 • funds: investment professionals form a global vision that puts us in a strong Buyout Growth Capital position to create value from New York to Beijing. Energy & Power Real Estate Leveraged Finance Mezzanine Distressed situations Infrastructure north america • Offices: 1 • fund: Buyout Los Angeles Paris south america SÃO Paulo SHangHai 2 THE CARLYLE GROUP 2008 LUXembourg StocKHolm LOndOn FranKfurt Paris MunicH Milan Barcelona Istanbul BeiJing Madrid Seoul TOKYO Beirut SHangHai Cairo dubai Hong Kong Mumbai Singapore sydney • Offices: 9 • funds: Buyout Growth Capital Real Estate Leveraged Finance Distressed situations • Offices: 8 europe • funds: Buyout Growth Capital Real Estate middle east/north africa • Offices: 4 • fund: asia Buyout Global Reach 2008 THE CARLYLE GROUP 3 Industry Edge aerOspace & defense teLecommunicatiOns & Media automotive & transpOrtatiOn financiaL services Infrastructure HealtHcare Real Estate technology & business services 4 THE CARLYLE GROUP 2008 We’ve developed a clear and straight- forward roadmap for creating value. We start by focusing on industries in which we have demonstrated expertise. We Consumer & Retail commit capital to an investment when we believe we have an advantage— something that sets us apart from the competition—such as our management Energy & POWer know-how or industry edge. Working collaboratively, our global network of investment professionals, advisors and CEOs gives portfolio companies the direction they need to navigate economic downturns and be better industriaL positioned to grow and achieve top performance when an upturn emerges. 2008 THE CARLYLE GROUP 5 Public Pensions & Agencies HigH Net WortH Financial Institutions union pensions Corporate Pensions endowments & FoundatiOns 6 THE CARLYLE GROUP 2008 The road has been rough of late, but we still see opportunities to produce strong Our Investors returns for our investors, many of whom are beneficiaries of public and private pension plans, university endowments and charitable foundations, as well as high net worth individuals and financial institutions. One way to create value is by improving the performance of the very good companies Carlyle acquired over the last few years. Another is by identifying extraordinary opportunities that historically present themselves in times of economic dislocation. There will always be curves on the road ahead. But by relentlessly adhering to a conservative and disciplined investment approach, we believe that all of us—our investors, our companies and our firm—will benefit over the long term. 2008 THE CARLYLE GROUP 7 THE CARLYLE GROUP An Overview 480 Since our founding in 1987, Carlyle has made investment professionals product and geographic expansion key elements with offices in of our business model. Today, Carlyle is one 20 countries of the largest global private equity firms with approximately 900 professionals in 20 countries managing $85 billion in 64 funds across three CURRENT INVESTMENTS BY INDUSTRY asset classes. Our mission is to be the premier global private equity firm. By leveraging the insight of Carlyle’s worldwide team, we aim to generate extraordinary returns across a range of investment choices, while maintaining our good name and the good name of our investors. Energy & Power 22% telecom & Media 6% Our collaborative spirit and ability to combine a global real estate 19% transportation 6% vision with local insight set Carlyle apart. Every day, our team tech & business services 15% healthcare 6% of investment professionals works together in seeking to uncover consumer & retail 8% aerospace 5% industrial 8% Other 4% superior opportunities in diverse industries and varied locations across the globe. 64 funds across three asset classes 8 THE CARLYLE GROUP 2008 In the past five years alone, capital committed to our funds has increased by 390%. TOTAL CAPITAL COMMITMENTS SINCE INCEPTION carlyle started in 1987 with $5 million of capital. Today, we manage $85 billion in 64 funds across the globe. 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT 1300 INVESTORS BY GEOGRAPHY BY INVESTMENT DISCIPLINE FROM 68 COUNTRIES north america 60% corporate private equity 72% public pensions & agencies 37% europe 26% Leveraged finance/distressed 16% Financial Institutions 33% asia 14% real estate 12% high net Worth 15% corporate pensions 8% endowments & foundations 4% Corporations 3% $85 billion $3.3 billion $54.6 billion of assets of our own of equity invested in under management capital committed 896 corporate private to our funds Equity and Real Estate transactions since 1987 2008 THE CARLYLE GROUP 9 We established our first investment team in China more than 10 years ago. Today, we’re one of the largest and most committed private equity firms in the country. One of the first private equity firms to enter China, Carlyle was quick to identify the enormous potential of investing in the country’s vibrant, entrepreneurial companies, well before most other international and local private equity firms. Today, Carlyle manages nine Asia-focused funds that invest significantly in China. The funds are managed by three active teams—Carlyle Asia Partners, Carlyle Asia Growth Partners and Carlyle Asia Real Estate Partners—and are advised by native Chinese investment professionals based in Beijing, Hong Kong and Shanghai. Led by 11 Managing Directors focused on a diverse range of Chinese companies and assets, Carlyle has a measure of senior talent in the country that we believe is
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