All content included in tis Annual Report, suc as grapics, logos, articles and oter materials, is te property of Te Carlyle Group or oters noted erein and is protected by copyrigtand oter las. All trademars and logos displayed in tis Annual Report are te property of teir respective oners, o may or may not be affiliated it our organiation. Any personreceiving tis Annual Report is permitted to copy and print individual pages for non-commercial purposes. Recipients may also copy or print minimal copies of tis report for informational,non-commercial use. Tese copies must not alter te original report’s content, including all legal notices and legends. Tere can be no assurances tat Carlyle’s investment obectives ill beacieved or tat our investment programs ill be successful. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Investors sould read tis Annual Report in conunction itfund uarterly reports, financial statements and oter disclosures regarding te performance of te specific investments listed erein. Unless oterise noted, te performance figures usederein do not reflect management fees, carried interest, taes, transaction costs and oter epenses tat are borne by investors in funds sponsored by Carlyle, ic ill reduce returns andin te aggregate are epected to be substantial. Certain of te information contained in tis Annual Report represents or is based upon forard-looing statements or information. Forard-looing statements are inerently uncertain, and canging factors, suc as tose affecting te marets generally, or tose affecting particular industries or issuers, may cause events or resultsto differ from tose discussed. Terefore, undue reliance sould not be placed on suc statements or te conclusions dran terefrom, ic in no event sall be construed as a guaranteeof future performance, results or courses of action. Te Carlyle Group epressly disclaims any obligation or undertaing to update or revise any suc forard-looing statements.
CONTENTS8 The Carlyle Group: An Overview10 Ten Years o Success in China13 Letter rom the Founders17 2008 Fund Review18 Corporate Private Equity40 Leveraged Finance/Distressed46 Real Estate54 Corporate Responsibility60 Investor Services