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1、Overview:FinancialServicesIndustry- WhatWentWrong& WhatDoesitMean?P.OlivierSarkozy ManagingDirector&FinancialServicesGroupHeadOctober3,2008ImportantInformationThispresentationismadeavailableonaconfidentialbasistosophisticatedinvestorsforthepurposeofprovidingcertaininformati
2、onaboutTCGroup,L.L.C.anditsaffiliates(“Carlyle”)andCarlyle-sponsoredinvestmentfunds(each,a“Fund”).ThispresentationdoesnotconstituteanoffertosellorasolicitationofanoffertopurchaseinterestsinanyFund.Anysuchofferorsolicitationshallonlybemadepursuanttoaconfidentialprivateplacem
3、entmemorandumofFund,whichqualifiesinitsentiretytheinformationsetforthhereinandwhichshouldbereadcarefullypriortoinvestmentinanyFundforadescriptionofthemeritsandrisksofaninvestmentintheFund. AninvestmentinaFundentailsahighdegreeofriskandnoassurancecanbegiventhatafund’sinvestm
4、entobjectivewillbeachievedorthatinvestorswillreceiveareturnoftheircapital.Asusedthroughoutthisdocument,andunlessotherwiseindicated,“grossIRR”shallmeananaggregate,annual,compound,grossinternalrateofreturnoninvestments.Inthecaseofportfoliosofrealizedandunrealizedinvestments,t
5、hegrossIRRsarebasedonrealizationsandinternalvaluationsofCarlyleasoftheapplicabledate.GrossIRRsdonotreflectmanagementfees,carriedinterest,taxes,transactioncostsandotherexpensestobebornebyinvestorsintheFund,whichwillreducereturnsandintheaggregateareexpectedtobesubstantial;for
6、adescriptionofsuchmanagementfeesandcarriedinterest,pleaseseethefinalconfidentialprivateplacementmemorandum.WhileCarlylebelievesthatprojectedreturnsforunrealizedinvestmentsarebasedonassumptionsandvaluationmethodologiesthatarereasonableunderthecircumstances,theactualrealizedr
7、eturnsonCarlyle’sunrealizedinvestmentswilldependon,amongotherfactors,futureoperatingresults,thevalueoftheassetsandmarketconditionsatthetimeofdisposition,anyrelatedtransactioncostsandthetimingandmannerofsale,allofwhichmaydifferfromtheassumptionsonwhichthevaluationsusedinthep
8、riorperformancedatacontainedhereinarebased.Accordingly,theactualrealizedreturnonth
