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1、Overview:FinancialServicesIndustry- WhatWentWrong& WhatDoesitMean?P.OlivierSarkozy ManagingDirector&FinancialServicesGroupHeadOctober3,2008ImportantInformationThispresentationismadeavailableonaconfidentialbasistosophisticatedinvestorsforthepurposeofpr
2、ovidingcertaininformationaboutTCGroup,L.L.C.anditsaffiliates(“Carlyle”)andCarlyle-sponsoredinvestmentfunds(each,a“Fund”).ThispresentationdoesnotconstituteanoffertosellorasolicitationofanoffertopurchaseinterestsinanyFund.Anysuchofferorsolicitationshall
3、onlybemadepursuanttoaconfidentialprivateplacementmemorandumofFund,whichqualifiesinitsentiretytheinformationsetforthhereinandwhichshouldbereadcarefullypriortoinvestmentinanyFundforadescriptionofthemeritsandrisksofaninvestmentintheFund. AninvestmentinaF
4、undentailsahighdegreeofriskandnoassurancecanbegiventhatafund’sinvestmentobjectivewillbeachievedorthatinvestorswillreceiveareturnoftheircapital.Asusedthroughoutthisdocument,andunlessotherwiseindicated,“grossIRR”shallmeananaggregate,annual,compound,gros
5、sinternalrateofreturnoninvestments.Inthecaseofportfoliosofrealizedandunrealizedinvestments,thegrossIRRsarebasedonrealizationsandinternalvaluationsofCarlyleasoftheapplicabledate.GrossIRRsdonotreflectmanagementfees,carriedinterest,taxes,transactioncosts
6、andotherexpensestobebornebyinvestorsintheFund,whichwillreducereturnsandintheaggregateareexpectedtobesubstantial;foradescriptionofsuchmanagementfeesandcarriedinterest,pleaseseethefinalconfidentialprivateplacementmemorandum.WhileCarlylebelievesthatproje
7、ctedreturnsforunrealizedinvestmentsarebasedonassumptionsandvaluationmethodologiesthatarereasonableunderthecircumstances,theactualrealizedreturnsonCarlyle’sunrealizedinvestmentswilldependon,amongotherfactors,futureoperatingresults,thevalueoftheassetsan
8、dmarketconditionsatthetimeofdisposition,anyrelatedtransactioncostsandthetimingandmannerofsale,allofwhichmaydifferfromtheassumptionsonwhichthevaluationsusedinthepriorperformancedatacontainedhereinarebased.Accordingly,theactualrealizedreturnonth
