The Carlyle Group
2008 Annual Report

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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.

Design: FCI, Bethesda, Maryland

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