2010 Annual Report - The Carlyle Group

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Uncovering value in diverse emerging marketsThe world’s emerging markets offer tremendous opportunities to create long-term value. Driven largely by rising consumer demandfrom a growing middle class, economic expansion in these markets continues to accelerate.In China, we continued our strong pace of investment activity, completing three new transactions in 2010, including an investment inATMU, the country’s largest independent automated teller machine operator and service provider. We have a strong leadership positionin China with 89 professionals in five offices dedicated to investing in the country.In South America, Carlyle has made three investments in three Brazilian companies since 2009. One of our most recent was a significantinvestment in Scalina, Brazil’s largest manufacturer and retailer of woman’s hosiery and lingerie with approximately 10% market share.Our MENA office continues to assess and execute attractive deals. In 2010, Carlyle made its first investment in Saudi Arabia with theacquisition of a 30% stake in General Lighting Company, the country’s largest lighting fixture manufacturer and supplier.Marlon ChigwendeManaging Director and Co-Headof the Sub-Saharan Africa TeamJohannesburgFiras NasirManaging DirectorMENA Buyout TeamDubai42 The Carlyle group
section Three diversificationGrowth of Carlyle’sInvestments inEmerging Markets*($ in billions, as of 12/31/2010)$15Fernando BorgesManaging Director andHead of the Carlyle SouthAmerica Buyout TeamSão Paulo$6EquityInvestedtotalValue*Valuation subject to changeJanine FengManaging DirectorAsia Buyout TeamHong KongCarlyle has been investing in emergingmarkets since 1998, when we were amongthe first alternative asset management firmsto establish a presence in China. Since then,Carlyle has invested a total of more than$6 billion of equity in emerging markets,which has more than doubled in value,growing to a total of over $15 billion as ofDecember 31, 2010. We believe our strategyof establishing local operations staffed bylocal, experienced investment professionalsputs us in a strong position to identify opportunitiesin emerging markets and create valuefor our investors. This strategy, combinedwith our global resources, has enabled Carlyleto complete more than 100 investmentsacross a diversified range of emerging markets,including China, India, emerging Asia,the MENA region and Latin America.The Carlyle group 43
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Page 63 and 64: our / purposeInvest wisely. Create

2010 Annual Report - The Carlyle Group

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