The Carlyle Group Names James Burr Managing Director in Global Financial Services Group; 10-Person Carlyle Team Working to Recapitalize Ailing Financial Services Firms

New York - Global private equity firm The Carlyle Group today named James F. Burr a Managing Director in the Carlyle Global Financial Services Group. Mr. Burr comes to Carlyle from Wachovia Bank, where he was the Corporate Treasurer. Mr. Burr begins his new duties August 1, 2008 and will be based in New York City.

“Jim is a great addition to our deep and talented team. His intimate knowledge of the financial services space from an operational and financial perspective will prove invaluable as Carlyle seeks out the best opportunities to deploy capital in the struggling financial services sector,” said Olivier Sarkozy, Carlyle Managing Director and Co-head of the Global Financial Services Group.

“Private equity can play a significant role in recapitalizing financial services firms buffeted by today’s tough markets. This is a wonderful opportunity to join a remarkable team of proven executives who really understand what the problem is and how to be a part of the long term solution,” said Mr. Burr.

James Burr joined Wachovia Bank in 1992 and has served in several senior positions, most recently as Corporate Treasurer since 2006, where he was responsible for activities relating to funding, investing, risk transference, balance sheet management, liquidity and capital usage. Other Wachovia positions include Assistant Treasurer, Controller of the Corporate and Investment Bank, Product Controller of Treasury/Balance Sheet Management and Structured Products and Mortgage Analyst. Mr. Burr began his career at Ernst & Young, where he was a C.P.A. focused on banking and computer audit issues.

Formed in June 2007, Carlyle’s Global Financial Services Group is co-headed by Mr. Sarkozy, the former Joint Global Head of FIG Investment Banking at UBS, and David Zwiener, the former President and Chief Operating Officer of The Hartford Financial Services Group. The 10-person team also includes Senior Advisor David M. Moffett, former Vice Chairman and Chief Financial Officer of U.S. Bancorp; Managing Director Randal K. Quarles, former Under Secretary of the U.S. Treasury for Domestic Finance; and Principal John C. Redett, former Vice President in the Financial Institutions Group of Goldman Sachs.

Mr. Burr, 42, earned his B.S. in business administration from Appalachian State University.

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