The Carlyle Group Establishes Infrastructure Investment Team; Industry Veterans Robert Dove and Barry Gold to Co-Head Eight-Person Team that Will Purchase Public Purpose Projects

Washington, DC – Global private equity firm The Carlyle Group today announced it has established a team to conduct investments in the infrastructure sector, including investments in transportation and water facilities, airports, bridges, ports, stadiums and other public infrastructure. The initial team of eight will be co-headed by Robert W. Dove, former Executive Vice President at Bechtel Enterprises, and Barry P. Gold, former Managing Director and Co-head of the Structured Finance Group at Citigroup/Salomon Smith Barney. The team begins work at Carlyle on March 13, 2006.

David M. Rubenstein, Carlyle Co-founder and Managing Director, said, "Robert and Barry have the experience and credibility to hit the ground running. The U.S. is finally starting to realize what the rest of the world has learned, that private dollars can help alleviate persistent infrastructure challenges."

Mr. Dove said, "The proven use of public-private partnerships and concessions in the U.K. and on continental Europe is now emerging as a means of financing U.S. infrastructure. There is a dire need to bring private capital to the development and maintenance of public infrastructure throughout the U.S. and we believe this effort will be well received."

Mr. Gold said, "We are at a crossroads of the right market, right private equity firm, and right team with complementary skills and experience. As a U.S. firm with exceptional experience in government contracting, Carlyle is now well positioned to invest in U.S. and other infrastructure either alone or as part of a consortium."

Carlyle’s Infrastructure team will invest primarily in U.S. infrastructure in transactions ranging from $100 million to more than $1 billion. The team will engage in public-private partnerships (PPP) with governments at all levels as well as purchase projects outright or through long term concessions. The team will work with other Carlyle professionals who have expertise in transportation, aviation, energy, industry, the environment and government contracting to be the most effective in the purchase and operation of infrastructure assets.

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The Carlyle Infrastructure Team

Robert W. Dove, Managing Director – Former Executive Vice President with Bechtel Enterprises and former Senior Vice President and Partner of Bechtel Group; former Vice President with UBS Securities in New York.

Mr. Dove joins Carlyle after ten years with Bechtel Enterprise, the financing and development arm of the Bechtel Group, an engineering construction company, where he led their infrastructure development activities and managed a portfolio of infrastructure investments.

At Bechtel Enterprise, Mr. Dove led a financing and development team focused on transactions in Europe including closing of the Tube Lines transaction in December 2002, the first of two Public Private Partnerships (PPP) set up by the U.K. Government as 30 year concessions to provide private capital for infrastructure projects, operations and maintenance service to three of the London Underground lines. Also, Mr. Dove was a director of several infrastructure joint venture companies including Alterra – a jv with Changi (Singapore) that owns airports concessions; International Water – a jv with Edison (Italy) that owns water concessions; and Tube Lines Holdings – a jv with Ferrovial (Spain) that owns a concession over three of the London Underground lines.

Barry P. Gold, Managing Director – Former Managing Director and Co-head of the Structured Finance Group of Citigroup/Salomon Smith Barney; former Senior Vice President of Development of Airport Group International; and former Senior Vice President of Lehman Brothers.

At Citigroup/Salomon Smith Barney, Mr. Gold was responsible for the capital markets leasing, project finance and future flow securitization products and the private placement business. Mr. Gold’s transaction responsibilities including structuring and executing limited recourse, non-recourse and structured capital markets financings in infrastructure and related industries as varied as transportation, power/energy, and other industrial projects globally. Infrastructure financings he led include: Chicago Skyway, Autopista Central (Chile), Highway 407 (Toronto), California State Route 91, Santiago Airport.

At Airport Group International, a global airport development company, Mr. Gold was responsible for the closing of the Bolivian Airports concession and the Perth, Australia investment, operating agreement and financing. During his tenure at Lehman Brothers, Mr. Gold worked on the Budapest Airport advisory and financing and the MC Cuernavaca Toll Road (Mexico).

Raymond J. Albright, Jr., Principal – Former Director and Head Structured Debt Syndicate of Citigroup/Salomon Smith Barney; former Vice President – Investments of TIAA-CREF

Bradley K. Gordon, Principal – Former Vice President Bechtel Group focused on infrastructure asset management and divestitures; former Associate at Thelen Reid & Priest in San Francisco and New York

Bryan D. Lin, CFA, Principal – Former Director at Citigroup/Salomon Smith Barney in Structured Finance; former Analyst at the Federal Reserve Bank of New York

Nicolas Debetencourt, Vice President – Former Vice President at Citigroup/Salomon Smith Barney in Structured Finance

Jill M. Srigley, Vice President – Former Senior Investment Associate at Bridgewater Associates; former Director at Bechtel Enterprises; former Consultant with The Boston Consulting Group

James D. Anderson, Associate – Formerly with Resurgence Asset Management; B.S. from Connecticut College

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