James Hance Joins The Carlyle Group as Senior Advisor; Former Vice Chairman of Bank of America Will Help Expand Leveraged Finance Business and Identify Financial Services Investments

Washington, DC - Global private equity firm The Carlyle Group today announced that James H. Hance, Jr., former Vice Chairman and Chief Financial Officer of Bank of America, has joined the firm as a Senior Advisor. In this capacity Mr. Hance will help expand Carlyle’s Leveraged Finance business and identify attractive financial services investments. He began his duties in December 2005 and will be based in New York City.

David M. Rubenstein, Co-founder and Managing Director, said, "It is quite an opportunity for us to have someone of Jim’s talent and stature join the Carlyle team. We are eager to tap into the strategic insight and industry contacts that Jim has developed during his 35-year career."

Mr. Hance said, "I see great opportunity in this new position. Carlyle welcomes innovation and has a keen interest in the financial services sector. I believe that private equity has a significant role to play in financial services and I look forward to helping Carlyle further develop this important and evolving area."

Mr. Hance retired in January 2005 from Bank of America, where he served for nearly 18 years. At Bank of America he was a key architect of the company’s growth, transforming it from a regional bank into one of the largest financial service providers in the world. Mr. Hance joined NCNB, predecessor to Bank of America, in March 1987. He served as Chief Financial Officer from July 1988 to early 2004 and served as Vice Chairman and Member of the Board from 1999 until his retirement. Prior to NCNB and Bank of America, Mr. Hance worked for 17 years at Price Waterhouse.

Mr. Hance, a certified public accountant, earned his Bachelor’s degree at Westminster College and his Master’s degree in business from Washington University.

Mr. Hance, 61, serves on the boards of Sprint/Nextel and Duke Energy and is active in numerous civic endeavors.