UPDATE:The Carlyle Group and Warburg Pincus to Acquire DBRS

Global alternative assetmanager The Carlyle Group (NASDAQ: CG) and Warburg Pincus, a global privateequity firm focused on growth investing, in partnership with a consortium ofCanadian-based individual investors including DBRS' founder, Walter Schroederand DBRS management, have agreed to acquire DBRS, the fourth largest globalcredit rating agency. Terms of the transaction, which is expected to close inthe first quarter of 2015, were not disclosed. Corporate headquarters willremain in Toronto.Walter Schroeder, DBRS' founder and controlling shareholder, will remain animportant investor in DBRS. Mr. Schroeder said, "I am delighted to partnerwith such high quality and internationally known investment houses as WarburgPincus and Carlyle. While our Canadian franchise and culture will continue tobe at the core of DBRS' operations, the breadth and depth of both WarburgPincus and Carlyle's international presence will be invaluable to DBRS at itseeks to capitalize upon its growing platforms in the United States andEurope."DBRS is a global provider of timely credit rating opinions and relatedinformation, offering objective, transparent and insightful risk analysis andopinion across a broad range of financial institutions, corporate entities,government bodies and various structured finance product groups in NorthAmerica, Europe, Australasia and South America. DBRS currently rates more than1,000 different companies and single-purpose vehicles that issue commercialpaper, term debt and preferred shares in the global capital markets. Based inToronto, with offices in New York, Chicago and London, DBRS serves a diversecustomer base including issuers, regulators, investors and intermediaries.DBRS Chief Executive Officer Daniel Curry said, "With the support andresources of our new partners, DBRS is well positioned to strengthen ourleading franchise in Canada and continue to develop our presence across NorthAmerica and Europe."Michael E. Martin, Warburg Pincus Managing Director and Head of FinancialServices said, "DBRS is the market leader in Canada and is recognized aroundthe world for its high-quality insight and analysis. We look forward topartnering with Dan and the rest of the management team in the next phase ofthe company's evolution."Olivier Sarkozy, Carlyle Managing Director and Head of the Financial Servicesteam said, "In partnership with Dan Curry and his management team we willcontinue the build out of the DBRS platform on a global basis. The world needsmore global ratings franchises that issuers and investors alike can count onto provide timely and insightful ratings on a consistent and impartial basis.As the world's fourth largest agency we believe DBRS is ideally suited to fillthat void."Carlyle's portion of the equity for the investment will come from CarlyleGlobal Financial Services Partners II. Warburg Pincus' portion of the equityfor the investment will come from Warburg Pincus Private Equity XI, L.P.DBRS was advised by Perella Weinberg Partners as financial advisor and TorysLLP as legal counsel. CIBC World Markets Inc. served as financial advisor andWachtell, Lipton, Rosen & Katz and Stikeman Elliot LLP served as legal counselto The Carlyle Group and Warburg Pincus.