Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey

NEW YORK--(Business Wire)--
Carlyle Capital Corporation Limited (Euronext Amsterdam ticker
symbol: CCC; ISIN: GG00B1VYV826) (the Company), today announced that
its Board of Directors recommended that Class A Shareholders vote in
favor of a compulsory winding up proceeding under the Companies Law in
Guernsey. The shareholder approval process was completed on March 16,
2008, with Class A Shareholders voting unanimously in favor of a
compulsory winding up proceeding under the Companies Law in Guernsey.

The Company will now move forward with the winding up and
liquidation application. During a compulsory winding up, all remaining
CCC assets will be liquidated by a court appointed liquidator in a
timely and orderly manner.

As expected, the Company received default notices from its
remaining two lenders and it believes that its lenders have now taken
possession of substantially all of its U.S. government agency
AAA-rated residential mortgage-backed securities (RMBS). As a result,
the Company believes its liabilities exceed its assets.

The recommendation was made by the Board following extensive
analysis of the Company's prospects and careful consideration of other
options for continuing the business. The Company will work with the
court appointed liquidator to ensure an orderly realization of assets
and their subsequent distribution.

The Company will provide updates as appropriate. For any
additional information please visit the Company's website at
www.carlylecapitalcorp.com.

About Carlyle Capital Corporation

The Company is a Guernsey investment company that was formed on
August 29, 2006 and completed its initial offering in July 2007.
Carlyle Investment Management L.L.C. ("CIM") manages the Company
pursuant to a management agreement. CIM is a registered investment
adviser under the U.S. Investment Advisers Act of 1940 and is an
affiliate of The Carlyle Group.

This press release does not constitute or form part of any offer
or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any shares or other securities of Carlyle
Capital Corporation Limited. Certain of the information contained in
this press release represents or is based upon forward looking
statements or information. Forward-looking statements are inherently
uncertain, and changing factors, such as those affecting the markets
generally, or those affecting particular industries or issuers, may
cause events or results to differ from those discussed. Therefore,
undue reliance should not be placed on such statements or the
conclusions drawn therefrom, which in no event shall be construed as a
guarantee of future performance, results or courses of action. The
Class B shares and the related restricted depository shares of the
Company are subject to a number of ownership and transfer
restrictions, including restrictions that limit the ability of U.S.
persons to acquire or hold such securities.

Carlyle Capital Corporation Limited
Rowland Hunt, +1 (212) 813-4707

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