(The following is a reformatted version of a press release
issued by The Carlyle Group and received via electronic mail.
The release was confirmed by the sender.) 
July 10, 2012 
The Carlyle Group completes the sale of Talaris 
GLORY Ltd, a manufacturer of money handling and cash management
systems, has acquired Talaris from The Carlyle Group for £650m 
Talaris has expanded to new markets and increased earnings by
more than 40% during Carlyle’s ownership 
London, UK - Global alternative asset manager The Carlyle Group
today announced that it has completed the sale of Talaris to
GLORY LTD. (GLORY) following necessary regulatory approvals.
The transaction has an enterprise value of £650m.  Talaris is a
global provider of cash handling equipment, servicing and
software solutions and GLORY is a manufacturer of money handling
Carlyle Europe Partners III, L.P. acquired De La Rue Cash
Systems from De La Rue plc in September 2008 for £360m,
rebranding the company “Talaris”, and focusing on the growth of
the business through expansion into new markets accompanied by
significant investment in new product related research and
development. Carlyle facilitated the company’s expansion into
new geographies, such as Brazil, where Carlyle’s partner Banco
do Brasil is one of Talaris’ newest clients. Carlyle’s
continuous investment in new technologies has enabled Talaris’
products to continue to set the industry standards. Earnings
increased by more than 40% under Carlyle’s ownership. 
Headquartered in Basingstoke, Talaris designs, manufactures,
sells and maintains cash management solutions with customers
across the banking, retail and gaming sectors. The company
delivers cash handling solutions on every continent and employs
approximately 1,900 personnel around the world. Talaris offers
integrated local, pan-regional and international solutions with
direct offices in more than 20 countries complemented by a
substantial network of business partners increasing coverage to
more than 100 countries. 
Tim Robinson, CEO of Talaris, said, “We are delighted to have
partnered with Carlyle, which has supported Talaris’ global
rebrand and transformation into an independent, fast growing and
highly profitable business. During Carlyle’s four year
ownership, our earnings increased by more than 40% and we
expanded into many new and emerging markets. Carlyle’s sector
expertise and global platform have been invaluable to the
company and fundamental to the growth and success we have
enjoyed. We are excited about the new partnership with GLORY,
which we believe will enhance our combined offerings,
underscoring our continued commitment to delivering excellence
in customer service.” 
Andrew Burgess, Managing Director at The Carlyle Group, said,
“Talaris delivers strong growth through innovation and
excellence in execution. In 2008, we were confident in the
continued popular use of cash and subsequent increased global
demand for efficient cash handling solutions by financial
institutions, and are delighted to have delivered our value
creation strategy for the company. GLORY is an excellent
strategic partner for Talaris and this transaction is an
exciting opportunity to ensure the business continues to
maximise its full global potential.” 
Hirokazu Onoe, President of GLORY, said, “Talaris has
demonstrated strong performance in recent years despite the
challenging market environment and we are excited by our
combined growth potential. Our acquisition of Talaris will
provide GLORY with a global distribution and maintenance service
network, the additional solution capabilities of Talaris Group,
as well as an extensive customer base. Moreover, by combining
GLORY’s product development capabilities with Talaris’
expertise, improved services for money handling solutions can be
provided to our customers.” 
Equity for this investment came from Carlyle Europe Partners III
(CEP III), a €5.3 billion investment fund that closed in 2007. 
Carlyle was advised by Bank of America Merrill Lynch and
Clifford Chance. Glory is advised by KPMG LLP and Slaughter &
Notes to editors: 
About Talaris 
Talaris provides comprehensive global cash management solutions
that deliver measureable results for business optimisation
across the banking, retail and gaming sectors. Through its
solutions delivery the company is committed to ensuring our
customers achieve their business objectives of increasing
efficiency, enhancing productivity and customer service and
delivering bottom line profitability. 
As a global business it comprises of over 1,900 personnel
including more than 1,100 service and support staff operating
from direct offices in over 20 countries. This model is further
enhanced by a network of more than 130 business partners
increasing coverage to over 100 countries and enabling local and
regional solutions delivery as required. 
The Group is committed to innovation and currently holds over
300 patents and designs granted across 28 countries covering
every aspect of coin and note management, authentication,
mechanisms, software and related technologies. It is these
innovations that continue to further differentiate the business
and deliver true business value to customers on every continent
- wherever money moves. 
Talaris was formerly a De La Rue Company, and commenced
independent operations in September 2008 as a result of a
management led buyout supported by The Carlyle Group, one of the
world’s largest private equity firms. In 2010 Talaris was ranked
67th in The Sunday Times HSBC Top Track 250 league table. 
About The Carlyle Group 
The Carlyle Group (NASDAQ: CG) is a global alternative asset
manager with approximately $159 billion of assets under
management in 94 funds and 63 fund of fund vehicles as of March
31, 2012. Carlyle invests across four segments - Corporate
Private Equity, Real Assets, Global Market Strategies and Fund
of Funds Solutions - in Africa, Asia, Australia, Europe, the
Middle East, North America and South America. Carlyle has
expertise in various industries, including: aerospace, defense &
government services, consumer & retail, energy, financial
services, healthcare, industrial, technology & business
services, telecommunications & media and transportation. The
Carlyle Group employs more than 1,300 people in 32 offices
across six continents. 
GLORY LTD., headquartered in Himeji, Japan, is a pioneer in the
development and manufacture of money handling machines and
systems. GLORY provides a variety of products built on its
leading-edge recognition/identification and mechatronics
technology, such as money handling machines, cash management
systems, vending machines and automatic service equipment.
Committed to meeting society’s wide-ranging needs, GLORY serves
the financial, retail, vending machine, amusement and gaming
industries in over 80 countries of world. GLORY employs more
than 6,000 people worldwide. For more information about GLORY,
please visit GLORY’s global website at 
(bjh) NY 
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