Carlyle Global Mkt Strategies Euro CLO 2015-1(Refi: 20 April 2017

The assets securing the notes (as defined below) will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by CELF Advisors LLP.

On 12 March 2015 (the Original Closing Date) Carlyle Global Market Strategies Euro CLO 2015-1 issued the Class A-1A Notes, the Class A-1B Notes, the Class A-2A Notes, the Class A- 2B Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Subordinated Notes.

On or about 18 April 2017 (the Refinancing Date), the Issuer will, subject to the certain conditions, refinance the Original Class A-1A Notes, the Original Class A-1B Notes, the Original Class A-2A Notes, the Original Class A-2B Notes, the Original Class B Notes and the Original Class C Notes.

The Refinancing Notes of each class will be offered: (a) outside the United States, to non-U.S. persons (as defined in Regulation S) in "offshore transactions" in reliance on Regulation S; and (b) within the United States to persons and outside the United States to U.S. persons (as defined in Regulation S) who are, in each case, QIB/QPs in reliance on Rule 144A.