Carlyle Euro CLO 2019-1 DAC (Refinance): 02 April 2021

The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by CELF Advisors LLP.

On 15 March 2019 (the Original Issue Date) Carlyle Euro CLO 2019-1 issued Class X Senior Secured Floating Rate Notes due 2032, Class A-1 Senior Secured Floating Rate Notes due 2032, Class A-2A Senior Secured Floating Rate Notes due 2032, Class A-2B Senior Secured Fixed Rate Notes due 2032, Class B Senior Secured Deferrable Floating Rate Notes due 2032, Class C Senior Secured Deferrable Floating Rate Notes due 2032, Class D Senior Secured Deferrable Floating Rate Notes due 2032, Class E Senior Secured Deferrable Floating Rate Notes due 2032 and Subordinated Notes due 2032.

On or about 30 March 2021 (the 2021 Refinancing Date) the Issuer will refinance the Notes by issuing Class A-1 Senior Secured Floating Rate Notes due 2032, Class A-2A Senior Secured Floating Rate Notes due 2032, Class A-2B Senior Secured Fixed Rate Notes due 2032, Class B Senior Secured Deferrable Floating Rate Notes due 2032 and Class C Senior Secured Deferrable Floating Rate Notes due 2032.

The Refinanced Notes are being offered by the Issuer through BNP Paribas in its capacity as initial purchaser and in its separate capacity as arranger, and subject to prior sale.

EU Risk Retention: The Collateral Manager shall act as the Retention Holder and shall undertake to subscribe for and retain, on an ongoing basis for so long as any Notes are outstanding, a material net economic interest of not less than 5% of the nominal value of each of the Class X Notes, the Class D Notes, the Class E Notes and the Subordinated Notes issued on the Original Issue Date.

US Risk Retention: No party involved in the transaction will obtain on the 2021 Refinancing Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.