The Cliffwater Direct Lending Index ("CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain Eligibility Criteria. The CDLI is an asset-weighted index that is calculated on a quarterly basis using financial statements and other information contained in the U.S. Securities and Exchange Commission ("SEC") filings of all eligible BDCs.

Calendar quarter-end

Asset-weighted

Quarterly based on the Eligibility Criteria

The CDLI will be reconstituted typically within 75 calendar days, but no later than 90 calendar days, following the current Valuation Date.

All assets held by BDCs that meet the following criteria:

• Regulated by the SEC as a BDC under the Investment Company Act of 1940

• Substantial majority (approximately 75%) of reported total assets are represented by direct loans made to corporate borrowers, as categorized by each BDC and subject to Cliffwater’s discretion and

• File SEC form 10-Q (or 10-K, as applicable) within 75 (or 90) calendar days following the current Valuation Date.

• Total Return
• Income Return
• Net Realized Gain / Loss
• Net Unrealized Gain / Loss

Index returns generally will be published 75 days after calendar quarter-end.

September 30, 2015

September 30, 2004

1000