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The Cliffwater BDC Index (the "Index") is owned exclusively by Cliffwater LLC ("Cliffwater"), and is protected by law including, but not limited to, United States copyright, trade secret, and trademark law, as well as other state, national, and international laws and regulations. All information on the performance and Index characteristics is and shall remain the exclusive property of Cliffwater. All content is provided for informational purposes only. Cliffwater provides this information on an "as is" and "as available" basis, without any warranty of any kind, whether express or implied.

Past performance of the Index is not an indication of future results. It is not possible to invest directly in the Index. The Index returns shown are not based on actual advisory client returns and do not reflect the actual trading of investible assets. The performance of the Index has not been reviewed by an independent accounting firm and has been prepared for informational purposes only.

Exposure to the asset class represented by the Index is available through investing in a fund, account or other financial product (each, a "Product") referencing the Index. Products that reference the Index may not be sponsored or endorsed by Cliffwater, and in such cases, Cliffwater does not make any representation regarding the advisability of investing in them. Cliffwater makes no assurance that any Product referencing the Index will accurately track Index performance or provide positive investment returns. No representation is being made that any person that invests in a Product will or is likely to achieve results similar to those presented herein. A decision to invest in a Product should not be made in reliance on any of the statements set forth on this website (the "Website").

Inclusion of a business development company (a "BDC") in the Index and information regarding such a BDC on the Website does not in any way reflect an opinion of Cliffwater regarding the investment merits of such BDC, nor should it be interpreted as an offer to buy or sell such BDC's securities. None of the BDCs included in the Index has given any real or implied endorsement or support to Cliffwater or to the Index. Cliffwater has no obligation to take the needs of a person investing in a Product or any other person into consideration in determining, composing or calculating the Index.

Index returns do not reflect payment of any sales charges or fees a person may pay to purchase the securities underlying the Index or a Product that is intended to track the performance of the Index. The imposition of these fees and charges would cause the actual and back-tested performance of these securities or Products to be lower than the Index performance shown.

Any information presented prior to the Launch Date (January 1, 2015) of the Index is back-tested. Back-tested performance is not actual performance, but is hypothetical. Unless otherwise indicated, the back-tested calculations are based on the same methodology that was in effect when the Index was officially launched. Please refer to the methodology paper for the Index (available at www.BDCs.com) for more details about the Index, including the Base Date/Value (September 30, 2004 at 1,000) and the Launch Date of the Index and the manner in which the Index is reconstituted and the eligibility criteria for the Index. Prospective application of the methodology used to construct the Index may not result in performance commensurate with any back-tested returns shown. The back-test period does not necessarily correspond to the entire available history of the Index.

Another limitation of back-tested hypothetical information is that generally the back-tested calculation is prepared with the benefit of hindsight. Back-tested data reflect the application of the Index methodology and selection of Index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading. For example, there are numerous factors related to the financial markets in general which cannot be, and have not been accounted for in the preparation of the Index information set forth, all of which can affect actual performance.

When Cliffwater was unable to determine the nature of a BDC’s investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a 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) to the BDC. In addition, the criteria regarding the timing of SEC filings was not applied for periods prior to the Launch Date of the Index. All other eligibility criteria were applied to determine whether to include the BDC in the historical Index composition and return.

In order to avoid presenting partial historical information with respect to individual BDCs, information in the historical chart with respect to each BDC is presented beginning as of the later of (i) September 30, 2004 (the Base Date of the Index) and (ii) the date the BDC made its SEC 10-K or 10-Q filing covering the period beginning after the BDC's initial public offering. However, since performance information is available beginning as of the date of the BDC's initial public offering, the performance table may present 3 year or 5 year performance for a BDC even though the historical chart does not present 3 year or 5 year historical information for the BDC.

Cliffwater may receive compensation in connection with licensing the Index to third parties. All information provided on the Website is impersonal and not tailored to the needs of any person or group of persons. Cliffwater reserves the right at any time, and without notice, to change, amend, or cease publication of the Index. The eligibility criteria for the Index may be adjusted from time to time, including to address changes in industry trends. Any material adjustments will be publicly announced.

It is expressly forbidden to disseminate this content, or to use this content, or any portion thereof, for purposes of investment management, advice, benchmarking, or any other commercial or private purpose, except under terms granted under separate contract by Cliffwater.

THE INDEX AND THE INFORMATION CONTAINED ON THE WEBSITE IS DERIVED FROM SOURCES THAT ARE CONSIDERED RELIABLE, BUT CLIFFWATER DOES NOT GUARANTEE THE VERACITY, CURRENCY, COMPLETENESS OR ACCURACY OF THE INDEX OR OTHER INFORMATION FURNISHED IN CONNECTION WITH THE INDEX OR OTHERWISE ON THE WEBSITE. NO REPRESENTATION, WARRANTY OR CONDITION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO CONDITION, SATISFACTORY QUALITY, PERFORMANCE, OR FITNESS FOR PURPOSE ARE GIVEN OR DUTY OR LIABILITY ASSUMED BY CLIFFWATER IN RESPECT OF THE INDEX OR ANY INFORMATION CONTAINED ON THE WEBSITE, OMISSIONS THEREFROM OR THE USE OF THE INDEX IN CONNECTION WITH ANY PRODUCT, AND ALL THOSE REPRESENTATIONS, WARRANTIES AND CONDITIONS ARE EXCLUDED SAVE TO THE EXTENT SUCH EXCLUSION IS PROHIBITED BY APPLICABLE LAW.

THE INDEX AND THE INFORMATION CONTAINED ON THE WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS. DUE TO VARIOUS FACTORS, INCLUDING THE INHERENT POSSIBILITY OF HUMAN OR MECHANICAL ERROR, THE ACCURACY, COMPLETENESS, TIMELINESS AND CORRECT SEQUENCING OF SUCH INFORMATION AND THE RESULTS OBTAINED FROM ITS USE ARE NOT GUARANTEED BY CLIFFWATER.

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The information and opinions presented on the Website are intended for informational purposes only and should not be construed as any advice, recommendation or endorsement from Cliffwater as to any legal, tax, investment or other matter. The information on the Website does not constitute and should not be construed as an offering of advisory services or a promise to undertake or solicit business. The Website should not be considered a solicitation or offering for any Product or service to any person in any jurisdiction where such solicitation or offer would be unlawful. Your particular needs, investment objectives and financial situation were not taken into account in the preparation of the Website or the Index and the materials contained on the Website. The fact that Cliffwater has made available to you through the Website, investment opinions and other information constitutes neither a recommendation that you enter into a particular transaction nor a representation that any Product is suitable or appropriate for you. You should consult a financial adviser or other professional before making any investment decision. Cliffwater takes no responsibility for any loss or damage arising due to any decision relating to investments taken by you based on the reports, data and/or information contained on the Website.

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Overview	The Cliffwater BDC Index (“CWBDC”) measures the performance of lending-oriented, exchange-traded Business Development Companies (“BDCs”), subject to certain Eligibility Criteria. The CWBDC is a capitalization-weighted index that is calculated on a daily basis using publicly-available closing share prices and reported dividend payouts.
Valuation Dates	Daily (i.e., days on which U.S. stock markets are open)
Weighting Methodology	Capitalization-weighted
Index Reconstitution	Quarterly based on the Eligibility Criteria The CWBDC will be reconstituted typically within 75 calendar days, but no later than 90 calendar days, following each calendar quarter end. If a BDC meets the eligibility criteria, but has not filed its report on Form 10-K or 10-Q with the SEC at the time the index is reconstituted, asset information from its report will be included in the index at the time of the next reconstitution.
Eligibility 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; File SEC form 10-Q (or 10-K, as applicable) within 75 (or 90) calendar days following each calendar quarter end; Common stock listed on the NYSE or NASDAQ, and meets all the listing requirements of the applicable exchange; Paid a dividend within the past 180 days; and Market capitalization of at least $50 million.
Index Returns and Components	Total Return Income Return Price Return
Availability	Index returns generally will be published daily.
Launch Date	January 1, 2015
Base Date	September 30, 2004
Base Value	1000

NO INVESTMENT ADVICE OR RECOMMENDATIONS

TECHNOLOGY DISCLOSURES

The Cliffwater BDC Index

Index Construction Methodology and Definitions

Last updated December 11, 2017

CWBDC Index

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