C liffwa te r wa s fo rm e d a s a lim ite d lia b ility c o m p a n y in D e la wa re o n Ju n e 14, 2004. C liffwa te r p ro v id e s in v e s tm e n t a d v is o ry s e rv ic e s to a v a rie ty o f c lie n ts , in c lu d in g in s titu tio n s (s u c h a s e n d o wm e n ts , fo u n d a tio n s , re tire m e n t s y s te m s , fin a n c ia l in s titu tio n s a n d p o o le d in v e s tm e n t v e h ic le s ) a n d h ig h n e t wo rth in d iv id u a ls . C liffwa te r a s s is ts c lie n ts g lo b a lly in th e ir a llo c a tio n s to a lte rn a tiv e in v e s tm e n ts , in c lu d in g p riv a te e q u ity , p riv a te d e b t, h e d g e fu n d s , re a l e s ta te , re a l a s s e ts , a n d liq u id a lte rn a tiv e in v e s tm e n ts . C liffwa te r wo rk s with c lie n ts o n th e ir a lte rn a tiv e in v e s tm e n t p o rtfo lio s in a n o n -d is c re tio n a ry o r d is c re tio n a ry c a p a c ity . C liffwa te r m a y a ls o p ro v id e in v e s tm e n t a d v ic e fo r s o m e c lie n ts o n a b ro a d ra n g e o f tra d itio n a l s tra te g ie s , p rim a rily in c o n n e c tio n with its a lte rn a tiv e in v e s tm e n t s e rv ic e s . C liffwa te r a d v is e s c lie n ts o n th e s e le c tio n o f in v e s tm e n ts in c o m m in g le d fu n d s , in c lu d in g c o - in v e s tm e n ts with th o s e v e h ic le s , a n d s e p a ra te a c c o u n ts th a t a re m a n a g e d b y o th e r in v e s tm e n t m a n a g e rs . T h e s e v e h ic le s in tu rn in v e s t in a v a rie ty o f s e c u ritie s (in c lu d in g U .S . a n d n o n -U .S . e q u ity , fix e d in c o m e , a n d d e riv a tiv e s ) a n d /o r o th e r in v e s tm e n ts . C liffwa te r a ls o a d v is e s c lie n ts re g a rd in g o th e r ty p e s o f in v e s tm e n ts , in c lu d in g m id d le m a rk e t le n d in g , p riv a te e q u ity a n d re a l a s s e ts in v e s tm e n ts . C liffwa te r ta ilo rs its a d v is o ry s e rv ic e s to th e in d iv id u a l n e e d s o f its c lie n ts b a s e d o n e a c h c lie n t’s s p e c ific c irc u m s ta n c e s a n d th e s e rv ic e s th e c lie n t d e s ire s . F o r e x a m p le , s o m e c lie n ts m a y s e le c t C liffwa te r’s n o n -d is c re tio n a ry a d v is o ry s e rv ic e s , wh e re a s o th e r c lie n ts m a y c h o o s e d is c re tio n a ry a d v is o ry s e rv ic e s . In a d d itio n , s o m e c lie n ts m a y re ta in C liffwa te r to p ro v id e a d v is o ry s e rv ic e s fo r a ll o f th e ir a lte rn a tiv e in v e s tm e n ts , wh e re a s o th e r c lie n ts m a y re ta in C liffwa te r fo r o n e a lte rn a tiv e a s s e t c a te g o ry (e .g ., p riv a te e q u ity fu n d s ). F in a lly , s o m e c lie n ts m a y wa n t a fu ll ra n g e o f a d v is o ry s e rv ic e s in c lu d in g s tra te g y , e d u c a tio n a n d re s e a rc h , p o rtfo lio c o n s tru c tio n , in v e s tm e n t re c o m m e n d a tio n s , a n d m o n ito rin g a n d re p o rtin g , wh e re a s o th e r c lie n ts m a y wa n t a s u b s e t o f th e s e s e rv ic e s . C liffwa te r is th e in v e s tm e n t a d v is e r to th e C liffwa te r C o rp o ra te L e n d in g F u n d (th e “C C L F ”) a n d th e C liffwa te r E n h a n c e d L e n d in g F u n d (th e “C E L F ” a n d to g e th e r with th e C C L F , th e “C liffwa te r F u n d s ”). T h e C liffwa te r F u n d s a re b o th c lo s e d -e n d m a n a g e m e n t in v e s tm e n t c o m p a n ie s s tru c tu re d a s a n in te rv a l fu n d s a n d re g is te re d u n d e r th e In v e s tm e n t C o m p a n y A c t o f 1940, a s a m e n d e d (th e “In v e s tm e n t C o m p a n y A c t”). C liffwa te r is 100% o wn e d b y its a c tiv e e m p lo y e e s . S te p h e n L . N e s b itt, C h ie f E x e c u tiv e O ffic e r, o wn s 25% o r m o re o f C liffwa te r in te re s ts . C liffwa te r p e rfo rm s its in v e s tm e n t a d v is o ry s e rv ic e s fo r m u ltip le c lie n ts a n d a c ts in a m a n n e r c o n s is te n t with its fid u c ia ry o b lig a tio n to tre a t a ll c lie n ts in a fa ir a n d e q u ita b le m a n n e r wh e n p ro v id in g in v e s tm e n t a d v ic e . A c tio n s ta k e n in th e p e rfo rm an c e o f C liffwa te r’s in v e s tm e n t a d v is o ry s e rv ic e s fo r o n e c lie n t m a y d iffe r fro m th e tim in g o r n a tu re o f a n a c tio n ta k e n fo r a n o th e r c lie n t d e p e n d in g o n th e c lie n t’s in v e s tm e n t o b je c tiv e s a n d g u id e lin e s , le g a l s tru c tu re re q u ire m e n ts , c u rre n t p o rtfo lio a n d liq u id ity n e e d s , re a d in e s s fo r in v e s tm e n t a n d tim in g o f in v e s tm e n t o p p o rtu n itie s . T h e re fo re , in v e s tm e n t re s u lts m a y v a ry a m o n g c lie n ts . Non-Discretionary Advisory Services In n o n -d is c re tio n a ry a d v is o ry a s s ig n m e n ts , C liffwa te r s e e k s to h e lp c lie n ts im p le m e n t a n in v e s tm e n t p o rtfo lio th a t m e e ts in d u s try b e s t p ra c tic e s , to p ro v id e c lie n ts with a c c e s s to to p - tie r in v e s tm e n t o p p o rtu n itie s , a n d to g iv e c lie n ts th e in fo rm a tio n n e c e s s a ry to m a k e in fo rm e d in v e s tm e n t d e c is io n s . W o rk m a y in c lu d e id e n tify in g p o te n tia l in v e s tm e n t o p p o rtu n itie s , p e rfo rm in g d u e d ilig e n c e o n in v e s tm e n t o p p o rtu n itie s , p ro v id in g a d v ic e re la

tin g to a s s e t a llo c a tio n a n d in v e s tm e n t s e le c tio n , g a in in g a c c e s s to in v e s tm e n t o p p o rtu n itie s , a n d p ro v id in g P a g e 2 o f 12 o n g o in g m o n ito rin g o f in v e s tm e n t p o rtfo lio s . C lie n t a s s ig n m e n ts a re p e rfo rm e d a c c o rd in g to a d e fin e d s c o p e o f s e rv ic e s in c lie n t c o n tra c ts . Discretionary Advisory Services C liffwa te r m a n a g e s d is c re tio n a ry in v e s tm e n t p o rtfo lio s fo r wh ic h it s e e k s to s e le c t to p -tie r in v e s tm e n t o p p o rtu n itie s a n d to p ro v id e in v e s tm e n t m a n a g e m e n t a n d a d m in is tra tiv e s e rv ic e s to im p le m e n t th e d e s ire d in v e s tm e n t p o rtfo lio fo r th e c lie n t. W o rk m a y in c lu d e id e n tify in g p o te n tia l in v e s tm e n t o p p o rtu n itie s , p e rfo rm in g d u e d ilig e n c e o n in v e s tm e n t o p p o rtu n itie s , p ro v id in g a d v ic e re la tin g to a s s e t a llo c a tio n , s e le c tin g a p p ro p ria te in v e s tm e n ts , g a in in g a c c e s s to in v e s tm e n t o p p o rtu n itie s , a n d p ro v id in g o n g o in g m o n ito rin g o f in v e s tm e n t p o rtfo lio s . C lie n t a s s ig n m e n ts a re p e rfo rm e d a c c o rd in g to a d e fin e d s c o p e o f s e rv ic e s in c lie n t c o n tra c ts a n d c lie n t-s p e c ific in v e s tm e n t g u id e lin e s . C liffwa te r d o e s n o t p a rtic ip a te in wra p fe e p ro g ra m s . C liffwa te r c lie n t in v e s te d a s s e ts u n d e r a d v is e m e n t a s o f D e c e m b e r 31, 20221 a re a p p ro x im a te ly : N o n -d is c re tio n a ry a d v is o ry s e rv ic e s2: $ 92,102,567,436 D is c re tio n a ry a d v is o ry s e rv ic e s3: $ 14,084,010,215 1 Includes assets of Cliffwater clients as of the date hereof. Some information regarding private assets under advisement is provided as of September 30, 2022 because some year-end numbers are not available as of the date of this brochure. All other information relating to assets under advisement is provided as of December 31, 2022. 2 Includes non-discretionary client invested assets where Cliffwater provides a variety of advisory services including asset allocation, investment recommendations, and portfolio monitoring. For the avoidance of doubt, Cliffwater does not consider such assets to be under management because Cliffwater does not have trading authority over these assets. Assets of clients for which Cliffwater is not responsible for ongoing reporting and monitoring are excluded since information about their assets is not available to Cliffwater. 3 Includes discretionary client invested assets but excludes unfunded commitments which are included in regulatory assets under management in Cliffwater’s Form ADV Part 1. C liffwa te r m a y b e e n g a g e d b y c e rta in c lie n ts to c o n d u c t d u e d ilig e n c e o n s p e c ifie d in v e s tm e n t o p p o rtu n itie s . In th e s e in s ta n c e s , C liffwa te r p ro v id e s in v e s tm e n t a n d /o r o p e ra tio n s d u e d ilig e n c e re p o rts a n d , in c o n n e c tio n with th e s e s e rv ic e s , m a y p ro v id e a d d itio n a l p ro p rie ta ry a n d to p ic a l re s e a rc h re p o rts . C liffwa te r p u b lis h e s th re e in d ic e s , th e C liffwa te r B D C In d e x (th e “C W B D C ”), th e C liffwa te r D ire c t L e n d in g In d e x (th e “C D L I”) a n d th e C D L I: S e n io r O n ly (th e “C D L I-S ”). T h e C W B D C m e a s u re s th e p e rfo rm a n c e o f le n d in g -o rie n te d , e x c h a n g e -tra d e d b u s in e s s d e v e lo p m e n t c o m p a n ie s (“B D C s ”), s u b je c t to c e rta in e lig ib ility c rite ria re g a rd in g p o rtfo lio c o m p o s itio n , m a rk e t c a p ita liz a tio n , a n d d iv id e n d h is to ry . T h e C W B D C is a c a p ita liz a tio n -we ig h te d in d e x th a t is c a lc u la te d o n a d a ily b a s is u s in g p u b lic ly -a v a ila b le c lo s in g s h a re p ric e s a n d re p o rte d d iv id e n d p a y o u ts . T h e C D L I s e e k s to m e a s u re th e u n le v e re d , g ro s s o f fe e p e rfo rm a n c e o f U .S . m id d le m a rk e t c o rp o ra te lo a n s , a s re p re s e n te d b y th e a s s e t-we ig h te d p e rfo rm a n c e o f th e u n d e rly in g a s s e ts o f B D C s , in c lu d in g b o th e x c h a n g e-tra d e d a n d u n lis te d B D C s , s u b je c t to c e rta in e lig ib ility re q u ire m e n ts . T h e C D L I-S fo llo ws th e s a m e c o n s tru c tio n m e th o d o lo g y a s C D L I b u t o n ly in c lu d e s lo a n s h e ld b y B D C s th a t h a v e a n in v e s tm e n t s ty le th a t C liffwa te r h a s d e te rm in e d fo c u s e s o n s e n io r s e c u re d lo a n s . In c o n n e c tio n with th e p u b lic a tio n o f th e s e in d ic e s , C liffwa te r o p e ra te s www.B D C s .c o m a n d www.C liffwa te rD ire c tL e n d in g In d e x .c o m. T h e in fo rm a tio n o n th e s e we b s ite s , in c lu d in g in fo rm a tio n re g a rd in g th e in d ic e s , is in te n d e d fo r in fo rm a tio n a l p u rp o s e s o n ly a n d s h o u ld n o t b e c o n s tru e d a s a n o ffe rin g o f a d v is o ry s e rv ic e s .