cliffwater direct lending index

/T () /S /Artifact /K 846 endobj 2412 0 obj /P 6152 0 R >> << /Pg 24 0 R /Pg 23 0 R endobj << 360 0 obj endobj /K 1283 << /Lang (EN-US) /P 5429 0 R 3847 0 obj >> << >> /K 138 531 0 obj /K 1121 >> /S /P /Pg 24 0 R << 4114 0 obj /S /P endobj >> endobj /S /P << /Pg 24 0 R Why is US unemployment falling even as interest rates are rising? >> endobj /S /P >> >> endobj /Lang (EN-US) /Pg 22 0 R /Pg 24 0 R << >> /K 896 >> /K 383 >> /P 6095 0 R 2663 0 obj /Pg 20 0 R << endobj >> endobj 535 0 obj /Lang (EN-US) 737 0 obj /P 184 0 R /S /P << >> /Pg 22 0 R /P 5807 0 R /S /P >> /P 10 0 R /S /Artifact /Pg 24 0 R /K 932 << << 2818 0 obj Cliffwater Direct Lending Index is an asset-weighted index of over 8,000 directly originated middle market loans totaling $223 billion. /S /P /Lang (EN-US) /K 670 /K 1426 << /Lang (EN-US) endobj /K 1401 /P 6332 0 R /K 1268 100 0 obj /Pg 25 0 R << /K 1126 << 320 0 obj >> /P 5470 0 R endobj /Lang (EN-US) /S /Artifact /S /P endobj /K 1542 endobj endobj /K 318 /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) >> 525 0 obj /S /P /S /Artifact << /S /Artifact endobj /Pg 25 0 R >> 2298 0 obj << /P 5587 0 R /S /Artifact /Pg 23 0 R /K 934 /K 1180 /S /Artifact >> /P 4790 0 R << /K 1418 /S /P /K 5 endobj /Lang (EN-US) /S /P 4308 0 obj /Pg 24 0 R /Pg 18 0 R << /S /P /K 1481 >> 952 0 obj >> The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange - traded and unlisted BDCs, subject to certain eligibility requirements. << /P 5887 0 R /S /Artifact endobj /P 5842 0 R 2537 0 obj >> /S /Artifact /K 36 /Pg 22 0 R /S /P 2479 0 obj 1872 0 obj /K 1397 endobj /Pg 24 0 R endobj << /Lang (EN-US) /Lang (EN-US) 3497 0 obj /Lang (EN-US) << /K 1071 << /Pg 23 0 R << /Pg 23 0 R /S /Artifact endobj /S /P << << /S /P /P 5989 0 R /K 1188 935 0 obj << /P 6446 0 R << /P 4919 0 R << << >> 653 0 obj /Pg 22 0 R << << 436 0 obj /S /P /K [1117 1118] /S /Artifact endobj /K 373 >> << >> /S /P endobj /S /P /P 5618 0 R /P 42 0 R endobj /Lang (EN-US) endobj null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null /Pg 25 0 R << 987 0 obj /Pg 22 0 R 959 0 obj /S /Artifact endobj >> /Pg 18 0 R endobj >> >> >> /K 1136 endobj >> /S /P >> 1041 0 obj /StructParent 17 /Pg 22 0 R /P 6378 0 R << endobj /S /P >> /Lang (EN-US) << endobj >> endobj 1897 0 obj /H /I /K 35 455 0 obj 1883 0 obj /S /Artifact /K 327 << 458 0 obj >> endobj /Pg 25 0 R /Lang (EN-US) endobj /K 1473 >> /S /P 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null /S /P /S /P << endobj /S /Artifact endobj null 2550 0 R null null null 2551 0 R null null null 2552 0 R << /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) << /P 5310 0 R endobj /Type /Pages /K 167 null 1819 0 R null null null 1820 0 R null 1821 0 R null 1822 0 R /Pg 24 0 R 1224 0 obj /Pg 22 0 R >> /Pg 13 0 R 3964 0 obj endobj 4301 0 obj << << >> << << /Contents 4369 0 R /Pg 19 0 R 625 0 obj << /Pg 15 0 R /InlineShape /Figure /Lang (EN-US) /S /Artifact /K 716 endobj /K 842 /Lang (EN-US) /P 5960 0 R /Pg 23 0 R /S /P /Lang (EN-US) /P 6373 0 R 3323 0 obj 1372 0 obj /K 361 /S /Table /S /P /S /P /Lang (EN-US) /Pg 25 0 R 527 0 obj 4027 0 R 4028 0 R 4029 0 R 4030 0 R 4031 0 R 4032 0 R 4033 0 R 4034 0 R 4035 0 R 4036 0 R /Lang (EN-US) endobj << 275 0 obj /K 1492 /K 372 >> /K 1418 /S /P /S /P /K 1332 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R /K 351 /Lang (EN-US) << >> << 2656 0 obj endobj /S /P endobj >> /P 5650 0 R /Pg 23 0 R >> >> endobj 2471 0 obj /Lang (EN-US) /S /Artifact /S /P << /S /Artifact /S /Artifact /Lang (EN-US) /K 809 /Lang (EN-US) 13 [null 327 0 R null 3405 0 R null null 3406 0 R null null 3407 0 R 2085 0 obj /Lang (EN-US) /K 995 /S /P << >> << /Pg 22 0 R /P 6323 0 R << /Pg 17 0 R /Lang (EN-US) /K 432 /K 9 >> endobj 435 0 R 426 0 R 89 0 R 92 0 R 92 0 R 94 0 R 94 0 R 98 0 R 434 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<< << /S /Artifact /S /Artifact << << /K 70 /P 5589 0 R /K 1546 /Pg 24 0 R /Pg 18 0 R /P 6096 0 R 3595 0 obj /Pg 23 0 R endobj /MediaBox [0 0 612 792] endobj /Pg 22 0 R /S /P << endobj /K 91 /Pg 25 0 R >> endobj /S /P /Lang (EN-US) /S /P 1148 0 obj /S /P << /K 185 endobj /K 480 /S /P /P 10 0 R endobj /P 10 0 R /Pg 25 0 R /Lang (EN-US) /Pg 25 0 R 168 0 obj >> /Pg 23 0 R /Pg 26 0 R /S /P << >> 2474 0 obj /Pg 23 0 R /P 6078 0 R 26 0 obj >> /P 5993 0 R >> /S /P >> /Pg 22 0 R >> /Pg 23 0 R /S /Artifact endobj << >> << /S /P >> << /Lang (EN-US) /S /Artifact /P 10 0 R endobj /K 18 /S /P << 2773 0 obj /K 15 /S /Artifact >> << 1773 0 obj endobj >> /Pg 24 0 R /Lang (EN-US) >> endobj << /K 1199 2488 0 obj /Lang (EN-US) endobj /P 6667 0 R << << << 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null /P 6527 0 R /Pg 25 0 R 1342 0 obj /K 333 /K 221 /S /P /Pg 22 0 R /Lang (EN-US) 776 0 obj /P 5335 0 R >> 2937 0 obj /Pg 24 0 R << /Pg 25 0 R endobj << /K 574 /K 771 1215 0 obj /K 163 /S 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1935 0 R null 1936 0 R null 1937 0 R null 1938 0 R null null /P 5004 0 R << >> << endobj /Lang (EN-US) >> << << >> /Pg 22 0 R /S /Artifact endobj /P 5532 0 R /K 1545 /Pg 23 0 R >> /K 119 /Pg 22 0 R 1337 0 obj >> /P 10 0 R 2137 0 obj /P 6534 0 R 3502 0 obj /P 5306 0 R /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) << /Pg 25 0 R << << 3667 0 obj /Pg 23 0 R /Pg 24 0 R >> >> /K 130 /K 1067 /K 1200 /K 52 >> /K 620 /S /Artifact << << /P 4760 0 R /Lang (EN-US) 606 0 obj /K 1520 endobj >> 1525 0 obj /Pg 22 0 R /S /P /Lang (EN-US) >> /Lang (EN-US) /K 245 890 0 obj << endobj 1789 0 obj /Pg 25 0 R /P 5800 0 R endobj >> << /S /P endobj endobj endobj /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] >> 3094 0 obj >> << /S /P << << >> << /S /Artifact /Pg 23 0 R << /Pg 23 0 R /S /P 3492 0 obj /Pg 22 0 R /Pg 23 0 R endobj /P 6413 0 R 3807 0 obj >> endobj /S /LBody << /P 6704 0 R /S /P /Pg 24 0 R /P 6375 0 R /Pg 22 0 R 2087 0 obj endobj /K 906 >> 2345 0 obj endobj /S 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endobj /K 828 /Pg 25 0 R /P 10 0 R 3937 0 obj /K 1197 /K 871 << /S /P << >> endobj >> /S /P /S /P << 3397 0 obj 595 0 obj 13 0 obj /S /P /K 25 << /P 6454 0 R >> /S /P /Lang (EN-US) /P 6307 0 R /S /P /K 809 4065 0 obj 665 0 obj /K 576 2347 0 obj /Pg 24 0 R endobj /S /P /S /P /P 5426 0 R /P 10 0 R /Lang (EN-US) 3338 0 obj /Pg 22 0 R endobj endobj /K [1334 1335] /Pg 18 0 R /Pg 22 0 R << endobj /S /Artifact << /Lang (EN-US) << /P 5229 0 R /K 1290 << >> << /S /Artifact /K 89 /Pg 23 0 R << /S /Artifact endobj 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R >> >> /K 101 /Pg 25 0 R << /Pg 23 0 R /Pg 24 0 R /Pg 25 0 R >> /S /P /S /P /K 874 /K 1517 >> /S /Artifact endobj endobj /Lang (EN-US) /Lang (EN-US) >> /Pg 23 0 R /K 21 /K 24 /P 5886 0 R /Pg 22 0 R /Pg 24 0 R Infra: Bloomberg mnemonic Infra300 Index; Private Credit: Cliffwater Direct Lending Index; Real Estate: . /S /P /S /Artifact << /P 6669 0 R << /P 143 0 R << /P 5798 0 R 3997 0 obj /S /Artifact /P 5717 0 R /Pg 24 0 R /P 10 0 R /K 1361 endobj << /S /P /Pg 22 0 R /Pg 22 0 R /Pg 25 0 R /S /Artifact /Pg 23 0 R /K 819 << endobj /Lang (EN-US) endobj /P 33 0 R /P 6214 0 R /Lang (EN-US) << /K 1203 endobj /Pg 22 0 R >> /K [1335 1336] 395 0 obj /K 1176 /Lang (EN-US) 1378 0 obj /Lang (EN-US) >> /P 10 0 R 357 0 obj /P 4799 0 R /K 125 /Pg 13 0 R 3744 0 obj << /K 981 << >> /S /P >> 2860 0 obj >> << << /K 19 /K 1031 >> Stephen L. Nesbitt, "Private Debt. /Pg 23 0 R /Lang (EN-US) null 123 0 R 124 0 R 125 0 R 126 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R /Pg 25 0 R 874 0 obj /K 1348 /Lang (EN-US) /S /P /K 1467 3559 0 obj /Pg 15 0 R /Pg 23 0 R 3184 0 obj /MediaBox [0 0 612 792] << >> 290 0 obj null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R /K 1175 /K 514 /Lang (EN-US) /P 6588 0 R /S /P /S /Artifact /Pg 24 0 R >> >> /P 6310 0 R /S /P /K 1527 3463 0 obj /Pg 25 0 R /K 1533 /Pg 22 0 R /K 1002 /P 5863 0 R /K 1475 /S /Artifact /S /P The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). endobj /Lang (EN-US) null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null /P 6513 0 R /Pg 23 0 R << /Pg 25 0 R /S /P << 1570 0 obj Mr. Wolfe joined BlackRock through the acquisition of TCP. endobj << /K 94 endobj /S /Artifact /P 5788 0 R /S /P 379 0 obj >> endobj /K 1429 >> /K 12 /S /Artifact endobj /S /P /Pg 22 0 R null 3688 0 R null 3689 0 R null null null 3690 0 R null null /Lang (EN-US) /Lang (EN-US) /S /Artifact /Lang (EN-US) /K 1301 endobj /P 33 0 R /K 1542 endobj /K 27 >> /K 244 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R /K 1025 /S /P >> endobj /Rotate 0 << /P 4994 0 R /Pg 23 0 R /P 10 0 R 721 0 obj endobj 1645 0 obj /Lang (EN-US) /Lang (EN-US) >> /K 8 /P 6191 0 R endobj /Lang (EN-US) /Pg 24 0 R 3314 0 obj /Pg 23 0 R 1569 0 obj /S /Artifact 4038 0 obj endobj << /MediaBox [0 0 612 792] /K 1084 /Lang (EN-US) >> endobj endobj /K 1197 /S /Artifact 4041 0 obj /P 5605 0 R << << << endobj /P 5343 0 R /Lang (EN-US) << 1274 0 obj /MediaBox [0 0 612 792] << >> >> >> /Lang (EN-US) /Lang (EN-US) 3067 0 obj 985 0 obj >> >> /S /P >> >> /P 5567 0 R /Pg 24 0 R /Pg 22 0 R endobj /S /P endobj >> << /Lang (EN-US) /Pg 25 0 R << 3282 0 obj >> 624 0 obj >> /S /P >> /Pg 25 0 R /K 1109 >> >> /Pg 25 0 R 4208 0 obj >> /P 5123 0 R /Lang (EN-US) >> << /K 408 /StructParents 5 /S /Artifact >> >> /P 5150 0 R 3324 0 R 3325 0 R 3326 0 R 3327 0 R 3328 0 R 3329 0 R 3330 0 R 3331 0 R 3332 0 R 3333 0 R /Pg 25 0 R endobj /K 1414 /Pg 25 0 R /Lang (EN-US) >> /S /P /Lang (EN-US) /P 4891 0 R /Pg 23 0 R /S /P /K 578 << >> << endobj /Lang (EN-US) /Lang (EN-US) >> endobj 2036 0 obj /Pg 24 0 R endobj << endobj /K 408 >> >> /Pg 19 0 R /P 4905 0 R 3027 0 obj /Pg 25 0 R /K 1264 endobj /Lang (EN-US) /P 5914 0 R /K 1147 << << /Pg 24 0 R << /S /P /K 486 endobj /Pg 24 0 R endobj /K 776 << >> The Cliffwater Direct Lending Index, or CDLI, is an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion as of September 30, 2022. endobj /P 5890 0 R << /K 1138 endobj << /Pg 25 0 R /Pg 25 0 R /Pg 25 0 R >> /S /Artifact /Lang (EN-US) endobj endobj /Lang (EN-US) 2701 0 obj 2623 0 obj 3985 0 obj /K [80 81] /S /P /K 110 /K 18 /S /P /Pg 24 0 R /K 0 << /Pg 22 0 R >> 812 0 obj >> endobj 3066 0 obj null 1921 0 R 1922 0 R null 1923 0 R null 1924 0 R null 1925 0 R null endobj /S /Artifact << /Lang (EN-US) 2305 0 obj /P 4783 0 R /Pg 23 0 R /K 981 endobj /Lang (EN-US) >> 4336 0 obj 3796 0 obj 2125 0 obj << >> endobj << endobj << /S /Artifact /K 1094 /Pg 23 0 R /S /P endobj /S /P /K 1083 /K 1209 >> /Pg 17 0 R /K 1041 /Pg 18 0 R 1828 0 R null 1829 0 R null 1830 0 R null null null 1831 0 R null << 1223 0 obj /P 5154 0 R /K 1221 endobj 2142 0 obj /P 5972 0 R << /S /P endobj >> /S /P >> 1543 0 obj /P 6365 0 R /K 92 endobj endobj /DropCap /Figure /K 929 /S /P /S /P << /P 5009 0 R endobj endobj /S /P /Pg 23 0 R >> /K 601 endobj endobj /K 1145 << endobj >> 502 0 obj endobj /P 6695 0 R /S /Artifact /S /P /K 511 endobj /K 25 << >> /P 5701 0 R /K 1046 << 3099 0 obj << null 1962 0 R null null null 1963 0 R null null null 1964 0 R /Pg 17 0 R >> /Lang (EN-US) /K 666 2152 0 obj /K 1427 /P 5796 0 R endobj 4051 0 obj /Pg 25 0 R >> /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R << >> endobj 1092 0 obj /Pg 17 0 R 2762 0 obj /Lang (EN-US) /K 1422 /P 6058 0 R << /Pg 22 0 R endobj /K 439 /K 32 << /S /P /Pg 22 0 R /S /P /S /P /Lang (EN-US) >> /K 1541 /K 237 << /Pg 25 0 R 2496 0 obj /Lang (EN-US) << 2407 0 obj /S /Artifact endobj /P 10 0 R endobj /Pg 24 0 R << << /K 1398 1717 0 obj 1673 0 obj << /K 1404 << << /Lang (EN-US) /Pg 14 0 R /Lang (EN-US) /Lang (EN-US) /P 4888 0 R /Pg 18 0 R /Pg 22 0 R 1133 0 obj << >> /Lang (EN-US) /P 5662 0 R /S /Artifact /K 52 /P 5303 0 R /K 58 /Pg 23 0 R 3950 0 obj null 2788 0 R null 2789 0 R null 2790 0 R 2791 0 R null 2792 0 R null /K 43 endobj endobj /Pg 22 0 R /Pg 24 0 R /S /P /S /P >> /S /P /S /P /Pg 23 0 R << 2619 0 obj /P 6716 0 R /P 5876 0 R 1741 0 obj /P 10 0 R endobj /K 763 /P 10 0 R << 285 0 obj >> endobj /Pg 23 0 R 1163 0 obj endobj >> /S /P /K 1100 /K 1529 << >> << /K 1447 /Lang (EN-US) << 3616 0 obj /P 5924 0 R /S /P /S /P 824 0 obj >> /S /Artifact endobj >> 3189 0 obj /K 1369 endobj /S /P 328 0 obj 2894 0 R null 2895 0 R null 2896 0 R null 2897 0 R null 2898 0 R 2899 0 R << /Lang (EN-US) /Pg 24 0 R << >> /S /P /Rotate 0 >> >> /P 5639 0 R endobj /Pg 24 0 R /Lang (EN-US) >> << /S /P endobj << 3446 0 obj >> /S /P endobj /Pg 23 0 R /S /P 3716 0 obj endobj 3933 0 obj << /P 10 0 R endobj /K 688 endobj endobj >> endobj /Pg 25 0 R << /Lang (EN-US) /S /P endobj >> /Lang (EN-US) 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R << << << /S /P << /P 5766 0 R 1792 0 obj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) endobj /P 6316 0 R endobj 2266 0 obj /Pg 25 0 R >> /K 1342 endobj >> endobj /Lang (EN-US) /Lang (EN-US) 3568 0 obj /Pg 22 0 R << >> 1666 0 obj << endobj null 902 0 R null 903 0 R null 904 0 R null 905 0 R null 906 0 R >> endobj /Lang (EN-US) 1426 0 obj endobj >> >> /K [1111 1112] << << 312 0 obj /S /P endobj 3551 0 obj << >> /P 5869 0 R /P 5847 0 R /K 1530 /Pg 24 0 R 1665 0 obj /Lang (EN-US) << /Pg 22 0 R >> endobj /K 626 /P 5485 0 R /P 5758 0 R /Parent 9 0 R 702 0 obj 1859 0 obj /P 10 0 R /K [49 50 51 52 53] /S /P << /Pg 18 0 R << >> >> endobj /Pg 25 0 R /Pg 22 0 R << /S /P endobj /P 6127 0 R /K 35 endobj /Pg 24 0 R /S /Artifact << 1906 0 obj /Pg 24 0 R null null null 1611 0 R null 1612 0 R null 1613 0 R null 1614 0 R >> 1448 0 obj >> 1939 0 obj 3054 0 obj /S /P 338 0 obj << /K 917 2469 0 obj /Lang (EN-US) 2486 0 R null 2487 0 R null 2488 0 R null 2489 0 R null 2490 0 R null endobj 2251 0 obj >> << >> /S /Artifact /K 1527 /K 183 >> null 1562 0 R null null null 1563 0 R null 1564 0 R null 1565 0 R endobj /Pg 23 0 R 158 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R /A 6760 0 R /Lang (EN-US) >> /Lang (EN-US) /Pg 26 0 R /K 1207 << << 3936 0 obj /P 5281 0 R /S /Artifact /K 1373 /Lang (EN-US) /K 1039 /Pg 25 0 R /Lang (EN-US) /Pg 19 0 R /S /Artifact /Pg 22 0 R /S /P >> /P 6532 0 R /K 426 endobj /Pg 25 0 R 2660 0 obj >> >> /Pg 20 0 R << /Lang (EN-US) /S /Artifact /Pg 23 0 R >> /Lang (EN-US) endobj /K 1149 endobj endobj /K 1186 >> 1161 0 obj /Lang (EN-US) << /S /Artifact /S /Artifact 300 0 obj 3864 0 obj << /Pg 24 0 R /S /P /Pg 14 0 R << /S /Artifact /Pg 22 0 R endobj << >> endobj /Pg 23 0 R /Pg 25 0 R /Pg 24 0 R /P 10 0 R /S /P /P 10 0 R /Lang (EN-US) /K 476 1639 0 obj /Pg 22 0 R >> /K 599 >> /P 5834 0 R << /P 6455 0 R /Lang (EN-US) /Lang (EN-US) /S /P endobj << null 2033 0 R null 2034 0 R null null 312 0 R 2035 0 R 2036 0 R 2037 0 R 970 0 obj endobj 37 0 obj << 4012 0 obj /Pg 25 0 R /S /P << /Pg 24 0 R /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) endobj endobj /Lang (EN-US) /S /Artifact /S /P >> 1394 0 obj /S /Artifact endobj << >> endobj 1320 0 obj /Pg 22 0 R << /S /P /P 6178 0 R /K 71 /Pg 20 0 R /Pg 23 0 R /S /P 1762 0 R null 1763 0 R null 1764 0 R null 1765 0 R null null null endobj /S /P /Lang (EN-US) >> /S /P /S /Artifact /S /Link /K 1158 /Pg 23 0 R /Lang (EN-US) << /Pg 25 0 R /Pg 23 0 R /S /Artifact /Lang (EN-US) /K 1034 /S /P << << endobj << endobj << >> /P 33 0 R >> endobj << << /Pg 22 0 R >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. >> /K 1192 endobj /Lang (EN-US) /S /Artifact << /P 6300 0 R /Pg 25 0 R /S /P endobj >> << endobj << null 3600 0 R null null null 3601 0 R null null null 3602 0 R /StructParents 13 >> 749 0 obj 30 0 obj >> /S /P /K [4462 0 R 4463 0 R 4464 0 R 4465 0 R 4466 0 R 4467 0 R 4468 0 R 4469 0 R 4470 0 R 4471 0 R /P 5542 0 R /Pg 25 0 R

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