PAGE 3 • The ILPA Institute continues to set the bar for private equity education developed by limited partners for limited partners.We added more classes in 2017, and are well positioned to continue expansion of our course offerings and educational programming – in person and online – in the coming year. Likewise, our thought leadership and relationships with organizations who serve the private equity industry yielded customized tools, unique resources and proprietary benchmarks that benefited our membership significantly. With the departure of ILPA’s Chief Executive Officer Peter Freire in June, the Board embarked in the fourth quarter on a global search for our new CEO.The installation of former ILPA Board Chair Mike Mazzola as Interim CEO has generously afforded us the benefit of time to conduct a thorough and deliberate search process. Mike’s leadership, along with the capabilities and dedication of the senior staff, ensured that ILPA was able to build on existing strengths during this time of transition. We look forward to sharing news of the new leader of the organization when the search is concluded in early 2018. Our staff is supported by a committed ILPA Board, which serves as the strategic governing body of our organization.This past year, we aligned our Board tenure with a change in our annual general meeting dates,and therefore retired only one member in 2017.We would like to thankWilliam Chiu of Zurich Alternative Asset Management, LLC for his exceptional leadership on the Board and as part of the Research & Benchmarking and Education Committees. As we enter 2018, we can be assured that the environment for limited partners will continue to be a dynamic one, ripe with opportunities to consistently serve our beneficiaries and embrace the fiduciary responsibilities entrusted to us. ILPA remains committed to rising up to meet the needs of our members, helping them achieve their individual, institutional and collective goals by connecting them with one another and representing their interests with the broader private equity ecosystem. On behalf of the Board of Directors, we thank all our stakeholders for their trust and support and look forward to a prosperous 2018. CHAIR, ILPA BOARD OF DIRECTORS Tanya Carmichael Managing Director, Global Funds Ontario Teachers’ Pension Plan