PAGE 7 • Advocated successfully to prevent potential SEC registration rollback and harmful changes to the US tax code • Advanced our Transparency Initiative by adding a significant number of organizations to our endorser list for the ILPA standard reporting template and issuing guidance to the industry on the use of subscription lines of credit • Took a major step forward in document simplification/standardization with release of the Model Subscription Agreement • Released proprietary research and data while launching new relationships with industry providers • Developed and implemented a communications strategy that better serves our members and the private equity ecosystem It was an outstanding year thanks to the diligence and commitment of the ILPA staff, the support of our trusted Board and involvement of our incredible membership. Limited partners are the trusted financial stewards of trillions of dollars of assets that are paramount to the livelihood of millions of beneficiaries. ILPA recognizes that our members take their jobs very seriously and the organization is committed to serving their needs so that they can focus on what matters.As we enter 2018 with a new CEO, I am confident that our Association – by LPs for LPs – will continue to thrive long into the future. I look forward to remaining engaged in new ways and celebrating future achievements with our outstanding team. INTERIM CHIEF EXECUTIVE OFFICER Mike Mazzola