THE WHAT Just as limited partners serve as trusted financial stewards for millions of beneficiaries around the globe, so too does ILPA on behalf of our members. In 2018, ILPA continued to enjoy revenue growth which was driven by expanding membership and educational programs, increased participation at our major events, and deeper relationships with third party service providers. For the year, revenues were $8.1 million, a 10% increase over 2017. ILPA continued to manage costs in a prudent manner. Total expenses for the year were $7.9 million, a 4% increase from 2017. The increase in expenses was driven by investment into our growing educational platform, our CEO transition, integration of our CRM platform with the full set of ILPA systems, including the ILPA website, and the launch of our ILPA Connect platform. These revenue and expense factors resulted in achieving a breakeven year. Looking forward to 2019, ILPA will continue to invest in the growth of our organization and engagement of our members. We anticipate a continuing expansion of our membership, programs and relationships, all with the goal of serving global limited partners in a meaningful way. Optimizing Resources to Deliver the Greatest Value Optimizing Resources THE WHAT 18 ILPA ANNUAL REPORT 2018