b'ILPA ANNUAL REPORT 202018 19Its fun to have conversations with fellow LPs in a safe space where no one can pitch you anything. Thats the infinite ILPA REVENUES AND EXPENSESvalue that ILPA provides. 2016-2020 ($000)SENIOR MANAGER OF PRIVATE EQUITY$6,012 Private Pension, EuropeDuringunprecedentedtimes,ILPAwithstoodpressuremembers in Europe. Throughout the remainder of 2020,2016 $5,232andembracedopportunitytofindnewwaystocarryILPA quickly pivoted to adapt to the virtual environment outitsmissiontoserveLPsacrosstheworldthroughimplementingnewtechnologiestohostourfirstvirtual$7,343valuableevents,education,advocacyandresources.Members Conference and AGM in June with record high2017 $7,624Even in a virtual environment ILPA found ways in whichattendance. to keep members connected and improved its resilience$8,034towards the unknown and the unpredictable. The valueEngagementatILPAsautumnvirtualeventsremained2018that ILPA delivered is reflected in the continued growthstrongallowingforILPAtoincreaserevenuefromthe$7,495of our membership base and the record high attendancePrivateEquityLegalConferenceandretainhealthy in our virtual offerings. From a financial perspective, therevenue from the ILPA Summit. The support for the ILPA$8,889unexpected events of 2020 led to an overall reduction inSummit from the industry at-large was also strong. Service2019 $8,447ILPAsrevenuebutwereequallymatchedbysignificantproviders and general partners continued to support the reductions in expense and resulted with a near net-zeroILPA Summit through sponsorship and attendance offering$6,698balance in 2020. resounding endorsements of the virtual model. ILPA also2020* REVENUEbenefited from strong, long-term relationships with event$6,502 EXPENSEMoreover, ILPA increased engagement with the broadervendors, and did not incur any additional costs for event private equity community in 2020. In an unprecedentedcancellations.environment communication across the industry actually0 2,000 4,000 6,000 8,000 10,000became stronger and more active, particularly amongstThe ILPA Institute started the year off strong with in-person the global community of industry associations dedicatedcourses in January and February before the interruption to to the private investment markets. ILPA was at the centerbusiness at the end of the Q1. In August, the ILPA InstituteFINANCIAL HIGHLIGHTS 2016 - 2020oftheseglobalindustrydiscussionsanddeepenedbegan offering virtual courses and in September launched relationshipswithpeersinNorthAmerica,EuropeandtheInstituteOnline;theserepresenttwopreviously Asia.Serviceprovidersandgeneralpartnersremainedunrepresented revenue opportunities for the Institute thatREVENUE COMPOSITION 2016 2017 2018 2019 2020*strong partners for ILPA as we sought to set standards forwill strengthen its resiliency into the future.the industry and to cultivate an environment that ensuresMembership Dues 19% 22% 23% 23% 32%the future of the private equity industry remains bright. ILPA expects and is planning for continued disruption to travel and in-person offerings in the first half of 2021, butEvents & Sponsorships 68% 60% 58% 54% 56%ILPA kicked off 2020 with a new event, the ILPA Summitsteps have been taken throughout 2020 that position ILPA EuropeinLondon.Theneweventwasimpactfulandto increase revenue closer to pre-pandemic levels in theEducation Programs 11% 15% 14% 19% 10%representsameaningfulopportunitytoexpandouryear ahead. outreach and bring the successful ILPA Summit directly toOther 2% 4% 5% 5% 3%INVESTING IN RESILIENCYEXPENSE COMPOSITION 2016 2017 2018 2019 2020*Events & Conferences 26% 20% 21% 17% 9%Education 9% 11% 12% 17% 8%Industry Affairs & Research 6% 5% 4% 6% 2%NEW EVENT EDUCATION ILPA SUMMIT Operating Expenses & Infrastructure 59% 64% 63% 59% 81%TECHNOLOGY PLATFORM EUROPE*Unaudited'