35 ILPA Principles 3.0 Capital Calls and Distributions Capital calls and distributions should provide information consistent with the ILPA Standardized Reporting format, including the exact amount of carried interest and provide build-up to carry calculation, percentages for each limited partner and detail in calculation (including offsets) of management fees.The GP should also provide estimates of quarterly projections on capital calls and distributions. Subscription Lines of Credit Quarterly and annual reporting should include a schedule of fund-level leverage, including commit- ments and outstanding balances on subscription financing lines or any other credit facilities in use by the fund. During fundraising, and included in regular reporting over the life of the fund, LPs should be provided with performance information, i.e., IRR and TVPI or MOIC figures, with and without the use of such facilities in order to inform performance comparisons on a vintage year basis and relative to other funds. The terms for any such subscription facilities should be disclosed or available to LPs on request. Any subscription line facility used should be reasonable in both size as a percentage of the total fund as well as duration. LPs should be offered the option to opt out of a facility at the onset of the fund. There should be a reasonable window of at least 10 business days for LPs to respond to capital call requests. At the time of the fund close, or on the occurrence of initiating such a facility, GPs should disclose to all LPs: • The anticipated size of any facilities contemplated; • Proposed limits on duration (both cleanup and term); • Parameters around the intended use of proceeds; • Protocols for regular disclosure of the total amount outstanding and any costs incurred by the fund related to the use of such facilities including estimated basis points on the front end, unused fees, and interest rates. Current rates should be explicit; • How commitment-secured facilities or NAV-secured facilities will be treated in the context of overall leverage limitations on the fund (e.g., facilities to increase investment capacity of the fund versus bridging facilities). FINANCIAL DISCLOSURES