NAA THOUGHT LEADERSHIP WORKSHOPLIVE POLLING RESULTS

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Collaboration through technology is in our DNA, so needless to say, we are extremely grateful for the opportunity to spend some time with you at the 2018 NAA Thought Leadership Workshop.

This document provides data aggregated from the live polling we conducted. We believe the results provide meaningful insights into the Limited Partner/General Partner dynamic.

Please note that while these results represent an accurate tally of the responses from attendant Limited Partners and General Partners, the results are provided for information purposes only, and Lenox Park Solutions does not guarantee extrapolation of similar results for larger data sets.

THE RESULTS ARE IN

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Q: When asset managers were asked to rank the

following HURDLESto accessing

LIMITED PARTNER capital

Of al l pol l ing quest ions, this received highest audience engagement; and

while i t is the most intensely fe l t issue, i t is a lso one of the most easily

addressed problems with automated solutions .

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2nd1st

4th3rd

5th—

NON-RESPONSIVELIMITED PARTNERS

—

—INEFFICIENT

ACCESS THROUGHINTERMEDIARIES

—

—DIFFICULT

TO FIND PORTFOLIO FITFOR EMERGING

MANAGER STRATEGIES

—

—PRE-CONCEIVED

NEGATIVEIMPRESSIONS OF

DIVERSE MANAGER

CAPABILITIES—

—INEFFECTIVE

COMMUNICATION OF LIMITED

PARTNER STRATEGY AND INVESTMENT

PROCESS—

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Q: WHEN LIMITED PARTNERS WERE ASKED HOW THEY MOST

EFFECTIVELY SOURCE THE MANAGERS THAT MAKE it INTO

THEIR PORTFOLIO

With respect to sourcing, the overwhelming preferred opt ion was

to source deals via peer-network .

Consultants and Databases nearly t ied for third; and industry

conferences are the least e ffect ive.

PEER NETWORKING AND REFERRALS FROM OTHER LIMITED PARTNERS

REFERRALSFROM EXISTINGASSET MANAGERSIN OUR PORTFOLIOS

INTERMEDIARIES(INVESTMENTCONSULTANTS,FUND-OF-FUNDS, ETC.)

THIRD PARTY DATABASES(E-VESTMENTS, ETC.)

INDUSTRYCONFERENCESAND EVENTS

2nd

1st4th3rd

5th

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Q: WHEN ASSET MANAGERS WERE ASKED, HOW VALUABLE IS

HAVING CLEARER COMMUNICATION FROM LIMITED

PARTNERS ON THEIR ASSET ALLOCATION STRATEGY AND

INVESTMENT PROCESS

The overwhelming majori ty of General Partners bel ieve more effect ive communicat ion f rom

Limited Partners would be highly valuable with respect to access ing

capita l , further highl ight ing a perceived lack of information and

dialogue f rom Al locators .

82% 9% 9%VERY

VALUABLESOMEWHAT VALUABLE

NOT VALUABLE

—We are rarely clear on this

—We are clear but not sure how

helpful this is

—Whether clear or unclear,

communication does not lead to more access

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Q: WHEN LIMITED PARTNERS WERE ASKED HOW THEY

NARROW IN ON THE CONFERENCES

AND EVENTSTHEY ATTEND IN A GIVEN YEAR?

This quest ion received the lowest audience engagement - potentia l ly indicat ing ambivalence and fat igue

around Events part ic ipat ion.

Events are commodities , and viewed as such by in the Industry –

commodit ized goods are managed extraordinari ly wel l by technology

plat forms that can intel l igently f i l ter a broad set of opt ions and repl icate l ive

interact ions, saving t ime and money.

1stRecommendations from intermediaries 2nd

My lIMITED PARTNERPeerNetwork

3rdReferrals From Existingasset managers in our portfolios

4thPublicly available information

5thOther

—Attend events like-minded Limited Partnersattend

—Google search

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THANK YOU

PLEASE NOTE THAT WHILE THESE RESULTS REPRESENT AN ACCURATE TALLY OF THE RESPONSESFROM ATTENDANT LIMITED PARTNERS AND GENERAL PARTNERS, THE RESULTS ARE PROVIDED FORINFORMATION PURPOSES ONLY, AND LENOX PARK SOLUTIONS DOES NOT GUARANTEEEXTRAPOLATION OF SIMILAR RESULTS FOR LARGER DATA SETS.