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Universe Development Process

The NAFIF 2018 universe was developed as follows:

· The prior year universe was cloned and used to populate client input templates.
Similar to last year, the universe went through a ‘rebuild’ process to determine
which companies and programs would be targeted. Latin America and Canada
were exempt from the ‘rebuild’ process and followed the standard build
procedure.

· For the rebuilt programs:
1. Client Input: clients were sent pre-populated templates by product
based on their input from last year.
2. Each product at a company had to receive two separate client
endorsements to automatically remain on the universe.
3. Single and zero nominated products were reviewed by consultants
giving them an opportunity to keep a product on via their own GA
nomination.

· Companies recommended by clients as “Potential New Company Adds” were
reviewed and either approved or rejected by the respective consultants for
Canada and Latin America where client input was solicited in the standard
fashion.

· Partial verification was performed using our in-house Bloomberg Terminal (i.e.,
missing phone numbers/emails and potential duplicates were researched).

· NAFIF is a multi-targeted facility and targeting was done by the consultants.

· Marketing reviewed the NAFIF universe for “Do Not Contacts”. These firms
and/or contacts were designated as DNC before the final universe was
delivered to Field.

· Priorities/Top 100s were based on last year’s priorities and online research.
Additional online research was used to determine which new firms were Hedge
Funds. All Top 100 firms and Hedge Funds were designated as “Priorities”.

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