I am sending the update below on behalf of IMC Chair Morine. Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858 Dear ODV Members: The Investment Management Committee (IMC) completed its first phase of identifying candidates for an Outside Chief Investment Officer (OCIO), the industry term for an external money manager. Over eight months members of the IMC met almost every week, speaking with experts in non-profit portfolio management and identifying potential money management firms. The committee developed a comprehensive Request For Proposal (RFP), and identified 15 firms which represent the type of management philosophy which ARRL is seeking. RFPs were sent to this group, and eleven responded. Over a month, IMC members reviewed and analyzed thousands of pages of documents. The IMC team developed criteria for assessing submissions from OCIO candidates, and narrowed the field down to five firms. The next phase will be to conduct interviews with each of the five finalists. Members of ODV are invited, and encouraged, to join these sessions, which will be two hours each via Zoom. Not only are board members being invited to these sessions in the spirit of transparency, but the board is also the ultimate fiduciary responsible for management of the organization's portfolio. Directors will be voting on the selection of an OCIO at the January, 2022 board meeting, so a primary purpose for opening up these sessions is for board members to become familiar with the five OCIO finalists. The dates and times (Eastern) for the scheduled interviews in chronological order are: Monday, November 15, 4:00 PM or 5:00 PM* -CAPTRUST with Jon Strickland and Jason Stanicek Tuesday, November 16, 4:00PM or 5:00PM* - SEI with Bruce Higginson Tuesday, November 16, 7:30 PM - Fidelity with Jim Zadrozny and Tom Duffy Monday, November 29, 5:00PM - Brown Advisory with Susan Traver Tuesday, November 30, 7:30PM - Vanguard with Guy Scripter and Tom Russo *Start time will be finalized after confirming availability of all IMC members The format will be that IMC members will conduct the session, and non-IMC members will be placed in a guest mode with no video or audio participation capability, but will be able to see and hear the proceedings. Questions from non-IMC board members can be submitted during the interview through the chat feature, and these questions will be considered towards the end of the session. The IMC is investigating if each session can be securely recorded for access only by ODV members if they cannot attend the live meeting. Members of the IMC wish to emphasize two points: 1) the material and information which each OCIO candidate will share along with subsequent discussions are confidential. In order for each firm to be forthright and candid, they must be assured that their information will not be divulged. 2) we are encouraging especially participation from Directors who will be voting for the final candidate. We on the IMC believe the rigorous due diligence we've undertaken has resulted in five premier quality money managers for your consideration. We welcome your upcoming participation. 73, Bill Morine, N2COP, Chairman Fred Hopengarten, K1VR Kristen McIntyre, K6WX Rick Niswander, K7GM, Treasurer John Robert Stratton, N5AUS Dale Williams, WA8EFK David Minster, NA2AA, CEO (ex officio)