Dear ODV Members: Attached is Document #28, the report of the Investment Management Committee. Corresponding motions related to the creation of a permanent Investment Management Committee (IMC) and proposed bylaw changes to reflect new duties of the CFO and Treasurer relative to the IMC have been posted to the ODV Dropbox. Also in the ODV Dropbox are the executive summaries and related attachments of the RFP submissions for the three Outside Chief Investment Officer (OCIO) finalists. IMC committee members encourage you to review this material in advance of the presentations on Wednesday afternoon, January 19, so you will be familiar with the three OCIO finalists - CAPTRUST, Fidelity and Brown Advisory. A motion to select an OCIO will be forthcoming. 73 de Bill Morine, N2COP Chairman - Investmetn Management Committee