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Dan-

Just wanted to follow up on the firefighters from the call this afternoon. Joan is going to put together a list of the various firefighters and where we are with all of them. But we are typically taking few different routes. First, Hunter has met about 10-15 trustees from around the country. Then either Hunter or Arlene have followed up and asked to be put in touch with the right person in charge of their investments. In many cases we are put directly in touch with the consultants. In those cases, we've had Devon or you send information to the consultant directly for due diligence. In the other cases, we have been put in touch with the Executive Directors of the municipal pensions. As I know you know in many cases, the firefighters pensions are part of a larger municipal pensions. For example, the Montgomery County (MD) Firefighters are part of the larger Montgomery County Public Employees Pension plan and that is an example of one where we met with the ED directly. Finally, there are some cases, Vermont is one of them, where the firefighters are part of the state plan and it is the Governor or State Treasurer who is a key decision maker.

What we will send you next week will be a spreadsheet of progress to date with the various firefighters and the routes we are taking with each one. Typically, the travel and pitch meetings are still to come after we get the consultant to due diligence, meet with the ED of the municipal plan or meet with the Governor or State Treasurer. The best cases are where we can just send the info to the consultant and no travel or meetings are required until we finish the due diligence process. The more labor intensive ones require a series of non-substantive relationship building meetings with a elected official, trustee, etc. before we can even get to the consultant or get in front of an investment committee and it has run the gamut so far.

We'll try and get the spreadsheet sent around early next week so you can get a sense on all of this and we can discuss on next week's call.

Again, I know you know most of this, but just wanted to give you a sense of our approach and the larger plan.

Have a good weekend.

Best,

Eric


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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