LEHMAN BROTHERS ASSET MANAGEMENT

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DYICE ELLIS·BECKHAM VICE PRESIDENT

EXHIBITC

October 7,2005

Mr. Ted Hall

Chief Investment Officer

Ohio Police & Fire Pension Fund 140 East Town Street, 9th Floor Columbus, OH 43215-5164

Dear Ted:

Thank you for taking time to speak with Ann and me. This letter addresses the points we discussed during our conversation. To recap, Lehman Brothers previously had two separate high yield teams - Lehman Brothers Asset Management (LBAM) and Neuberger Berman. The Neuberger Berman Lead Portfolio Manager unexpectedly departed. Effective October 6, the LBAM high yield team assumed the responsibility for $1.6 billion in high yield assets associated with Neuberger Berman.

• Capacity: Ohio Police & Fire Pension Fund hired LBAM to manage assets in our Core High Yield strategy. This development will not impact our ability to execute this strategy. No assets formerly managed by Neuberger will be transitioned into LBAM's Core High Yield strategy. Rather, the assets will continue to be managed under Neuberger's higher quality income-oriented approach, and the accounts will continue to be serviced by Neuberger Berman.

• Process: The LBAM Core High Yield investment process will be unaffected. The reasons for this are: 1) the bulk of Neuberger's high yield assets are highly liquid BB securities, 2) the Neuberger strategy is primarily a buy-and-hold approach, and 3) the portfolio focuses on shorter duration securities. Our analysis reveals a 60% overlap in names, which results in minimum impact on the LBAM credit analysts in terms of coverage.

• People: We will seek to integrate three analysts and one trader from Neuberger's high yield team into LBAM. The analysts will work within the appropriate sector team. This integration represents a continuation of our ability to increase our resources within a team-oriented process. We fully expect the high yield expertise of these professionals will complement our existing team.

• Performance: We are confident there will be no negative impact on your portfolio's performance from this development.

Please let me know if you require additional information. We are happy to travel to Columbus to further discuss this update in-person. Please let us know your preference. Thank you again for the business opportunity with the Ohio Police & Fire Pension Fund.

Sincerely,

Dyice Ellis-Beckham

cc: David Lindberg, CF A (Wilshire Associates)

Ann Benjamin Jonathan S. Cook

Employees of Neuberger Berman; tka Lehman Brothers Asset Management (OP&F Investment Manager) •

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Lauren Cutrone Lori Holland

Keith J. Beaudoin Lori A. Loftus Doreen Moskal Tom O'Reilly

Dana Pawlicki Linda Seger Mamundi G. Subhas Michael G. Welch

Former Employees of Neuberger Berman Dyice Ellis-Beckham

Other Employees of Lehman Brothers

providing services to OP&F

Dave Reedy

Lehman employees that contacted OP&F regarding potential services

Jai Chabria

John Kasich

John E. Dwyer

Jin H Park

Christy Kelly Jonathan B. Kiley Kevin Newman James Swindell Randall S. Yanker

April 21, 2006

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Dear Rob,

I am writing to inform you of a senior management change affecting Lehman Brothers' Investment Management Division (IMD).

After four years as the global head oflMD, Ted Janulis has been named global head of the Finn's Mortgage Capital business. Under Ted's capable leadership, IMD has grown its assets under management from $9 billion to close to $200 billion. We wish Ted the best ofluck in his new role. At the same time, we remain committed to our mission to deliver superior investment performance and service to clients in the years to come.

In addition, we are pleased to announce that Joe Amato, a 12-year veteran of the Finn and a member of its Management Committee, will become co-head of Asset Management, serving with Jeff Lane, who is a Vice Chairman of the Finn.

Joe joined Lehman Brothers in 1994 as head of High Yield Research. In 1997, he moved to Equities, where he served as head of U.S. Equity Research and subsequently, Global Head of Equity Research and Global Head of Equity Sales. Most recently, he has served as chief recruiting and development officer for the Finn and has been a member of the Management Committee since its formation in 2003.

In Asset Management, Joe will work side-by-side with Jeff, who joined the Finn in the 2003 combination with Neuberger Berman and deserves much of the credit for the outstanding performance and growth of the Asset Management business. Jeff has held senior Wall Street roles for more than three decades. This is a terrific team to lead a business that has demonstrated strong growth and performance as we continue to build a superior investment organization. We have attached biographies for Jeff Lane and Joe Amato for your review.

Please note that these senior-level changes will in no way affect the day-to-day operations of our portfolios or the service you receive from us. The Finn remains committed to its mission to achieve superior investment performance for clients. We will continue to recruit and sustain the best investment talent to that end.

We would be delighted to meet with you to discuss these changes further, and welcome any questions or observations that you may have after review.

Sincerely,

Dyice Ellis-Beckham

August 15, 2006 Page 2

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In addition to the information shown on the attached, you are entitled to any reasonably available information regarding these types of transactions that you request in writing, including, but not limited to:

• The percentage of the offering purchased on behalf of all client plans and pooled funds sponsored by LBAM, and

• The identity of all members of the underwriting syndicate from which the securities were purchased.

Finally, please note that the authorization for LBAM to engage in the transactions covered by PTE 2003-22 may be terminated by you at any time on no more than 5 days notice by contacting LBAM directly.

As always, please don't hesitate to call if you have any questions about the details of this report.

Best regards,

:Jvtary (}3racfy

Mary Brady Vice President

MB:lm

Attachment

LEHMAN BROTHERS ASSET MANAGEMENT

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August 15, 2006

Mr. Robert Theller

Ohio Police & Fire Pension Fund 140 East Town Street

Columbus, OR 43215

Dear Mr. Theller:

As an affiliate of Lehman Brothers Inc. ("LBI"), and in accordance with Prohibited Transaction Exemption 2003-22, Lehman Brothers Asset Management ("LBAM") is required to report to you on a quarterly basis as to whether we purchased any new issue securities during the quarter, where Lehman Brothers Inc. was involved as a Manager of the underwriting syndicate for registered securities, or as a member or Manager of the syndicate for 144A securities.

We confirm that Syndicate accounts for any trades executed in the quarter ended March 31, 2006, have now settled.

For the quarter ended June 30, 2006, LBAM purchased the attached security(ies) on behalf of your Plan. Please note that the security(ies) was purchased from a broker-dealer other than LBI or any of its affiliates.

With respect to the attached purchase(s), the syndicate accounts have not yet settled. As soon as they do settle, LBAM will receive written certification from an officer of LBI representing the following with respect to each offering shown on the attached, and we will inform you of that certification:

The transaction was not part of an agreement, arrangement, or understanding designed to benefit LBI or its affiliates.

LBI did not receive, either directly, indirectly, or through designation, any selling concession or other consideration based upon the amount of securities purchased pursuant to PTE 2003-22.

• Any amount received by LBI in management, underwriting, or other compensation was not increased through an agreement, arrangement, or understanding for the purpose of compensating LBI for foregoing any selling concessions with respect to those securities listed on the attached.

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There were no instances during the past quarter where LBAM was precluded for any period of time from selling any security listed on the attached because of our status as an affiliate of LBI.

LEHMAN BROTHERS ASSET MANAGEMENT LLC

190 SOUTH LASALLE STREET, SUITE 2400 CHICAGO, ILLINOIS 60603 PHONE: 312-325-7700

OIDO POLICE AND FIRE PENSION FUND 140 EAST TOWN STREET !

COLUMBUS, OIDO 43215 614/228-2975

MEMORANDUM

Date:

March 4, 2002

To:

William. J. Estabrook, Executive Director Senior staff

From:

Ted Hall, Chief Investment Officer

Subject:

Semi-monthly report

A. Items for Investment CommitteelBoard attention

March Investment Committee Montgomery Asset Mgt. Discussion

4th Qtr Net of Fees Performance Report Semi-annual Proxy Voting Report

March Board Meeting

Real Estate Advisors' Investment Plans 2002 Real Estate Strategic Plan

4th Qtr Real Estate Performance

Review of Separate Account Real Estate Advisors

B. Items for Executive Director action NA

c. Items for Executive Director attention

Real estate items: (1) Lend Lease - Gene Conway, head of Lend Lease Equity Real Estate, is taking early retirement. Fred Pratt, CEO, will take on Gene's responsibilities and will become more involved in the management of the real estate advisory business. Renee Bergeron and Steve Walker will continue to work on the OP&F account as our client advocates. (2) Oakbrook Commons - The interest rate on the loan has been reset to 6.4%, approximately 120 basis points below the original rate. We had to pay a reset fee of $10,500 and legal fees. (3) Great Southwest Industrial- New soil borings have been completed. The environmental consultant is retesting existing wells on advice of our legal counseL The test results should be available this week, and RREEF will initiate the process of procuring a ''No Further Action" letter from the Texas Environmental Agency. We asked RREEF to put the sale of this property on hold until we have a better understanding of the extent of

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contamination. (4) Proposed Acquisition - Lend Lease re-submitted a retail property in Methuen, Massachusetts (suburban Boston) called The Loop. t.1bis is a grocery anchored, lifestyle center containing 338,034 sq. ft. built in 2000. Loews Theater is one of the major tenants with a mega-plex cinema on a ground lease that represents 18% of the center's income. The price is $54,000,000 and the purchase is contingent upon Loews emerging out of bankruptcy and becoming an acceptable credit

Asset Allocation - We are still below our target weights in international developed markets equity and real estate, and will continue working to bring these asset classes up to target Funding will come from fixed income, cash and emerging markets equity, all of which are above their target weights. The Board approved the use of the emerging market transition as an opportunity to reduce our emerging market exposure to its target allocation and to move the balance into international developed markets equities.

Emerging Markets Manager Search - The Board selected Montgomery Asset Management as a replacement for Zurich Scudder Investments, and they agreed to equally weight the Montgomery and Capital International portfolios. Approximately $125 million will be funded over the next several months to Montgomery. Of the remaining balance in the Zurich account, $15 million will be added to Capital and the remaining $78 million will go to our developed international managers. Staff and Wilshire reviewed fee proposals on both a separate account and Montgomery's commingled vehicle and have concluded that a separate account would be less expensive and that the lower costs would outweigh the disadvantage of operational complexity. Staffis working with our international custodian, State Street, to establish procedures for setting up custody in each of the countries in which Montgomery , would like to invest. Staff and Wilshire have also begun to make inquiries into a report in the February 26 Wall Street Journal that Montgomery's parent, Commerzbank, is looking for a buyer for Montgomery Asset Management. We have received a letter from the CEO of Montgomery indicating that he is not aware of any effort by Commerzbank to sell Montgomery. However, we have received indications from several other sources that Commerzbank is indeed seeking to sell Montgomery. These same sources also indicate that Montgomery may not be a profitable firm.

Private Equity: (1) Miami VaIley - made their final capital call in the amount of $200,000. Manager'Meetings - March 11 - Columbia Management (Fleet).

Legal issues outstanding:

• Investment Advisory Agreement

• Great Southwest environmental issue

• Wolf Camera bankruptcy

• Casual Male bankruptcy

• Oakbrook loan

• Remington Apartments loan

• Montgomery Asset Mgt. Agreement (on hold)

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D. Assessment of 2002 budget initiatives:

See Next Report

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E. Meetings with outsiders:

Merrill Lynch - Eric, Rick and Judi met with Brian Zinser, Mary Rooney and Jason Mandel to discuss corporate bond strategy and credit trends.

Bank of America - Rick and Eric met with Roger Platt and Stan August to discuss strategy and credit trends in the finance sector.

Plexus - Bob, Bret and I conducted a conference call with Steve Glass to discuss various transition issues related to our upcoming emerging markets portfolio transition.

Bartlett & Co. - Bob, Bret and I met with Jim Miller, Jim Mahon and Don Mottley to discuss the firm's fixed income and equity capabilities.

JP Morgan Fleming Asset Management - Bob and Bret met with Brian Strange and Robert Stewart to discuss the firm's currency overlay strategies.

Smith Barney - Bob, Bret and I met with Alan Fressle and Jeff Russell to discuss our account and their outlook for international developed markets equity.

CIS & H.C. Wainwright & Co. - Bret and I met with Marianne Howard and Doug Beath to discuss our soft dollar account and Wainwright's market research.

CinciTech - Bob, Bret and I met with Richard Kiley of Procter & Gamble and Stephen Baker of Fort Washington to discuss Fort Washington's hybrid Ohio RegionlNational fund of

funds product. .

Lehman Brothers - Bob, Bret, you and I met with Jai Chabria, Kevin Newman, James Swindell and John Kasich for a discussion of the firm's private equity capabilities. Independence Investment - Bob met with Durfee Betts for an update on the firm's equity performance.

STW Fixed Income Mgt. - I met with Arnold Boecklin to discuss his firm's long duration

fixed income product. .

F. Training Current

• Lou is attending the IFE real estate conference.

• Lou, Bob and I attended the structured, behavioral interview training.

• Rick attended Credit Suisse First Boston's analyst meeting. Topics discussed included banking, finance and real estate (REIT) sectors.

• Judi attended a Lehman Brothers presentation on corporate credit.

• Lisa attended the University of Wisconsin-Madison Real Estate Executive Education course "Real Estate Investment and Feasibility Analysis".

G. Operating data

PAM: Michelle closed all the domestic portfolios for January 2002. Joe closed the international equity portfolios for January 2001. Michelle also reconciled the Investment Liability account and forwarded manual journal entries to Finance. Michelle and Joe met with Mark on year-end GIL discrepancies and how to resolve them. Jenene and Diana posted/loaded trades, corporate actions, and reviewed and corrected missing prices on PAM. Diana also posted daily FX contracts, researched cash match variances in the domestic and international portfolios and worked on proxies. PAM Testing: Judy, Diana and Michael

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tested transaction in PAM 6.0, SP 3. All transactions were posted successfully, except FX contracts. Joe researched this issue and informed IS to correcttthe problem by refreshing the data on the test environment. Testing will continue next week with reports and other jobs. TOS New Custody Model: Joe reviewed all the weekly asset position reconciliations prepared by Firstar and forwarded them to the TOS. The daily activity reconciliations were also sent to Firstar for review. Meeting: Joe, Teresa and Michelle attended the bi-weekly meeting with Finance.

Firstar is still reviewing the January intem.al fixed portfolio. Their performance system is not reading some of the purchase/sale corrections that were made after January month-end.

Thus, the January trade date cash is off along with several par amounts.

We have completed and submitted all schedules and narratives requested by Finance for the 2001 CAFR A big pat on the back goes to Ellen for her hard work on completing all the schedules, and many thanks to Bret, Bob, Rick, Eric, Lou and Melanie for their efforts to help me draft the Investment Report.

Bret and Bob worked on the emerging markets manager transition and custody issues. They also completed manager compliance for January.

Rick participated in a conference call hosted by Capital One Financial detailing their accounting practices and liquidity outlook.

Testing of securities lending continues to be clean. Fiduciary bond coverage and ADV/SAS 70 reports are current, or renewals are in progress.

Ellen and Teresa attended a purchasing meeting to discuss changes to the requisition process. Ellen completed the annual "Survey of Financial Services Transactions between US Financial Service Providers and Unaffiliated Foreign Persons" and mailed the completed forms to the US Department of Commerce, Bureau of Economic Analysis.

On a happy note, on Thursday, February 28, our "extended" department grew by one more when Jenene Elliot gave birth to "King Kong", Spencer Alexander, who weighed in at a hefty 10lbs .4 ounces and was 22 inches long.

On a sad note, Melanie Bowling's last day at the Fund was Friday. Her expertise and advice will be greatly missed in our department.

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