Sale of Key Tower

December 17, 2005

This was sent to me by a retiree who has a point to ponder. John

John,

In my humble opinion, all of the members of the STRS System are entitled to a complete statement regarding the sale of the Key Tower. This is the largest STRS real estate holding.. I do not consider Laura Eckler the "expert" to explain the need for diversification of OUR assets!

This proposed sale will indeed increase the bonus for Mr. Mitchell and the real estate investment staff.

Once confidence has been lost in the organization, we are all carefully watching every action of STRS!

After the information that has been released in the Medco case, it is obvious that some staff members that have been richly rewarded, do not understand their responsibilities. Why did Petro retain 5 law firms in this case? Although STRS told us that the evidence was significant, I am not certain who is telling the truth and who will win!