How many shares of BP did you say that we still own?

From John Curry, June 17, 2010
Subject: Re: Response to E-Mail

Laura,

Thank you for this input....as a friend and fellow retiree said to me, after reading this explanation, "10.9 million shares! With the price dropping and dividends suspended.....WHY haven't they been sold?"

I realize that you are a spokesperson for STRS and not an STRS investor associate so I will "cut you some slack" on this explanation.........you are just the messenger. I am curious, however, as to why the Cincinnati.com article didn't also include this information of current ownership by STRS of 10.9 million shares of BP. My take, by leaving it out, it sanitized the article and made many people falsely get that "warm and fuzzy" feeling.

Using your words, "to give you some point of reference," 23,000 shares sold, compared to the 10.9 million shares of BP that we still own, represents less than one half percent of our current 10.9 million shares. Holding 10.9 million shares of a loser doesn't do anything for my peace of mind and...... the piece of mind of many other STRS stakeholders. Once again, no stop-loss mechanism (as repeatedly suggested by former STRS board member Dr. Dennis Leone) was put into place at STRS and this caused more millions of dollar losses for our system. Thanks to the lack of this mechanism being passed as STRS board policy, Enron, Fannie, Global Crossing and AIG can welcome a new "kid on their STRS losers block," British Petroleum.

John
From Laura Ecklar, June 17, 2010
Subject: Response to E-Mail

Good afternoon, Mr. Curry. I am responding to the recent e-mail you sent to Tim Myers regarding our stock holding in BP. In it, you referenced the purchase of BP stock in March 2010, before the oil rig disaster. Your reading of the Board minutes about this purchase is correct. However, the “sell” of 23,000 shares referenced in the Cincinnati.com article is also in the minutes. You will find it on Page 101 listed as BP PLC ADR. These were shares of BP stock that were trading on the U.S. exchange. We no longer hold any ADR shares. The remaining BP stock we hold is traded on the London exchange.

As you know, the buying and selling of stocks occurs year-round. However, to give you some point of reference, since the beginning of April, we have sold nearly 3 million shares of BP stock and now (mid-June) own about 10.9 million shares that have a current market value of about $55 million. This represents less than one-half percent of the market value of our international stock holdings.

I hope this information is useful to you. Thank you.

Laura Ecklar
Director, Communication Services