Steve Mitchell to Dennis Leone: STRS investment earnings 1999 - 2006

July 6, 2006

Subject: RE: Investment Earnings

Dennis:

The equity markets ended June very strong but essentially only made up the weakness in the first part of the month, thus producing a slight position return for the month of June. The full year return for STRS Ohio is estimated at +13.6%. Official results will not be available for two weeks; however, our preliminary results are usually close to the actual return. The returns you requested are as follows:

1999 12.74%

2000 10.44%

2001 -6.33%

2002 -8.13%

2003 2.32%

2004 17.70%

2005 12.25%

2006 13.60% (estimated)

Steve