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<br /> <br />. <br /> <br />., <br /> <br />Conclusion <br /> <br />COST benefits from a number of positive Industry and company Infl.uences and has quickly <br />become one of warehousing's leaders. The company's ability to expand rapidly at the <br />same time that It maintains Its low-cost structure augurs well for the rapid growth we <br />expect. Although its current multiples are high by overall retail Industry standards, <br />they are justified. in our opinion, by COST's expected growth rate and resultant total <br />returns. .We believe that investors should consider COST for long-term investment. <br /> <br />Stuart M. Robbins <br />(212) 504-4208 <br /> <br />Thomas J.R. Beckmann, C.FA <br />(212) 504-4211 <br /> <br />~~ <br /> <br />., <br /> <br />j <br /> <br />I <br />