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r <br />v , <br />Conclusion <br />COST benefits from a number of positive industry and company influences 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 />Stuart M. Robbins <br />(212) 504-4208 <br />Thomas J.R. Heckmann, C.F.A. <br />(212) 504-4211 <br />i <br />0 <br />