Intel Corp (INTC)

[Professor MD]

Dear Herb. RE: What 30 million shares are missing?

The 10-Q on the third quarter of 2009 does not have information on the difference between the second quarter of 2009 and the third quarter of 2009. My information was taken from the report issued by Intel on the day they reported the result of the third quarter 2009. This report did give detailed comparison between the second and third quarters of 2009.

According to above-mentioned report Intel spent $1.671 billion on the “Stock repurchase program”, purchasing 88 million shares, at an average cost of $20.00 per share. The report stated that number of shares at the end of the third quarter was reduced by only 58 million when compared to the number of shares at the end of the second quarter. The difference between the number of shares that were repurchased and the number of shares that were actually eliminated from the total at the end of the third quarter was the 30 million shares that were the subject of my discussion. I noted that at the average price of $20 per share the 30 million shares were worth $600.00 million.