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DewDiligence

04/06/15 10:02 AM

#133 RE: DewDiligence #132

Investor-Day addendum: Repurchasing shares near the current share price is tantamount to buying an acre of high-output southern Yellow Pine for $1,600—about $200-400 below the current market price for such timber. Hence, PCL plans to engage in such “arbitrage” aggressively.