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P K G

08/18/09 2:54 AM

#37615 RE: P K G #37612

The O/S given by the company vary somewhat according to whether the actual count is used or the weighed average over a period of time is used. Sneaky, I'm sure you knew that.

IT IS ALSO CLEAR that in 2008, there were 80+million shares outstanding. In early 2009, that figure went to 86+million. As of yesterday, there were 101+million O/S.

The dilution over that period has been 20+percent.