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Conference call transcript:

Now that I’ve updated you on our business, I would like to talk briefly about our proposal to acquired Cost Plus. As I’m sure most of you know, on June 9 we announced a proposal to acquire all the outstanding shares of Cost Plus common stock in a strategic stock for stock transaction.

Under the terms of the proposal, we would issue 0.6 shares of our common stock for each share of Cost Plus stock. We believe that the combination of Pier 1 and Cost Plus is extremely compelling and will create significant value for the stakeholders of both companies and will create a stronger and more competitive company that is positioned for future growth.

For those of you who have been following the story, you know that earlier this week, Cost Plus rejected our proposal. We have reiterated the compelling nature of the combination. We believe that our proposal is full and fair and we remain committed to working directly with the Cost Plus shareholders to make this transaction a reality.

Having said that, we are here today to discuss Pier 1 Imports’ first quarter results and I would really appreciate it if you’d limit your questions to our earnings. We’re now happy to answer your questions.

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