I haven't tested it personally but that's the idea. If two characters group that have gained the same total exp up to that point and they let the pet kill a mob by itself, then the 100% of the mob's exp gets bumped +2% for group bonus, then split between the members (51% of the original exp each). More people and level differences/hybrids change the distribution around a bit and more players means a higher group bonus and more people to split the exp with, but if the pet is the only dps it shouldn't affect exp in a group.
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