Canadian Retail Industry Honours Home Hardware's Walter J. Hachborn with Lifetime Achievement Award

Toronto, May 22, 2007 – Retail Council of Canada (RCC) announced today that Walter J. Hachborn, President and Co-Founder of Home Hardware Stores Limited, will be honoured with a Lifetime Achievement award. Mr. Hachborn was nominated and selected by a distinguished panel of current and former retail executives, as well as representatives from the financial, academic and consulting communities.

"Mr. Hachborn is a true Canadian business icon. Over the course of his distinguished career, Walter's combination of ingenuity, business acumen, work ethic and kindness have and continue to leave an indelible mark on the Canadian retail landscape," says Diane J. Brisebois, President and CEO, Retail Council of Canada. "Mr. Hachborn has instilled a spirit of humanity and charity in the Home Hardware culture and that community goodwill can be felt in cities and towns across the country. Mr. Hachborn is also being recognized as a civic leader who positively shapes the lives of others in his humanitarian efforts."

"I am honoured to be recognized by my industry peers with the Lifetime Achievement award," says Mr. Hachborn. "Home Hardware was created by and for independent Dealers whose goal was to obtain the advantages of quantity purchasing to help us contend with any form of competition. The successes achieved by Home Hardware reaffirms my belief that there is, and will continue to be, an important place in Canada's retail landscape for the independent. I am proud to be part of the Home Hardware family and proud that our Dealers and staff remain committed to the principles that guide our Company, working hard to ensure that they are making a difference and giving back to the communities where they live and work."

In 1964, Mr. Hachborn founded the Home Hardware concept with partners Henry Sittler and Arthur Zilliax in the back room of their St. Jacobs, Ont. hardware store. Mr. Hachborn is credited with spearheading Home Hardware's Dealer-owned co-operative model, which was inspired by the need to address the economic challenges of his fellow retailers and encouraged by the success of this concept in the U.S. Since that time, Home Hardware has grown to more than 1,000 stores in Canada's largest cities and smallest towns - all run by private business owners. Dealers have access to more than 100,000 products via four distribution centres across the country. In 2006, the company enjoyed retail sales of $4.6 billion. Under Mr. Hachborn's leadership, the Home Hardware brand has become a Canadian institution and was immortalized on a Canadian postage stamp to commemorate its 40th anniversary in 2004. Although semi-retired, Mr. Hachborn continues to hold the position of President.

Mr. Hachborn's entrepreneurial spirit, business savvy and humanity have been recognized by many both inside and outside the industry. In 1988, Mr. Hachborn was recognized as the Distinguished Retailer of the Year by Retail Council of Canada, and in 1999 Mr. Hachborn was recognized by the hardware industry as Canadian Hardware Retailer of the Century. In 2000, his country bestowed upon him its most distinguished honour, an appointment to the Order of Canada. In 2003, Mr. Hachborn was awarded the Queen's Jubilee Medal.

In addition to Mr. Hachborn's contributions to the Canadian retail industry, his accomplishments outside of the business community are equally impressive. Mr. Hachborn served on the Board of Governors of Wilfrid Laurier University for 10 years and received an honourary doctor of laws degree and a scholarship created in his honour. In keeping with his philosophy of developing the community, the individual and the family, Mr. Hachborn served with the Canadian Executive Service Organization in projects throughout the world and participated in a Habitat for Humanity building project with former U.S. President Jimmy Carter.

Mr. Hachborn will receive his Lifetime Achievement Award at a gala dinner on Monday, June 4, 2007. The dinner, part of STORE 2007 - Canada's Retail Conference, will take place at the Toronto Congress Centre from 6:30 to 9:30 p.m.

The Lifetime Achievement award recognizes retailers who dedicate their lives to the betterment of retail in Canada. Nominees have no less than 25 years of consecutive service at an executive position in the retail sector. Mr. Hachborn joins a notable list of past winners, including Herschel Segal, Chairman, CEO and Founder of Le Château Inc. (2006); Richard J. Currie, former President and Director of Loblaw Companies Limited (2005); Thomas J. Bata and Sonja I. Bata of Bata Shoe Organization (2003); and Harry Rosen of Harry Rosen Inc. (2001).

> For more information about STORE 2007, Canada's Retail Conference, log on to www.storeconference.ca.

About Retail Council of Canada
Retail Council of Canada (www.retailcouncil.org) is the Voice of Retail. It is a not-for-profit association representing more than 40,000 stores of all retail formats, including independent merchants, regional and national mass and specialty chains, and online merchants.

Media are invited to attend STORE 2007. For more information and to RSVP, contact: Stephanie Petroff, Manager, National Public Affairs, (416) 922-0553, ext. 228; e-mail: spetroff@retailcouncil.org; or Meredith Smith, Account Manager, Pipeline Communications, (416) 694-2777, ext. 223; e-mail: meredith@pipelinecommunications.ca; or Rob Wallace, Public Relations Manager, Home Hardware Stores Limited, (519) 664-4710; email: rob.wallace@homehardware.ca.