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Hardware & Lumber Ltd. (HL)- Offer

The Board has advised that it has received an offer from Grace, Kennedy & Co.to all ordinary
shareholders of H&L (other than Grace) as at November 10, 2003 to purchase all their H&L stocks
at a price of $9.50 per stock unit.The offer opens on November 17,2003 and closes at 4 p.m. on December 10, 2003.