PRESS RELEASE For immediate distribution

RONA ACQUIRES RÉNO-DÉPÔT

Investor conference call and webcast Concerning the acquisition of Réno-Dépôt by RONA, today, April 23 at 9:00 a.m. EDT. To join the conference call: dial 1-800-814-4853. Only financial analysts will be invited to ask questions.

The conference call will be webcast at: http://www.newswire.ca/webcast/viewEventCNW.html?eventID=528440

A presentation will be posted shortly before 9:00 a.m. at: http://www.newswire.ca/webcast/viewEventCNW.html?eventID=528440

News conference Concerning this acquisition, today, April 23, 2003, at 11:30 a.m. EDT at the Mount Royal Centre, 2200 Mansfield Street, Cartier Room, Level 3a, Montreal.

For those who prefer to join the news conference via telephone, dial: 1-800-814-4857 (English) or 1-800-814-4860 (French) or 1-800-814-4890 (original feed, no simultaneous translation). Only media representatives will be invited to ask questions.

The news conference will be webcast at: http://www.newswire.ca/webcast/viewEventCNW.html?eventID=529100 Those who use the webcast will not be able to ask questions.

Montreal, April 23, 2003 – RONA Inc. (“RONA”) (TSX: RON), a Canadian leader in the home improvement and gardening industry, is acquiring Réno-Dépôt Inc. (“Réno-Dépôt”) from British multinational (“Kingfisher”) (London: KGF; NYSE: KFSGY; Paris: KGF-PAR).

RONA will purchase from Kingfisher the 20 big-box Réno-Dépôt stores, 14 of which are located in Quebec and six in Ontario, operating under the name The Building Box. Réno-Dépôt represents a sales area of some 2.1 million square feet and employs approximately 4,300 people. In 2002, Réno- Dépôt recorded sales of $846.6 million and operating profits (EBITDA) of $57.6 million.

Subject to closing adjustments, the purchase price will be $350 million, payable in cash. This price includes Réno-Dépôt’s operational real estate, with a book value of approximately $93 million. This implies a value of $257 million for the Company’s operations.

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The transaction is subject to customary conditions and the required regulatory approvals, including from the Competition Bureau. Closing is expected for late summer 2003.

Notwithstanding delayed closing pending Competition Bureau approval, the effective date of the transaction will be March 29, 2003. Thus, even though the two companies will continue to operate as totally separate entities until closing, free cash flows from Réno-Dépôt’s operations starting March 29 will accumulate until closing for RONA’s benefit, and RONA will pay Kingfisher interest charges on the purchase price during that period.

Strengthening RONA’s competitiveness

This acquisition offers major advantages and will allow RONA:

 to consolidate and densify its network in the most densely populated and competitive region of Canada, namely the Quebec-Windsor corridor, where all of Réno-Dépôt’s 20 stores are located. This increased density offers advantages in terms of operating and marketing efficiency;  to increase its purchasing volume, which will translate into additional rebates and more advantageous purchasing conditions;  to take advantage of RONA and Réno-Dépôt’s complementary expertise, by applying a best practices program;  to realize major synergies in the short and medium terms, estimated at least at $35 million annually;  to repatriate to Canada strategic decisions concerning Réno-Dépôt’s development. This will re-energize Réno-Dépôt’s development by integrating it into RONA’s business plan, a company solidly committed to serving the Canadian market;  to strengthen RONA’s competitiveness in the Canadian home improvement and gardening industry and to “drive down the cost of renovation in Canada.”

Thus, RONA will be able to enhance its competitiveness on all fronts: price, service and logistical efficiency.

A profitable transaction

RONA expects the transaction to be immediately accretive to its earnings.

According to Robert Dutton, president and chief executive of RONA, “This transaction is most promising. Not only is it interesting from the perspective of RONA and its shareholders, but it is profitable for all the stakeholders involved: store employees, consumers and manufacturers of hardware, home improvement and gardening products. Indeed, Réno-Dépôt employees, who we know are highly skilled, will be able to actively contribute to the growth of RONA, a company they know well.”

“Moreover this transaction will ensure the future of a strong Canadian competitor in all the regions of the country and in all segments of the industry. For Canadian consumers this assurance represents an added benefit of RONA’s increased competitiveness. For their part, Canadian manufacturers will benefit from our growth, notably because we purchase where we sell.”

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Financing

RONA has obtained from a syndicate of financial institutions the necessary credit to fully fund the transaction.

RONA intends to keep the financial flexibility required to sustain its ongoing growth. In that context RONA is reviewing the possibility of an equity offering when market conditions so permit.

Forward-looking information

This press release contains forward-looking statements reflecting RONA’s objectives, estimates and expectations. These statements are identified by the use of verbs such as “believe, “anticipate,” “estimate,” and “expect” as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from the Company’s projections or expectations. For information on the nature of risk factors not specifically stated in this press release, the reader can consult RONA’s annual report 2002 under the heading “Risks and Uncertainties,” page 24.

About RONA

RONA is one of Canada’s leading distributors and retailers in hardware, home improvement and gardening products. RONA operates a network of some 527 franchised, affiliated and corporate stores of various sizes and formats. Some 16,000 employees in all regions of Canada work under the various banners. The RONA network represents almost 10 million square feet and annual sales approaching $3 billion.

About Kingfisher

Kingfisher is Europe’s leading home improvement retailer. With more than 600 home improvement stores in 12 countries Kingfisher is the world’s most international home improvement retailer, enjoying market-leading positions in the UK, France, Poland and Taiwan. Sales for the Home Improvement sector for the year to 1 February 2003 were over £6.7 billion, with retail profit of more than £534 million.

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Please visit www.rona.ca for more detailed information on the acquisition and for photos.

For information: Sylvain Morissette Director of Communications RONA inc. (514) 599-5123 1-877-599-5900 ext. 5123 [email protected]

RONA-KINGFISHER TRANSACTION

Purchaser: RONA Inc. (Canada)

Seller: Kingfisher plc (United Kingdom)

Assets purchased: Retail operations of Réno-Dépôt Inc.

Purchase price: Approximately $350 million in cash

Included in transaction: A business concern worth approximately $257 million (20 corporate big-box stores) and real estate owned by Réno-Dépôt, with a book value of $93 million.

Financing: RONA has obtained the credit required to finance this transaction through a syndicate of banks.

Terms and conditions: This transaction is subject to certain customary conditions, namely legal approval by regulatory agencies, including the Competition Bureau.

RONA

FACT SHEET

Number of employees: Approximately 16,000 employees

Head office: Boucherville, Quebec

Distribution: Integrated national distribution network comprising five warehouses located in Eastern, Central and Western Canada. The company’s largest distribution centre, located near Montreal, covers 650,000 square feet and has been operational since 1999.

Business volume: $2.8 billion in 2002 (annual network retail sales)

Number of stores: 527 stores in all, in 9 provinces of Canada

Total retail selling space: Over 10 million square feet

The RONA Network

NF PEI NS NB QC ON MB SK AB BC TOTAL

Big-Box Stores (1) - - - - 23 8 2 - 5 3 41 Traditional Stores (2) 3 - - 7 253 21 - 1 8 18 311 Specialized Stores (3) - - 3 - 85 85 - - 2 - 175 TOTAL 3 - 3 7 361 114 2 1 15 21 527

(1) RONA Home & Garden, RONA L’entrepôt, RONA Le Régional (2) RONA Hardware, RONA Home Centres, RONA L'express, RONA Le Quincaillier, RONA Le Rénovateur (3) RONA Building Centre, RONA Cashway, RONA Lansing, RONA L'express Matériaux, Botanix

As at April 8, 2003

 RÉNO-DÉPÔT

FACT SHEET

Number of employees: Approximately 4,300 employees

Head office: Montreal

Distribution: Réno-Dépôt relies mainly on direct shipment to supply its stores. The company also has a warehousing space in Montreal.

Sales: $846.6 million in 2002

Number of stores: 20 stores in all, located in Quebec and Ontario

Total retail selling space: Over 2.1 million square feet

Banners Provinces Number of stores

Réno-Dépôt Quebec 14

The Building Box Ontario 6

TOTAL Canada 20

As at April 16, 2003

 A BRIEF HISTORY OF RONA

1939 In order to get around a monopoly that was threatening their ability to access supplies, a group of hardware store operators formed Les Marchands en Quincaillerie Ltée. Their objective was to pool orders for various product lines in order to secure better prices.

1950 Leasing of a warehouse in Montreal. The group then counted on three warehouses to meet the needs of its members.

1960 Incorporation of Quincaillerie Ro-Na Inc. Its objective: increase business through collective advertising and sales promotion of all types.

1962 Acquisition of Les Marchands en Quincaillerie by a group of hardware store operators. Member- merchants acquired all shares in the company. This transaction represents a major event in the organization's history as it marks the beginning of the cooperative system which the Group favours to this day.

1970 Dissolution of Quincaillerie Ro-Na Ltée and adoption of the Marchands Ro-Na Inc. name in replacement of the Marchands en Quincaillerie Ltée name.

1982 Ro-Na purchases the assets of Botanix and integrates its dealer network into its own operations.

1984 Ro-Na and Ontario-based Home Hardware Stores Ltd. merge their purchasing volumes to create an affiliated company called Alliance RONA Home Inc.

1988 Acquisition of Dismat, another group operating in the building materials field. This confirms the company’s coming of age and gives birth to the Ro-Na Dismat name.

1990 The Ro-Na Dismat Group decides to increase its purchasing volume. Already associated to Home Hardware Stores Ltd., a group of over 1,000 merchants in Canada, the Group pursues a further alliance with Hardware Wholesalers Inc. of Fort Wayne, Indiana, with over 3,000 retailers in the United States.

1994 The Ro-Na Dismat Group launches its first big boxes stores, RONA L’entrepôt.

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1997 ITM Entreprises S.A., a group based in France, invests $30 million in the Ro-Na Dismat Group, becomes a shareholder of the company, and forms a purchasing alliance with RONA.

1998 The Ro-Na Dismat Group Inc. changes its name to RONA Inc.

2000 RONA acquires the Cashway Building Centres chain, which is the third largest company in its industry in Ontario, with 61 stores.

2001 RONA acquires a chain of 51 Revy, Revelstoke and Lansing stores – located in Western Canada and Ontario – to create the new Canadian powerhouse in home improvement.

2002 On November 5, 2002, RONA closes a $150.1 million public offering of Common Shares. RONA's Common Shares are then traded on the Toronto Stock Exchange under the symbol "RON".

2003 RONA and its dealer-owners now operate 527 stores in all regions of Canada. More than 16,000 employees and dealers work in the RONA network, which boasts network retail sales of approximately $2.8 billion.

A BRIEF HISTORY OF RÉNO-DÉPÔT

1933 Paul-Hervé Desrosiers opens the original company, LaSalle Builders Supplies, on Jean-Talon Street in Montreal.

Over the years, Desrosiers acquires several other wholesale and retail home renovation and building materials outlets. These are later merged into a single company, the Val Royal Group.

1969 Paul-Hervé Desrosiers passes away. His business interests are passed on to his great-nephews Claude and Pierre Michaud. With the Michaud brothers in charge, the company undergoes a number of significant changes.

1985 The company launches the Brico Centre home centre big-box stores in a joint venture with Provigo.

1986 The Val Royal Group becomes a public company, buys Provigo’s share and becomes sole shareholder of Brico Centre.

1987 The Val Royal Group acquires the Castor Bricoleur home centres in Quebec. Some of these stores are turned into Brico Centre stores.

1993 The Val Royal Group, in partnership with Molson, launches Réno-Dépôt, the first chain of warehouse-size home renovation and decoration centers in Quebec

1995 The company changes its name to Réno-Dépôt in order to better reflect its new corporate mission.

1997 The two major shareholders of Réno-Dépôt Inc., the Michaud family of Montreal and Molson Companies Limited, sell their interests in the company to the S.A. group of France.

1998 The British group Kingfisher plc moves to acquire an important block of shares in the Castorama S.A. group, becoming its majority shareholder.

2000 Réno-Dépôt first penetrates the Ontario market with the opening of the first stores under its new banner The Building Box TM.

September 11, 2003 Internal Release

RONA becomes the number one Canadian company in the industry!

Dear Colleagues:

I am extremely proud to announce that as of today, September 11, 2003, RONA has become the leading Canadian company in our industry, with the largest total selling area and the highest sales volume. RONA is now a much stronger, more efficient company – a company that will be able to meet consumer needs better than ever before.

For the time being, nothing is going to change in the way things are run at Réno-Dépôt/ The Building Box stores and administrative offices. Before going ahead with the integration of our operations, we had to go through a number of preliminary phases and receive the Competition Bureau’s approval. As yet, we have not made any decisions about our company’s future structure and operations. Please rest assured that we will let you know as soon as possible when any changes may be expected.

In this perspective, I am informing you that Sylvain Toutant is leaving as president and CEO of Réno-Dépôt. After a career spanning 16 years at Réno-Dépôt, he will be leaving the company to take up new challenges. As of today, Réno-Dépôt executives under his command will report directly to me.

The association of RONA and Réno-Dépôt will allow our company to stay ahead in the highly competitive hardware and home improvement industry. Both Réno-Dépôt and RONA are major success stories in their own right. We are now on our way to an even greater future together…starting today!

With very best wishes,

Robert Dutton President and CEO

September 10, 2003 Internal Release

Welcome to the RONA network!

Dear Associates:

On behalf of RONA management and employees, I am delighted to welcome you among us.

Today, RONA has become the leading Canadian company in our industry, with the largest total selling area and the highest sales volume. By joining forces with all Réno-Dépôt/The Building Box associates, we have what it takes to become the best company in our industry by far – a company that continually meets consumer needs better than anyone.

I realize that this will be a time of change for you – and no matter how promising in the future, there is bound to be some uncertainty right now. Before going ahead with the integration of our operations, we had to go through a number of preliminary phases and receive the Competition Bureau’s approval.

As yet, we have not made any decisions about our company’s future structure and operations. For the time being, nothing is going to change in the way things are run at Réno-Dépôt/The Building Box stores and administrative offices. Please rest assured that we will let you know as soon as possible when any changes may be expected.

As you already know, Sylvain Toutant has just announced that he is leaving as president and CEO of Réno-Dépôt, and will go on to take up new challenges. I would like to acknowledge his contribution over the past 16 years in building such a strong and prosperous organization. As of today, Réno-Dépôt executives under his command will report directly to me.

Both Réno-Dépôt and RONA are major success stories in their own right. Now that we are united, we are well on our way to an even greater future. A future where we will be doing great things together…starting today!

With very best wishes,

Robert Dutton President and CEO