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News from CNW Group

Wednesday, June 11, 2003

TORONTO, June 11 /CNW/ - The Home Depot Canada, Canada's leading home improvement retailer, and Philips Lighting Canada today announced that Philips will be the retailer's exclusive supplier of branded light bulbs for the Canadian stores. This deal follows a similar agreement announced in the United States one year ago between The Home Depot (NYSE:HD) and Royal Philips Electronics (NYSE:PHG), the world's largest lighting manufacturer.

"This deal with Philips is just one more step in our commitment to offer our Canadian customers the most comprehensive selection of products from the most recognized and respected brand names in the industry," commented Annette Verschuren, President of the Home Depot Canada and EXPO Design Centres in the United States. "We always look for suppliers that will offer our customers the best products and the best service at the best prices. Philips is renowned for its product innovation, quality and brand awareness."

For The Home Depot, this unique partnership offers several major benefits. As the largest global lighting company, the Philips alliance promises to benefit the retailer as it grows its operations domestically and in the United States and Mexico. Philips' comprehensive training also provides Home Depot associates with superior knowledge in lighting.

In addition to a worldwide reputation for quality and durability, Philips has pioneered the growth of new lighting categories, from compact fluorescent (CFL) and household halogen bulbs to ALTO(R) low-mercury fluorescent lamps. Philips' research-and-development efforts represent one of the largest ratios of sales dollars to R&D spending in the world.

"Philips innovation in lighting technology is well-known and recognized globally," said Michael Van Dam, Vice President and General Manager, Philips Lighting Canada. "And what is coming to be just as recognized is Philips' leadership in forging new win-win partnerships with our largest customers. These partnerships are built upon a strong foundation of common values. For example, Philips and Home Depot share a strong commitment to meeting environmental mandates and to leading our respective industries in energy conservation."

"The Home Depot Canada partners with suppliers who offer our customers products that meet our environmental mandates and Philips is dedicated to environmental initiatives," continued Verschuren. "Both the Home Depot and Philips are committed to leading our industries in energy conservation. Philips light bulbs are another category in our Energy Star designated product offering to our customers."

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands is one of the world's biggest electronics companies and Europe's largest, with sales of EUR 31.8 billion in 2002. It is a global leader in color television sets, lighting, electric shavers, medical diagnostic imaging and patient monitoring, and one-chip TV products. Its 166,000 employees in more than 60 countries are active in the areas of lighting, consumer electronics, domestic appliances, components, semiconductors, and medical systems. Philips is quoted on the NYSE (symbol: PHG), London, Frankfurt, Amsterdam and other stock exchanges. News from Philips is located at www.news.philips.com

About The Home Depot

Founded in 1978, in Atlanta, Georgia, The Home Depot is the world's largest home improvement retailer currently operating 1,532 stores, including 94 Home Depot stores in eight Canadian provinces. The Home Depot Canada won the 2002 Employee Development Award from Retail Council of Canada for its superior training program. The Home Depot reported consolidated net sales for fiscal 2002 of U.S. $58.2 billion and employs more than 300,000 associates, including more than 19,000 Canadians.

/EDITORS NOTE: PHOTOS AVAILABLE FROM CONTACTS/

For further information: Shawna Rossi, The Home Depot Canada, (416) 412-6825, shawna--rossi@homedepot.com; James Savage, Philips Canada, (905) 201-4509, james.savage@philips.com

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