SHAREHOLDER LETTER

Dear True Value retailers, supply partners and associates:

It’s our passionate view that if we keep doing things the way we always have, we can’t expect our outcomes to change. We can’t expect to serve our customers better. We can’t expect to compete more effectively. We can’t expect to grow, or build something of lasting value. This is why your new chairman and I would like to begin our first annual report message as leaders of True Value Company with three words.

Change is here.