Rodda Paint Company and Cloverdale Paint Inc. Announce Merger

Business Wire, May 25, 2004

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--May 25, 2004

Thomas J. Braden, Chairman of Rodda Paint Company (RPC) and Wink Vogel, Chairman of Cloverdale Paint Inc. (CPI) are pleased to announce they have reached an agreement in principle to merge the two companies.

RPC employs 350 persons, operates 41 branches in Washington, Oregon, Northern Idaho, and Alaska and a manufacturing plant in Portland.

CPI employs 650 persons, operates 65 branches in Western Canada and Washington State, and four manufacturing plants in Canada.

The merged operation will operate under the Rodda name in the U.S. and under the Cloverdale name in Canada. It is intended each operation will be managed independently by existing personnel.

This merger brings together two well-respected family owned regional paint companies.

It is anticipated the merger will be completed on or before August 31, 2004.

For further information, contact C. Alan Mordy at 604-596-6261 or Thomas J. Braden at 503-521-4300.