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Daily News

Sears Welcomes Ontario Commission Hearings
May 19, 2006
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Appliance retailer Sears Holdings Corporation responded to the Ontario Securities Commission (OSC) notice that it will hold a hearing on July 5, 2006, to address various matters relating to the Sears Holdings offer for the shares of Sears Canada Inc.

"We welcome the OSC review of the various inaccurate and self-serving accusations made by a group of U.S. speculators and arbitrageurs who have attempted to obstruct the will of the majority of the minority shareholders of Sears Canada," said Alan Lacy, Sears Holdings vice chairman. "We also look forward to the OSC considering as part of the hearing the actions of these investors that we have brought to the attention of the OSC."

Mr. Lacy added, "We expect a prompt resolution of this matter and confirmation that Sears Holdings has successfully satisfied all the necessary conditions to complete its acquisition of all of the shares of Sears Canada."

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