Please direct your media and public relations inquiries to: mediarelations@cdw.com 800-800-4CDW CDW Comments on First Quarter Business Trends VERNON HILLS, Ill. - March 19, 2002 - CDW (Nasdaq: CDWC), a leading provider of technology products and services to businesses and the public sector, today provided an update on recent business trends. Chairman and chief executive officer John A. Edwardson commented, "In light of the shelf registration we recently filed, we felt it was appropriate to provide investors with an update on business trends CDW has experienced during the first quarter of 2002. Based upon sales trends through mid-March, we project first quarter 2002 financial results at the mid to lower end of our earlier guidance of $975 million to $1.025 billion in sales and $0.43 to $0.47 earnings per diluted share." "We are optimistic About CDW's prospects and our ability to outperform our industry. We are increasing market share and showing solid performance despite the difficult economic environment. The investments we are making in sales and marketing position us for continued leadership," Edwardson said. CDW's updated earnings guidance excludes the impact of any payroll tax expense related to the potential sale of up to 2,000,000 shares under the shelf registration by Gregory C. Zeman, a member of CDW's Board of Directors and employed as an advisor to the Company. Any shares that are sold under the registration statement will be sold by Mr. Zeman. The total number of CDW shares outstanding will not change as a result of any sales under the registration statement. Mr. Zeman will acquire the shares to be sold by him pursuant to the exercise of stock options granted to him under the MPK Stock Option Plan. The MPK Stock Option Plan was established in 1992 by Michael P. Krasny, the Company's founder and former chairman and chief executive officer. Mr. Krasny granted Mr. Zeman nonforfeitable options pursuant to the MPK Stock Option Plan to purchase shares of CDW common stock owned by him. CDW will not sell any shares and will not receive any of the proceeds from any sales made by Mr. Zeman. If Mr. Zeman sells all of the shares under the registration statement, he will have 958,864 options to purchase shares remaining under the MPK Stock Option Plan. Due to the exercise of Mr. Zeman's options, CDW will realize an income tax benefit of approximately $44.2 million (based on an assumed sale price of $55.94, the last reported sale price of CDW common stock on the Nasdaq National Market on March 18, 2002). Approximately $0.4 million of this figure was previously recorded to deferred taxes, and the incremental tax benefit of $43.8 million will be recorded as an increase to paid-in-capital. In addition, CDW will incur incremental payroll taxes of approximately $1.6 million. This will reduce the Company's diluted earnings per share by approximately $0.01 for the quarter ending March 31, 2002, assuming the sale of all shares is completed during this period. It is contemplated that the offering will be conducted on a delayed or continuous basis as permitted by the rules of the Securities and Exchange Commission. Mr. Zeman will determine the time, manner and size of each sale to be conducted pursuant to the registration statement. A registration statement relating to the securities intended to be sold has been filed with the Securities and Exchange Commission but has not become effective. These securities may not be sold nor may offers to buy be accepted prior to the time such registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. About CDW CDW® (Nasdaq: CDWC), ranked No. 435 on the Fortune 500, is a direct solutions provider of complete, customized technology solutions for businesses, government agencies and educational institutions nationwide. CDW is a leading source of technology products and services from companies such as Cisco, Compaq, Computer Associates, Hewlett-Packard, IBM, Intel, Microsoft, Toshiba and other top name brands. CDW distributes contracts to end users for customized and standardized on-site services provided directly by firms such as Compaq Global Services and DecisionOne and for training programs provided directly by KnowledgeNet and Productivity Point International. CDW was founded in 1984 as a home-based business and today employs more than 2,800 coworkers whose efforts generated net sales of approximately $4 billion in 2001. CDW's direct model offers one-on-one relationships with highly trained account managers; purchasing by fax, telephone, the company's award-winning www.cdw.com Web site or customized CDW@work™ extranets; custom configured solutions and same day shipping; flexible financing solutions; and phone and online technical support, with more than 100 factory-trained and A+ certified technicians on staff. Additional information can be found by visiting CDW.com.