Please direct your media and public relations inquiries to: mediarelations@cdw.com 800-800-4CDW CDW Corporation Announces 20 Percent Increase in Annual Dividend; Continues to Repurchase Shares VERNON HILLS, Ill. - May 20, 2004 - CDW Corporation (Nasdaq: CDWC), a leading provider of technology products and services to business, government and education, today announced that its Board of Directors declared an annual cash dividend of $0.36 per share, payable to common stock shareholders of record on June 16, 2004, with payment on June 30, 2004. The dividend amount represents an increase of 20 percent over the previous annual dividend of $0.30 per share, and is the company's second dividend payment since initiating a dividend in 2003. The company plans to announce any future dividend payments following the company's annual shareholders meeting, typically held in May. "Our Board's decision to increase our cash dividend reflects our continued confidence in CDW's strong financial performance and ability to generate significant cash flows. In addition, we continue to repurchase shares in the open market and have approximately 1.8 million shares remaining and available for purchase under our current share repurchase program," said John A. Edwardson, chairman and chief executive officer. "We are pleased to be able to increase the return of profits to our shareholders and generate sufficient cash to actively invest for future growth." In July 2003, CDW Corporation's Board of Directors authorized a share repurchase program of up to 2.5 million shares of common stock. These purchases may be made from time to time in both open market and private transactions, as conditions warrant. This repurchase program is expected to remain in effect through July 2005, unless earlier terminated by the Board or completed. The Company intends to hold repurchased shares in treasury for general corporate purposes, including issuances under various employee stock option plans. Forward Looking Statement Any forward-looking statements contained in this release are based on the Company's beliefs and expectations as of the date of this release and are subject to certain risks and uncertainties which may have a significant impact on the Company's business, operating results or financial condition. Should any risk or uncertainty materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described in forward-looking statements. Factors affecting the Company's business and prospects are discussed in the Company's filings with the Securities and Exchange Commission. About CDW CDW® (Nasdaq: CDWC), ranked No. 376 on the FORTUNE 500, is a leading provider of technology products and services for business, government and education. CDW is a principal source of technology from top name brands such as APC, Apple, Cisco, HP, IBM, Microsoft, Sony, Symantec, Toshiba and ViewSonic. CDW distributes contracts to end users for customized and standardized on-site services supplied directly by providers such as HP Services and Unisys and for training programs provided by firms such as KnowledgeNet and Productivity Point International. CDW was founded in 1984 as a home-based business and today employs approximately 3,700 coworkers. In 2003, the company generated net sales of approximately $4.7 billion. CDW's direct model offers one-on-one relationships with knowledgeable account managers; purchasing by telephone, fax, the company's award-winning CDW.com Web site, customized CDW@work™ extranets, CDWG.com Web site and macwarehouse.com Web site; custom configured solutions and same day shipping; and pre- and post-sales technical support, with more than 100 factory-trained and A+ certified technicians on staff. Additional information can be found by visiting CDW.com.