Please direct your media and public relations inquiries to: mediarelations@cdw.com 800-800-4CDW CDW Announces Fourth Share Repurchase Program VERNON HILLS, Ill. - July 23, 2004 - VERNON HILLS, Ill. - July 23, 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 has authorized a new share repurchase program of up to 2.5 million shares of Company stock, the fourth such program in the Company's history. "Our Board's decision to implement a new share repurchase program reflects our confidence in CDW's ongoing strong financial performance and consistent ability to generate significant cash flows. This enables us to both return profits to our shareholders and generate sufficient cash to actively invest for future growth," said John A. Edwardson, chairman and chief executive officer. CDW has purchased shares under three previously announced share repurchase programs: Under the first program approved in February 2001, 5.0 million shares were repurchased from February 2001 through September 2002, at a total cost of $205 million and an average price per share of $40.93. Under the second program approved in July 2002, 2.5 million shares were repurchased from September 2002 through March 2004, at a total cost of $107 million and an average price per share of $42.99. Under the third program approved in July 2003 for the repurchase of 2.5 million shares, 1,011,800 shares have been repurchased from March 2004 through July 22, 2004, at a total cost of $65 million and an average price of $64.15 per share. Combining the newly authorized 2.5 million share repurchase program announced today and the remaining 1,488,200 shares available under CDW's current repurchase program, the total shares available for repurchase are approximately 4.0 million. These purchases may be made from time to time in both open market and private transactions, as conditions merit. The new repurchase program and the current program are expected to remain effective through July 2006, unless earlier terminated by the Board. The Company intends to hold the 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.