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<ACCESSION-NUMBER>0000899171-03-000072
<TYPE>8-K
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<PERIOD>20030716
<ITEMS>7
<ITEMS>9
<FILING-DATE>20030716
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<CONFORMED-NAME>CDW CORP
<CIK>0000899171
<ASSIGNED-SIC>5961
<IRS-NUMBER>363310735
<STATE-OF-INCORPORATION>IL
<FISCAL-YEAR-END>1231
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-21796
<FILM-NUMBER>03789644
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<BUSINESS-ADDRESS>
<STREET1>200 N MILWAUKEE AVE
<CITY>VERNON HILLS
<STATE>IL
<ZIP>60061
<PHONE>8474656000
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<MAIL-ADDRESS>
<STREET1>200 N MILWAUKEE AVE
<CITY>VERNON HILLS
<STATE>IL
<ZIP>60061
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<FORMER-CONFORMED-NAME>CDW COMPUTER CENTERS INC
<DATE-CHANGED>19930322
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<title>
</title>
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<body>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, DC 20549</FONT></H1>

<hr width=25% size=2 noshade>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 8-K</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>CURRENT REPORT<br>
PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Date of report (Date of earliest event reported):
<u>July 16, 2003</u></font></p>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><u><b>CDW Corporation</b></u></font><br>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact Name of Registrant as Specified in Its Charter)</font></p>

<table width=75% align=center>
<tr><td width=25%></td><td width=25%></td><td width=25%></td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>Illinois</u></font></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>0-21796</u></font></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>36-3310735</u></font></td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or Other Jurisdiction</font></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission File Number)</font></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer</font></td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of Incorporation)</font></td><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification No.)</font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3>200 N. Milwaukee Ave.</font></td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>Vernon Hills, Illinois</u></font></td><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><u>60061</u></font></td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of Principal Executive Offices)</font></td><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Zip Code)</font></td></tr>
</table>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's telephone number, including area code:
<u>(847) 465-6000</u></font></p>

<HR SIZE=2 COLOR=GRAY NOSHADE>
<page>




<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements, Pro Forma Financial
Information and Exhibits.</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99, Press Release dated July 16, 2003, announcing second quarter 2003
earnings.</FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Items 9 and 12.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure and Disclosure
of Results of Operations and Financial Condition.</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following information is furnished pursuant to Item 9, "Regulation FD Disclosure" and
Item 12, "Disclosure of Results of Operations and Financial Condition."</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On July 16, 2003, CDW Corporation (the "Registrant") issued a press release announcing its
second quarter 2003 earnings.  A copy of the press release is filed as Exhibit 99.</FONT></P>


<HR SIZE=2 COLOR=GRAY NOSHADE>
<page>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </FONT></P>

<table width=60%>
<tr><td width=30%></td><td width=6%></td><td width=24%></td></tr>
<tr><td></td><td></td><td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW CORPORATION</font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: July 16, 2003</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;&nbsp;</font></td>
<td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Barbara A. Klein</font></td></tr>
<tr><td></td><td></td><td><hr width=100% size=1 noshade></td></tr>
<tr><td></td><td></td><td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Barbara A. Klein</font></td></tr>
<tr><td></td><td></td><td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Vice President and</font></td></tr>
<tr><td></td><td></td><td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Financial Officer</font></td></tr>
</table>

<HR SIZE=2 COLOR=GRAY NOSHADE>
<page>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX</FONT></H1>

<table width=70%>
<tr><td width=15%></td><td width=6%></td><td width=49%></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit Number</u></font></td><td></td><td>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit</u></font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99</font></td><td></td><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release dated July 16, 2003, announcing second quarter 2003 earnings.</font></td></tr>
</table>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>secondqtr8k-exhibit.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>

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<title>
CDW Corporation Form 8-K
</title>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 99</FONT></H1>

<table width=100%>

<tr align=left><th width=50%><font face="Times New Roman, Times, Serif" Size=2><b><u>Investor Inquiries</u></b></font></th>
<th width=50%><font face="Times New Roman, Times, Serif" Size=2><b><u>Media Inquiries</u></b></font></th></tr>
<tr align=left><td><font face="Times New Roman, Times, Serif" Size=2><b>Anne Ireland</b></font></td><td>
<font face="Times New Roman, Times, Serif" Size=2><b>Melissa Pagan</b></font></td></tr>
<tr align=left><td><font face="Times New Roman, Times, Serif" Size=2><b>Director, Corporate Development</b></font></td><td>
<font face="Times New Roman, Times, Serif" Size=2><b>Sr. Manager, Corporate Communications</b></font></td></tr>
<tr align=left><td><font face="Times New Roman, Times, Serif" Size=2><b>(847) 968-0200</b></font></td><td>
<font face="Times New Roman, Times, Serif" Size=2><b>(847) 371-5067</b></font></td></tr>
</table>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW Achieves Record Second Quarter Financial Results with
Earnings Per Share of $0.51 and Sales Exceeding $1.07 Billion</font></h1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VERNON HILLS, Ill. - </b>
July 16, 2003, CDW Corporation (Nasdaq: CDWC) today announced record second quarter
earnings per share and sales results.  Second quarter earnings per share were $0.51, an
increase of 4.1 percent compared with the second quarter of 2002.  Sales totaled
$1.075 billion, an increase of 1.7 percent versus the prior year quarter. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We were pleased to see an
increase in our sales growth rate as the quarter progressed,&#148; commented John A.
Edwardson, chairman and chief executive officer.  &#147;Compared with last year,
average daily sales for April 2003 declined 0.9 percent, May grew 1.3 percent, and
June increased 4.7 percent.&#148;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We continue to add to our
sales force, gain market share, and position ourselves for the future,&#148; said
Edwardson.  &#147;Our success is the result of our extensive offering of brand name
products, our focus on operational excellence, the talent and dedication of our
3,000 coworkers, and our absolute commitment to providing outstanding customer service.&#148;
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second quarter highlights
include: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;
Increased the sales force by more than 11 percent to 1,367 compared with 1,225 a year ago.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;Increased public sector revenue by 18.6 percent.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;Experienced growth exceeding 10 percent for printer and
input device product categories.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW&#146;s gross profit
margin increased to 14.6 percent this quarter from 13.0 percent in the same
period of 2002. This increase is due to CDW&#146;s adoption in January 2003 of a new
accounting pronouncement, Emerging Issues Task Force (&#147;EITF&#148;) Issue
No. 02-16, &#147;Accounting for Consideration Received from a Vendor by a
Customer (Including a Reseller of the Vendor&#146;s Products).&#148; (See
footnote A below for additional information on EITF 02-16.) As a consequence of
adopting EITF 02-16, CDW recorded $17.3 million of vendor consideration as a
reduction of cost of sales this quarter. Excluding the impact of EITF 02-16, and
therefore on a non-GAAP basis, the gross profit margin would have been 12.9
percent this quarter compared with 13.0 percent in the same period of 2002. This
change was primarily due to a decrease in Microsoft vendor rebates.  The non-GAAP
gross profit margin is included to provide a meaningful comparison to prior periods. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling and administrative
expenses as a percentage of sales increased to 6.4 percent in the second quarter
of 2003 from 6.1 percent in the same period of 2002, primarily due to a substantial
investment in growing the sales force. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW&#146;s operating profit
as a percentage of sales was 6.6 percent this quarter compared with 6.7 percent
in the prior year period.  Adopting EITF 02-16 had no impact on CDW&#146;s operating
profit, as the $17.3 million of vendor consideration netted against cost of sales
would previously have been netted against advertising expense and selling and
administrative expense. </FONT></P>

<hr width=100% size=2>
<page>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the second quarter,
the Company continued its previously announced 2.5 million share buyback program
and purchased 1,250,924 shares of its common stock in the open market at an aggregate
purchase price of $50.8 million (approximately $40.61 per share). Since the
current program&#146;s inception in July 2002, the Company has purchased a total
of approximately 2.4 million shares at an aggregate purchase price of $97.8
million (approximately $41.57 per share). </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;CDW&#146;s
outstanding business model positions us well for continued success,&#148;
said Edwardson.  &#147;Our strong financial condition allows us to actively
invest for the future.&#148; </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Footnote A</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On January 1, 2003, CDW
adopted a new accounting pronouncement, Emerging Issues Task Force
(&#147;EITF&#148;) Issue No. 02-16, &#147;Accounting for Consideration Received
from a Vendor by a Customer (Including a Reseller of the Vendor&#146;s
Products).&#148; The income statement classification provisions of EITF 02-16
cover vendor consideration related to agreements entered into or modified after
January 1, 2003. This pronouncement requires that consideration from vendors,
such as advertising support funds, be accounted for as a reduction to cost of
sales unless certain requirements are met showing that the funds are used for a
specific program entirely funded by an individual vendor. If these specific
requirements related to individual vendors are met, the consideration is
accounted for as a reduction in the related expense category, such as
advertising or selling and administrative expense. CDW provides numerous
advertising programs to support vendors, including catalogs, television, radio,
Internet, magazine, and newspaper advertising for which the Company receives
consideration. Some of these programs relate to multiple vendors, while others
are performed on behalf of individual vendors for specific projects. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forward
Looking Statement</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any forward-looking statements
contained in this release are based on the Company&#146;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&#146;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&#146;s business and
prospects are discussed in the Company&#146;s filings with the Securities and
Exchange Commission. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>About CDW</FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW&#174; (Nasdaq: CDWC),
ranked No. 381 on the FORTUNE 500, is a leading provider of technology solutions
for businesses, government agencies and educational institutions nationwide. CDW
is a principal source of technology products and services including 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. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW was founded in 1984 as
a home-based business and today employs over 3,000 coworkers whose efforts
generated net sales of more than $4.2 billion in 2002. CDW&#146;s direct model
offers one-on-one relationships with knowledgeable account managers; purchasing
by telephone, fax, the company&#146;s award-winning CDW.com Web site or
customized CDW@work&#153; extranets; 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. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A live Web cast of
CDW&#146;s management discussion of the second quarter will be available at
www.cdw.com/investor and www.streetevents.com. The Web cast will begin today,
July 16, 2003 at 5:00 pm EDT. An audio replay of the call will also be available
at www.cdw.com/investor and on www.streetevents.com until July 31, 2003.
Additional financial and operational data is provided in a series of supplemental
slides available at www.cdw.com/investor. </FONT></P>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><u><b>For more information about CDW:</b></u></i><br>
<B>Visit CDW on the Internet at http://www.cdw.com. Contact CDW Investor Relations via
the Internet at<br>investorrelations@cdw.com or by telephone at
847-419-8234.</B> </FONT></P>

<hr width=100% size=2>
<page>

<p>&nbsp;</p>
<table width=70% align=center>

<tr><th colspan=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW CORPORATION AND SUBSIDIARIES</font></th></tr>
<tr><th colspan=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONDENSED CONSOLIDATED STATEMENTS OF INCOME</font></th></tr>
<tr><td colspan=12 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(in thousands, except per share data)</font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td width=24%></td><td width=2%></td><td width=8%></td><td width=2%></td><td width=2%></td><td width=8%></td><td width=2%></td>
<td width=2%></td><td width=8%></td><td width=2%></td><td width=2%></td><td width=8%></td></tr>
<tr><th></th><th colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Ended June 30,</font></th><th></th><th colspan=5>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Six Months Ended June 30,</font></th></tr>
<tr><td></td><td colspan=5><hr width=100% size=3 noshade></td><td></td><td colspan=5><hr width=100% size=3 noshade></td></tr>
<tr><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</font></th><th></th><th colspan=2>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</font></th><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</font></th>
<th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</font></th></tr>
<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td>
<td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,075,296</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,056,820</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,092,915</font></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,059,656</font>
</td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cost of sales</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
918,838</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>919,572</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,789,069</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,792,245</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td>
<td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
156,458</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137,248</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>303,846</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>267,411
</font></td></tr>

<tr><td>&nbsp;</td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling and administrative expenses</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,760</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,974
</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137,071</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>129,210</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net advertising expense</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
17,213</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,580</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,838</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,313</font></td>
</tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td>
<td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from operations</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
70,485</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,694</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,937</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135,888</font>
</td></tr>

<tr><td>&nbsp;</td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2,053</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,551</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,098</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,051</font>
</td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expense, net</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(435)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(431)</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(840)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(759)</font>
</td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td>
<td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income taxes</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
72,103</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,814</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>142,195</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,180</font>
</td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income tax provision</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
28,481</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,761</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>56,167</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,371</font>
</td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td>
<td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,622</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,053</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,028</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,809</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td>
<td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earnings per share:</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.52</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.51</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.03</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.99</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td>
<td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.51</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.49</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.00</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.95</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td>
<td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted-average number of</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;common shares outstanding:</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
83,354</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,624</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,659</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,733</font>
</td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td>
<td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
85,699</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89,127</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,120</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89,445</font>
</td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td>
<td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>
<tr><td>&nbsp;</td></tr>
</table>
<hr width=100% size=2>
<page>

<p>&nbsp;</p>
<table width=85% align=center>

<tr><th colspan=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW CORPORATION AND SUBSIDIARIES</font></th></tr>
<tr><th colspan=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONDENSED CONSOLIDATED BALANCE SHEETS</font></th></tr>
<tr><td colspan=9 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(in thousands)</font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td width=45%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td></tr>
<tr><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 30,</font></th><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
December 31,</font></th><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 30,</font></th></tr>
<tr><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</font></th><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2002</font></th><th></th><th colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</font></th></tr>
<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Assets</b></font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current assets:</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Cash, cash equivalents and marketable securities</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
553,148</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
504,614</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
420,921</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounts of $9,500, $10,500 and $10,200 respectively</font></td>
<td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>355,150</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
333,084</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>356,209</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Merchandise inventory</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>147,511</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
150,785</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>153,283</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Prepaid income taxes</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,996</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,251</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Miscellaneous receivables</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,862</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
14,084</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,107</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Deferred income taxes</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,757</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
11,757</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,040</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Prepaid expenses</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2,649</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,212</font></td><td></td>
<td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,513</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</font></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,091,073</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,018,536</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>959,324</font></td></tr>

<tr><td>&nbsp;</td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and equipment, net</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
62,193</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,088</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,868</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment in and advances to joint venture</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,240</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
5,176</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,058</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income taxes and other assets</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
7,515</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,864</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,487</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</b></font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,164,021</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,095,664</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,037,737</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Liabilities and Shareholders' Equity</b></font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current liabilities:</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Accounts payable</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>141,478</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>102,786</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,714</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities</font></td>
<td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,605</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
68,808</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,785</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</font></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>192,083</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
171,594</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>184,499</font></td></tr>

<tr><td>&nbsp;</td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders' equity:</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</font></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>971,938</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
924,070</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>853,238</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders'
equity</b></font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,164,021</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,095,664</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,037,737</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>
<tr><td>&nbsp;</td></tr>
</table>

<hr width=100% size=2>
<page>

<p>&nbsp;</p>
<table width=75% align=center>

<tr><th colspan=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW CORPORATION AND SUBSIDIARIES</font></th></tr>
<tr><th colspan=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEGMENT REPORTING INFORMATION</font></th></tr>
<tr><td colspan=12 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(in thousands)</font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td width=21%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td></tr>
<tr><td></td><td colspan=11 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Ended June 30, 2003</font></td></tr>
<tr><td></td><td colspan=11><hr width=100% size=3 noshade></td></tr>

<tr><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</font></td><td></td>
<td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Sector</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Eliminations</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>External customer sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>817,607</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>257,689</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,075,296</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfers between segments</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
244,222</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(244,222)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total net sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,061,829</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>257,689</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(244,222)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,075,296</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from operations</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,735</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,750</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,485</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income and</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other expense</font></td><td></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,618</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income taxes</font></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,103</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,097,599</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95,625</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(29,203)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,164,021</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>

<tr><td></td><td colspan=11 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Ended June 30, 2002</font></td></tr>
<tr><td></td><td colspan=11><hr width=100% size=3 noshade></td></tr>

<tr><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</font></td><td></td>
<td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Sector</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Eliminations</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>External customer sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>839,539</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>217,281</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,056,820</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfers between segments</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
210,634</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(210,634)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total net sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,050,173</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>217,281</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(210,634)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,056,820</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from operations</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,550</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,144</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,694</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income and</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other expense</font></td><td></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,120</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income taxes</font></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,814</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>986,182</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,054</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(69,499)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,037,737</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>
<tr><td>&nbsp;</td></tr>

</table>

<hr width=100% size=2>
<page>

<p>&nbsp;</p>
<table width=75% align=center>

<tr><th colspan=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW CORPORATION AND SUBSIDIARIES</font></th></tr>
<tr><th colspan=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEGMENT REPORTING INFORMATION</font></th></tr>
<tr><td colspan=12 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(in thousands)</font></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td width=21%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=2%></td><td width=10%></td></tr>
<tr><td></td><td colspan=11 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Six Months Ended June 30, 2003</font></td></tr>
<tr><td></td><td colspan=11><hr width=100% size=3 noshade></td></tr>

<tr><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</font></td><td></td>
<td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Sector</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Eliminations</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>External customer sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,651,773</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>441,142</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,092,915</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfers between segments</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
419,155</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(419,155)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total net sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,070,928</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>441,142</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(419,155)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,092,915</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from operations</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>129,106</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,831</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,937</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income and</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other expense</font></td><td></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,258</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income taxes</font></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>142,195</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,097,599</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95,625</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(29,203)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,164,021</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>

<tr><td></td><td colspan=11 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Six Months Ended June 30, 2002</font></td></tr>
<tr><td></td><td colspan=11><hr width=100% size=3 noshade></td></tr>

<tr><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</font></td><td></td>
<td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Sector</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Eliminations</font></td><td></td><td colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>External customer sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,684,194</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375,462</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,059,656</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfers between segments</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
361,058</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(361,058)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total net sales</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,045,252</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375,462</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(361,058)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,059,656</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income from operations</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128,947</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,941</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135,888</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income and</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other expense</font></td><td></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,292</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=2 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income taxes</font></td><td></td><td></td><td></td><td></td><td></td>
<td></td><td></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,180</font></td></tr>

<tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>986,182</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,054</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(69,499)</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,037,737</font></td></tr>

<tr><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td><td></td><td colspan=2><hr width=100% size=3 noshade></td></tr>
<tr><td>&nbsp;</td></tr>

</table>

<hr width=100% size=2>
<page>

<p>&nbsp;</p>
<table width=75% align=center>

<tr><th colspan=8><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW CORPORATION AND SUBSIDIARIES</font></th></tr>
<tr><th colspan=8><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPERATING DATA</font></th></tr>

<tr><td>&nbsp;</td></tr>

<tr><td width=29%></td><td width=10%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=10%></td><td width=2%></td><td width=10%></td></tr>
<tr><td></td><td colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Ended June 30,</font></td><td></td>
<td colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Six Months Ended June 30,</font></td></tr>

<tr><td></td><td colspan=3><hr width=100% size=3 noshade></td><td></td><td colspan=3><hr width=100% size=3 noshade></td></tr>
<tr><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</font></td><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2002</font></td><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</font></td><td></td><td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2002</font></td></tr>
<tr><td></td><td><hr width=100% size=3 noshade></td><td></td><td><hr width=100% size=3 noshade></td><td></td><td><hr width=100% size=3 noshade></td><td></td><td><hr width=100% size=3 noshade></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commercial customers served (1):</font></td></tr>
<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Current quarter</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
176,393</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>174,276</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>251,254</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
250,717</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Trailing 12 months</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>361,200</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
363,282</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>361,200</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>363,282</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% of sales to commercial customers</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>98.1%</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
97.5%</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>97.9%</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>97.1%</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of invoices processed</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,262,218</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,215,415</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,547,067</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,464,068</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average invoice size</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$911</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$947</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>$880</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$906</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Direct web sales (000's)</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$242,193</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$202,129</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>$474,333</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$390,308</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales force, end of period</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,367</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,225</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,367</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,225</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annualized inventory turnover</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
26</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
26</font></td></tr>

<tr><td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable - days sales outstanding</font></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>30</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
31</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>31</font></td></tr>

<tr><td>&nbsp;</td></tr>
<tr><td colspan=8><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Commercial customers are defined as public sector and corporate customers excluding consumers.</font></td></tr>


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