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<SEC-DOCUMENT>0000899171-03-000084.txt : 20031022
<SEC-HEADER>0000899171-03-000084.hdr.sgml : 20031022
<ACCEPTANCE-DATETIME>20031022072238
ACCESSION NUMBER:		0000899171-03-000084
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031022
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CDW CORP
		CENTRAL INDEX KEY:			0000899171
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				363310735
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21796
		FILM NUMBER:		03950773

	BUSINESS ADDRESS:	
		STREET 1:		200 N MILWAUKEE AVE
		CITY:			VERNON HILLS
		STATE:			IL
		ZIP:			60061
		BUSINESS PHONE:		8474656000

	MAIL ADDRESS:	
		STREET 1:		200 N MILWAUKEE AVE
		CITY:			VERNON HILLS
		STATE:			IL
		ZIP:			60061

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CDW COMPUTER CENTERS INC
		DATE OF NAME CHANGE:	19930322
</SEC-HEADER>
<DOCUMENT>
<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>October 22, 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 October 22, 2003, announcing third quarter 2003
earnings.</FONT></P>

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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 22, 2003, CDW Corporation (the "Registrant") issued a press release announcing its
third quarter 2003 earnings.  A copy of the press release is filed as Exhibit 99.  Certain information in this press release was discussed by John
Edwardson, our chairman and chief executive officer, in an interview on CNBC that was conducted following the public issuance of the release.</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: October 22, 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 October 22, 2003, announcing third quarter 2003 earnings.</font></td></tr>
</table>

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>thirdqtr8k-exhibit.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>

<html>
<head>
<title>
CDW Corporation Form 8-K
</title>
</head>
<body>


<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>Cindy Klimstra</b></font></td><td>
<font face="Times New Roman, Times, Serif" Size=2><b>Gary Ross</b></font></td></tr>
<tr align=left><td><font face="Times New Roman, Times, Serif" Size=2><b>Director, Investor Relations</b></font></td><td>
<font face="Times New Roman, Times, Serif" Size=2><b>Manager, Media Relations</b></font></td></tr>
<tr align=left><td><font face="Times New Roman, Times, Serif" Size=2><b>(847) 968-0268</b></font></td><td>
<font face="Times New Roman, Times, Serif" Size=2><b>(847) 371-5048</b></font></td></tr>
</table>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CDW Announces Third Quarter Results<br>
Company Achieves Record Sales</font></h1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>VERNON HILLS, Ill. - </b>
October 22, 2003, CDW Corporation (Nasdaq: CDWC) today announced record third quarter sales of $1.223 billion, an increase of 6.2
percent versus the prior year quarter.  Earnings per share were $0.52, including $0.06 per share of transaction and integration costs
relating to the purchase of selected U.S. assets and the Canadian operations of Micro Warehouse.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;CDW's proven strategy of offering extensive brand name products,
improving efficiency, and executing well has resulted in another quarter of strong operating performance,&#148; commented John A.
Edwardson, chairman and chief executive officer.  &#147;Third quarter sales set a new record for the company, even excluding the
results of the recent Micro Warehouse transaction.  We also experienced a record month of September sales for both our corporate
and public sector segments, also excluding the results of Micro Warehouse.  Our coworkers' accomplishments demonstrate their absolute
commitment to understand and meet customer needs, which enables us to repeatedly outperform the market.&#148;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;In addition, we are encouraged by the rapid progress of the Micro Warehouse
integration, reflecting the combined outstanding efforts of coworkers in every area of the company,&#148; said
Edwardson.  &#147;We completed the switch to CDW's distribution system, have trained most Micro Warehouse account managers and transitioned
them to our sales system, and plan to complete integration of support functions by the end of the fourth quarter.  This investment enhances
our growth prospects by providing an expanded customer base, increased product offerings, and a wider geographic reach.&#148;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third quarter 2003 sales were $1.223 billion, representing average daily sales of
$19.1 million, a 6.2 percent increase from last year.  Included in the third quarter 2003 were $42.9 million of sales from Micro Warehouse,
representing 3.7 percentage points of the year-over-year increase.  Average daily sales of Micro Warehouse were $3.1 million for the days
included in CDW's results.  CDW completed the purchase of selected U.S. assets of Micro Warehouse on September 9, 2003, and completed the
purchase of Micro Warehouse Canada Ltd. operations on September 23, 2003.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;
Third quarter 2003 corporate sector sales, including Micro Warehouse, were $878.4 million. Average daily corporate sector sales were
$13.7 million, representing a 1.1 percent increase over last year.  Included in the third quarter 2003 corporate sector sales were
$24.5 million from Micro Warehouse, representing 2.8 percentage points of the year-over-year change.<br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;Third quarter 2003 public sector sales, including Micro Warehouse, were $344.4 million.
Average daily public sector sales were $5.4 million, representing a 22.2 percent increase over last year.  Included in the third quarter
2003 public sector sales were $18.4 million from Micro Warehouse, representing 6.5 percentage points of the year-over-year increase.<br>
</FONT></P>

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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 2003 sales, including Micro Warehouse, were $461.5 million.  Average daily
September 2003 sales were $22.0 million, representing a 17.7 percent increase over last year.  Included in September 2003 sales were $42.9
million of sales from Micro Warehouse, representing 10.9 percentage points of the year-over-year increase.  September 2003 had 21 billing
days and September 2002 had 20 billing days.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;
September 2003 corporate sector sales, including Micro Warehouse, were $327.7 million.  Average daily September 2003 corporate sector
sales were $15.6 million, representing an increase of 12.3 percent.  Included in September 2003 sales were $24.5 million of sales
from Micro Warehouse, representing 8.4 percentage points of the year-over-year increase.<br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;September 2003 public sector sales, including Micro Warehouse, were $133.7 million.  Average daily September 2003 public sector sales
were $6.4 million, representing an increase of 33.3 percent.  Included in September 2003 sales were $18.4 million of sales from Micro
Warehouse, representing 18.3 percentage points of the year-over-year increase.<br>
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the third quarter 2003, several product categories exceeded 8 percent growth rates
including notebooks and accessories, network communication products, video, memory, and input devices. On a unit basis, notebook CPUs increased
40 percent, servers increased 28 percent, and data storage increased 24 percent.  These growth rates exclude the impact of Micro Warehouse.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit margin increased to 14.4 percent this quarter from 13.6 percent in the
same period of 2002.  To provide meaningful comparisons to prior periods, the following non-GAAP information is being provided:</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;
As a consequence of CDW adopting Emerging Issues Task Force (&#147;EITF&#148;) Issue No. 02-16 in January 2003 (see footnote A), CDW recorded
$17.4 million of vendor consideration as a reduction of cost of sales this quarter, which had the effect of increasing the gross
profit margin by 1.4 percentage points.<br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;The inclusion of Micro Warehouse results decreased the gross profit margin by 0.2 percentage
points.<br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;In the third quarter 2002, the gross profit margin was favorably impacted by 0.8 percentage
points from sales of software products and related rebates associated with the Microsoft Upgrade Advantage program, which concluded in early
August 2002.<br><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;Excluding the effects of EITF Issue No. 02-16 and Micro Warehouse on the third quarter 2003,
CDW's gross profit margin would have been 13.2 percent.  Excluding the effects of sales of software products and related rebates associated
with the Microsoft Upgrade Advantage program, third quarter 2002 gross profit margin would have been 12.8 percent.<br><br>
</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling and administrative expenses as a percentage of sales were 8.5 percent this
quarter compared to 5.9 percent in the third quarter of 2002.  Expenses associated with the Micro Warehouse transaction, together with the impact of EITF Issue No. 02-16 that was
implemented in January 2003, were 2.1 percent of sales. Excluding expenses associated with the Micro Warehouse transaction and the
impact of EITF Issue No. 02-16, and therefore on a non-GAAP basis, selling and administrative expenses as a percentage of sales were
6.4 percent.  The remaining increase from the prior year is primarily the result of continued investment in growing CDW's sales
force.  The non-GAAP selling and administrative expenses information is being presented to provide meaningful comparisons to prior
periods.</FONT></P>

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

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total expenses associated with the Micro Warehouse transaction are expected to be approximately $16 million, with $8 million in the
third quarter of 2003 and approximately $8 million in the fourth quarter of 2003.  These expenses are primarily comprised of
severance and outplacement costs, payroll expenses for former Micro Warehouse employees performing transition services, customer
satisfaction expenses, customer communications and advertising expenses, and legal and accounting advisory fees.  These costs are
included in the selling and administrative expenses classification.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the fourth quarter of 2003, the company estimates sales from Micro Warehouse will be in the range of $170 to $190 million.  Due
to the rapid integration of Micro Warehouse coworkers and assets, the company does not plan to provide sales results for Micro
Warehouse on an ongoing basis.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Edwardson  concluded, &#147;CDW's strong business model continues to perform well through the combined efforts of our coworkers.  In
particular, our sales force has been successful in driving market share gains by increasing our customer base. We will continue to
be the best in the industry by putting our customers first.&#148;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The company plans to release October sales on November 13, 2003.</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'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.  In addition, there are a number of
risks associated with our recent Micro Warehouse transaction.  For example, there is no guarantee that the acquisition will have the
benefits that we anticipate, that we will not encounter difficulty in the integration of the acquired assets and new personnel, that
we will not be exposed to unanticipated liabilities arising from the acquisition or that the acquisition will not cause disruption to
our existing business.</FONT></P>

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

<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 3,600 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,
customized CDW@work&#153; 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. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A live Web cast of
CDW&#146;s management discussion of the third quarter will be available at
www.cdw.com/investor. The Web cast will begin today,
October 22, 2003 at 8:30 am EDT. An audio replay of the call will also be available
at www.cdw.com/investor until October 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 September 30,</font></th><th></th><th colspan=5>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nine Months Ended September 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>1,222,785</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,150,970</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,315,700</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>3,210,626</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>
1,046,561</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>993,930</font></td><td></td><td></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,835,630</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2,786,175</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>
176,224</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>157,040</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>480,070</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424,451
</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>84,657</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67,186
</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>221,728</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>196,396</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>
19,004</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>931</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,842</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,244</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>
72,563</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88,923</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>211,500</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224,811</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>
1,573</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,188</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,671</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,239</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>
(410)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(377)</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,250)</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,136)</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>
73,726</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,734</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>215,921</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>230,914</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>
29,122</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,840</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,289</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91,211</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>44,604</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>54,894</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>130,632</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>139,703</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>0.54</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>0.65</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>1.57</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>1.64</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>0.52</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>0.63</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>1.52</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>1.57</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>
82,791</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,206</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,367</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,212</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>
85,786</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87,326</font></td><td></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>86,024</font></td><td></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88,740</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>September 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>September 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>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
528,965</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</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>
468,892</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 $10,018, $10,500 and $10,500 respectively</font></td>
<td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>455,569</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>362,113</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>189,950</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>126,600</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>21,008</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>16,584</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>
5,470</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>2,703</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>1,212,719</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>985,932</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>
62,906</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>63,779</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>2,638</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>5,875</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>
14,683</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>7,543</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>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,292,946</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</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>
1,063,129</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>210,478</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>121,449</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>81,066</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>79,369</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>291,544</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>200,818</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>1,001,402</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>862,311</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>$</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,292,946</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</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>
1,063,129</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 September 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>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>878,393</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>344,392</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>1,222,785</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>
340,808</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>(340,808)</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>1,219,201</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>344,392</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>(340,808)</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>1,222,785</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>63,721</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>8,842</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>72,563</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>1,163</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>73,726</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>1,247,215</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>166,646</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>(120,915)</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>1,292,946</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 September 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>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>869,127</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>281,843</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>1,150,970</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>
276,359</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>(276,359)</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>1,145,486</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>281,843</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>(276,359)</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>1,150,970</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>83,737</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>5,186</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>88,923</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>1,811</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>90,734</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>1,007,596</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>101,203</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>(45,670)</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>1,063,129</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>Nine Months Ended September 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>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,530,166</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>785,534</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>3,315,700</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>
759,963</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>(759,963)</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>3,290,129</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>785,534</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>(759,963)</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>3,315,700</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>192,827</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>18,673</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>211,500</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>4,421</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>215,921</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>1,247,215</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>166,646</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>(120,915)</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>1,292,946</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>Nine Months Ended September 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>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,553,320</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</font></td>
<td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>657,306</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>3,210,626</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>
637,417</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>(637,417)</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>3,190,737</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>657,306</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>(637,417)</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>3,210,626</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>212,684</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>12,127</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>224,811</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>6,103</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=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>230,914</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>1,007,596</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>101,203</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>(45,670)</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>1,063,129</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 September 30,</font></td><td></td>
<td colspan=3 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nine Months Ended September 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 period</font></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
192,074</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,969</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>321,564</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
310,936</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>371,327</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
363,597</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>371,327</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>363,597</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>98.2%</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>98.0%</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>97.4%</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>1,287,675</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,273,758</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,834,742</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,737,826</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>
$989</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,034</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>$917</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$950</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>
$281,446</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$224,351</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>$755,779</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
$614,659</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>
1,459</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,250</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,459</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1,250</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>
25</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28</font></td><td></td><td align=right>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
30</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>34</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
29</font></td><td></td><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial customers are defined as public sector and corporate customers excluding consumers.</font></td></tr>
<tr><td colspan=8><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statistics exclude Micro Warehouse except for annualized inventory turnover and accounts receivable - days sales outstanding.</font></td></tr>


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