<SUBMISSION>
<ACCESSION-NUMBER>0000950137-07-008315
<TYPE>DEFA14A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20070531
<DATE-OF-FILING-DATE-CHANGE>20070531
<EFFECTIVENESS-DATE>20070531
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CDW CORP
<CIK>0000899171
<ASSIGNED-SIC>5961
<IRS-NUMBER>363310735
<STATE-OF-INCORPORATION>IL
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEFA14A
<ACT>34
<FILE-NUMBER>000-21796
<FILM-NUMBER>07891804
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>200 N MILWAUKEE AVE
<CITY>VERNON HILLS
<STATE>IL
<ZIP>60061
<PHONE>8474656000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>200 N MILWAUKEE AVE
<CITY>VERNON HILLS
<STATE>IL
<ZIP>60061
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CDW COMPUTER CENTERS INC
<DATE-CHANGED>19930322
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>c15694defa14a.htm
<DESCRIPTION>SOLICITING MATERIAL
<TEXT>
<HTML>
<HEAD>
<TITLE>defa14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#253;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#253;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
<B>CDW CORPORATION</B></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#253;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
THIS FILING INCLUDES A TRANSCRIPT OF A CONFERENCE CALL HELD ON MAY 29, 2007 IN WHICH CDW&#146;S OFFICERS AND DIRECTORS PARTICIPATED.  THE
CALL WAS LED BY CDW&#146;S CHIEF EXECUTIVE OFFICER, JOHN EDWARDSON, WITH COMMENTS FROM BEN CHERESKIN OF MADISON DEARBORN PARTNERS, LLC.
THE MANAGER TALKING POINTS WHICH SERVED AS THE OUTLINE FOR MR. EDWARDSON&#146;S REMARKS ON THE CALL WERE PREVIOUSLY FILED BY CDW
CORPORATION AS EXHIBIT 99.4 TO THE FORM 8-K FILED ON MAY 30, 2007.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CDW Corporation<BR>
Transcript of Conference Call with CDW Officers and Directors<BR>
John Edwardson<BR>
May&nbsp;29, 2007<BR>
6:13 pm Central Time</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CDW Corporation will file with the Securities and Exchange Commission (the &#147;SEC&#148;), and furnish
to its shareholders, a proxy statement soliciting proxies for the meeting of its shareholders to be
called with respect to the proposed merger between CDW and Madison Dearborn Partners, LLC. CDW
SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT IS FINALIZED AND DISTRIBUTED TO THEM
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. CDW shareholders and other interested parties will
be able to obtain, without charge, a copy of the proxy statement (when available) and other
relevant documents filed with the SEC from the SEC&#146;s website at <U>http://www.sec.gov</U>. CDW
shareholders and other interested parties will also be able to obtain, without charge, a copy of
the proxy statement (when available) and other relevant documents by directing a request by mail or
telephone to CDW Corporation, 200 N. Milwaukee Ave., Vernon Hills, Illinois 60061, Attention:
Corporate Secretary, telephone: (847)&nbsp;465-6000, or from CDW&#146;s website, <U>http://www.cdw.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CDW and certain of its directors, executive officers and other members of management and employees
may, under SEC rules, be deemed to be &#147;participants&#148; in the solicitation of proxies from
shareholders of CDW with respect to the proposed merger. Information regarding the persons who may
be considered &#147;participants&#148; in the solicitation of proxies will be set forth in CDW&#146;s proxy
statement relating to the proposed merger when it is filed with the SEC. Information regarding
certain of these persons and their beneficial ownership of CDW common stock as of March&nbsp;31, 2007 is
also set forth in CDW&#146;s proxy statement for its 2007 Annual Meeting of Shareholders, which was
filed with the SEC on April&nbsp;16, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements about the expected timing, completion and effects of the proposed merger between CDW and
Madison Dearborn Partners, LLC, and all other statements in this filing other than historical
facts, constitute forward-looking statements within the meaning of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue
reliance on these forward-looking statements, each of which is qualified in its entirety by
reference to the following cautionary statements. Forward-looking statements speak only as of the
date hereof and are based on current expectations and involve a number of assumptions, risks and
uncertainties that could cause actual results to differ materially from those projected in the
forward-looking statements. CDW may not be able to complete the proposed merger because of a
number of factors, including, among other things, the failure to obtain shareholder approval, the
failure of financing or the failure to satisfy other closing conditions. Other risks and
uncertainties that may affect forward-looking statements are described in the reports filed by CDW
with the SEC under the Securities Exchange Act of 1934, as amended, including without limitation
CDW&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CDW Corporation<BR>
Transcript of Conference Call with CDW Officers and Directors<BR>
John Edwardson<BR>
May&nbsp;29, 2007<BR>
6:13 pm Central Time</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Good afternoon ladies and gentlemen and
welcome to the CDW Director Call. At this time, all participants are in a
listen-only mode. Later we will be conducting a question and answer session.
Please note that this conference is being recorded. I will now turn the call
over to Mr.&nbsp;John Edwardson. Mr.&nbsp;Edwardson, you may begin.</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you so much and thanks to all of
you on the phone joining us. I know that this has been a relatively long day
for many of you, I&#146;m sure, as you have probably had a lot of coworkers asking
you questions that you didn&#146;t know answers to; and, unfortunately, the way
these things work, you just couldn&#146;t be given answers to. So, let me first
tell you that this is not how we planned to announce this news. We had hoped
that we would have had all of our work done over the weekend and our original
plan was to brief all of you, as officers and directors of CDW before the
public was notified. We were hoping to do that last evening, but things just
didn&#146;t work out that simply and as a result we were unable to brief you before
the news became public. As you know, we were unable to comment on this
transaction throughout the day until the agreement was signed, which happened
literally just a few minutes ago. I know that all of you understand as a
public company that there are rules and regulations that we have to follow and
that we can&#146;t comment about things until we have something to comment about,
even to all of you, some of our officers and directors and all of our other
coworkers. With us on the phone are three individuals from Madison Dearborn
Partners, Ben Chereskin, George Peinado, and Brittany Smith. Ben will be
speaking to you in a few more minutes and that kind of gives away the next part
of what I want to say. We were supposed to send some confidential materials to
you. I think they are probably not confidential any more. Some of</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">them are on the Q&#038;A we do not want you to make copies of. We do... There&#146;s
some information you&#146;re free to share with people and some others that, some
other information&#146;s probably best for you to have and not be shared and so let
me go directly to what was in the press release.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We signed an agreement just a few minutes ago to be
acquired by a Chicago-based private equity group, Madison Dearborn Partners.
Madison Dearborn is buying CDW for around $7.3&nbsp;billion or $87.75 a share. This
transaction will result in CDW becoming a private company. You will learn more
about Madison Dearborn in a few minutes from Ben. It is a company that has
been active in Chicago for many, many years in the private equity market. I&#146;ve
had the benefit of knowing the founder of the firm and Chairman of the firm,
John Canning, and Paul Finnegan, who&#146;s the Co-President, and a number of other
people at the firm during my years here in Chicago. I had not had the pleasure
of meeting Ben and George and Brittany until the last few months, but have
gotten to know them reasonably well as we have gone through many, many meetings
and hours together with them. One thing you&#146;ll hear I&#146;m sure, is that Madison
Dearborn is committed to investing in our long-term growth. They believe in
our strategies and obviously believed enough in the management team and
coworkers of CDW to make a huge investment in this Company, so our goals, our
strategies, our values will remain unchanged and, hopefully, the management
team will stay together and will continue to run the company as we have. That
is includes each and all of you, I hope.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">So let me go through a little bit of detail about
what&#146;s going to happen over the next few months. If the transaction is approved
and customary closing conditions are satisfied upon closing, all of your stock
options and your restricted stock will vest. That may be important to each of
you. Option holders will be paid an amount in cash equal to the buyout price of
$87.75 per share minus the exercise</TD>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">price of those options less applicable taxes. Those of you own shares
directly, either directly or through the employee stock purchase plan or
through a restricted stock, which is not yet vested; those shares will vest
and you will receive $87.75 per share less the applicable taxes due. The
agreement will be voted on at a special meeting of shareholders expected to
be scheduled in the next few months. We expect that the transaction would
close in the late third quarter of 2007. It could stretch as much as into
the early part of the fourth quarter, but we hope that we have all of our
work done and that we&#146;ll be able to close by the end of September.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Because of the way these transactions usually work, the buyers are not
allowed to engage in discussion with anyone in management about whether or
not the managers will stay in place until later in the process. That said,
one of the principle considerations for Madison Dearborn was the strength of
you as managers and our management team. One of their investment principles
is to invest in companies with outstanding management teams. Their attempt
is to keep this management team intact. Sometimes there are concerns about
the impact of transactions like this on compensation. Madison Dearborn
Partners has agreed at a minimum to preserve current base salary and benefit
levels at least through 2008. We will continue with the PMP process to
determine yearly salary adjustments and cash bonuses and cash incentive
plans will continue to be established by management subject to business
goals and personal performance as they always have been. We expect no job
reductions as a result of the transaction. Madison Dearborn Partners is
attracted to your success and the value that our coworkers have built in
this Company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let me give you a little more background on the transaction and what we&#146;ve
been up to for the last three months. Our Board was initially approached by
a party interested in discussing a potential transaction and the board then
went through</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">an evaluation process with that party and several other potential buyers.
This is what boards have to do in cases like this when these things happen.
After a very lengthy and a very deliberate process, Madison Dearborn
Partners offered the best price. As a result, our Board has agreed for CDW
to be purchased by Madison Dearborn Partners for the amount that I told you
earlier. Our Board of Directors believes this is a compelling opportunity
to immediately maximize shareholder value and is recommending that
shareholders approve the transaction. Our potential new owners, and
hopefully they will not be potential but will be owners as time goes by, are
committed to providing CDW the resources necessary to continue to grow our
Company. One of the things that I also want to mention to you is that as
part of this transaction, Michael Krasny has agreed to vote all of his
shares, 21%/22% of those shares in support of the transaction.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let me go further with a few more details. Madison Dearborn Partners has
spent thousands of hours evaluating and studying our Company and is very
confident about our growth prospects. Harry and Anne Ireland and others
around the table are chuckling over the thousands of hours because it wasn&#146;t
just Madison Dearborn Partners that spent thousands of hours; it was a lot
of other people on your leadership team as well. Madison Dearborn is making
a significant financial investment in the Company. Those numbers will come
out soon when the merger agreement is filed, which is to be tomorrow, I
believe; and we&#146;ll probably wait until that time, unless Ben wants to go
through those on the phone call in a few minutes. We&#146;ve had many
discussions with Madison Dearborn about our growth strategies, including
growing the sales team, enhancing our customer experience, and expanding the
Berbee platform on a national basis. They are supportive of these
strategies and will work with us to provide the resources necessary to
execute them.</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let me tell you just a little bit about Madison Dearborn. I don&#146;t want to
takeaway Ben&#146;s thunder, but let me just mention a few things. They&#146;re a
major private equity investment firm and they&#146;re based here in Chicago,
which is wonderful for us because that means they will be close and we can
get together much more easily or easier than if they were in New York. The
key characteristics that Madison Dearborn looks for in investments include
great people, a leading market share, a track record of innovation,
substantial free cash flow, a widely recognized brand name, a highly
efficient and defensible distribution channel, and a scaleable business
model that has strong returns on capital. One of the things I can assure
you is that Madison Dearborn knows a lot about our business. We have had
literally a great deal of fun brainstorming with them, challenging each
other as we&#146;ve gone through the process in looking at our business model for
the future, some of their suggestions and thoughts about growing the
business model; and I have to tell you, &#147;They know a great deal about the
Company and it&#146;s very impressive to see how quickly they&#146;ve learned about
who we are and what we do.&#148; They&#146;ve made many billons of dollars of
investments over the years. Some of their current investments are Ruth&#146;s
Chris Steak House, I don&#146;t know if you get discounts, but we&#146;ll find out
from Ben in a few minutes, Boise Cascade Holdings, Yankee Candle Company,
Cinemark Theaters, and others. You may be hearing the name. You&#146;re already
heard of Ben Chereskin. Ben is a Managing Director at the firm and one of
the founders of Madison Dearborn; and he will be our principal contact; and
he&#146;ll be speaking to all of you in a few minutes. One of the things that you
will quickly find out is that they are very interested in our culture, in
our leadership team, and in the service that we provide to our customers.
That&#146;s what has attracted them to make this investment in CDW. It&#146;s very
important to all of us during this interim period that we reassure our
customers that they will continue to receive the same level of service and
support that they&#146;ve come to expect from all of you. Our potential new
owners are just as dedicated to providing a superior customer</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">service as we are.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I would also like to mention to you a special bonus plan which Madison
Dearborn approved as part of this transaction. It happened at a very
unusual time because, as all of you know, we typically award stock options
at the Annual Shareholders&#146; Meeting every year. So I&#146;d like to share some
good news with you regarding the 2007 options and restricted stock grant.
Due to the pending transaction, we will not be able to make an option on
restricted share grant award to the shareholders&#146; meeting this year.
Assuming the transaction is completed, Madison Dearborn has agreed to a
special bonus program to be paid to managers, directors, officers, and
non-manager level coworkers that were identified to have received a
discretionary award who are here at the end of this calendar year. Coworkers
of the Month and Year for 2006 and for the months of January through April
of this year are also eligible in receiving this special bonus program. For
those who get stock options, the value of the cash payment will be based on
the buyout price per share of $87.75 minus $75.56, which was the closing
price last Friday, May&nbsp;25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>, multiplied, of course, by the number
of options that would&#146;ve been granted to you less applicable taxes. For
those who are included in the restricted stock program, the value of the
cash payment will be based on the buyout price per share of $87.75, multiply
it again by the number of shares of restricted stock that you would&#146;ve been
granted less applicable taxes. If this transaction is not approved, options
and restricted shares will be granted per the preexisting program, at what
price we do not know right now because it will take Board approval grant
those and that would&#146;ve not happened, of course, unless this transaction
failed to close.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let&#146;s talk a little about the announcement plan; and originally when we were
going to be talking with you, the press release would have come after this
phone call rather than before. I think most of you know that the press
release went</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">about 30 minutes ago. We plan to issue a coworker training blackout notice
tomorrow to notify them they cannot trade in the CDW common stock until
Thursday. We will begin the communications process to share the news with
all audiences starting, of course, with our coworkers who will receive an
email from me shortly; and I believe that email has already gone out. In
addition, coworkers will be able to dial into a recorded message from me
some time tomorrow. We&#146;ve not recorded that message yet because we&#146;ve been
busy doing other things, but hopefully that will be recorded late tonight or
early tomorrow morning. There will be call-in number posted so that all
coworkers can call in to listen to that message. Of course, cdw.com and
CoworkerNet will have information posted on Wednesday morning as well. FAQ
sheets will be sent to customer facing coworkers throughout the Company with
standard questions that we think may be asked and suggested answers to those
questions to help those of you who face our customers. We believe that it
is very important for senior leaders to be more visible than usual tomorrow.
It&#146;s important to help your teams to adjust to the news, answer questions
for them, and offer to escalate any questions that you do not have answers
to. We&#146;ll continue to forward information to you as the process unfolds.
Each of you, if you have questions that you don&#146;t know the answer to, please
don&#146;t speculate. Call your representative on the Executive Committee, email
them, ask them those questions and we&#146;ll be getting back to you as quickly
as possible. Also Executive Committee members will be holding town hall
meetings during the remainder of the week to address questions as the news
begins to sink in. The phone call with investors and analysts will take
place tomorrow morning at 8:00 before the market opens. We also expect that
the news will generate considerable media interest. In fact, there was
considerable interest even before the news was real. As always, all calls
from the media will go to Gary Ross* or Clark Walter*, who will respond or
schedule interviews with the appropriate CDW spokesperson. Cindy Klimstra,
Vice President of Investor Relations, will manage all of our financial
community and shareholder inquiries.</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It is essential that no one at any level of the Company respond to media,
analysts, or other inquiries unless they&#146;ve been specifically requested to
do so. Chris Leahy will be sending the Media Policy Reminder Notice to all
coworkers tomorrow morning.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let&#146;s go through quickly the next steps and what&#146;s going to happen over the
coming days, weeks, and months with regard to the proposed transaction. As
of now, this is a proposed transaction. We are still a public company and
required to operate as such. At this stage, we have a signed merger
agreement in place. Copies of that will be filed with the SEC tomorrow.
That is just the first step of the process. In a few weeks a more formal
document known as a &#147;proxy statement&#148; will be filed with the Securities and
Exchange Commission with full details of the transaction. There will be a
lot of history. We&#146;ll go through the companies that we talked with. I&#146;m
sure that Madison Dearborn will be as interested in reading that as many of
you will be to find out who their competition was as we went through this
process. Shareholders will vote on the transaction at a special meeting,
which we expect to hold in the next few months. As I mentioned before, we
hope to hold the, hope to close the transaction before the end of the third
quarter.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One part of this process, which may seem unusual or new to you, is something
called a &#147;go-shop period.&#148; Since the process at this point has not been a
public process, it&#146;s necessary that our Board of Directors approach
potential buyers to determine if someone is willing to pay a higher price
than the price that we have negotiated with Madison Dearborn Partners. This
is called, as I mentioned a few minutes ago, a &#147;go-shop period&#148; and it will
last for 30&nbsp;days. I just wanted to make sure that all you were aware of
that. It will cause a little bit of confusion and it will probably cause a
little bit of angst because we have a period of here of 30 more days where
we don&#146;t know for sure what could or may happen.</TD>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let me go through the materials that you received; and then I will turn the
phone call over to Ben, who wants to make a few comments. In the package of
announcement materials you received earlier is a set of materials and
message maps. Rather than go through the messaging point-by-point, we&#146;re
counting on each of you to take the time to review and internalize this
information so you&#146;ll be ready to answer questions on your own. Going
forward, it&#146;s very essential that each of us are consistent in what we&#146;re
saying about this transaction inside and outside the Company in every
communication. That&#146;s why we&#146;re providing these materials for you to use.
Please do not speculate about answers if you don&#146;t know what the answers
are. The materials that we have provided for you are the press release, the
Coworker FAQ and an email that came from me. One last cautionary note that
I would like to make: We need to make certain that everyone is clear that
what we&#146;re announcing is a potential transaction. We&#146;re still a public
company; we&#146;re required to operate as such. While we expect and hope that
the transaction will become a reality, it has not yet been approved by
shareholders. It won&#146;t be a complete certainty until shareholders have
approved it at this special meeting a few months in advance.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Some expectations for you as officers and directors: We&#146;ve already outlined
expectations regarding the announcement process and what will happen over
the period immediately following the announcement. We now have an
obligation to many constituencies, our customers, our vendor partners to
insure that we continue to provide the highest levels of service that our
customers have come to expect. We also have a month to make. I don&#146;t need
to remind any of you that the last two days of the month are Wednesday and
Thursday. We have revenue goals and objectives; and we intend to meet them.
I know it&#146;s going to be hard for you to keep yourselves and your team
members focused with all of this news</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">going on, but we have a plan and a budget to meet; and I expect you to make
that happen.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With that, Ben, if you&#146;re on the phone, the operator should know where you
are and turn on your telephone so you can speak to the group. Ben Chereskin
of Madison Dearborn partners.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>I&#146;m sorry, but he&#146;s actually not on the call.</I></TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Is George Peinado on the phone?</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>I do have him on, yes, one moment.</I></TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">George, if you can... Ben may be with George, so either
one of you who are there.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello.</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Okay.</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello everybody. This is Ben Chereskin from Madison
Dearborn. In fact, I&#146;m here with George Peinado, Brittany
Smith, and Steven Looke, my colleagues who worked on this
transaction. The first thing I&#146;d like to express is our
sense of excitement. We are honored to have the
opportunity to partner with the exceptional team at CDW.
While we&#146;ve only met several of your leadership team, it
is worth mentioning right upfront, how impressed we have
been with each and every one of them and to let you know
that we look forward to meeting many, many more of you in
the days, weeks, and months to come.</TD>
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    <TD width="15%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John has asked me to cover a few areas. The first is just
a little bit about Madison Dearborn and who we are. John,
you did such a great job, we&#146;ll have to get you on the
road when we raise our next fund. But I will summarize a
little bit more about our firm and our background.
First, we are one of the leading private equity investment
firms in the United States. We&#146;ve got approximately $14
billion of equity capital under management under a series
of partnerships. By way of background, we were founded in
1993. The founders of the firm, of whom I&#146;m one, were
formally the executives who ran the private equity
investment group, First Chicago Corporation. We were one
of the earliest and most active investors in the formative
years of a leverage buyout business going back over 25
years ago and have remained leading players in that
business through it&#146;s current growth period. However,
across that period of many, many years, we have kept a
very consistent approach to business; and I&#146;d like to
share some of the highlights of that approach with you.
The approach that we bring to business focuses in the
first instance of trying to identify exceptional
businesses that are industry leaders that are run by
world-class management teams. Once we have found those
exceptional companies and run by those teams, we dig in
and do a lot of homework to try to understand the
businesses that we&#146;re investing in upfront. The purpose
of that is so that we cannot just understand, but come
into alignment with a management team around the
strategies they&#146;ve developed, organized, and focused their
teams around. Once we understand the company&#146;s strategies
and its prospects, we then try to develop and design the
right capital structure for the transactions that we&#146;re
seeking to complete. After transaction is consummated, we
look to provide support at the board level through
governance. We are not operators. The management team
members who have met with us will, probably sized us up
very quickly in that regard. We do not know how to run a
company, but frankly we don&#146;t aspire to run a company.
Rather we look to support management teams in building
their businesses. We look to build the value of our
investments by growing the value of the underlying</TD>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">businesses. That is how we&#146;ve had our greatest successes over time. It
might be worth mentioning just a few of the names of the companies with whom
we&#146;ve had the privilege of working over the many years that we&#146;ve been in
business. Those include notable growth companies such as: The Sports
Authority, General Nutrition Centers, Nextel Partners, MetroPCS, XM
Satellite Radio, Ruth&#146;s Chris. We also have worked with a number of major
corporations with whom you may be familiar, companies like: Packaging
Corporation of America, in our backyard, Boise Cascade Corporation, Intelsat
to name just a few. The philosophy that we really bring to every one of
these transactions, whether it&#146;s a growth company or a large buyout of a
more mature business, is that in every transaction we seek to form a
partnership between ourselves, as financial partners, and the management
teams that are the operating partners of the business. We try in everything
that we do to treat our partners the way we would hope to be treated with
respect and with an open book. We are long-term investors. Our investment
horizons stretch over the several year period of time. Typically we look to
focus in our investment horizons to supply a long-term path of sustainable
growth in a business while we inevitably look to exit the investments that
we make. We do so only in concert with the guidance that management
provides us and all appropriate planning is made before such events.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It might bear spending a few minutes talking about how we work together
with our teams. As I mentioned, we look to seek a partnership and this
approach, and this informs our approach to how we run the company from a
board perspective while the management teams runs the company from a
leadership perspective. We basically look to our operating partners, the
current leadership team to establish and put together the plans of the
business and to operate the business on a day-to-day basis. It is really on
their shoulders and ultimate on your shoulders to deliver the results of the
business. We act only in a corporate governance capacity. We try to be
supportive, active, informed board members,</TD>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">as John says, that bring resources to help you support of the growth of the
business and the execution of the plan. You will not see us frequently. We
will not see us day-to-day. We will act simply as Board members helping to
establish appropriate governance perimeters for the business.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I thought it&#146;d be appropriate for us to spend a few minutes talking about
why we&#146;re so excited and interested in being involved with CDW. Our
assessment frankly is that this was one of the most compelling investment
opportunities that we&#146;ve seen in years. You clearly have built an
exceptional business model that has a demonstrated competitive advantage
that has proven over time. You&#146;ve had a very, very strong financial track
record and, in fact, have demonstrated your ability to generate terrific
cash flow on a consistent basis and exceptional rates of return on your
capital investment. The stability of your top line and the durability of
your business model is clearly something that impresses us; and we believe,
based on a lot of work that we&#146;ve done with some of the smartest diligence
resources that we could assemble, that the Company has very, very favorable
growth prospects, not just over the next several years, but for many years
beyond that; and that is very surprising for a company of your size. But
frankly the most important thing that impress us about CDW was the
leadership that is running your business and the culture of excellence that
you and all of your coworkers have established. It has been validated time
and time again, not just by your reputation, but a lot of work that we did
do, that you are the best at what you do and that you are committed to
innovation and to improvement every day and to delivering results. Our
decision to make the largest investment in the history of our firm is a real
vote of confidence and an endorsement, the strongest possible endorsement we
can make of your plans.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I&#146;m sure you&#146;re all wondering about what the future holds in this new
partnership that we&#146;re going to seek to establish. First, we see great
opportunity across all</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">sectors of the business, whether that&#146;s the corporate business, whether
that&#146;s the public business, or whether that&#146;s Berbee. The homework that we
did established without any shadow of a doubt that there, remains
significant additional growth opportunities for the business. It establishes
that you all have developed the appropriate strategies, resources, and
systems to be able to pursue that in an efficient and highly productive
manner. We believe that the Company&#146;s plans to build the sales forces
across all sectors, is absolutely the right approach to seek a market
leadership position in greater dominance across the country. We believe
that the national rollout strategy for Berbee makes tremendous sense and
that there are opportunities to do that both on a Greenfield basis as well
as through acquisitions. We&#146;re going to support that continued growth
throughout this investment horizon. You should...</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Of course, you&#146;re going to see firsthand over the next several days that
change can sometimes seem very unsettling. However, I think you will come to
appreciate in the fullness of time and frankly sooner than you think that
these transactions will mean that from a day-to-day basis CDW will be able
to continue to enjoy business as usual, which for you and in your case is a
very, very exciting set of prospects.</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finally, in summary, I&#146;d be remiss if I didn&#146;t thank all the people from CDW
with whom we&#146;ve worked closely over the last several months. Of course,
John, Jim, Harry, Doug, Barb, Chris, and Anne, all of whom have spent
countless hours that only began during normal business hours and that
consumed a lot of their time, if not all of their time, over the last few
months. Their assistance has been invaluable, but it has been very, very
encouraging to us as well.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">So with that, John, I hope I&#146;ve covered most of the things that you hoped I
might have and we&#146;re absolutely available to answer any questions in
appropriate time of the join the conference call.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ben, thank you so much and with that we will open it up for any questions that any of you would want to ask;
and, again, as I always say on these calls, I don&#146;t want you to hang up at the end of the call wishing you had
asked a question that you didn&#146;t. So no question is inappropriate or wrong to ask.</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Thank you. We will now begin the question and answer session. If you have a question, please press star then
one on your touchtone phone. If you wish to be removed from the queue, please press the pound sign or the hash
key. If you&#146;re using a speakerphone, you may need to pick up the handset first before pressing the numbers.
Once again, if there are any questions, please press star then one on your touchtone phone. Awaiting
questions.</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Thank you. Our first call comes Lara Sibley; please go ahead.</I></TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Sabbath*:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Actually it&#146;s Mark Sabbath with a question, but with Lara Sibley. <B>But the question was whether or not there
are any companies that Madison Dearborn has investment in today that you think are, present synergy
opportunities for CDW that we should be looking at working with closely in the future?</B></TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark, that&#146;s a great question. Ben, Mark is in our Marketing Department. I know that Jim Ferry*, who is
another Madison Dearborn partner, called me just within the last week about another investment that you have. I
believe it&#146;s an Atlanta-based company and maybe, Ben or George, you can talk about that company a little bit,
if you know which one it is.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yeah, I don&#146;t know if people can hear me. Is the mike open again?</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yeah, SeeBeyond, which is a telecommunications company that caters to the small business community and provides
integrated network services, network service solutions to those companies. It has been a very successful
growth company for us that we backed from inception. We continue to have representatives of our firm serve on
its board of directors. It is a company that has been undertaking a national expansion focused principally on a
major market strategy. They&#146;ve begun to consider expanding its footprint through an asset light strategy and to
do so they believe that CDW may be on the best commercial business partners with whom they can engage in order
to deploy their service offerings to a broader audience. Given the relationship you have, the technical
expertise that you have, the reputation that Berbee clearly confers across the entire organization, we think
this should potentially be very interesting business. But I should really hasten to add though, in all such
things we are here to make also to introductions and opportunities available, but we make sure that every one
of these potential initiatives stands on their own. We work on a demand poll basis. If any one of our
management teams wants an introduction, we will always make it, but we&#146;ll never impose anything on anybody. So
it&#146;s a great question, like the way you&#146;re thinking and my expectation is: As we all get to know each other
better, there will be other things that come to mind that may also come to fruition.</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you Ben. You may all be interested in knowing that an ABC7 helicopter is circling our headquarters
building right now. Ben I hope you were not serious in saying that its up to each management to decide whom
they do business with</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">because we really expect you to force them to buy all their computer
hardware and software from CDW in the very near future.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I was waiting for that one. I would&#146;ve been disappointed if you guys hadn&#146;t said it.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Next question please.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Thank you. Once again, if you have a question, please press star then one on your touchtone phone. Thank
you. Our next question comes from Melissa McMahon; please go ahead.</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mike Savage*:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This is Mike Savage will Melissa McMahon. <B>John, I guess my question is: Given the entrepreneurial spirit
of the organization and the equity holdings that many of our coworkers have, what&#146;s your thoughts and
MDP&#146;s thoughts in terms of equity ownership in our new state going forward?</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As many of you know, Mike is head of Compensation and Benefits of the Company, so this is an appropriate
question; and he&#146;s in Melissa McMahon&#146;s office, so just one message to Melissa. Melissa, if you think
you&#146;ve been hiring a lot of account managers, you&#146;re wrong. You&#146;re going to be hiring even more because
we have an extraordinary growth plan that we want to achieve with Madison Dearborn Partners and so we will
be busier than we have ever been. Mike, I don&#146;t know the answer to your question because at this point in
time, we have not been allowed as a result of the go-shop process; and let me explain this a little bit.
Were we to have had any discussions about continuing to be in cert positions and compensation for those
positions or anything like that with Madison Dearborn Partners, the thought is that that could buy us our
activities during the go-shop period. It may lead us, for example, to give information differently to
other perspective buyers than we have given so far in the process. So we have</TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
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    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">not been allowed to have any compensation discussions or retention discussions of any kind with Madison Dearborn Partners and so as
a result, we just can&#146;t answer your question with respect to CDW on this call.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mike Savage:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thanks John.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other questions?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Thank you. Once again, if you have a question, please press star then one on your touchtone phone.</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I know there have to be a few more questions. Okay. Well, what we&#146;ll do if there aren&#146;t, I think what I
would like to do is hold another Q&#038;A session later in the week. We may try to get everybody together and
do this. One of the things, as we mentioned earlier, all of our EC members will be holding town hall
meetings throughout the Company and we&#146;ll be very visible. The other thing is that many of you will need
to be visible. Go through your message maps; go through the FAQs. If you have questions that you&#146;re asked
that you think of that you don&#146;t know the answer to, talk to your EC member or to Gary Ross or Clark
Walter and be sure to get the answers to those questions. We want to be as open and as candid and
thoughtful as we can with all coworkers. Now one of the things that I need to mention to you that is just
a timing issue for me is: I am not going to be as visible Wednesday and Thursday as I would like to be.
My mother is arriving from Southern Indiana. She&#146;s going into Apprentice Hospital for Women and will be
there for the next three-and-a-half or four days, so I&#146;m going to be spending a lot of time with her. So
I will try to be as visible as I can be, it&#146;s just the timing did not work out very well on this
particular issue. But I will be downtown tomorrow at the hospital and will try to get through our
downtown offices a little bit tomorrow and then will try to be more visible on Thursday and hopefully a
lot</TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">more visible on Friday. With that, I know that it&#146;s been a difficult day
for many of you. Call me at home, email me with questions, whatever you
need you&#146;ve got our numbers and you have the numbers for your EC
representatives. Thank you for getting through I&#146;m sure a very difficult
day. Let&#146;s keep focused. We have a lot of work to do to close the month
out on a very strong note. You have done a hell of a job, a hell of job
over the last couple of months. We&#146;ve had tremendous growth. Margins are
great. Organic growth is unbelievable. Berbee is on a roll and everything
is hitting on all cylinders, so let&#146;s keep it up and continue to do the
great job you&#146;ve been doing. With that, Ben, George, Brittany, and Steve,
thank you very much. We welcome you as coworkers or cohorts, as the term
that they often use, but we&#146;ll try to use coworkers in the future and look
forward to working with you in the very near future much more closely. Thank
all of you very much and we&#146;ll try to do this again in the next couple of
days so that as you get questions, we&#146;ll give you a chance to ask them
again. Good night.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you very much. Bye-bye.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good night.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Operator:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Thank you ladies and gentlemen. This
concludes today&#146;s conference. Thank you for
participating. You may all disconnect.</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">Please Note:&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;*&nbsp;</TD>
    <TD>  Proper names/organizations spelling not verified.<br>
<I>&#091;sic&#093; </I>Verbatim, might need confirmation.</TD>
</TR>

</TABLE>




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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
THIS FILING INCLUDES A TRANSCRIPT OF A CONFERENCE CALL HELD ON MAY 30, 2007 IN WHICH CDW&#146;S MANAGERS PARTICIPATED.  THE CALL WAS LED
BY CDW&#146;S CHIEF EXECUTIVE OFFICER, JOHN EDWARDSON, WITH COMMENTS FROM BEN CHERESKIN OF MADISON DEARBORN PARTNERS, LLC.  THE MANAGER
TALKING POINTS WHICH SERVED AS THE OUTLINE FOR MR. EDWARDSON&#146;S REMARKS ON THE CALL WERE PREVIOUSLY FILED BY CDW CORPORATION AS
EXHIBIT 99.4 TO THE FORM 8-K FILED ON MAY 30, 2007.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CDW Corporation<BR>
Transcript of Conference Call with CDW Managers<BR>
John Edwardson<BR>
May&nbsp;30, 2007<BR>
9:00 am Central Time</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CDW Corporation will file with the Securities and Exchange Commission (the &#147;SEC&#148;), and furnish
to its shareholders, a proxy statement soliciting proxies for the meeting of its shareholders to be
called with respect to the proposed merger between CDW and Madison Dearborn Partners, LLC. CDW
SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT IS FINALIZED AND DISTRIBUTED TO THEM
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. CDW shareholders and other interested parties will
be able to obtain, without charge, a copy of the proxy statement (when available) and other
relevant documents filed with the SEC from the SEC&#146;s website at <U>http://www.sec.gov</U>. CDW
shareholders and other interested parties will also be able to obtain, without charge, a copy of
the proxy statement (when available) and other relevant documents by directing a request by mail or
telephone to CDW Corporation, 200 N. Milwaukee Ave., Vernon Hills, Illinois 60061, Attention:
Corporate Secretary, telephone: (847)&nbsp;465-6000, or from CDW&#146;s website, <U>http://www.cdw.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CDW and certain of its directors, executive officers and other members of management and employees
may, under SEC rules, be deemed to be &#147;participants&#148; in the solicitation of proxies from
shareholders of CDW with respect to the proposed merger. Information regarding the persons who may
be considered &#147;participants&#148; in the solicitation of proxies will be set forth in CDW&#146;s proxy
statement relating to the proposed merger when it is filed with the SEC. Information regarding
certain of these persons and their beneficial ownership of CDW common stock as of March&nbsp;31, 2007 is
also set forth in CDW&#146;s proxy statement for its 2007 Annual Meeting of Shareholders, which was
filed with the SEC on April&nbsp;16, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements about the expected timing, completion and effects of the proposed merger between CDW and
Madison Dearborn Partners, LLC, and all other statements in this filing other than historical
facts, constitute forward-looking statements within the meaning of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue
reliance on these forward-looking statements, each of which is qualified in its entirety by
reference to the following cautionary statements. Forward-looking statements speak only as of the
date hereof and are based on current expectations and involve a number of assumptions, risks and
uncertainties that could cause actual results to differ materially from those projected in the
forward-looking statements. CDW may not be able to complete the proposed merger because of a
number of factors, including, among other things, the failure to obtain shareholder approval, the
failure of financing or the failure to satisfy other closing conditions. Other risks and
uncertainties that may affect forward-looking statements are described in the reports filed by CDW
with the SEC under the Securities Exchange Act of 1934, as amended, including without limitation
CDW&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006.
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CDW Corporation<BR>
Transcript of Conference Call with CDW Managers<BR>
John Edwardson<BR>
May&nbsp;30, 2007<BR>
9:00 am Central Time</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Good morning ladies and gentlemen and welcome to the CDW Manager&#146;s
Call. At this time, all participants in a listen-only mode. Later
we will conduct a question and answer session. Please note that this
conference is being recorded. I will now turn the call over to Mr.
John Edwardson. Mr.&nbsp;Edwardson, you may begin.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you and thanks to all of you for joining us. I know that
yesterday was probably an unusual day for all of you as it was for
me; and I want to let you know that while I&#146;m very pleased to make
the announcement that you have heard and are about to hear more of,
this is not the way that we had hoped to do it. Our original plan
called for us briefing you ahead of the press release and ahead of
the information becoming public, but due to some unexpected
developments and delays over the weekend, we were unable to do that
preannouncement briefing with all of you. So I apologize for that
right from the beginning, but now let&#146;s go through what we did, why
we&#146;re doing it, and what our future will look like with Madison
Dearborn Partners as our major shareholder. We will have, at the end
of my presentation, Ben Chereskin, who&#146;s a Managing Director of
Madison Dearborn Partners is on the phone call; his partner, George
Peinado is on the phone call as well. Ben and George have spent
literally hundreds and hundreds and hundreds of hours with us over
the last couple months. They have gotten to know a tremendous amount
about CDW. Obviously, they&#146;re very competent about the future of the
company, very competent about your ability to continue leading the
company, and you&#146;ll hear some words from them at the end of my
discussion with you. Then at that point in time, we will open it up
for questions.</TD>
</TR>
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</TABLE>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">So as you know by now from reading in the newspaper and from emails
from me, we had important news that we announced yesterday afternoon.
We signed an agreement for the company to be acquired by
Chicago-based private equity group, Madison Dearborn Partners.
Madison Dearborn is buying CDW for $7.3&nbsp;billion or $87.75 a share.
This transaction will make CDW a private company. One thing that&#146;s
important to know right upfront is that Madison Dearborn is committed
to investing in our long-term growth strategies. We and they will
talk about that in a few more minutes, and they&#146;re very interested in
keeping the CDW culture as it is. They recognize that one of the
principle reasons for our growth is our culture and how we live and
work at this company. So it&#146;s important to know right from the
beginning that our goals, our strategies, and our values remain
unchanged.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the transaction is approved and the customary closing conditions
are satisfied upon closing, and this will be of interest to you, all
of your stock options, and for those of you who have restricted
stock, all of those will vest. Vesting means you get the money, and
vesting means that you don&#146;t have to wait for three or four more
years for the stock to vest. Everything vests immediately. So
option holders will be paid an amount in cash equal to the buyout
price of $87.75 per share, minus the exercise price. Yes, you do
have to pay the exercise price and minus applicable taxes. So we
will write a check to you for the net of the difference between
$87.75 and the exercise price and the taxes that will be due. Fro
those of you who own shares directly in the company, either directly
or through the employee stock purchase plan, you&#146;ll receive $87.75
per share, less the applicable taxes that you will owe on those
shares. The agreement will be voted on at a special meeting of our
shareholders. That meeting will not take place for probably 11 or 12
weeks. There&#146;s a lot of legal work that we have to do between now
and then, as we mentioned, and other steps that we have to go</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">through. So we expect to close the transaction probably late in
September or maybe early in October, although we hope it doesn&#146;t take
that long.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One of the unique things about going through the process that we just
went through is that the buyers are not allowed to engage in
discussion with anyone in management about whether or not the
managers will stay and continue to run the Company until later in the
process. So up through the time of the Board approving the
agreement, we were not allowed to talk to Madison Dearborn about
being employed with them, and we also have a period called a &#147;go-shop
period&#148;, which we&#146;ll talk about, that we need to go through. So it&#146;s
going to be very difficult for us to maintain our independence if we
are allied with any one company. That being said, Madison Dearborn
has made it very clear, and you&#146;ll hear that later on in the phone
call, that one of the main reasons that they are investing in this
company is because of the strength of the management team and that
includes all of you. One of their investment principles is to invest
in companies with outstanding management teams, and their intent and
hope is to keep this management team intact.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sometimes there are concerns about the impact of transactions like
this on individual compensation, so MDP has agreed, at a minimum, to
reserve current base salary and benefit levels at least through 2008.
We&#146;ll continue with a PMP process to determine yearly salary and
bonus adjustments. Cash bonuses and cash incentive plans will
continue to be established by this management team subject to
business goals and personal performance, as they always have been.
We expect no job reductions as a result of the transaction. Madison
Dearborn is attracted to your success and the value that you our
managers and coworkers and built in this company.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let&#146;s go through a little bit about how this transaction began and
what we&#146;ve been doing over the past three-and-a-half months. In the
middle of February, our Board was approached by a party interested in
discussing a potential transaction with the company. We had lengthy
discussions at that time as a Board and decided that the right thing
to do for all shareholders was to take a look at this initial
proposal as well as take a look at other proposals. So we went
through a lengthy and very diligent evaluation process with a number
of potential buyers. Madison Dearborn Partners offered the highest
price. As a result, the Board concluded that it was the right thing
to do for shareholders and the right thing for CDW to be acquired by
Madison Dearborn for $7.3&nbsp;billion or the $87.75 per share that I
mentioned earlier.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our Board and this Executive Committee team believes that this is a
compelling opportunity to immediately maximize shareholder value and
is recommending the shareholders approve the transaction. Also, as
you saw on the press release, Michael Krasny has agreed to vote his
shares in favor of the transaction as well. As you know, Michael
owns about 22% of the company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One of the things which was really important as we went through the
process with Madison Dearborn is that they are committed to providing
the resources necessary to grow our Company. They&#146;ve spent a lot of
time evaluating and studying the Company, and I will tell you that
they know as much about this company as probably anybody on our Board
other than Michael. It&#146;s been great fun to work with them, to get to
know them, to debate with them and talk with them about how we do
things and what our strategy is like. They&#146;re very talented.
They&#146;ve invested, as you will hear later, in a number of companies
that have had extraordinary growth. As we&#146;ve looked at the future
with them, they&#146;re committed to continuing to grow our Company at a
very rapid pace. One of the things that you know is that we&#146;re
hiring a lot of account managers this year.</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">They want to continue that hiring of account managers at a very rapid pace. They want to
continue to look for ways to make our customer experience even better
than it is, and they want to grow the Berbee platform on a national
basis, so they&#146;re very supportive of our strategies, our long-term
objectives. They have the capital and the wherewithal to help us to
continue to grow at a very rapid pace.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let&#146;s talk a little bit about Madison Dearborn. You&#146;ll hear more
from them in a few minutes. Madison Dearborn is one of the largest
private equity investment firms in the world and wonderfully they
happened to be based right here in Chicago. The key competitive
characteristics that they look for in investments are a great
management team, a leading market share, a track record of
innovation, substantial free cash flow, a well-known, widely
recognized brand, and a highly efficient and defensible distribution
channel, as well as a scalable business model that has strong returns
on capital. We fit the bill in every single one of these categories.
They&#146;ve had a tremendous amount of experience in the distribution
business, and it&#146;s just been a lot of fun to talk with them about
that and how they&#146;ve been successful in investing in other companies.
Their stated objective is to invest in companies in a partnership
with outstanding management teams to achieve significant, long-term
appreciation and value. They&#146;ve made some interesting investments
over the years. Some of the ones you may be familiar with are Ruth&#146;s
Chris Steakhouse. Ben, we did not hear from you about employee
discounts at Ruth Chris, and I&#146;m sure you&#146;ll let us know about that
at the end of the phone call. They also own a company named PayPal,
Boise Cascade Holdings, Yankee Candle; and Ben&#146;s going to go through
a number of other names of companies that you will recognize as being
high growth and many of them in the tech industry. They are making a
significant investment in this Company. The details of that
investment will be made and the merger agreement, which will be filed
with the SEC this afternoon, it&#146;s a lot of money in</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">equity and it means that they&#146;ve done a lot of homework to make sure they want to
invest that money. Ben Chereskin, I&#146;ve not had the opportunity of
meeting before we engaged in this process, but he is a managing
director of the firm, one of the founders of the firm, and will be
our main contact. I have had the pleasure of knowing, for probably
20&nbsp;years, John Canning, who is the Founder of Madison Dearborn
Partners; Paul Finnegan, who is their President, I&#146;ve known for
probably 11 or 12&nbsp;years. It is a very high-quality group led by very
talented people, and they have been incredibly successful.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">So one of the things that we will need you to be doing, and excuse me
while I turn my cell phone off, thank you. I forgot to turn the
phone off. Excuse me; it&#146;s been ringing like crazy. One of the
things that is very important for you to be doing over the next
couple of days is make sure that we continue the same high level of
service that we have always given. In particular, I want to thank
you for yesterday. I know yesterday was a difficult day. We did $31
million of revenue yesterday. For those of you who are active in
sales, thank you very much for keeping your teams focused. For those
of you in distribution, thank you for getting thousands and thousands
of boxes out the door. For those of you on the bid desk, thank you
for pushing orders through. I know that we have two more days at the
end of the month, today and tomorrow, which will be somewhat
difficult to keep people focused, but we have a plan to make and it&#146;s
important that we make that plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let me talk about one other thing that usually happens at this time
of the year. Of course, as you know, we have an annual meeting
coming up next week, and at that annual meeting, as all of you know
because you participate, is the time when we grant stock options.
Because of this process, we will not be able to grant stock options
this year, but I&#146;d like to share some good news with you that will be
detailed in the merger agreement. That is this: Madison Dearborn has</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">agreed to a special bonus program to be paid to managers, directors,
officers, as well as the non-manager level coworkers that were given
discretionary stock awards or would be given discretionary stock
awards this year. That payment will be made for those of you who are
here at the end of the year. Now I expect that all of you will be
here at the end of the year unless you do not want to be because we
want to keep you here, so that payment will be made. It will be a
cash payment, and it will be the difference between the buyout price
of $87.75 per share and $75.56. That is the closing price on Friday
before any news of this pending transaction became public. Of
course, we&#146;ll have to withhold taxes from that, but you&#146;ll be able to
figure out what that is soon. We will continue with the award
process, and you will be given a letter noting what your option
shares would&#146;ve been, so the comp committee will be doing that work
next week at its meeting and will be approved by the Board of
Directors as well. For those of you who participate in the restricted
stock program, the value of the cash payment will be based on the
buyout price of $87.75 per share multiplied by the number of shares
of stock that you had been given less taxes. So one thing I thought
was just very important for you to know that, that Madison Dearborn
felt it was important to, for us to be able to make that award. It&#146;s
a clear signal, a very clear signal, that they want you here.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Let&#146;s talk a little bit about the press release and some of the other
related activities. Obviously, that release went out a little bit
after 5:00 yesterday. Coworkers will be blocked out from trading
stock today. We obviously have begun the communications process to
share this news with a number of audiences. We had the investor
phone call at 8:00 this morning. Harry and I had a very good phone
call with senior officers of Hewlett Packard a few minutes ago, who
were very supportive of the transaction, and that call went very
well. Clearly, as you know, they&#146;re 26% or 27% of our revenue, and
their support was very evident. They&#146;re thrilled to hear that we
will continue to grow this company</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
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    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">at a very rapid pace. I&#146;ll be recording a phone call for all coworkers in a few minutes, and we&#146;ll
publish a dial-in number for any coworker who wants to listen to that
phone call. That should be available later this afternoon. We&#146;ll
also be publishing on CDW.com and CoworkerNet articles about the
transaction as they are written. I would encourage all of you, I
have not read it yet, I&#146;ve heard it&#146;s a fairly good article, the
article in the Trib today. As you&#146;ll note, the picture of me is
several years old. I like those younger-looking pictures, but it&#146;s a
very positive article on Madison Dearborn, on the prospects of CDW,
and one which I think would be good for all of you to share with your
coworkers that article, if it&#146;s not already, will be on CoworkerNet
shortly. We&#146;ll also be sending you FAQ sheets with questions that we
think you may be facing from coworkers as you go through the day. If
there are other questions that you get that you do not know the
answers to, please feel free to call Gary Ross* in our PR department,
Dennis Berger in our Coworker Services group or your member of the
Executive Committee team. We want to give you answers to questions
as quickly as you get them. One of the things we would ask you not
to do is speculate. It&#146;s perfectly appropriate if you don&#146;t know the
answer to a question to just simply say, &#147;I don&#146;t know. I&#146;ll go find
out.&#148; But please don&#146;t speculate about anything, and one of the
things that Executive Committee members will be doing the rest of the
week will be holding town hall meetings. Those will begin today and
tomorrow. If you don&#146;t hear about when those meetings are scheduled,
send an email to your Executive Committee member and ask them when
that meeting will be held. There will be clearly a number of them.
Jim Shanks, for example, has only about 2,600 people to have town
hall meetings with. I know that Jim plans on spending some time at
the end of every day because he wants all of you selling throughout
the day in general sessions, both downtown and in Woodland Falls.
I&#146;ll try to be as visible as possible as well over the next couple
days, and we&#146;ll be walking around the buildings here in Vernon Hills
this morning after a number of other phone calls are finished. The
point in saying all of this is: You</TD>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
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    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">need to be visible too. What you need to make clear to all of our coworkers is that only one thing has
changed and that is who owns the stock in the Company. The wonderful
thing about the new owners is that they have a great deal of
confidence and support in the long-term objectives and strategies
that we have and the values in the CDW way that we live by. So
please be visible. Please look through the message map that we have
sent you and the other things that we&#146;ve given you to help you answer
questions. To the extent that you get any phone calls from
newspapers or the press, please remember all of those need to be
forwarded to Gary Ross or Clark Walter* so that the appropriate
person at CDW can speak on behalf of the company. If there are any
inquiries from financial community or shareholders, those of course
go to Cindy Klimstra, our Head of Investor Relations.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With that, let me tell you just a little more about the steps we&#146;ll
be going through, and then I&#146;ll turn it over to Ben for some
comments. The process that we go through is a lengthy one. It has
to be a lengthy one because we&#146;re still a public company, and we are
required to operate as such. That is why we had an investor phone
call this morning. At this stage, we&#146;ve got step number one done and
that is sign a merger agreement. That merger agreement will be filed
with the SEC this afternoon. During the course of the next few
weeks, we will be drafting something called a &#147;proxy statement&#148;.
That document will probably be well over 140 or 150 pages in length.
It will give considerable detailed information on the Company. It
will give a lot of detail on the process that we&#146;ve been through over
the last three months. It will have included in it two fairness
opinions by financial institutions, investment banks saying that they
believe that the price that we are receiving is a fair price. It
will also contain some documents about Michael Krasny&#146;s support
agreement and his willingness to vote his shares in favor of the
merger and many other things. Once that proxy is filed with the SEC,
they&#146;ll have to review it. When they have completed their review, we
will</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">then mail it to all of our shareholders. We&#146;ll set a record
date for the shareholder meeting. That meeting will be probably of
minimum of 30&nbsp;days after the SEC statement is completed. The proxy
is completed with the SEC, and then we will have one final meeting as
a public company to vote on the transaction and shortly thereafter
money will move.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One of the things that I mentioned earlier in the phone call was
something called a &#147;go-shop process&#148;, and because of the type of
auction that we went through where we went to a limited number of
people that we thought would potentially be interested in the
company, we now have to go through a period called a &#147;go-shop
period&#148;. It&#146;s going to last 30&nbsp;days. During that period, we will
have to be open to approaches from other companies, and we don&#146;t
expect that there will be much interest. We did a thorough analysis
of strategic buyers, and we just didn&#146;t think that it was very likely
that anybody that we have not already approached could be interested
in the Company, but you never know. So that period will last for 30
days. In the meantime, we have a company to run. We have a plan to
meet, a budget to make, and we will be working more closely with
Madison Dearborn Partners during this period thinking about growth
and the future and the things that we want to be doing together. So
again, go through the message map, the materials you&#146;ve received.
Email me; call me if you have questions. Call your Executive
Committee member first. If you have questions, they can answer most
of them. Remember if the press calls, contact Gary Ross or Clark
Walter and Cindy Klimstra for investors. Ben Chereskin or George
Peinado, if you are on the phone, it is your turn to talk. Operator,
if you can come back in for questions, we need George and Ben
probably to have the first questions. So those of you from the
Company, hold off until George and Ben have a chance to speak.</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Thank you. We will now begin the question and answer session. If
you have a question, please press star then one on your touchtone
phone. If you wish to be removed from the queue, please press the
pound sign or the hash key. If you are using a speakerphone, you may
need to pickup the handset first before pressing the numbers. Once
again, if you have a question, please press star, then one on your
touchtone phone.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Operator, please accept first and managers, please hold off until
George or Ben has had a chance to press star/one. Go find out.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Male Speaker:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yeah, they are; they are.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Operator, are we having trouble connecting them?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>What is Ben&#146;s last name?</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chereskin or George Peinado, P-E-I-N-A-D-O or Brittany Smith. I
don&#146;t know whose office they may be in.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Ben&#146;s line is now opened.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ben hello.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hey, John, how are you?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Just fantastic this morning, and good morning to you. It&#146;s your turn.</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Well, thank you John. I&#146;d first like to let you all know just how
excited and honored we are to have the opportunity to partner with
the exceptional team at CDW. While my colleagues and I have only met
with a few of you, we&#146;ve been deeply impressed with everyone we have
met, and we look forward to meeting many more of you in the days,
weeks, months, and, in fact, years to come.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John&#146;s asked me to provide you with some more background on our
organization, so I&#146;ll take care of that first. Madison Dearborn is
one of America&#146;s leading private equity firms with the largest such
firm between the coast with over $14&nbsp;billion of capital under
management through a series of private partnerships that we&#146;ve
organized over the past several years. Our company was founded in
1993 by the former executives of the private equity group of First
Chicago Corporation, of whom I&#146;m one. We were one of the earliest
and have been one of the most active investors in the management
buyout business during the past 30&nbsp;years. I thought it might be
helpful for me to spend a few moments describing our approach to
investing. We seek to find exceptional businesses that are industry
leaders and run by world-class management teams. Once identified, we
do a great deal of homework in order to understand the company&#146;s
markets, strategies, financial metrics, value creation opportunities,
and most importantly, management team. Once we better understand the
business, we seek to establish alignment with management regarding
future strategy and objectives. We then seek to design a sound
capital structure for the transaction, one that will not only
facilitate its execution, but, more importantly, provide the company
with financial resources necessary to implement its business plan.
Once the transaction&#146;s completed, we support our companies through
our participation at the board level as informed, engaged board
members. We do not seek an active operating role in our portfolio
companies nor do we impose outside executive or consulting parties
upon our portfolio company teams. We do, however, assist our company
in any way that we can and provide them with access to a full range</TD>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of resources and contacts. We then focus on growing the value of our
businesses by ensuring that these companies invest adequately and
appropriately with a long-term perspective.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Over the years, we&#146;ve had the privilege of working with not only a
number of other leading major corporations such as: Boise Cascade,
Packaging Corporation of America and Intelsat. But also with many of
the finest growth companies over the last 20&nbsp;years, including the
Sports Authority, GNC, Nextel, Metro PCS, Ruth&#146;s Chris Steakhouse,
PayPal and XM Satellite Radio. The philosophy that unites everything
we do, however, is a partnership orientation. We regard every
investment as the creation of a new partnership with incumbent
management. Finally, the holding period for our investments is long,
generally standing several years. We have no specific exit time
table, however, but rather focus on achievement of the objectives of
our consensus long-term plan and realization of value when both
favorable exit opportunities arise and management deems such an exit
appropriate. I&#146;m sure you&#146;re all wondering how we will work together
over the years to come. As I just mentioned, our partnership
philosophy informs our approach to governance. The CDW management
team will serve in the role of operating partner. In that capacity,
it will be responsible for developing and implementing the company&#146;s
business plan in developing the organization necessary to do so. For
our part, we will serve as the company&#146;s financial partner. We will
serve in a corporate governance capacity helping to oversee the
company&#146;s business affairs as directors on the company&#146;s board. We
see it as our role to act as a sounding board and to ensure that CDW
has all the financial, technical, and human resources necessary to
execute its plan. Based on our detailed assessment over the past
several weeks, we consider CDW to be a compelling investment
opportunity that meets every one of our principle investment
criteria. First, we seek to identify companies with unique,
defensible business models that confer significant, sustainable,
competitive advantages that</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">have been proven over time. We look for companies that have demonstrated a strong financial track record over
a number of years. In particular, we look for companies that
generate significant cash flow and deliver high rates of return on
invested capital. We look for companies with stable top-line
characteristics that are durable and resistant to import competition,
technical obsolescence or substitution. Furthermore, we seek to
invest in companies with favorable long-term growth prospects
extending beyond the term of our investment horizon.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finally and most importantly, we seek to invest in companies with
exceptional leadership and a culture of excellence and innovation.
CDW, as you know better than we, clearly fits these criteria to a
tee. CDW&#146;s one of the most attractive major growth companies that
we&#146;ve ever evaluated. Our decision to make this the largest
investment in our firm&#146;s history is a vote of confidence in all of
you and the strongest possible endorsement of the company&#146;s plans.
Now I&#146;m sure you all may be wondering about the future and how we see
it. As John mentioned, we see great opportunity across all of the
Company&#146;s business sectors. We enlisted an exhaustive list of some
of the most sophisticated business advisors to help us assess the
Company&#146;s prospects. From that analysis has come a strong degree of
conviction about the growth opportunities that exist across the
public and corporate segments as well as Berbee. We believe very
strongly that the management&#146;s reorganization efforts will lead to
much greater productivity in the mid-lower segment. We believe that
the company&#146;s commitment to continue to grow the number of account
managers will be productive and will be supported by what we believe
to be an enormous white space opportunity in a fragmented and growing
business market. We also believe that Berbee has got enormous
opportunities to extend its footprint to both organic and through
acquisition-based initiatives. We intend to support the continued
growth of the company through continued investment behind every one
of these initiatives. Now I&#146;m sure the prospect of this change may
seem a bit unsettling, but it&#146;s our commitment to you</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">that in a very short period of time, things will soon revert to business as usual.
In the case of your Company, that is a very, very exciting prospect.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Before I finish, I just wanted to thank the folks from CDW who&#146;ve
helped bring us to this point. We spent quite a bit of time over the
past several weeks, 24/7 over the last couple of weeks, with John,
Jim, Harry, Doug, Barb, Chris, and Anne. They have done Yeoman&#146;s
work in supporting the process and have inspired us to reach the
position we&#146;re at today. For that, we&#146;re very grateful. So, John, I
hope that touches on most of the points you&#146;d hoped that I&#146;d address,
but of course I&#146;d be delighted to participate in the Q &#038; A session if
appropriate.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Okay, thank you Ben. Only one point you didn&#146;t address, but the
sales guys around the table are telling me that they&#146;re afraid that
if you give us a discount at Ruth Chris that all of your hundred
companies that you guys have an equity interest in may want a
discount at CDW. So there&#146;s...</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That was going to be my rejoinder.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">So they&#146;re saying hold off on (inaudible)...</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cross talk)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yeah, you better think about that trade.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">But I can assure you that Ruth Chris will be getting more business
around (inaudible)&nbsp;in Chicago than it has before and... But the only
problem is for those of us who travel at the Company, I think that
Ruth Chris prices are outside our guidelines for expensing dinner, so
we may have a difficulty there. With that, for those of you who are
on the phone, Ben and I&#146;d be pleased to answer any</TD>
</TR>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
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    <TD width="82%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">questions that you have. One of the things I want you to feel comfortable doing, ask
what you want to ask. We&#146;re here to answer those questions; and
let&#146;s just open it up.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Once again, if you have a question, please press star then one on
your touchtone phone.<br><br>
Our first question comes from Maureen McDermott; please go ahead.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello Maureen. Say, operator, would you leave Ben&#146;s line open so that
he can answer questions if need be as well? Go on, Maureen; I&#146;m
sorry.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maureen&nbsp;McDermott:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hi. Thanks. <b>My only question is I know that there&#146;s been a lot of
talk about acquiring other organizations this year. Are we still
looking to do that or is that on hold for right now?</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearly we are still looking to do that. One of the things that we
want to do is continue to grow the Berbee platform. Ann Ireland and
Harry Harczak and Paul Shain have not been able to be as busy doing
that as they would like to have been because we&#146;ve been busy working
on this. Paul has identified several companies and he and Harry have
met, I know, with the leaders of a few of those and we will continue
to work on those transactions. I think that it&#146;s critically important
that we continue to grow that Berbee platform. Ben, you may want to
add a point of view on that as well.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yeah. No, we&#146;ve got a great deal of experience in helping companies
grow through acquisition. We&#146;re favorably disposed towards helping
to back the right companies on terms that make sense to everybody and
we&#146;ve made provision on the Company&#146;s capital structure to support
those kinds of transactions, so we</TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">look forward to evaluating the opportunities that management brings to the Board; and I&#146;m sure
they&#146;ll bring the right ones to us and that we&#146;ll be supportive of.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maureen&nbsp;McDermott:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wonderful thanks.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thanks Maureen.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Our next question comes from John Johnson; please go ahead.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello John. How are you this morning?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Johnson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good. How are you today?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Just fantastic.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Johnson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>I&#146;ve had a few account managers reading over the letter you sent out
yesterday and specifically on the commission and base salary
question, the comp was noted that current base salary will be stayed
the same, but nothing was mentioned about commissions. Is there
anything you can enlighten us on with commission structure?</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yeah, Jim, of course, is going to be very visible over the next day
or to and he can answer those questions directly. As you know, we&#146;ve
had some small changes going on and differences being made in
compensation and, as always, those things will continue. But in
general, the very basic principles that we&#146;ve had on paying people
for gross profit generation and growth will continue and Madison
Dearborn, at this point, has not even looked at any of those things.
So those are going to be things that we&#146;ll continue to do as we have
done. But,</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John, as you know, we&#146;re always tweaking things or
motivating you to do things in slightly different ways. We want the
ability, of course, to be able to continue to do that. So, Jim, you
can look at him eyeball-to-eyeball and ask him those questions and I
think he&#146;ll give you exactly the same answer.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John, just from our perspective.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes Ben.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our investment pieces is no way predicated upon cost savings other
than those that management might in the ordinary course seek from an
effective cross-management perspective. We really have made a bet
based on your ability to successfully implement the growth plans and
the productivity enhancement plans to better organization technology.
So costs are not the drivers that will deliver the results we&#146;re
looking for. More importantly, as a matter of philosophy, we do not
impose compensation plans on our management teams, rather we look to
the management teams that we&#146;re backing to propose the appropriate
compensation systems and any changes that you&#146;ll see in the years to
come will be based on the managements&#146; recommendations to the Boards
and not the other way around.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thanks Ben. John, one final point that we have worked very closely
with Ben and George and their team on is continued significant growth
in the number of account managers of the Company. One of the things
that we&#146;ve sometimes been unable to do as a public company is grow as
quickly as we wanted to grow because sometimes cost runs ahead of
revenue and profit and when you have quarterly earnings per share
targets to meet, it&#146;s somewhat difficult to do. As a private
company, we can run for long-term cash flow growth and long-term
profit growth and George and Ben are very interested in the plan
that we have been</TD>
</TR>
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</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">executing this year to grow the number of account
mangers and want that kind of growth to continue.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Johnson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Perfect. Thank you very much.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thanks John. Next question.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Our next question comes from Greg Belle; please go ahead.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg LaBelle:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello John.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hello Greg. How are you today?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg LaBelle:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good. <b>I was just curious as to, I know it&#146;s sounds like it&#146;s going
to be business as usual, but are there any changes that maybe you
could discuss once this is finalized that maybe you can share with us
today?</b></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You know, really not that I know of. If you listen to the investor
phone call, one of the changes that you know will be that we won&#146;t be
a public company. I kind of joked on the investor phone call that on
all those calls our General Counsel, Chris Leahy, had one hand on my
throat to make sure that I never made a misstatement from a Fair
Disclosure point of view. So clearly the way that we&#146;ll communicate
with investors in the future will be different because George and Ben
will be representing people who have invested with Madison Dearborn
Partners. They&#146;ll be our investors and so frankly I look forward to
not traveling the U.S. and sometimes Europe talking with investors
and having to be very, very careful about every single statement that
I make because in today&#146;s world people want to sue people like me for
saying the wrong things; and that clearly will be a difference. We
will have public debt as part of that, so we will have to register</TD>
</TR>
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</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with the SEC and our debt will be traded publicly, more than likely.
So from an overall standpoint that will change. But in terms of
day-to-day running the Company, I know Ben and George&#146;s hope is that
this management team stays together. It&#146;s my hope that this
management team stays together. I look forward to continuing to be
at CDW for a number of years more and I love the Company. I love
getting up in the morning and coming to work. I enjoy working with
all of you, so I think that the future is going to be that we&#146;re
going to be even bigger and even better and we&#146;re going to continue
to be aggressive at taking market share. The most fun thing that I
love about the Company is how much we&#146;ve grown and at still how
little we are. There&#146;s just so much more growth ahead of us. When I
joined the Company, we had less than half as many as coworkers as we
do today. It&#146;s just been a great trip and I hope this trip continues
to go on longer and longer. We&#146;ve got a lot more fun ahead of us and
a lot more growth. Next question.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Our next question comes from Barbara Crystal; please go ahead.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Barbara Crystal:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hi John.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HI Barb. You already know all the answers, so (inaudible)...</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cross talk)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Barbara Crystal:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No, I don&#146;t. <b>At what point, if any, do we bring Madison Dearborn
into the approval process? I&#146;m thinking specifically of news
releases, do they want to know about what we&#146;re announcing before we
announce it?</b></TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You know, we&#146;re going to run the Company as a public company until
we&#146;re not a public company; and we&#146;ll be hoping that they get to know
the Company a little better over the next few months and so Ben and
George...</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John, our policy on those things is unless they&#146;re statements that
refer to or involve us, we don&#146;t need to be involved. We obviously
trust you guys to know how to mange corporate communications on a
professional manner. So if it refers to us, we naturally have an
interest in it. If it doesn&#146;t, it&#146;s really not of our concern.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Barbara, does that help?</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Barbara Crystal:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes, it does. Thank you.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ben, thank you.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sure.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Once again, if you have a question, please press star then one on
your touchtone phone.</i></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Edwardson:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I know that you will have more questions and please feel free.
Please feel free to email or call your EC number or me. Remember
that if you get phone calls from the press, refer to those Gary Ross
from the financial community to Cindy Klimstra. Just one final
thought, this is a great Company. It&#146;s a great Company because of the
very hard work that all of you do. You&#146;re management of the Company
is really where it all happens. Those of us who are on the Executive
Committee depend on all of you to do the work every single day. You
do a great job. So what we need to do is to continue to do that job.
We&#146;ve got a great</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">future. We&#146;ve got today and tomorrow to complete on a very strong basis to have a great month of May and then June
begins and we have to do it all over again. So I want to thank all
of you for your hard work. Thank you for your future commitment to
the Company. We have a lot of opportunity ahead of us, more than
we&#146;ve ever had before. We&#146;ve got tremendous financial strength, a
great team, great people, great customers, great support from our
partners and a great new investor in Madison Dearborn Partners. So
let&#146;s go, keep the trend going and thank you all so much. Talk to
you later. Good-bye. Thanks Ben.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ben Chereskin:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sure. So long. Take care.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><i>Operator:</i>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><i>Thank you very much ladies and gentlemen. This concludes today&#146;s
conference. Thank you for participating. You may all disconnect.</i></TD>
</TR>
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</TABLE>
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