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News Release

Lowe’s Companies, Inc. Declares 17% Increase in Cash Dividend

Wilkesboro, N.C., December 7, 1999 -- Lowe's Companies, Inc. Board of Directors has declared a quarterly cash dividend of three and one-half cents (3 1/2¢) per share payable January 28, 2000 to shareholders of record January 14, 2000. This dividend represents a 17% increase over the previous quarter. Lowe’s has consecutively paid a quarterly cash dividend since going public in 1961.

Lowe's Companies, Inc. is the second largest retailer of home improvement products in the world, serving nearly five million do-it-yourself retail and commercial business customers weekly through 550 stores in 37 states. Headquartered in Wilkesboro, N.C., the 53-year old company employs over 80,000 people. More information on the company is available on Lowe's web site at www.lowes.com