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News Release

Lowe's Companies, Inc. Declares Cash Dividend

WILKESBORO, N.C., April 4 /PRNewswire-FirstCall/ -- The Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of two-and-one-half cents (2 1/2c) per share, payable May 2, 2003, to shareholders of record as of April 17, 2003.

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Lowe's has paid a cash dividend each quarter since going public in 1961.

Recently, Lowe's reported net earnings of $1.47 billion for fiscal 2002, a 44 percent increase over the same period a year ago. Diluted earnings per share increased 42 percent to $1.85 from $1.30 in 2001.

With 2002 sales of $26.5 billion, Lowe's Companies, Inc. is a FORTUNE 100 company that serves approximately nine million customers a week at more than 850 home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's Most Admired Specialty Retailer. Based in Wilkesboro, N.C., the 57- year old company is the second-largest home improvement retailer in the world. For more information, visit

SOURCE  Lowe's Companies, Inc.
    -0-                             04/04/2003
    /CONTACT:  Shareholders and Analysts, Paul Taaffe, +1-336-658-5239, or
Media, Chris Ahearn, +1-336-658-7387/
    /Photo:  NewsCom:
              AP Archive:
              PRN Photo Desk, 888-776-6555 or 212-782-2840/
    /Web site: /

CO:  Lowe's Companies, Inc.
ST:  North Carolina

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2798 04/04/2003 15:32 EST