Lowe's Authorizes $5 Billion Share Repurchase Program

Declares Cash Dividend

MOORESVILLE, N.C.--(BUSINESS WIRE)-- The Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has authorized the repurchase of up to $5 billion of the company's common stock. Although this new repurchase authorization has no expiration date, the company expects to use the full amount over the next two to three years. The repurchases will be subject to market conditions and will be made from time to time either in the open market or through private transactions in accordance with the requirements of the Securities and Exchange Commission. The company's repurchase program may be suspended, discontinued or resumed at any time.

In addition, the Board of Directors has declared a quarterly cash dividend of fourteen cents ($0.14) per share, payable November 2, 2011, to shareholders of record as of October 19, 2011.

With fiscal year 2010 sales of $48.8 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 15 million customers a week at more than 1,725 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.

    Source: Lowe's Companies, Inc.