Lowe's Ups Share Buyback by $3B

Charlotte, NC, May 25, 2007--The board of directors of Lowe's has approved an increase in its current share repurchase program of $3 billion through fiscal 2009, effective immediately. Since 2004, the company has repurchased $4.2 billion of its shares. Combined with today's increase, the company has approximately $3.8 billion remaining under its repurchase authorization. This program is intended to be implemented through purchases made from time to time either in the open market or through private transactions, in accordance with Securities and Exchange Commission requirements. As of May 4, 2007 the company had 1.5 billion shares outstanding.

Additionally, the Board declared a quarterly cash dividend of eight cents ($0.08) per share, which represents a 60% increase, payable August 3, 2007, to shareholders of record as of July 20, 2007. Lowe's has paid a cash dividend each quarter since going public in 1961.

"The additional share repurchase authorization and dividend increase are an indication of Lowe's financial strength, and reflect our commitment to return capital to shareholders," said Robert A. Niblock, Lowe's chairman and CEO.