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CDW INVESTOR PRESENTATION

2020 |SUMMER / FALL

http://investor.cdw.com/

DISCLAIMERS

Forward-Looking Statements

Statements in this presentation that are not statements of historical fact are forward-looking statements within

the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including,

without limitation, statements regarding (i) the impact of COVID-19 on CDW's business, operations and liquidity,

and (ii) capital priorities and other strategic plans of CDW. These forward-looking statements are subject to risks

and uncertainties that may cause actual results or events to differ materially from those described in such

statements. Although CDW believes that its plans, intentions and other expectations reflected in or suggested

by such forward-looking statements are reasonable, it can give no assurance that it will achieve those plans,

intentions or expectations. Reference is made to a more complete discussion of forward-looking statements and

applicable risks contained under the captions "Forward-Looking Statements" and "Risk Factors" in CDW's

Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the

quarter ended March 31, 2020, and subsequent filings with the SEC. CDW undertakes no obligation to update or

revise any of its forward-looking statements, whether as a result of new information, future events or

otherwise, except as otherwise required by law.

Non-GAAP Financial Information

This presentation contains certain non-GAAP financial measures, including Non-GAAP operating income, Non-

GAAP operating income margin, and Non-GAAP net income. Generally, a non-GAAP financial measure is a

numerical measure of a company’s performance or financial position that either excludes or includes amounts

that are not normally included or excluded in the most directly comparable measure calculated and presented

in accordance with GAAP. For a reconciliation of non-GAAP financial measures to the applicable most

comparable GAAP financial measures, see Exhibit 99.1 to CDW's Current Report on Form 8-K filed with the

Securities and Exchange Commission on August 5, 2020 and the reconciliations included in these slides. Non-

GAAP financial measures used by CDW may differ from similar measures used by other companies, even when

similar terms are used to identify such measures.

2 | INVESTOR PRESENTATION

TRACK RECORD OF PROFITABLE GROWTH

1. As of June 30, 2020.

2. 2015 and prior years have not been updated to reflect the adoption of Topic 606.

• Market-leading provider of integrated technology

solutions to business, government, education and

healthcare customers for 35+ years

• Coworkers: ~7,800 US and ~2,300 international;

~2/3 are customer-facing

(1)

• Full range of technology solutions including

hardware, software and services

• Offers 100,000+ products and services from 1,000+

brands to more than 250,000 customers in the US,

UK and Canada

• “Sweet spot” is customers with <5,000 employees

$8.8

$9.6

$10.1

$10.8

$12.1

$13.0

$13.7

$14.8

$16.2

$18.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

$353

$471

$511

$509

$673

$742

$820

$867

$987

$1,134

$531

$656

$696

$747

$851

$961

$1,048

$1,107

$1,217

$1,368

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Operating Income Non-GAAP Operating Income

• Attractive business model with demonstrated track

record of profitable growth

NET SALES ($B)

(2)

OPERATING INCOME ($MM)

(2)

3 | INVESTOR PRESENTATION

1. Estimated market share for top 4 publicly traded IT solutions companies: CDW, Insight North America, PC Connection, and e-Plus as of December 31, 2019.

2. IDC and CDW internal estimates as of January 2020.

3. For year ended December 31, 2019.

4. IDC Worldwide Black Book, July 31 2020, includes Consumer and B2B for US, UK and Canada markets.

Total US, UK and

Canada IT Market

(2)

~$1,100B

CDW Current

Addressable Market

(2)

~$360B

CDW:

$18B

(3)

2015-2020E CAGR IT Spending: 3.9%

(4)

CDW plus the next three largest publicly

traded IT solutions companies

(1)

represent

less than 10% of CDW’s US addressable

market.

The majority of the market is fragmented

across thousands of value-added resellers.

TOTAL ADDRESSABLE MARKET

LARGE AND GROWING MARKET OPPORTUNITY

4 | INVESTOR PRESENTATION

1. IDC Worldwide Black Book, December 6, 2019.

2. IDC/CDW Market Model, December 31, 2019.

4.9%

5.3%

7.8%

9.7%

2006-2019 2009-2019

US IT Spending CAGR CDW Net Sales CAGR

290 bps

440 bps

(1)

Indirect

60%

Direct

40%

Indirect increased

~300 bps since 2007

(2)

SUSTAINED MARKET SHARE GAINS ACROSS BUSINESS CYCLES

CONSISTENT, FASTER-THAN-MARKET-GROWTH

PARTNERS INCREASINGLY RELIANT ON THE INDIRECT CHANNEL

5 | INVESTOR PRESENTATION

VALUE TO CUSTOMERS:

• Broad selection of products and multi-branded IT solutions

• Value-added services with integration capabilities

• Highly-skilled specialists and engineers

• Solutions across IT lifecycle

VALUE TO VENDOR PARTNERS:

• Access to more than 250,000 customers

• Large and established customer channels

• Strong distribution and implementation capabilities

• Customer relationships driving insight into

technology roadmaps

INTIMATE KNOWLEDGE

OF IT ENVIRONMENT

AND LANDSCAPE

VENDOR

PARTNER

VALUE

CUSTOMER

VALUE

CDW Sits Between Customers and Vendor

Partners, Creating Value for Both

UNIQUELY POSITIONED TO DELIVER CUSTOMER AND PARTNER VALUE

6 | INVESTOR PRESENTATION

19%

14%

30%

29%

-22%

-18%

11%

-4%

1. 2015 Net sales adjusted to reflect a comparable 2011 Net sales segmentation: (1) US and CDW Canada Net sales only; (2) Advanced Technology Services (ATS) business classified under Other; (3) decrease and increase in Corporate and Small Business, respectively, of $150 million to

reflect account moves between the two segments.

’09–’11 CAGR

(Other includes ATS & Canada)

+16%

’08–’09 Growth

(Other includes ATS & Canada)

(11)%

11%

8% 8%

’11–’15 CAGR

(1)

(Other includes ATS & Canada)

+7%

10%

’15–’19 CAGR

(Other includes

Canada & CDW UK

Aug 2015 – Dec 2019)

+9%

TOTAL GROWTH

$7.5B

$1.5B

$2.5B

$2.4B

$1.9B

$2.2B

Small Business

(<250 employees)

Government

(Federal, State & Local)

Education

(K-12, Higher Ed)

Healthcare

Corporate

(>250 employees)

Other

(UK, Canada)

BALANCED PORTFOLIO OFFERS MULTIPLE GROWTH DRIVERS

DIVERSE CUSTOMER CHANNELS AND GEOGRAPHY CREATE MULTIPLE DRIVERS OF GROWTH AND DIVERSIFICATION AGAINST MACRO AND EXOGENOUS HEA DWINDS

2019 NET SALES ($18.0B) NET SALES GROWTH %

27%

7 | INVESTOR PRESENTATION

MAJOR VENDOR PARTNERS EMERGING VENDOR PARTNERS

CDW IS MISSION-CRITICAL FOR KEY VENDOR PARTNERS

8 | INVESTOR PRESENTATION

Hardware and Software Products

Monitors

Computers

Printers

Software

Accessories

Storage

Cables

Servers

Networking

Complexity

/ Productivity And

Growth

Benefits

EARLY 2000s NOW

Highly Integrated and Interconnected Technology Ecosystem

Infrastructure

Workspace

Support

Security

PROVEN TRACK RECORD OF EVOLVING WITH IT TRENDS

CDW AMPLIFIED

SERVICES

9 | INVESTOR PRESENTATION

1. As of December 31, 2019.

2. Subcomponent of Customer-Facing Coworkers.

~6,800

CUSTOMER-FACING

COWORKERS

>3,000

TECHNICAL

COWORKERS

(2)

HIGHLY SKILLED SERVICES AND SALES CAPABILITIES

(1)

NON CUSTOMER–FACING

COWORKERS

100%

50%

SERVICES DELIVERY

PRE-SALE SPECIALISTS

SELLERS

OTHER CUSTOMER-FACING

Our strong technical organization includes

more than 3,000 technical coworkers,

including pre-sales specialists and advanced

services delivery engineers, allowing CDW

to deliver increasingly complex IT solutions.

10 | INVESTOR PRESENTATION

CDW AMPLIFIED

SERVICES

• Infrastructure Services

• Security Services

• Workspace Services

• Support Services

CLOUD

• Cloud Planning Services

• World Class Portfolio

• Migration, Integration and Managed

DIGITAL WORKSPACE

• Network Solutions

• Consult, Design and Architect

• Communications, Mobility and Productivity

SOFTWARE

• Software Lifecycle Advisory Services

• Design and Optimization Services

• Portfolio Management

• Application Modernization

SECURITY

• Architecture and Design

• Advisory Services

• Managed Security

INFRASTRUCTURE

• Hybrid Consultancy

• Next-Gen Infrastructure

• Software Defined Data Center

BROAD PORTFOLIO OF SOLUTIONS AND SERVICES

11 | INVESTOR PRESENTATION

With a portfolio of more than

250 cloud offerings, CDW is able

to help customers with private,

public or hybrid cloud solutions.

COMPREHENSIVE SUITE OF CLOUD SOLUTIONS

12 | INVESTOR PRESENTATION

Able to provide IT solutions

to 150+ countries

(1)

1. As of December 31, 2019.

2. Includes countries in the trailing 24 months that CDW has exported to or is able to supplement export capabilities with via fulfillment partners.

Located in 10 countries

Able to export to

(2)

No presence

INTERNATIONAL PRESENCE TO BETTER SERVE CUSTOMERS

13 | INVESTOR PRESENTATION

14 | INVESTOR PRESENTATION

SUSTAINABLE COMPETITIVE ADVANTAGES

Scale and

Scope

SUPERIOR VALUE

DIFFERENTIATED GROWTH

STRONG ROWC

Highly Engaged

Performance -

Driven Culture

Highly-Skilled

Sales and

Service

Capabilities

Robust

Distribution

Capabilities

Multinational

Footprint With

International

Capabilities

Deep and

Experienced

Management

$86

$199

$247

$314

$410

$504

$570

$606

$794

$902

$841

$904

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'19

TTM

Q2'20

TTM

Non-GAAP operating income ($MM)

1. 2015 and prior years have not been updated to reflect the adoption of Topic 606.

2. Non-GAAP operating income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, equity-based compensation and associated payroll taxes, and acquisition and integration expenses. Non-GAAP operating income margin is

defined as Non-GAAP operating income as a percentage of Net sales.

3. Defined as the ratio of total debt at period-end excluding any unamortized discount and/or premium and deferred financing costs, less cash and cash equivalents, to trailing twelve months (TTM) Non-GAAP operating income plus depreciation and amortization in SG&A (excluding

amortization expenses for acquisition-related intangible assets).

4. Trailing twelve months.

5. As of June 30, 2020.

$8.8

$9.6

$10.1

$10.8

$12.1

$13.0

$13.7

$14.8

$16.2

$18.0

$17.0

$18.2

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'19

TTM

Q2'20

TTM

NET SALES $B

$531

$656

$696

$747

$851

$961

$1,048

$1,107

$1,217

$1,368

$1,279

$1,365

6.0%

6.8%

6.9%

7.1%

7.4%

7.7%

7.5%

7.6%

7.5%

0.04

0.06

0.08

0.1

0.12

0.14

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'19

TTM

Q2'20

TTM

OPERATING INCOME AND MARGIN

(2)

GAAP operating income ($MM) Non-GAAP Margin (%)

NET INCOME

GAAP net income ($MM)

Non-GAAP net income ($MM)

7.5x

5.7x

5.0x

3.9x

3.2x

2.7x

2.6x

2.3x

2.2x

2.0x

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'20

NET LEVERAGE RATIO

(3)

STRONG FINANCIAL PERFORMANCE

(1)

15 | INVESTOR PRESENTATION

(4)

(5)

1. See Return on Working Capital (ROWC) calculation on page 28.

32.5%

41.8%

47.2%

47.8%

51.5%

52.7%

54.9%

55.1%

65.0%

65.5%

58.6%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2'20 TTM

ROWC (%)

Highly focused on balancing working capital

investments to support customers while

generating attractive returns on invested

capital.

STRONG RETURN ON WORKING CAPITAL

(1)

16 | INVESTOR PRESENTATION

1. As of June 30, 2020.

2. Defined as the ratio of total debt at period-end excluding any unamortized discount and/or premium and deferred financing costs, less cash and cash equivalents, to TTM non-GAAP operating income plus depreciation and amortization in SG&A (excluding amortization expenses

for acquisition-related intangible assets).

Increase Dividends Annually

Maintain Net Leverage Ratio

(2)

Supplement Organic

Growth with M&A

Return Excess FCF after Dividends &

M&A Through Share Repurchases

OBJECTIVESPRIORITIES

2020 ACTIONS

Target ~25% Payout of Non-GAAP

Net Income; Grow In-line with Earnings

~2.5 to 3.0 Times Net Leverage Ratio

Expand CDW’s Strategic Capabilities

Offset to Incentive Plan Dilution and

to Supplement EPS Growth

Declared Q2’20 dividend on August 5

Currently at 2.0x

(1)

Prioritizing liquidity

but will remain opportunistic

(IGNW acquisition announced July 1

)

Suspended share repurchase program

CAPITAL ALLOCATION PRIORITIES

17 | INVESTOR PRESENTATION

• Reassessed capital priorities to enhance liquidity position

• Remain confident in liquidity position with $2.0 billion in cash plus revolver availability

(1)

1. From IPO through June 30, 2020.

2. Share repurchases were suspended in Q1 2020.

$34

$53

$79

$107

$139

$183

2013 2014 2015 2016 2017 2018 2019

$241

$367

$534

$522

$657

2015 2016 2017 2018 2019

DIVIDENDS PAID ($MM) SHARE REPURCHASES ($MM)

RETURNED MORE THAN $3.1B SINCE 2013

(1),(2)

18 | INVESTOR PRESENTATION

• ~$360B addressable market opportunity with

attractive growth potential

• Clear leader with sustained market share gains in a

highly fragmented market

• Proven ability to evolve and capitalize on IT trends

• Flexible, nimble performance-driven culture

generating a strong financial track record

• Attractive business model with sustainable

competitive advantages

• Multiple levers for growth and creation of shareholder

value

INVESTMENT HIGHLIGHTS

19 | INVESTOR PRESENTATION

APPENDIX

20 | INVESTOR PRESENTATION

CDW COVID-19 RESPONSE

Safeguard the health and well-

being of our coworkers

Serve the mission-driven needs of

our customers

Support our communities

PRIORITIES ACTIONS

• Cross-functional response team led by Executive Committee members

• Continue to evaluate when and how to return to the office and where our

coworkers will work in the future

• Distribution centers deemed essential – operating under precautionary measures

advised by public health authorities

• Customers continue to focus on remote enablement and operations continuity

• Increasing demand to improve security, reduce costs and optimize IT assets

• CDW teams orchestrated solutions leveraging our broad portfolio for customers to

manage mission-driven IT needs

• Pledged $1 million in donations to support COVID-19 response efforts

• Donated to local and global charities to contain and slow the virus

• Support local organizations through virtual volunteering

21 | INVESTOR PRESENTATION

OUR COMMITMENT TO ESG IN ACTION

10 of 11 Board Members, incl.

Chairman, are Independent

45% of Board Members

are Women/People of Color

71% of Executive Committee

are Women/People of Color

ESG FRAMEWORK AT CDW – IT MATTERS

22 | INVESTOR PRESENTATION

SUSTAINING

ENGAGING INSPIRING

A Successful Business

and a Healthy Planet

▪ Economic performance

▪ Environment

Trust and Confidence in

All Our Stakeholders

▪ Governance and ethics

▪ Customer privacy and data

security

ISO 14001 Certified

At all CDW distribution centers

+90% Waste Diversion Rate

At US distribution centers in 2019

8 Global Coworker

Business Resource Groups

+$9MM in Charitable Giving

To local communities over 5 years

+$1B Diverse Supplier Spend

Member of Billion Dollar Roundtable

ENVIRONMENTAL RESPONSIBILITY

SOCIAL RESPONSIBLITY

LEADERSHIP & GOVERNANCE

Our Coworkers,

Communities and Partners

▪ Coworkers

▪ Local communities

▪ Supply chain

1. From 2015 through 2019.

2. In 2019, CDW spent over $1 billion with diverse suppliers and was inducted into the Billion Dollar Roundtable, which celebrates companies that have achieved and are committed to spending at least $1 billion with minority and women-owned suppliers annually.

23 | INVESTOR PRESENTATION

2019-2020 RECOGNITION SNAPSHOT

2020 Best

Places to Work

by Glassdoor

America’s Most

JUST Companies

2020

by JUST Capital

America’s Best

Employers for

Diversity 2020

by Forbes

Best Companies

for Women

by Fairygodboss

Best for Vets

Employer

by Military Times

Best Place to

Work in IT

by Computerworld

Best of the

Best Supplier

Diversity Program

by U.S. Veterans

Magazine

Best

Technology

Companies

by Fairygodboss

Corporate

Equality Index

Perfect Score

by Human Rights

Campaign

Military Friendly

Silver Employer

by Military Friendly

Most Powerful

Women in Business

(President & CEO

Christine Leahy) by

Fortune

The Future 50

by Fortune

The CDW Way sets forth the shared values

that guide our behavior.

We run our business with passion

and integrity.

We empower others

to do their jobs.

We keep our commitments.

We treat others with respect.

We resolve conflict directly.

We listen.

We include stakeholders in

the decision process.

We live our “philosophies

of success” every day.

We make things happen.

NON-GAAP OPERATING INCOME RECONCILIATION: 2010-2015

24 | INVESTOR PRESENTATION

NON-GAAP OPERATING INCOME RECONCILIATION: 2016-2020

25 | INVESTOR PRESENTATION

NON-GAAP NET INCOME RECONCILIATION: 2010-2015

26 | INVESTOR PRESENTATION

NON-GAAP NET INCOME RECONCILIATION: 2016-2020

27 | INVESTOR PRESENTATION

RETURN ON WORKING CAPITAL CALCULATION

28 | INVESTOR PRESENTATION

NON-GAAP OPERATING INCOME MARGIN RECONCILIATION

29 | INVESTOR PRESENTATION

$57

$50

$575

$600

$1,431

$600

$432

$600

$967

2020 2021 2022 2023 2024 2025 2026 2027 2028

DEBT MATURITY PROFILE

As of June 30, 2020

($MM)

$1.45B ABL - Drawn

Senior Notes 5.5% Due 2024

$1.45B ABL - Floorplan

Senior Notes 5.00% Due 2025

$1.45B ABL - Undrawn

CDW UK Term Loan L+140

Senior Notes 4.25% Due 2028

CDW UK Revolving Credit - Undrawn

Term Loan L+175 w/No Floor

Weighted Average Rate: 3.6%

Weighted Average Maturity: 5.7 years

30 | INVESTOR PRESENTATION

Senior Notes 4.125% Due 2025

For a copy of this presentation, please access CDW’s investor relations website at:

http://investor.cdw.com/