Sears Announces Regular Quarterly Dividend

The board of directors of Sears, Roebuck and Co. (NYSE: S) today declared a regular quarterly dividend of 23 cents per share on Sears outstanding common shares, scheduled to be paid on July 1, 2003, to shareholders of record at the close of business on May 30, 2003.

About Sears

Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2002, the company's revenue was $41.4 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web sites, sears.com and landsend.com, and a variety of specialty catalogs.

SOURCE: Sears, Roebuck and Co.

CONTACT: Media, Edgar P. McDougal, +1-847-286-9669, or Investors, Pam
White, +1-847-286-1468, both of Sears, Roebuck and Co.

Web site: http://www.sears.com/