Newsroom

For Immediate Release

Noland Declares Regular Quarterly Dividend

NEWPORT NEWS, Va., July 2, 2004 — Noland Company's (NOLD) board of directors has declared a regular quarterly cash dividend of eight cents, payable on July 29 to stockholders of record at the close of business July 14.

This is the 71st consecutive year in which Noland Company, a wholesale distributor of mechanical equipment and supplies to the building trades and industry, has paid regular cash dividends.

Noland operates 102 branches in 13 states, and distributes products in the plumbing, HVAC, water systems, electrical, and industrial fields. The company's stock is traded on NASDAQ's SmallCap Market.

# # #

7 - 07/02/04 - A/B/C/E/W