NEW YORK, May 14, 2002 – Loews Corporation (NYSE:LTR;CG) announced today the declaration of the first quarterly dividend on its Carolina Group stock, in the amount of $0.445 per share, payable June 14, 2002 to shareholders of record as of May 28, 2002.

The Carolina Group stock, commonly called a tracking stock, is intended to reflect the economic performance of a defined group of assets and liabilities of the Company, referred to as the Carolina Group. The principal asset attributed to the Carolina Group is the Company's stock in its wholly-owned subsidiary Lorillard, Inc. The Carolina Group is a notional group intended to reflect the performance of a defined set of assets and liabilities. The Carolina Group is not a separate legal entity.

Contact:
Contact: Peter W. Keegan Senior Vice President (212) 521-2950 Joshua E. Kahn
Investor Relations
(212) 521-2788
Candace Leeds V. P. of Public Affairs
(212) 521-2416