December 6, 2017

Investor Meetings

1

April 2019

2

Forward Looking Statements and Non-GAAP Financial Measurements

Certain statements contained herein constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of

1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth;

comparable sales; effects of competition; implementation of store, interconnected retail, supply chain and technology initiatives; inventory

and in-stock positions; state of the economy; state of the housing and home improvement markets; state of the credit markets, including

mortgages, home equity loans and consumer credit; issues related to the payment methods we accept; demand for credit offerings;

management of relationships with our associates, suppliers and vendors; continuation of share repurchase programs; net earnings

performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage;

stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us;

the impact and expected outcome of investigations, inquiries, claims and litigation; the effect of accounting charges; the effect of adopting

certain accounting standards; the impact of the Tax Cuts and Jobs Act of 2017; store openings and closures; guidance for fiscal 2019 and

beyond; financial outlook; and the integration of acquired companies into our organization and the ability to recognize the anticipated

synergies and benefits of those acquisitions.

Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about

future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are

subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or are

currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our

expectations and projections. These risks and uncertainties include, but are not limited to, those described in Item 1A, “Risk Factors,” and

elsewhere in our Annual Report on Form 10-K for our fiscal year ended February 3, 2019 and in our subsequent Quarterly Reports on Form

10-Q. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than

as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the

Securities and Exchange Commission.

This presentation is also supplemented with certain non-GAAP financial measures. We believe these non-GAAP financial measures better

enable management and investors to understand and analyze our performance. However, this supplemental information should not be

considered in isolation or as a substitute for the related GAAP measures. Reconciliations of the supplemental information to the comparable

GAAP measures can be found on our Investor Relations website at ir.homedepot.com.

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▪ Who We Are

▪ Financial Results

▪ Company Initiatives and Long-Term Targets

Discussion Overview

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4

• Providing a best-in-class interconnected shopping experience for our customers while

continuing to drive shareholder value

• Maintaining our position as #1 in product authority for home improvement through a

comprehensive product offering, delivering innovation and exceptional value

• Investing ~$11B across the business over 3 years (nearly double our business as usual

investment spend) to position the company for continued, long-term success

The Home Depot: 3-Year View

Driving Consistent Results Across the Business

$94.6B

$100.9B

$108.2B

$85B

$90B

$95B

$100B

$105B

$110B

2016 2017 2018

Sales

14.19%

14.55%14.35%

13.0%

13.5%

14.0%

14.5%

15.0%

2016 2017 2018

Operating Margin

2)

$6.45

$7.29

$9.73

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

2016 2017 2018

Earnings Per Share

31.4% 34.2%

44.8%

0%

10%

20%

30%

40%

50%

2016 2017 2018

ROIC

1) Fiscal year 2018 included 53 weeks. Fiscal year 2017 and 2016 included 52 weeks.

2) Reflects the first year of an ~$11B investment plan, nearly double our investment spend in a business as usual environment.

5

1)

6

Retail Environment is Changing Rapidly

HD Must Continue to Keep Pace with Changing Environment

Retail Customers Expect More

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Personalized Experiences

SeamlessCheckout

ImprovedDelivery

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Strategic Investments for the Future

1) Investments: Capital and Expense, excludes incremental depreciation. Amounts shown are estimates as of December 2017.

2) BAU represents our spend in a “business as usual” environment.

2018 – 2020 Investments1) ($ in billions)

BAU

Investment

Supply

Chain

IT /

Online

Stores5.0

0.6

1.8

0.8

2.9

Other

New Stores

0.8

0.6

Supply Chain

IT

Other

New Stores

0.2

1.7

Stores2.4

$5.7B

$11.1B

TargetBAU2)

Improving the Customer Shopping Experience Both In-Store and Online

Investing in Stores & Associates

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Maintaining Our Position as the #1 Retailer for Product Authority in Home Improvement

Investing in Product & Innovation

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Delivering Tailored Marketing Messages to Create a More Personalized Shopping Experience

Investing in Personalized Experiences

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Leveraging Data and Analytics to Better Understand and Serve Our Pro Customers

Investing in Pro & Services

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Leveraging Our Upstream Competitive Advantage to Drive Greater Efficiencies Downstream

Investing in Our Supply Chain

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DC Network

(Bulk / Stocking / Flow)

Upstream

Stores

Vendors

• 2007 – 2017: • Upstream Supply Chain transformation• Built Rapid Deployment Center (RDC)

network, creating a competitive advantage in our upstream network

• 2018 – 2022:• Leveraging our competitive advantage

in our upstream network• Investing in increased mechanization

to drive further efficiency

Investing in Our Supply Chain

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Downstream

• 2007 – 2017: • Built interconnected network to enable

BOSS, BODFS, and home delivery• Enabled 2-day parcel delivery to ~95%

of U.S. population

• 2018 – 2022:• Enhancing our downstream network by

building out ~150+ new facilities• Enabling same day/next day delivery of

a wider assortment of products, including big and bulky goods

• 2022 Goal: Enable Same-Day/Next-Day Delivery to ~90% of the U.S. Population

Direct Fulf i l lment Centers(Parcel / F la tbed / Local )

Market Delivery Stores

Customers(D IY / Pro / MRO)

Market Delivery Operations

Creating the Fastest, Most Efficient Delivery and Flow in Home Improvement

Productivity is Our Virtuous Cycle

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Cost of

Goods Sold

Operating

Expenses

Continued Focus on Productivity

One Home Depot: 2020 Targets

Enhancing the Customer Experience, Investing for the Future, Creating Value

*As of May 15, 2018

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Sales Operating Margin ROIC

14.5%

2020T20172020T

$101B

2017

34.2%

2017 2020T

~$120.4B ~15.0% ~40%+

~$115.5B

~14.4%

*

December 6, 2017

APPENDIX

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Fiscal 2019 Guidance1)

1) All guidance based on GAAP

2) Fiscal year 2019 includes 52 weeks. Fiscal year 2018 included 53 weeks. Comparable sales growth is calculated on a 52-week basis.

(As of February 26, 2019)

Sales growth ~3.3%

Comp sales growth ~5.0%

New store openings 5 net new stores

Operating margin ~14.4%

Diluted EPS growth ~$10.03, or an increase of ~3.1%

Share repurchases Targeting $5 billion

2)

2)

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Drivers of Home Improvement Spend

Housing TurnoverAge of Housing

Stock

Increases DemandDrives Spending Both

Pre And Post Sale

Demands Ongoing Repairs

And Major Repairs

Impact on HI

Spend

Recent

Impact

Expected

Future Impact

Acceleration

Home Price

Appreciation

Supports Incremental

Investments

Continued

Appreciation

Stays At

Current Rate

Forward

ViewPer Unit Spend

Increases

Household

Formation

Target Market Opportunity

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Sources: 2017 HIRI Reference Guide; NAICS; and external market analysis

U.S. Addressable Market

$600 Billion

$ in Billions

~$200B

~$50B Maintenance, Repair and Operations

Home Services

Home Improvement ~$350B

December 6, 2017

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