December 6, 2017

Investor Meetings

April 2019

1
 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.

2
 Discussion Overview

▪ Who We Are

▪ Financial Results

▪ Company Initiatives and Long-Term Targets

3
• 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

4
 The Home Depot: 3-Year View 1)

Sales Operating Margin

$110B $108.2B 15.0%
$105B 14.55%
$100.9B 14.5% 14.35% 2)
$100B
14.19%
$94.6B 14.0%
$95B
$90B 13.5%
$85B 13.0%
2016 2017 2018 2016 2017 2018

Earnings Per Share ROIC

$10.00
$9.73
50% 44.8%
$9.00
40% 34.2%
$8.00 $7.29 31.4%
30%
$7.00 $6.45
20%
$6.00
$5.00 10%

$4.00 0%
2016 2017 2018 2016 2017 2018

Driving Consistent Results Across the Business

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
Retail Environment is Changing Rapidly

6
 Retail Customers Expect More

Improved Seamless Personalized

Delivery Checkout Experiences

HD Must Continue to Keep Pace with Changing Environment

7
 Strategic Investments for the Future

2018 – 2020 Investments1) ($ in billions)

$11.1B Investment
Other
1.8

New Stores 0.6

Supply 5.0 Stores

0.8
Chain
$5.7B
BAU

Other 2.9
IT /
0.8 Online
New Stores
0.6 2.4 Stores
Supply Chain 0.2

1.7
2)
BAU Target IT

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.

8
 Investing in Stores & Associates

Improving the Customer Shopping Experience Both

In-Store and Online

9
 Investing in Product & Innovation

Maintaining Our Position as the #1 Retailer for Product

Authority in Home Improvement

10
 Investing in Personalized Experiences

Delivering Tailored Marketing Messages to Create a

More Personalized Shopping Experience

11
 Investing in Pro & Services

Leveraging Data and Analytics to Better Understand

and Serve Our Pro Customers

12
 Investing in Our Supply Chain
Upstream
• 2007 – 2017:
• Upstream Supply Chain transformation
• Built Rapid Deployment Center (RDC)
St ores
network, creating a competitive
advantage in our upstream network
• 2018 – 2022:
• Leveraging our competitive advantage
Vendor s in our upstream network
• Investing in increased mechanization
to drive further efficiency

DC Net w ork
( Bul k / St ocki ng / Fl ow )

Leveraging Our Upstream Competitive Advantage to

Drive Greater Efficiencies Downstream

13
 Investing in Our Supply Chain
Downstream
• 2007 – 2017:
• Built interconnected network to enable
BOSS, BODFS, and home delivery
Di r ect Ful f i l l ment Cent ers
(Parcel / Flatbed / Local)
• Enabled 2-day parcel delivery to ~95%
of U.S. population
• 2018 – 2022:
• Enhancing our downstream network by
building out ~150+ new facilities
M ar ket Del i very O perat i ons Customers • Enabling same day/next day delivery of
(DIY / Pro / MRO) 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
M ar ket Del i very St ores

Creating the Fastest, Most Efficient Delivery and Flow

in Home Improvement

14
 Continued Focus on Productivity

Cost of Operating
Goods Sold Expenses

Productivity is Our Virtuous Cycle

15
 Enhancing the Customer Experience, Investing
for the Future, Creating Value
Sales Operating Margin ROIC

~$120.4B ~15.0% ~40%+

14.5%
~$115.5B 34.2%
~14.4%

$101B

2017 2020T 2017 2020T 2017 2020T

*As of May 15, 2018

One Home Depot: 2020 Targets*

16
APPENDIX

December 6, 2017
 Fiscal 2019 Guidance 1)

(As of February 26, 2019)

Sales growth 2) ~3.3%

Comp sales growth 2) ~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

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.

18
 Drivers of Home Improvement Spend

Household Home Price Age of Housing

Housing Turnover
Formation Appreciation Stock

Impact on HI Supports Incremental Drives Spending Both Demands Ongoing Repairs

Increases Demand
Spend Investments Pre And Post Sale And Major Repairs

Recent
Impact

Forward Per Unit Spend

Acceleration Continued Stays At
View Increases
Appreciation Current Rate

Expected
Future Impact

19
 Target Market Opportunity
U.S. Addressable Market

$600 Billion
Maintenance, Repair and Operations
~$50B
Home Services ~$200B

Home Improvement ~$350B

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

20
 December 6, 2017

21