2019 Annual Shareholder Meeting

Craig MenearChairman, CEO & President

2019 Annual Shareholder Meeting

2019 Annual Shareholder Meeting

Carol ToméCFO and Executive Vice President, Corporate Services

2019 Annual Shareholder Meeting

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 and other regulatory changes; 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.

Sales ($B) Diluted EPSNet Earnings ($B)

$100.9B

$108.2B

$7.29

$9.73

FY 2017 FY 2018 FY 2017 FY 2018 FY 2017 FY 2018

$8.6B

$11.1B

Fiscal 2018 Financial Highlights

Fiscal 2017 Includes 52 weeks. Fiscal 2018 included 53 weeks.

FYE 2017 Cash Flow from theBusiness

Net DebtIssuance

Capital Expenditures Dividends Share Repurchases* FYE 2018

Fiscal 2018 Cash Flow($ Billions USD)

$3.6

$13.1

$2.0 $2.4

$4.7

$9.8

$1.8

We Continue to Generate Strong Cash Flow

*$10.0B gross share repurchases, net of $236M issuances.

1)All guidance based on GAAP as of May 21, 2019.

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

Fiscal 2019 Guidance1)

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)

$1.16

$1.56 $1.88

$2.36

$2.76

$3.56

$4.12

$5.44

2012 2013 2014 2015 2016 2017 2018 2019F

Annual Dividend Paid

Announced 32% Increase in Quarterly Dividend in February

Committed to Dividend Payout

Total Shareholder Return* of 167% from Fiscal 2014 through Fiscal 2018

Total Shareholder Return in Past 5 Years

* Includes the reinvestment of dividends

0%

50%

100%

150%

200%

250%

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

HD

S&P 500

Craig MenearChairman, CEO & President

2019 Annual Shareholder Meeting

Our Objectives

Deliver Shareholder

ValueGrow Market Share with

the Pro & Consumer

Investing From a Position of Strength

INTERCONNECTED

DIGITAL EXPERIENCE

STORES ASSOCIATES

SUPPLY CHAIN &

DELIVERY

PRODUCT & INNOVATION

PRO & SERVICES

MULTI-YEAR, ~$11 BILLION INVESTMENT

Leveraging the Convenience of Our Locations

Investing in Stores

Wayfinding & Environmental Self Checkout

Front-End Transformation & Lockers

Investing in Associates

Break & Training Rooms

Empowering Our Associates &Making Home Depot a Great Place to Work

Workforce ToolsParental Leave Pocket Guide

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

Investing in Product & Innovation

Q1

Q2

Q3

Q4

Interconnected Digital Experience

Investing in Supply Chain & Delivery

Upstream Downstream

Building a Competitive AdvantageLeveraging Our Competitive Advantage

DC Network

(Bulk / Stocking / Flow)

Stores

Vendors

Direct Fulfi l lment Centers(Parcel / F latbed / Local )

Market Delivery Stores

Customers(DIY / Pro / M RO)

Market Delivery Operations

Investing in Pro & Services

Investing in Canada & Mexico

Canada Mexico

#1 Home Improvement Retailer

Our Culture

What is NOT Changing?

Question & Answer

2019 Annual Shareholder Meeting