Senior Vice President, U.S.

Retail Finance

Ted Decker

Forward Looking Statements and Non-GAAP Financial Measurements

Certain statements contained in todays presentations 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 store sales, state of the economy, state of residential construction, housing and home improvement markets, state of the credit markets, including mortgages, home equity loans and consumer credit, inventory and in-stock positions, commodity price inflation and deflation, implementation of store and supply chain initiatives, continuation of stock repurchase programs, net earnings performance, earnings per share, capital allocation and expenditures, liquidity, return on invested capital, management of our purchasing or customer credit policies, stock based compensation expense, the effect of accounting charges, the effect of adopting certain accounting standards, the ability to issue debt on terms and at rates acceptable to us, store openings and closures, expense leverage, other factors affecting earnings and sales, guidance for fiscal 2012 and beyond, and financial outlook. These forward-looking statements are based on currently available information and current assumptions, expectations and projections about future events, and actual results could differ materially from our expectations and projections. You should not rely on our forward-looking statements as they speak only as of the date hereof, and we undertake no obligation to update these statements to reflect subsequent events or circumstances except as may be required by law. Additional information regarding risks and uncertainties is described in Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 29, 2012 and our subsequent Quarterly Reports on Form 10-Q. Todays presentations are 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 by providing them with meaningful information relevant to events of unusual nature or frequency that impact the comparability of underlying business results from period to period. 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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The Power of The Home Depot

Interconnected Retail: Paranoid, Creative Consistency

What Are We Passionate About? Customer Service

What Drives Our Economic Engine? Disciplined Capital Allocation, Productivity and Efficiency

What Do We Want To Be Best In The World At? Product Authority for Home Improvement
3

Customer Service Operational Plan

CUSTOMER SERVICE

IN-STOCK

STORE APPEARANCE

Customer Service Productivity

Operational Rigor
5

Customer Service Productivity

FIRST Phone Juniors
Provide associates with customer
facing tools

Phone, radio and item inquiry

functionality

Locate product for customers and

packdown efficiently

10 to 15 per store

FIRST Phone Evolution

6

Customer Service New Offering

Rental and Repair
Leverages Reverse Logistics
Centers and Rapid Deployment Center network

In-house repair improves customer

and associate experience

Small engine repairs completed in

store tool rental center

Complex repairs completed in

Reverse Logistics Centers

Foundation Leveraged
7

Customer Service Results

Net Promoter Score1)
75% 80

Univ. of Michigan ACSI

78
70% 76 65% 74 72 70 55% 68 50% 66

60%

2008
1) U.S. Consumer

2009

2010

2011

2012

2008

2009

2010

2011

University of Michigan , The American Customer Satisfaction Index

Product Authority Interconnected Portfolio Strategy

Grow Across Channels

Defend Share Position

Broad Assortment Style Relevant Slow Turning

BOUGHT ONLINE

Own in Store
Heavily Researched Technical/ Complex Need Assistance

Small-Cube High Value Easily Shipped

Imminent Need Maintenance & Repair Commodities

Online Know-How In-Store Expertise

RESEARCHED ONLINE
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Merchandising Transformation
Enhanced Capabilities Towards Localized Assortments Competitive Intelligence Across All Channels

Leverage Data for Trend Recognition and Expedited Decision Making

Current Capability ~ 2001

1980
10

1990

2000

2010

2015

Supply Chain Transformation

Optimize Distribution Network

Improve Inventory Management

Develop and Implement New Logistics Capabilities

Build Direct Fulfillment Capability
11

Interconnected Retail Commerce Anywhere, Anytime

~2%
of sales occur online, but

~50%
of sales involve online
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1Q 2012 Results
Sales Comp Sales Gross Profit Gross Profit Margin Total Operating Expenses Operating Profit Operating Profit Margin Net Earnings Q1 2012 $17,808 5.8% $6,183 34.72% $4,469 $1,714 9.62% $1,035 GAAP Q1 2011 $16,823 (0.6)% $5,828 34.64% $4,406 $1,422 8.45% $812 V% 5.9%

6.1% 8 bps 1.4% 20.5% 117 bps 27.5%

Diluted Earnings Per Share

$0.68

$0.50

36.0%

36.0% Earnings Growth in 1Q 2012

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2012 Financial Targets1)

Sales growth ~4.6% Comparable store sales growth Low single digit2) New store openings Gross margin expansion Operating margin expansion Tax rate Diluted EPS Growth 11 (2 U.S., 9 Mexico) Moderate ~50 bps ~36.5% ~17% to $2.90 (after share repurchases)

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1)All guidance based on GAAP. FY 2012 includes 53 weeks. 2) On a 52-week basis.

Long Range Outlook Planning Assumptions (2013 2015)

Housing Recovery is Slow Growth Follows GDP Value is Important. Invest
for Productivity and Efficiency.

Consumers Remain Under

Pressure: Unemployment High, Credit Tight

Demographics: Baby
Boomers Continue to be Drivers of the Home Improvement Market

Services are Important. Our

Principal Focus will be the Pro.

Interconnected Retail will

Accelerate

Attack Opportunities. Defend

Vulnerabilities. Leverage for Efficiencies.

Health Care
15

Not Addressed

The 12/24 Target

Operating Margin
~150 bps
~10.1% ~40 bps ~12%

ROIC1)
~900 bps
~24%

>15%

2012F

GM Expense Expansion Leverage

2015T

2012F

Disciplined Capital Allocation1)

2015T

2015 Target: 12% Operating Margin / 24% ROIC

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1) ROIC is defined as net operating profit after tax for the trailing twelve months divided by the average of beginning and ending long-term debt and equity. Assumes excess cash used to repurchase shares.

Sales Outlook
Blue Chip U.S. GDP Forecast ~23% area New store growth will contribute about 50 bps of
annual growth

Total annual projected sales growth of 3.5% Not planning for housing recovery, but outlook
would change based on the following scenarios:
Stage 1 Workout 2012 201X
THD Comp
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Stage 2 Recovery (moderate)

GDP + 1 to 2%

Stage 3
Stability GDP + 0 to 1%

Recovery (sharp)
GDP + 2 to 4%

GDP + 0 to 1%

Gross Margin Target

Gross Margin Expansion of ~40 bps
~100 bps ~20 bps ~20 bps ~60 bps ~(60 bps)

Improvement

Re-investment

2012F

Merchandising Supply Chain Excellence Excellence

Operational Excellence

Re-investment

2015T

For Every $1 Saved, $0.60 Re-invested

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Expense Leverage
% Sales

Expense Leverage of ~150 bps1)

~130 bps ~20 bps

Leverage

2012F

Natural Leverage

Operational Excellence

2015T

Expenses Grow at ~38% of Sales Growth

19 1) Ignores any financial impact from healthcare reform

Core Capital Spending Outlook

Capital Expenditures
$1.5B

$1.3 - $1.4B / Year

2013 2015T Key Areas of Investment

$1.0B

Store Reinvestment Technology New Stores

(~36 from 2013 - 2015)1)

$1.5B $1.3B $0.7B $0.4B $0.3B ~$4.2B

$0.5B

International Supply Chain

$0.0B 2012F 2013T 2014T 2015T

Depreciation

$1.6B

$1.6B

$1.6B

$1.6B

1) Capital includes store relocations

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Shareholder Return Principles

Dividend Principle
Targeting payout at approximately 50% of earnings. Intend to
increase dividend every year

Share Repurchase Principle

After meeting the needs of the business, use excess liquidity to
repurchase shares, as long as value creating

Return on Invested Capital Principle

Maintain high return on invested capital, benchmarking all uses of
excess liquidity against value created for shareholders through repurchases

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The Power of The Home Depot

Illustrative, based on 12/24 Target $26.5B $8.6B $17.4 - $24.7B

$7.3B

With incremental leverage / unauthorized today

$11.0B

From cash flow / unauthorized today

From cash flow / authorized2)

$6.4B $0.5B
Free Cash Flow Generated (2012 - 2015)T Cumulative Dividend (2012 - 2015)T1) Cumulative Repurchases (2012 - 2015)T Minimum Cash Required 2015T

Significant Cash Return to Shareholders

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1) Assumes 50% payout ratio 2) Includes 2012 share repurchases of $4B