December 6, 2017

2020 Long Range Financial Targets

Updated as of May 15, 2018

1
 Forward-Looking Statements
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; issues related to the payment methods we accept; state of the economy; state of the residential construction,
housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; demand for credit offerings; inventory and
in-stock positions; management of relationships with our 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
2018 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. 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 28, 2018 and our
subsequent Quarterly Reports on Form 10-Q.

These materials 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. 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
 Updates to Long-Term Financial Targets
 At our Investor and Analyst Conference in December 2017, the Company provided long-term financial
targets for fiscal 2020.

 At the beginning of fiscal 2018, the Company adopted ASU No. 2014-09, which pertains to revenue
recognition. The adoption of this standard will not materially impact our consolidated financial statements
or related disclosures, but it does change the recognition and presentation of certain items on our income
statement and balance sheet.

 As a result of this adoption, we are updating our long-term financial targets to reflect our actual fiscal 2017
results as well as the pro forma effect of ASU No. 2014-09 on fiscal 2017 reported results as if the
recognition and presentation guidance in the accounting standard had been applied to fiscal 2017 results.

 The information included in this presentation should be read in conjunction with our Fiscal Q1 2018
Revenue Recognition Adoption presentation which is available on our Investor Relations website at
http://ir.homedepot.com/financial-reports/quarterly-earnings/2018.

3
 2020 Sales Target
As of December 2017 Updated1)
$ in Billions
$119.8B ~$120.4B
6.0% 6.0%
4.5% 4.5%
$114.7B ~$115.5B

1)
$100.6B $101.1B

$100.9B

2017F 2020T 2017 2020T

1) Fiscal 2017 reported results presented with the pro forma effect of ASU No. 2014-09 as if the recognition and presentation guidance in the accounting standard had been applied to
fiscal 2017 results.

4
 2020 Gross Margin Target
As of December 2017 Updated1)

1)
~34.0% ~34.5%
~34.1%
~33.6%
~34.0%

~(40) bps ~(40) bps

2017F Productivity Reinvestment One Supply 2020T 2017 Productivity Reinvestment One Supply 2020T
Chain Chain

1) Fiscal 2017 reported results presented with the pro forma effect of ASU No. 2014-09 as if the recognition and presentation guidance in the accounting standard had been applied to
fiscal 2017 results.

5
 2020 Expense Leverage Target
As of December 2017 Updated1)

~20 – 80 bps of Leverage ~20 – 80 bps of Leverage

1)
~19.4% ~20.0%
~19.2% ~19.8%

~19.5%

~19.2%
~18.6%

2017F 2020T 2017 2020T

1) Fiscal 2017 reported results presented with the pro forma effect of ASU No. 2014-09 as if the recognition and presentation guidance in the accounting standard had been applied to
fiscal 2017 results.

6
 Enhancing the Customer Experience, Investing for the Future,
Creating Value
Sales Operating Margin ROIC
$ in Billions
~$120.4B ~15.0%

14.55% ~40%+
~$115.5B

~14.4%

~34.2%
1)
$101.1B
$100.9B

2017 2020T 2017 2020T 2017 2020T

Note: All targets based on 52 week fiscal years
1) Fiscal 2017 reported results presented with the pro forma effect of ASU No. 2014-09 as if the recognition and presentation guidance in the accounting standard had been applied to fiscal 2017
results.

7 7