To: The Home Depot Directors, Officers and Associates:

The Home Depot has a strong commitment to ethics and integrity, and our core values define the means by which we do business. Doing the right thing each and every day for the benefit of our Associates, customers, vendors, suppliers and the communities we serve is critical to our ongoing success.

Each day we are challenged to be fair and consistent, to be compliant with the laws that govern our activities, and to notify others when something needs to be corrected. Our Business Code of Conduct and Ethics provides you with guidance in making the right choices when called upon to do so. Please become familiar with this Policy, as well as all of our Corporate Compliance Policies and Standard Operating Procedures. As you review these materials, please keep in mind that it is not simply the letter of the policy, but the spirit of our Policies that we all must embrace.

If you are faced with a situation where you think our Company values or compliance with the law may be in question, you should bring this to the attention of your Manager, your Human Resource Manager, the Corporate Compliance Department, or, if you prefer, you may anonymously report your concerns through the AwareLine at (800) 286-4909.

In working together, we will maintain our values and ensure the success of The Home Depot.

Thank you.

Sincerely,
Frank Blake, Chairman and CEO