The document cautions that comments made during the presentation contain forward-looking statements regarding the company's financial condition, operations, plans and performance that are subject to risks and uncertainties. It notes several potential factors that could materially affect the company's ability to achieve expressed or implied results such as economic conditions, competition, and regulatory changes. The document also provides contact information for investors seeking additional information.

2. Forward Looking Statement
Comments made by management within this presentation may include "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as
amended, about our financial condition, results of operations, cash flows, plans, objectives and future performance.
Statements containing words such as "expects," "plans," "strategy," "projects," "believes," "opportunity," "anticipates,"
"desires," and similar expressions are intended to highlight or indicate "forward-looking statements." Although
management believes that the expectations, opinions, projections, and comments reflected in our forward-looking
statements are reasonable, we can give no assurance that such statements will prove to be correct. Any statements that
are made during the conference speak only as of the date on which they are made, and the Company expressly
disclaims any obligation to update them. A wide variety of potential risks, uncertainties, and other factors could materially
affect our ability to achieve the results expressed or implied by our forward-looking statements including, but not limited
to changes in general economic conditions such as continued high rates of unemployment interest rate and currencyto, changes in general economic conditions, such as continued high rates of unemployment, interest rate and currency
fluctuations, higher fuel and other energy costs, slower growth in personal income, changes in consumer spending,
changes in the rate of housing turnover, the availability and increasing regulation of consumer credit and mortgage
financing, inflation or deflation of commodity prices, and other factors which can negatively affect our customers, as well
as our ability to: (i) respond to adverse trends in the housing industry, such as the psychological effect of falling home
prices, and in the level of repairs, remodeling, and additions to existing homes, as well as a general reduction inp , p , g, g , g
commercial building activity; (ii) secure, develop, and implement new technologies and processes designed to enhance
our efficiency and competitiveness; (iii) attract, train, and retain highly-qualified associates; (iv) locate, secure, and
successfully develop new sites for store development particularly in major metropolitan markets; (v) respond to
fluctuations in the prices and availability of services, supplies, and products; (vi) respond to the growth and impact of
competition; (vii) address legislative and regulatory developments; and (viii) respond to unanticipated weather conditions
that could adversely affect sales. In addition, we could experience additional impairment losses if the actual results of
our operating stores are not consistent with the assumptions and judgments we have made in estimating future cash
flows and determining asset fair values. Additional information regarding the risks and uncertainties which may affect our
business operations and financial performance can be found in our filings with the Securities and Exchange Commission
(which are available through the Company's web site).

3. Key Takeaways
We are creating a more differentiated brand experience over the long-term.
We are keenly focused on improving our core business to compete
more effectively in the near-term.
We are developing deeper, more meaningful
relationships with customers to earn greater customer loyalty.
We continue to evaluate opportunities in new and existing international
markets.
W ll iti d t d li t li th i d fit bilitWe are well-positioned to deliver top-line growth, increased profitability
and strong cash flows, enabling us to make necessary investments
while returning significant cash to shareholders.

4. Seven Stages of Home Improvement
entngagemeotionalEn
Inspiration Planning Get Start Make Finish Enjoyment
Emo
Inspiration Planning Get
Supplies
Start Make
Progress
Finish Enjoyment
We have an opportunity to engage customers across the seven stages of
h i t ti diff ti t d b d ihome improvement, creating a more differentiated brand experience so we
remain top of mind and garner a greater share of wallet.

5. PROMISE EXECUTION
POSSIBILITIES RETAIL RELEVANCE
BETTERBETTER
EXPERIENCES
SUPPORT SEAMLESS
VALUE SIMPLE
We have chosen to deliver better experiences by pulling together the bestWe have chosen to deliver better experiences by pulling together the best
combination of possibilities, support and value.

6. Multi-year Transformation
2011 2012 2013
IT Infrastructure
Retail Relevance
Seamless & SimpleSeamless & Simple

7. Retail Relevance
Product Differentiation
Value Improvement
Additional Selling Hours

8. Value ImprovementValue Improvement
ConsumerConsumer
InsightsInsights
ResetReset
LineLineVendorVendor LineLine
DesignDesign
VendorVendor
NegotiationsNegotiations
Value Improvement enhances the core by delivering improved line
designs and an appropriate balance of product cost and retail pricing.

9. Additional Selling Hours
150~150hours per week
We have an opportunity to improve close rates by adding ~150 hours
per week to the staffing model for nearly two-thirds of our stores.

10. Seamless & Simple
Flexible Fulfillment for Lowes.com
MyLowe’s
Enhanced Sales Culture
MyLowe’s
Central Production Office
Central Dispatch Office

11. International Development
Canada
• ~US$40 billion home improvement market and ~70% home
ownership
• 34 stores at end of fiscal 2012 with opportunity for at least 100• 34 stores at end of fiscal 2012 with opportunity for at least 100
stores
Mexico
• ~US$25 billion home improvement market and over 70% homeUS$25 billion home improvement market and over 70% home
ownership
• 5 stores at end of fiscal 2012 with significant opportunity for
expansion
Australia
• ~US$40 billion home improvement market and ~70% home
ownership
• One third stake in joint venture with Woolworth’s• One-third stake in joint venture with Woolworth s
• 23 stores branded Masters with opportunity for total of ~150
stores
We must take a prudent approach to entering new markets carefully studyingWe must take a prudent approach to entering new markets, carefully studying
the regulatory risk, their cultures, and historical and forecasted home
improvement opportunity.

12. Growth Drivers
SALES &
PROFITABILITY
GROWTHGROWTH
IMPROVING MACRO
INITIATIVES
IMPROVING MACRO
Our initiatives together with modest growth in the home improvement marketOur initiatives together with modest growth in the home improvement market
are expected to increase sales and improve profitability.

13. Return on Invested Capital
ROIC
 Sales growth of 4.9% annually
Operating Profitability
~400 bps of ROIC growth
Asset Productivity
~200 bps of ROIC growth
 Sales per sq ft grows to $292
 EBIT reaches 9.7% of sales
 Earnings growth of 18.0% annually
 Inventory turnover grows to 4.4x
 Asset turnover improves to 1.8x
We are focused on driving ROIC to nearly 17% by 2015 through a disciplined
capital allocation strategy and operational excellence allowing us to growcapital allocation strategy and operational excellence, allowing us to grow
profits faster than sales and sales faster than assets.

14. Investment Thesis

16. NAICS 444
Total
M k tMarket
Lowe’s is roughly 17% of NAICS 444, the Census Bureau’s measurement of
sales from retailers classified as Building Materials, Garden Equipment andg , q p
Supplies. The Total Market for our products and services is roughly twice as
large as NAICS 444.

17. Sales per Square Foot Sales per Square Foot ProfitabilityProfitability
35.0%
40.0%$300
$350
2015 Target: ~$300
10.0%
15.0%
20.0%
25.0%
30.0%
$100
$150
$200
$250
0.0%
5.0%
GM % SG&A % EBIT %
$0
$50 2015 EBIT Target: 9.7%
EPSEPS ROICROIC
$2.50
18.0%2015 Target: $3.44 2015 Target: ~17%
$1.00
$1.50
$2.00
8.0%
10.0%
12.0%
14.0%
16.0%
$0.00
$0.50
0.0%
2.0%
4.0%
6.0%

18. Inventory TurnsInventory Turns LeaseLease‐‐Adjusted Debt to EBITDARAdjusted Debt to EBITDAR
2.00
2.25 Current Target: 2.25x
4.60
4.80
2015 Target: 4.4x
0.75
1.00
1.25
1.50
1.75
3.60
3.80
4.00
4.20
4.40
0.00
0.25
0.50
3.00
3.20
3.40
4,500 3,000
Capital Expenditures ($ millions)Capital Expenditures ($ millions) Free Cash Flow ($ millions)Free Cash Flow ($ millions)
Current Annual Average Target: $1 2B 2015 Target $4 2B
2 000
2,500
3,000
3,500
4,000
1,500
2,000
2,500
Current Annual Average Target: $1.2B 2015 Target: $4.2B
0
500
1,000
1,500
2,000
0
500
1,000

19. We define EBIT Margin as earnings before interest and taxes as a percentage of sales.
EBIT Margin (Operating Margin)
Lowe’s believes that EBIT Margin is a useful measure to describe the Company’s
operating profit.
EBITDAR
We define EBITDAR as earnings before interest, taxes, depreciation, amortization,
share-based payments and rent.
EBITDAR
Lease Adjusted Debt
We define Lease Adjusted Debt as long-term debt, current maturities of long-term debt,
short-term debt and eight times the last four quarter’s rent. We believe eight times rent
is a reasonable industry standard estimate of the economic value of our leased assets.
Lease Adjusted Debt
Lowe’s believes the ratio of Lease Adjusted Debt to EBITDAR is a useful supplemental
measure as it provides an indication of the results generated by the Company and its
level of indebtedness in relation to its capital structure by reflecting cash flow that could
be used to repay debtbe used to repay debt.

20. ROIC (Return on Invested Capital)ROIC (Return on Invested Capital)
We define ROIC as trailing four quarters’ Net Operating Profit after Tax (NOPAT)
divided by the average of ending debt and equity for the last five quarters.
L ’ b li ROIC i f l f h ff ti l th C
We define Free Cash Flo as net cash pro ided b operating acti ities less propert
Free Cash Flow
Lowe’s believes ROIC is a useful measure of how effectively the Company uses
capital to generate profits.
We define Free Cash Flow as net cash provided by operating activities less property
acquired.
Lowe’s believes Free Cash Flow is a useful measure to describe the Company’s
financial performance and measures our ability to generate additional cash from ourfinancial performance and measures our ability to generate additional cash from our
business operations.
Non-GAAP financial measures should be considered in addition to, not as a substitute
for total debt net income or other measures of financial performance prepared infor, total debt, net income or other measures of financial performance prepared in
accordance with GAAP.
Lowe’s method of determining the foregoing non-GAAP financial measures may differ
from other companies and accordingly such non GAAP financial measures may not befrom other companies and accordingly such non-GAAP financial measures may not be
comparable to measures used by other companies.

21. • Tiffany Mason
Vice President Finance & Treas rerVice President Finance & Treasurer
704.758.2033
tiffany.l.mason@lowes.com
Ji Sh• Jim Shaw
Director, Investor Relations
704.758.3579
jim.b.shaw@lowes.com
• Investor Relations Website• Investor Relations Website
www.lowes.com/investor