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a level of growth unmatched in our market. While We organize our approach to ESG around three key
we are the leader in our space, our market is large pillars, which embody the values inherited from our
and fragmented. We estimate our current market founders: Focus on People, Strengthen Communities
share to be approximately 15 percent of a $650 and Operate Sustainably.
billion addressable market, so there is significant
opportunity for continued market share capture as Our commitment to upholding our culture and values
we move forward. not only drives strong business practices, but has
also enabled us to deliver industry-leading results.
We will maintain our disciplined approach to capital Underpinning our strategy to create the One Home
allocation. Our strong performance has allowed us to Depot experience is our desire to create value for
invest more than anyone in our space, while returning all stakeholders. This includes our shareholders, our
capital to shareholders in the form of dividends and associates, our customers, our supplier partners and
share repurchases. During fiscal 2019, after investing the communities we serve.
in the business, we returned approximately $13 billion
to our shareholders in the form of dividends and I am incredibly proud of the progress our team has
share repurchases. made as we transform ourselves into The Home
Depot of the future. As we look forward to fiscal 2020,
We believe that ultimately scale, combined with a I am more excited than ever about the opportunities
low-cost position, will win in retail, and we intend to that lie ahead as we invest to unlock the power of
deploy and leverage our scale in home improvement an interconnected One Home Depot experience by
to win with the customer and deliver exceptional enhancing our already strong foundation in order to
returns to shareholders. deliver value for years to come.

Our Culture
When our founders opened the first Home Depot
stores over forty years ago, they did so within the
construct of a well-defined culture and values
system. This culture is foundational to our business
and provides the lens through which we evaluate
and manage important environmental, social and Craig Menear
governance (“ESG”) issues that impact our business. March 25, 2020