Valueline Report

LOWE’S COS. NYSE-LOW

TIMELINESS SAFETY TECHNICAL

RECENT PRICE

25.0 16.3 30.2 16.7 30.3 23.0 34.8 25.4

Median: 17.0 P/E RATIO RATIO YLD 38.24 P/E 19.0(Trailing: 22.0) RELATIVE 1.14 DIV’D 1.7%

34.8 26.2 35.7 21.0 28.5 15.8 24.5 13.0 28.5 19.3 27.5 18.1 36.5 24.8 40.0 34.4

VALUE LINE

Target Price Range 2016 2017 2018

80 60 50 40 30 25 20 15 10 7.5

2 2 2

Raised 11/30/12 Raised 4/7/06 Raised 3/8/13

High: Low:

BETA 1.00 (1.00 = Market)

Ann’l Total Price Gain Return High 65 (+70%) 16% Low 50 (+30%) 9% Insider Decisions

to Buy Options to Sell M 0 0 0 J 0 0 0 J 0 0 0 A 0 0 0 S 0 1 2 O 0 0 0 N 0 6 8 D 0 3 4 J 0 1 1

2016-18 PROJECTIONS

LEGENDS 11.5 x ″Cash Flow″ p sh . . . . Relative Price Strength 2-for-1 split 7/01 2-for-1 split 7/06 Options: Yes Shaded areas indicate recessions

2-for-1

Institutional Decisions

2Q2012 3Q2012 4Q2012 348 359 356 to Buy to Sell 446 445 505 Hld’s(000) 821734 849451 846360

% TOT. RETURN 2/13

Percent shares traded 18 12 6

THIS STOCK VL ARITH.* INDEX

1 yr. 3 yr. 5 yr.

37.1 70.2 74.1

13.4 48.2 64.7

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

7.23 8.68 10.40 12.25 14.25 16.94 19.57 23.54 27.58 30.77 33.03 32.81 32.36 36.05 .43 .53 .67 .79 1.00 1.34 1.68 2.00 2.39 2.80 2.86 2.54 2.33 2.67 .26 .34 .45 .53 .65 .93 1.16 1.36 1.73 1.99 1.86 1.49 1.21 1.44 .03 .03 .03 .04 .04 .05 .05 .08 .11 .16 .29 .34 .36 .42 1.85 2.22 3.07 3.58 4.30 5.31 6.54 7.45 9.14 10.31 11.01 12.28 13.07 13.38 1402.5 1410.6 1529.4 1533.0 1551.4 1564.0 1576.1 1548.8 1568.2 1525.0 1461.8 1470.0 1459.0 1354.0 19.5 28.2 30.1 22.0 27.5 22.7 20.9 20.0 17.7 15.4 15.4 15.1 16.8 16.1 1.12 1.47 1.72 1.43 1.41 1.24 1.19 1.06 .94 .83 .82 .91 1.12 1.02 .6% .3% .2% .3% .2% .2% .2% .3% .4% .5% 1.0% 1.5% 1.7% 1.8%

CAPITAL STRUCTURE as of 2/1/13 Tot. Debt $9077 mill. Due in 5 Yrs $2365 mill. LT Debt $9030 mill. LT Interest $495 mill. (Total int. coverage: 10.0x; LT int. earned: 10.9x) (39% of...