The Home Depot Declares Second Quarter Dividend of 22.5 Cents; Names Armando Codina to Its Board of Directors

    ATLANTA, Aug. 16 /CNW/ -- The Home Depot(R), the world's largest home
improvement retailer, today announced that its board of directors declared a
second quarter cash dividend of 22.5 cents per share.  The dividend is payable
on September 13 to shareholders of record on the close of business on August
    (Logo: )
    This is the 82nd consecutive quarter the Company has paid a cash dividend
and reflects the board's continued commitment to creating shareholder value.
Since 2002, the Company has returned $20.6 billion to shareholders through
$4.1 billion in dividends paid and $16.5 billion in share repurchases.  Since
the inception of its share repurchase program in 2002, the Company has
repurchased 454 million shares, which is 19 percent of its outstanding shares.
    New Board Member
    The Home Depot today announced the appointment of Armando Codina, 60, to
its board of directors.  Mr. Codina is the President and CEO of Flagler
Development Group, a commercial real estate firm in Florida which is a
subsidiary of Florida East Coast Industries, Inc. (FECI).  FECI was acquired
in July of this year by funds managed by Fortress Investment Group LLC, a
leading global alternative asset manager with approximately $36 billion in
assets under management.  At the time of the acquisition, Mr. Codina was the
largest private shareholder of FECI, having sold his 26-year-old predecessor
firm, the Codina Group, to FECI in April 2006.  Prior to establishing the
Codina Group, Mr. Codina was president of Professional Automated Services,
Inc., a firm created in 1970 to provide data processing services to
    "We are extremely pleased to have a business leader and entrepreneur of
the caliber of Armando Codina join our board of directors," said Frank Blake,
chairman & CEO of The Home Depot. "He brings enormous financial, operational
and strategic expertise to the board and to our business."
    With today's appointment, The Home Depot's board consists of 12 members,
with 11 of them being outside directors.
    The Home Depot(R) is the world's largest home improvement specialty
retailer, with 2,202 retail stores in all 50 states, the District of Columbia,
Puerto Rico, U.S. Virgin Islands, 10 Canadian provinces, Mexico and China. In
fiscal 2006, The Home Depot had sales of $90.8 billion and earnings of $5.8
billion. The Company employs approximately 364,000 associates. The Home
Depot's stock is traded on the New York Stock Exchange (NYSE:   HD) and is
included in the Dow Jones industrial average and Standard & Poor's 500 index.

For further information:

For further information: Financial Community, Diane Dayhoff, Sr. Vice 
President of Investor Relations, +1-770-384-2666,, or News Media, Paula Drake, Sr. Public Relations 
Manager, +1-770-384-3439,, both of The Home Depot
Web Site:

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