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Lowes Companies, Inc.

Closing 20 Underperforming Stores

October 17, 2011

Note: The Company has a quiet period that begins ten business days prior to the end of each fiscal

quarter and extends until the public release of earnings for that quarter. During the quiet period,

management is prohibited from commenting on earnings, current business trends or future

expectations. The Company is currently in its quiet period; however, it is providing the following

additional information about both the store closings and discontinued projects that it announced in a

press release issued October 17, 2011.

The Company is closing 20 underperforming stores in 15 states. Ten locations closed at the end of

business Sunday, October 16. The remaining 10 locations will close within approximately one month,

following an inventory sell-through.

The stores affected are located in:

Los Banos, CA Biddeford, ME Old Bridge, NJ

Westminster, CA Ellsworth, ME Batavia, NY

Denver, CO Ionia, MI N. Kingstown, RI

Aurora, IL Rogers, MN Emporia, VA

Oswego, IL Claremont, NH S. Tacoma, WA

Chalmette, LA Hooksett, NH Brown Deer, WI

Haverhill, MA Manchester, NH

The average age of these stores is approximately four years. The stores can be stratified by year of

opening as follows:

After 2007 10

2006 - 2007 8

Before 2006 2

Of the 20 stores, 11 are leased locations and nine are owned.

In addition to the store closings, after completing a comprehensive review of its pipeline of proposed

new stores, the Company announced it has discontinued a number of planned new store projects. The

Company now expects to open 10 to 15 stores per year from 2012 forward, compared to a prior

assumption of approximately 30 stores per year. All of these stores will be in North America. The

Company is on track to open approximately 25 stores in 2011, as planned. Approximately three-fourths

of these stores will be in the U.S. with the remainder in Canada.

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The expected financial impact of $0.17 to $0.20 per diluted share was not contemplated in the business

outlook for fiscal 2011 which the Company provided on August 15 when it released its second quarter

earnings. This expected impact reflects anticipated charges of $345 to $415 million, which include the

following:

Exit costs, including costs associated with lease obligations, employee terminations and

inventory adjustments

Impairment of long-lived assets and the write-off of discontinued project costs

The Company expects to recognize total exit costs related to the store closings and discontinued

projects of $100 to $130 million. Charges associated with lease obligations, net of estimated sublease

income, are estimated to range from $80 to $100 million. Charges associated with employee

termination costs are estimated to range from $10 to $15 million. Charges associated with the lower of

cost or market adjustments to inventory are expected to range from $10 to $15 million. All estimated

amounts are subject to change until finalized. Charges for these exit costs are expected to be recorded

in the third and fourth quarters of fiscal 2011. Total future cash outflows associated with these charges,

consisting of net payments on the lease obligations over remaining lease terms and employee

termination costs, are expected to be $90 to $115 million.

The store closings and discontinued projects are expected to result in a non-cash charge ranging from

$245 to $285 million for impairment of the Companys long-lived assets associated with these locations

and the write-off of discontinued project costs. The non-cash charge is expected to be recognized

entirely in the third quarter of fiscal 2011.