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Non-Tech : Home Depot (HD) -- Ignore unavailable to you. Want to Upgrade?

To: Don Earl who wrote (1005)	8/22/2002 1:32:39 PM
From: David Lawrence	Read Replies (1) \| Respond to of 1169

Don, You stated "At 21% interest, we're talking about the bottom of the sub prime barrel. In the current economy, the default rate on sub prime credit is running around 17%." The text from the filing you cited stated "Proprietary credit card sales accounted for approximately 21% of all Home Depot sales in fiscal 2001." From that, did you conclude that the "21% of sales" meant the interest rate was also 21%? That aside, I understand your desire for additional disclosure about the terms of the agreement. Nonetheless, there are circumstances when the need for certain aspects of these arrangements to remain confidential for competitive reasons outweigh your need to know. If the disclosures are not sufficient to meet your personal investment standards, so be it.