A B c D E F G

Exhibit TN2
2

3 VALUE LINE PUBLISHING, OCTOBER 2002

4
5 Ratio anlaysis--Lowe's
6
7
8
9 1997
10
11 Working capital (CA-NIBCL*) 772
- Fixed assets 3.110
13 Tbtal capital 3.881
14 Tax rate 36.0%
15 NOPAT (EBJT•(t-t)) 399
-
17 PROFITABILITY
18 Retwn on capital (NOPAT!Total capital)
19 Retrnn on equity (Net earnings/S. Equity)
20
21 M.<\RGINS
- Gross margin (Gross profiUSales)
23 Cash operating expenses/Sales
24 Depreciation/Sales
25 Depreciation/P&E
-
-
-
y

---i .

I< I > Model Facts J Exh l I Exh 2 I Exh3 I Exh4 I Exh5 I Exh6 I Exh7 Exh 8 I Exh TNI Exh TN
 E F G H J K

SHING, OCTOBER 2002

ysis--Lowe's

Fiscal year
1997 1998 1999 2000

772 1.012 1.460 1.539

3.110 3.759 5.319 7.201
3.881 4.771 6.779 8.739
36.0% 36.4% 36.7% 36.8%
399 530 742 886

10.3% 11.1% 10.9% 10.1%

13.7% 15.4% 14.3% 14.7%

26.5% 26.9% 27.5% 28.2%

18 0% 17.9% 18 0% 18.5%
2.4% 2.2% 2.1% 2.2%
8.0% 7.5% 6.5% 5.8%

6 I Exh7 Exh 8 I Exh TNI Exh TN2 Exh TN3 Exh'D/4

2001

2.063
8.816
10.879
37.0%
1}133

10.4%
15.3%

28.8%
18.3%
2.4%
6.2%