# EDGAR Filing Document

**Accession Number:** 0000354950
**File Stem:** 0001104659-25-064205
**Filing Date:** 2025-6
**Character Count:** 26435
**Document Hash:** 88a772fdeebdf7e4b48bc7a915627cf1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064205.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001104659-25-064205

**CONFORMED SUBMISSION TYPE**: SC TO-C

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GMS Inc.
- **CENTRAL INDEX KEY:** 0001600438
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** SC TO-C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89877
- **FILM NUMBER:** 251093123

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CRESCENT CENTRE PARKWAY
- **STREET 2:** SUITE 800
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30084
- **BUSINESS PHONE:** 800-392-4619

**MAIL ADDRESS:**
- **STREET 1:** 100 CRESCENT CENTRE PARKWAY
- **STREET 2:** SUITE 800
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30084

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GYP Holdings I Corp.
- **DATE OF NAME CHANGE:** 20140218
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOME DEPOT, INC.
- **CENTRAL INDEX KEY:** 0000354950
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 953261426
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0201

**FILING VALUES:**
- **FORM TYPE:** SC TO-C

**BUSINESS ADDRESS:**
- **STREET 1:** 2455 PACES FERRY ROAD
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30339-4024
- **BUSINESS PHONE:** 770-433-8211

**MAIL ADDRESS:**
- **STREET 1:** 2455 PACES FERRY ROAD
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30339-4024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOME DEPOT INC
- **DATE OF NAME CHANGE:** 19920703

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE TO** 

**Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1)** 

**of the Securities Exchange Act of 1934** 

**GMS INC.** 

**(Name of Subject Company)** 

**GOLD ACQUISITION SUB, INC.** 

**(Offeror)** 

**an indirect, wholly-owned subsidiary of** 

**The Home Depot, Inc.**

**(Parent of Offeror)** 

**(Names of Filing Persons)** 

**Common stock, par value $0.01 per share** 

**(Title of Class of Securities)** 

**36251C103**

**(CUSIP Number of Class of Securities)** 

**Teresa Wynn Roseborough** 

**The Home Depot, Inc.** 

**2455 Paces Ferry Road** 

**Atlanta, Georgia 30339** 

**(770) 852-9000** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)** 

***With a copy to:***

**Michael J. Aiello, Esq.**

**Michelle A. Sargent, Esq.**

**Weil, Gotshal & Manges LLP**

**767 Fifth Avenue New York, New York 10153**

**(212) 310-8000**

**CALCULATION OF FILING FEE** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Transaction Valuation\*** | **Amount of Filing Fee\*** |
| &nbsp;&nbsp;&nbsp;Not Applicable\* | Not Applicable\* |

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\* A filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the commencement of a tender offer.

¨ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

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| | |
|:---|:---|
| Amount Previously Paid: N/A | Filing Party: N/A |
| Form or Registration No.: N/A | Date Filed: N/A |

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⌧ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

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| | |
|:---|:---|
| x | third-party tender offer subject to Rule 14d-1. |
| ¨ | issuer tender offer subject to Rule 13e-4. |
| ◻ | going-private transaction subject to Rule 13e-3. |
| ◻ | amendment to Schedule 13D under Rule 13d-2. |

---

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

◻ Rule 13e-4(i) (Cross-Border Issuer Tender Offer) <br> ◻ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

This Schedule TO-C consists of the following documents related to the proposed acquisition of GMS Inc.:

&nbsp;&nbsp;&nbsp;&nbsp;1. Email to all The Home Depot, Inc. associates from Ted Decker, dated June 30, 2025, a copy of which is attached hereto as Exhibit 99.1
and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;2. Email to all SRS Distribution Inc. associates from Dan Tinker, dated June 30, 2025, a copy of which is attached hereto as Exhibit
99.2 and incorporated herein by reference.

The items listed above were first used or made available on June 30, 2025.

**Additional Information and Where to Find It**

The tender offer for all of the outstanding shares of GMS Inc. ("GMS") common stock referenced in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that The Home Depot, Inc. ("The Home Depot" and, collectively with its subsidiaries unless the context otherwise indicates, the "Company") and its acquisition subsidiary will file with the SEC upon the commencement of the tender offer. The solicitation and offer to buy GMS stock will only be made pursuant to an Offer to Purchase and related tender offer materials. At the time the tender offer is commenced, The Home Depot and its acquisition subsidiary will file a tender offer statement on Schedule TO and thereafter GMS will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. GMS STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF GMS SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of GMS stock at no expense to them. The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov. Additional copies may be obtained for free by contacting The Home Depot or GMS. Copies of the documents filed with the SEC by GMS will be available free of charge on GMS's internet website at https://investor.gms.com. Copies of the documents filed with the SEC by The Home Depot will be available free of charge on The Home Depot's internet website at https://ir.homedepot.com/ or by contacting The Home Depot's Investor Relations Department at (770) 384-2871.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, The Home Depot and GMS each file annual, quarterly and current reports and other information with the SEC. The Home Depot and GMS's filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at http://www.sec.gov.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements contained herein constitute "forward-looking statements" as defined in the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on currently available information and current assumptions, expectations and projections of The Home Depot about future events, and may use words such as "may," "will," "could," "should," "would," "anticipate," "intend," "estimate," "project," "plan," "believe," "expect," "target," "prospects," "potential," "commit" and "forecast," or words of similar import or meaning or refer to future time periods. Forward-looking statements may relate to, among other things, the proposed acquisition of GMS (the "potential acquisition"); the potential benefits of the potential acquisition, including with respect to future financial performance; the anticipated timing of closing of the potential acquisition (including to obtain necessary regulatory approvals); and the anticipated funding for the potential acquisition. Forward-looking statements are subject to substantial risks and uncertainties, including, but not limited to, the following: the possibility that the potential acquisition does not close on the anticipated timeframe or at all (including failure to obtain necessary regulatory approvals and uncertainties as to how many of GMS's stockholders will tender their shares in the tender offer); risks related to the ability to realize the anticipated benefits of the potential acquisition, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the risk that the businesses will not be integrated successfully; disruption from the potential acquisition making it more difficult to maintain business and operational relationships; negative effects of announcing the potential acquisition or the consummation of the potential acquisition on the market price of the Company's or GMS's common stock, credit ratings or operating results or on relationships with customers, suppliers and other counterparties; significant costs associated with the potential acquisition; unknown liabilities; the risk of litigation and/or regulatory actions related to the potential acquisition; the demand for the Company's or GMS's products and services, including as a result of macroeconomic conditions and changing customer preferences and expectations; the effects of competition; the Company's brand and reputation; implementation of interconnected retail, store, supply chain, technology innovation and other strategic initiatives, including with respect to real estate; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer and trade credit; the impact of tariffs, trade policy changes or restrictions, or international trade disputes and efforts and ability to continue to diversify the Company's supply chain; issues related to the payment methods the Company accepts; demand for credit offerings including trade credit; management of relationships with the Company's associates, jobseekers, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt the Company's business, supply chain, technology infrastructure, or demand for the Company's products and services, such as tariffs, trade policy changes or restrictions or international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, labor disputes, geopolitical conflicts, military conflicts, or acts of war; the Company's ability to maintain a safe and secure store environment; the Company's ability to address expectations regarding sustainability and human capital management matters and meet related goals; continuation or suspension of share repurchases; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; the Company's ability to issue debt on terms and at rates acceptable to the Company; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including executive orders and other administrative or legislative actions, such as changes to tax laws and regulations; store openings and closures; and the impact of other acquired companies on the Company's organization and the ability to recognize the anticipated benefits of any other acquisitions.

These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond the Company's control, dependent on the actions of third parties, or currently unknown to the Company – as well as potentially inaccurate assumptions that could cause actual results to differ materially from the Company's historical experience and its expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. "Risk Factors," and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2025 and also as described from time to time in reports subsequently filed by the Company with the Securities and Exchange Commission (the "SEC"). There also may be other factors that the Company cannot anticipate or that are not described herein, generally because the Company does not currently perceive them to be material. Such factors could cause results to differ materially from the Company's expectations. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission and in its other public statements.

**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2519425d2_ex99-1.htm) | [Email to all The Home Depot, Inc. associates from Ted Decker, dated June 30, 2025.](tm2519425d2_ex99-1.htm) |
| [99.2](tm2519425d2_ex99-2.htm) | [Email to all SRS Distribution Inc. associates from Dan Tinker, dated June 30, 2025.](tm2519425d2_ex99-2.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

<br>June 30, 2025<br> To: All the Home Depot, Inc. Associates<br> From: Ted Decker<br> Subject: SRS to Acquire GMS

Hi team,

This morning, I'd like to share the exciting news that The Home Depot has entered into a definitive agreement for SRS to acquire GMS Inc., a leading building materials distribution company serving residential and commercial contractors across the U.S. and Canada. Following the completion of the acquisition, GMS will be a wholly owned subsidiary of SRS Distribution.

GMS is one of the leading distributors of specialty building products including drywall, ceilings, steel framing and other complementary products related to construction and remodeling projects. This acquisition will expand SRS's offerings and expertise into new verticals that are adjacent to its existing business and will accelerate SRS's vision of becoming a leading multi-category building materials distributor. GMS brings differentiated capabilities, product categories, and customer relationships that are highly complementary to SRS's business today. Together, the SRS and GMS network will comprise more than 1,200 locations and a fleet of more than 8,000 trucks across 48 states and six Canadian provinces, expanding SRS's distribution footprint, including branch growth into Canada.

Winning with our Pro customers will fuel The Home Depot's next growth chapter, and we're attacking this opportunity in several strategic ways. The work we've done so far—and continue to do—to build our Pro capabilities is critical to growing share of wallet with this important customer segment. Last year's acquisition of SRS helped us create significant cross-selling synergies, accelerate our enterprise trade credit program, and many other initiatives that are driving customer value and operational efficiency. With the combination of SRS and GMS, we'll be able to unlock even more opportunities for growth.

John "JT" Turner, along with his senior leadership team, will continue to lead GMS as part of the SRS organization, reporting to Dan Tinker.

Please keep in mind that this acquisition is subject to customary closing conditions, including the receipt of required regulatory approvals, and has not yet closed. Until it does, The Home Depot (including SRS) and GMS must continue to operate independently and carry on "business as usual" in all respects. In the coming weeks and months, Home Depot associates should not contact anyone at GMS or comment on the announcement in public forums or online. If you are approached for comment by the press or other third parties, please contact Public_Relations@HomeDepot.com or Investor_Relations@HomeDepot.com.

I'm looking forward to welcoming JT and the entire GMS team to The Home Depot family and am excited about the opportunities ahead.

![](image_001.jpg)

Ted Decker

Chair, President and CEO, The Home Depot

**Additional Information and Where to Find It**

The tender offer for all of the outstanding shares of GMS common stock referenced in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that The Home Depot and its acquisition subsidiary will file with the Securities and Exchange Commission (the "SEC") upon the commencement of the tender offer. The solicitation and offer to buy GMS stock will only be made pursuant to an Offer to Purchase and related tender offer materials. At the time the tender offer is commenced, The Home Depot and its acquisition subsidiary will file a tender offer statement on Schedule TO and thereafter GMS will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. GMS STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF GMS SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of GMS stock at no expense to them. The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov. Additional copies may be obtained for free by contacting The Home Depot or GMS. Copies of the documents filed with the SEC by GMS will be available free of charge on GMS's internet website at https://investor.gms.com. Copies of the documents filed with the SEC by The Home Depot will be available free of charge on The Home Depot's internet website at https://ir.homedepot.com/ or by contacting The Home Depot's Investor Relations Department at (770) 384-2871.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, The Home Depot and GMS each file annual, quarterly and current reports and other information with the SEC. The Home Depot and GMS's filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at http://www.sec.gov.

## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| ![](image_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan Tinker<br> President & CEO |

---

To: All SRS Distribution Inc. Associates

**Re: Announcement of Pending New Vertical**

Date: June 30, 2025

Team,

I have big news to share this morning. Home Depot has entered into a deﬁnitive agreement for SRS to acquire GMS Inc., a leading interior building materials distributor serving residential and commercial contractors and home builders. GMS is a company that has long been admired and followed by many at SRS, and in fact our former Chairman, Ron Ross served on their board for many years. Our leadership team is thrilled to announce that GMS will be our ﬁrst new vertical since we partnered with The Home Depot last summer to form their specialty distribution platform for the Pro segment.

GMS is one of the leading distributors of specialty building products including wallboard, ceilings, steel framing, and other complementary products related to residential and commercial construction and remodeling projects. This acquisition expands SRS's oﬀerings and expertise into a new interiors focused stand-alone vertical underneath the SRS Distribution umbrella similar to Heritage Outdoor and SRS Building Products. It accelerates SRS's vision of becoming a leading multi-category building materials distributor. GMS brings diﬀerentiated capabilities, product categories, and customer relationships that are highly complementary to SRS's business today. With over **400 distribution points** across **48 states** and **six Canadian provinces**, it also meaningfully expands SRS's distribution footprint and ﬂeet, including an entry into Canada and becoming an international company. Once completed, the three SRS divisions will operate over 1,200 locations and have a ﬂeet of over 8,000 strong. John "JT" Turner, CEO of GMS, will be a direct report to me and I want to welcome all of the hard-working associates at GMS to the SRS family.

Winning with pro customers is critical to fueling The Home Depot's next growth chapter, and this addition to the SRS specialty distribution platform will be critical to growing share of wallet and create signiﬁcant cross-selling synergies. Please keep in mind that this acquisition is subject to customary regulatory approvals and has not yet closed. Until it does, The Home Depot (including SRS) and GMS must continue to operate independently and carry on "business as usual" in all respects. In the coming weeks and months, Home Depot and SRS associates should not contact anyone at GMS or comment on the announcement in public forums or online. If you are approached for comment by the press or other third parties, please contact The Home Depot's Investor Relations or Public Relations team.

I'm looking forward to welcoming JT and the entire GMS team to SRS Distribution and the broader Home Depot family and could not be more excited about this amazing journey we are all on together.

All the best,

![](image_003.jpg)

SRS Distribution Inc. / 7440 State Highway 121 / McKinney, TX 75070 / 972-547-0537

www.srsdistribution.com

---

| | |
|:---|:---|
| ![](image_002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dan Tinker<br> President & CEO |

---

**<u>Additional Information and Where to Find It</u>**

The tender oﬀer for all of the outstanding shares of GMS common stock referenced in this communication has not yet commenced. This communication is for informational purposes only and is neither an oﬀer to purchase nor a solicitation of an oﬀer to sell securities, nor is it a substitute for the tender oﬀer materials that The Home Depot and its acquisition subsidiary will ﬁle with the Securities and Exchange Commission (the "SEC") upon the commencement of the tender oﬀer. The solicitation and oﬀer to buy GMS stock will only be made pursuant to an Oﬀer to Purchase and related tender oﬀer materials. At the time the tender oﬀer is commenced, The Home Depot and its acquisition subsidiary will ﬁle a tender oﬀer statement on Schedule TO and thereafter GMS will ﬁle a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender oﬀer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. GMS STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF GMS SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. The Oﬀer to Purchase, the related Letter of Transmittal and certain other tender oﬀer documents, as well as the Solicitation/Recommendation Statement, will be made available to all holders of GMS stock at no expense to them. The tender oﬀer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov. Additional copies may be obtained for free by contacting The Home Depot or GMS. Copies of the documents ﬁled with the SEC by GMS will be available free of charge on GMS's internet website at https://investor.gms.com. Copies of the documents ﬁled with the SEC by The Home Depot will be available free of charge on The Home Depot's internet website at https://ir.homedepot.com/ or by contacting The Home Depot's Investor Relations Department at (770) 384-2871.

In addition to the Oﬀer to Purchase, the related Letter of Transmittal and certain other tender oﬀer documents, as well as the Solicitation/Recommendation Statement, The Home Depot and GMS each ﬁle annual, quarterly and current reports and other information with the SEC. The Home Depot and GMS's ﬁlings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at http://*www.sec.gov*.

SRS Distribution Inc. / 7440 State Highway 121 / McKinney, TX 75070 / 972-547-0537

www.srsdistribution.com