1 International Doug McMillon President & Chief Executive Officer

2 International leadership team

Enrique Ostalé Scott Price David Cheesewright Judith McKenna Cathy Smith Latin America Asia UK, Canada, Africa Strategy & Development Finance

Tom Waldron Maggie Sans Daniel Trujillo Tim Cheatham People Corporate Affairs Chief Compliance Officer General Counsel

3 Delivering on commitments

Last year’s key takeaways Progress YTD

Disciplined growth Disciplined growth . EDLP transition . EDLP progress in every market . New store execution . New store performance improving . E-commerce capabilities . E-commerce capabilities developing

Improve returns Improve returns . Leverage expenses . Did not leverage in the first half . Capital discipline . Slowed new store growth to improve quality

Deeper talent Improved depth and strengthened capabilities

Excellence in compliance Global organization and foundation in place

Social and environmental leadership Progress on energy, waste and supply chain

4 FY14 first half financial performance

Sales growth Operating income growth

4.7%

(2.9%) 0.1% 2.9%

Reported Excl. Currency Adjusted Reported Excl. Currency Adjusted China & Brazil impact China & Brazil impact eCommerce eCommerce

5 Winning market share FY14 first half

Walmart Growth 25.8% 24.0% Market Growth

13.6% 9.9% 10.4% 8.1% 8.3% 8.9% 6.7% 6.1% 6.1% 4.7% 4.5% 3.7% 2.5% 0.8%

Argentina Brazil Chile Mexico & China -0.8% -0.4% South Canada UK Central Japan Africa America

6 Expense leverage performance

20.0% 20.0%

19.7% 19.7% 19.6%

19.5% 19.4%

19.0% FY09 FY10 FY11 FY12 FY13

7 FY14 first half expense leverage performance

X X X X X

China Japan South Africa Chile India UK Mexico & Canada Brazil Argentina & Sub-Saharan Central Africa America

Units per labor hour improvement vs. LY . Property, health & welfare taxes . eCommerce investments UK

. Customer experience investments . eCommerce investments Canada

8 Strong return on investment

Wal-Mart Stores, Inc.

Notes: The ROIs above are non-GAAP measures and are based on information as of December 31, 2012. The ROI information above is based on public information and internal data for Wal-Mart Stores, Inc. and International. Our information for Walmart’s competitors is based on public information and information from Capital IQ. ROIs for Walmart’s competitors above have been calculated utilizing Walmart’s ROI methodology. 9 FY13 ROI by market

Mexico Canada

Walmart International ROI

China Central UK Chile America South Africa & Argentina Sub-Saharan Japan Brazil Africa

Best-in-class in market Moderate improvement opportunity Greater improvement opportunity

Source: Information for the countries above is based on the company's internal data. Certain Walmart International segment overhead expenses have not been allocated to the markets and are not reflected in the ROI by market presented above. ROI information is a non-GAAP measure. 10 Building a great business

11 Building a great business

Disciplined growth

World-class compliance

Systems capabilities

Operational process improvement

Purpose, culture, operating principles

12 Disciplined growth

. Reset India

. Sale of VIPS restaurants in Mexico

. Close underperforming stores in Brazil . FY15 operating income benefit of +20 bps

. Close underperforming stores in China . FY15 operating income benefit of +30 bps

13 Plan to win

Be in good Portfolio businesses Management Growth

Leverage

Be the best-in-class operator

Returns 14 Be in good businesses

Invest in good . markets Portfolio Management . formats . channels . store locations

15 Be in good businesses – Mergers & Acquisitions

Focus on existing markets

Acquire capabilities

Selectively enter new markets

16 20+ year history of growth (Canada) ($ in B) Yihaodian (China), Massmart (Africa) and Netto (UK) $160 Newly acquired sales D&S (Chile) Trust-Mart (China) and JV Bharti (India) $140 Cumulative acquisition sales $135 Organic sales Sonae (Brazil), CARHCO (Central America), and $126 $120 Seiyu (Japan), Sold S. Korea and Germany $109 Cifra $97 $100 Wertkauf (Germany) $96 (Mexico) Bompreco (Brazil) $91 Mexico Makro (S. Korea) $77 $80 Argentina Interspar (Germany) and Brazil (UK) $59 $60 $53 $48 China $41 $40 (Canada) $32 $35 $23 $20 $8 $12 <$1 <$1 <$1 $1 $4 $5 $0

17 Disciplined growth

Net store sq. ft. Capital expenditure (in millions) (FY14 - FY17) 374-376 14 12-14 19 42 21 21 245 45% 362 ~ 130 million 329 sq. ft. 348 ~ 7.3% CAGR between 55%

FY09 FY10 FY11 FY12 FY13 FY14E FY15PFY15E FY15EFY15P Developed Emerging

18 Capital expenditure update

[PlaceholderFY14 – Capex numbersFY14 being FY13 FY15 CapEx detail ($ in B) reviewedEstimate with Cathy TuesdayEstimate 8am (10/1)] Actual Projection (Original) (Revised) New stores $2.5 $2.2 - $2.5 $1.9 - $2.1 $1.7 - $1.9 Remodels $0.5 $0.7 $0.7 $0.8 Logistics $0.4 $0.6 $0.4 $0.5 Other $1.2 $1.0 - $1.2 $1.0 - $1.3 $1.0 - $1.3 Total Walmart International $4.6 $4.5 - $5.0 $4.0 - $4.5 $4.0 - $4.5

Sq. ft. detail (millions) Net new store sq. ft. 19.4 20 - 22 14 12 - 14

19 Be the best-in-class operator

Drivers of growth and returns

Foundations for growth and returns

20 Drive growth with innovation – eCommerce

Grocery Home Shopping Global Walmart.com UK lead market

Offsite Offsite drive through pick up At store pick up Mobile “Click & pop up Collect”

One Store Open to Shop in Delivery the World Store to home

Connecting with Stores Online Mobile Tablet Social customers

21 A healthy core – fresh food

Chile Canada

Produce Events Your Fresh Market Launch

22 A healthy core – private brand

Japan - food UK - food UK - apparel

Chosen by You Chosen by Kids George – kidswear

23 Aggressively drive the productivity loop

The Four Ws: Grow sales Operate We Operate For Less for less EDLP journey We Move For Less

Sell We Construct For Less for less We Buy For Less Buy for less

24 Productivity loop – We Operate for Less

Process Foundations Innovation

Workforce Tunnel Management Scanning

25 Productivity loop

We Buy for Less We Move for Less We Construct for Less

UK Japan IPL leverage - global Mexico network Pre-fabricated olive oil buy design - consolidation restroom

26 Continuing on our EDLP journey

Recognized as EDLP Competitive Achieve Lowest Cost Base Lowest Basket Price Advantage

Canada Japan High inflation UK limiting effectiveness

Learning and Brazil testing concepts China Mexico &

Time Chile Central America Argentina India Cost structure too high; retail divisions implemented, Strong cost position; Using EDLC and wholesale still EDLP largely EDLP as an Early stages implementing implemented advantage South Africa & Sub-Saharan Africa Stage of maturity 27 Be the best-in-class operator

Drivers of growth and returns

Foundations for growth and returns

28 Connecting people to purpose

Merchant Culture and Leadership Depth Expertise Engagement and Diversity

29 Building leadership depth and capability

Steve Gian Carlo Michiko John Jesica Breen Nucci Otsubu Furner Duarte

Brazil Chile Japan China Chile

Gary Guilherme Steve Ann Karina Severson Loureiro Smith Bordelon Awad

Japan Brazil UK Asia Mexico 30 Compliance is part of our culture

31 Global compliance leadership

Jay Jorgensen Daniel Trujillo Phyllis Harris Seth Beal Global Chief Chief Compliance Officer Chief Compliance Global Chief Compliance Officer Compliance Officer International Officer, U.S. eCommerce & Leverage

Tom Gean Jan Saumweber Jon Avila Global Anti-Corruption Ethical Sourcing Chief Privacy Officer Compliance Officer

32 Global compliance resources

Global Chief Compliance Officer

International Chief U.S. Chief Compliance Officer Global Anti-Corruption Officer Compliance Officer

UK/Canada/ Asia Latin America U.S. Compliance UK China Mexico & Africa CCO CCO CCO Organization Central America

UK China Mexico & South Africa & Japan Central America Sub-Saharan Chile Africa South Africa & Japan Sub-Saharan Chile India Brazil Africa Canada

India Brazil Canada Argentina

Argentina

33 Compliance as a competitive advantage 14 global compliance Financial control subject areas enhancements

Anti- Ethical Licenses & Corruption Sourcing Permits . Strengthening our financial Anti-Money Food Safety Privacy controls to support a world- Laundering class anti-corruption Health & Product Antitrust compliance program Safety Safety

Consumer Health & Trade . Standardizing processes and Protection Wellness controls across markets Labor & Environment Employment

34 Case study: China

China’s rapid growth

1980 3300%

China

2013

G5 120%

1980 1985 1990 1995 2000 2005 2010 2015 2018 Projections G5: US, UK, France, Germany, Japan

35 China – global leadership talent

China US UK Canada New Zealand Singapore Hong Kong Australia Germany 36 Growth in China

Strengthening and expanding the portfolio

`

Beijing

Wuhan Shanghai Chengdu-Chongqing

Fuzhou-Xiamen Kunming Guangzhou–Shenzhen

37 China – fresh food

Delivering fresh quality Delivering fresh excitement

38 China – compliance

Ensuring quality through compliance

39 Case study: China

Increasing growth, performance and profits

. Building a strong foundation . Reducing costs . Strengthening EDLP . Growing the portfolio

We make money in China. We believe in China. We will win in China.

40 Plan to win

Be in good businesses Growth . Actively manage our portfolio

Be the best-in-class operator . Drive new growth with innovation . Sustain a healthy core Leverage . Aggressively drive the productivity loop . Build leadership depth . Make compliance a competitive advantage

Returns 41 Appendix

42 Appendix A

Market Growth Sources: Argentina: Nielsen, Brazil Nielsen, Canada: Statistics Canada ATRS, China (FMGC only): Nielsen; Japan: Ministry of Economy, Trade and Industry (METI); Chile: INE; Mexico & CAM: ANTAD (Retail and Departmental Stores Association) & Nielson (for CAM); South Africa: Government official statistics, and UK: Kantar World panel data-24 weeks ending 7th July

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