Wal-Mart Stores, Inc. (NYSE:WMT) & Walmart de México y Centroamérica (BMV:Walmex)

2014 International Meeting for the Investment Community

Mexico City

February 24 - 25, 2014 This presentation is property of Wal-Mart de México S.A.B. de C.V. and is intended for the use of the company’s shareholders and the investment community. It should not be reproduced in any way.

This presentation may contain certain references concerning Wal-Mart de S.A.B. de C.V.’s future performance that should be considered as good faith estimates made by the Company.

These references only reflect management expectations and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the Company’s actual performance.

2 Table of contents

 History of Walmex 4

 Walmex Today 11

 Financial Information 29

 Competitors 35

 Walmex Resources 43

3 History of Walmex History: founded in 1958 City with 1 Walmex presence 1958

1958 First Aurrerá 1959

First Superama 1964

First Vips 1970

First Bodega Aurrerá First Suburbia 1977

Cifra starts trading on the Mexican Exchange

5 History: Walmart’s first international Cities with 11 Walmex presence & 1991

1991 Joint venture First Sam’s Club between Cifra and in Wal-Mart Stores, Inc.

1993

First Walmart Supercenter in Mexico City

MEXICAN STOCK 1997 Stores, Inc. EXCHANGE

Wal-Mart Stores, Inc. acquires majority position in Cifra - Tender offer on the MSE

6 History: EDLP successfully introduced into Mexico Cities with 38 Walmex presence 1999

1999 Introduction of EDLP 2003

Walmart de México Foundation created 2004

Wal-Mart Stores, Inc. acquires 2005 33% of the shares of CARHCO First Mi Bodega (Central American 2005 Holding Company)

2006 Wal-Mart Stores, Inc. increases its holding to 51% of CARHCO Superama.com.mx 2007 Online grocery sales pilot

License issued to operate a bank in Mexico

7 History: “Bodegas” expansion and incorporation of Central America Cities with 224 Walmex presence

2008 2008

First Bodega Aurrerá Express

2010

Walmart de México acquires 100% of Walmart Centroamérica 2011

First Walmart Supercenter in Central America (Honduras) 2013

Walmart.com.mx launches

8 Continuous profitable growth

Sales EBITDA (Mx$ billion) (Mx$ billion) 420.6* 40.2* CAGR : 13.6% CAGR: : 15.5%

118.0 9.5

2003 2013 2003 2013

* Walmex fiscal year: January-December 2013

9 Growth across multiple formats

Total Sales (Mx$ billion) 173.6* Total Sales (Mx$ billion) (Mx$ billion) 112.0* Total Sales 93.3* % CAGR 17.7% % CAGR 13.3% % CAGR 10.4% 33.9 32.1 34.6

2003 2013 2003 2013 2003 2013

Total Sales (Mx$ billion) 28.1* Total Sales (Mx$ billion) 13.5* % CAGR 14.5% % CAGR 8.3% 6.1 7.3

2003 2013 2003 2013 * Walmex fiscal year: January-December 2013

10 Walmex Today Walmex: Listed on the Mexican

Wal-Mart Stores, Inc. 70% 30%

ADR: WMMVY OTCQX

• Market Cap: Mx$ 531 bn1 • Weight on the MSE index: 7.05% • 3rd most traded stock on the MSE

Mexican Stock Exchange Sustainable Index

1. As of February 12, 2014

12 Company description

December 31,2013 Contribution to 2013 sales* Annual sales (Mx$ billion) 420.6*

Units 2,861 Mexico

Countries 6 86.5%

Cities 540 Central America** Business formats 5 13.5% e-Commerce sites 2

Distribution centers 24 **Costa Rica El Salvador Associates (thousand) +225 Guatemala Honduras Nicaragua * Walmex fiscal year: January-December 2013

13 Basic general merchandise, food and household items at the best prices.

Value Driver: Price

% of Walmex sales 41.3 Customer target D, E Cities – Mexico 420 – Central America 111 Operating units – Mexico 1,589 – Central America 541

SQ. FT. SKUs Proposition “Bodegas” 45,800 32,000 Weekly shopping

11,400 11,200 Small towns

Discount Stores 3,800 4,400 Fill-in trip

14 Mama Lucha

She is the average Mexican housewife: she wants the best for her family, but faces a constant struggle (lucha in Spanish) to make ends meet.

She is Mexico’s favorite luchadora, who fights against high prices together with Bodega Aurrerá. She brings the lowest prices to all families.

15 Widest assortment of goods at every day low prices.

Value Drivers: Price and assortment

% of Walmex sales 26.6 Average sq. ft. 82,900 SKUs 90,000 Customer target B, C, D+

Cities 87 Prototypes 3 Operating units – Mexico 243 – Central America 20

16 Carrito Carrito is the perfect shopping partner. He knows our customer better than anyone and he understands what motivates her to shop.

Only Carrito can join, advise and listen to our customer in order to help her find everything she needs when she comes to Walmart.

Qualities: Friendly, curious, helpful, observer, good listener, fun, responsible, practical, intelligent, ally, accomplice.

17 Membership warehouse clubs focused on and high income households.

Value Drivers: Price leader, volume, new and unique merchandise

% of Walmex sales 22.2 Average sq. ft. 76,700 SKUs 4,500 Customer target A, B, C+, Business

Cities 87 Prototypes 4 Operating units – Mexico 156 – Central America 1

18 Business Member Individual Member

19 Supermarkets SupermarketsNeighborhood located supermarkets in residential with areasoutstanding fresh and food departments at reasonable prices.

Value Drivers: Quality, convenience and service

% of Walmex sales 6.7 Average sq. ft. 16,100 SKUs 30,000 Customer target A, B, C+

Cities 45 Prototypes 2 Operating units – Mexico 92 – Central America 100

20 Local format branding

Costa Rica Nicaragua

Guatemala & Honduras

Mexico

El Salvador

21 Basic fashion for the entire family.

Value Drivers: Fashion with the best value, price-quality ratio

% of Walmex sales 3.2 Average sq. ft. 42,800 Customer target C+, D

Cities 42 Prototypes 3 Operating units – Mexico 109

22 23 Superama.com.mx: online grocery sales leader

Mobile Apps Web page

Call Center Source: Euromonitor International

24 Walmart.com.mx: online general merchandise

Differentiated catalogue

Delivery •Audio •Home •Auto •Household Appliances •Baby •Toys •Cell Phones •Pets •Computers •Health & Beauty •Sports •Video Games •Electronics Categories

25 Flexible multiformat operation Flexible Prototypes

D E

B C D+

A

Income Income Level B C+

C+ D

Sales Area (Sq. Ft.) 0 20,000 40,000 60,000 80,000 100,000

26 Regional store presence

Cities with 540 Walmex presence

As of December 31, 2013

27 Efficient distribution network

Monterrey (2) 24 Distribution Centers

Mexico City (6) Culiacán (1)

San Pedro (2)

Guadalajara (2) Managua (2) Villahermosa (2)

Guatemala (2) San José (2) Amatitlán (1) Tegucigalpa (1) El Salvador (1)

28 Financial Information Walmex: 2013 Results*

2013 2012 % Increase % ex one-time Increase store lease (Mx million) $ % $ % expense

Total revenues 425,161 100.0 412,060 100.0 3.2 3.2

Gross margin 93,624 22.0 90,228 21.9 3.8 3.8

General expenses 62,102 14.6 58,541 14.2 6.1 5.2

Operating income 31,532 7.4 31,422 7.6 0.3 2.0

EBITDA 40,222 9.5 39,860 9.7 0.9 2.2

Net Income 22,713 5.3 23,269 5.6 -2.4 -0.8

* Walmex fiscal year: January-December 2013

30 Mexico: 2013 Results*

% Increase 2013 2012 % ex one-time store lease (Mx million) $ % $ % Increase expense

Total revenues 367,731 100.0 355,798 100.0 3.4 3.4

Gross margin 80,785 22.0 78,563 22.1 2.8 2.8

General expenses 51,394 14.0 48,422 13.6 6.1 5.3

Operating income 29,416 8.0 30,336 8.5 -3.0 -1.6

EBITDA 36,778 10.0 37,088 10.4 -0.8 0.3

* Walmex fiscal year: January-December 2013

31 Central America: 2013 Results*

% Increase ex one-time 2013 2012 % Increase store lease expense In peso On a constant In peso On a constant (Mx million) $ % $ % terms currency basis terms currency basis

Total revenues 57,430 100.0 56,262 100.0 2.1 5.7 2.1 5.7

Gross margin 12,839 22.4 11,665 20.7 10.1 14.0 10.1 14.0

General expenses 10,708 18.6 10,119 18.0 5.8 9.6 4.8 8.5

Operating income 2,116 3.7 1,460 2.6 45.0 50.1 52.1 57.5

EBITDA 3,444 6.0 2,772 4.9 24.3 28.7 28.0 32.6

* Walmex fiscal year: January-December 2013

32 Financial strength

Walmex Balance Statement December 31, 2013 (Mx$ million) Liabilities & Assets Shareholders’ Equity Cash 23,35921,129 Acct’s receivable 41,88147,609 Suppliers (Banco Walmart) 3,3374,784 Acct’s payable Inventories 36,35943,795 3,9894,808 (Banco Walmart)

Fixed assets & Shareholders’ others 152,060160,554 169,245177,845 equity & others

TOTAL $ 230,262

33 Openings 2013

“Bodegas” 65 Discount Stores 118 Walmex sales floor growth 19 % 14 7.1 Supermarkets 5 4.7 million sq. ft.* 10 Mexico 4 7.2% 235 Central America

6.1% * 6.7 million total box sq. ft.

34 Competitors Selected self-service competitors

Listed on the MSE Sales* (Mx$ bn) Private 105.5

65.7

46.7

* Last 12 months to September 30, 2013

36 ANTAD: Self-service and Department Stores Association

Mx $1,128 billion in sales

+100 Members

273.4 million sq. ft.

Self-service Department Specialized % Participation to sales 61.2 18.4 20.4

37 Informal market remains a large competitor

38 Associates

2013 highlights:

• $98 million pesos invested in training

• 1.5 average training days per associate

• 31% of management positions are filled by women

39 Community support

2013 highlights: • $504.3 million pesos channeled to the communities of the region • 139,045 volunteer associates • 60,000 women participated in the first two years in the program “Women Can Count on Us”

40 Community support

• 1,888 tons channeled to the Mexican Red Cross for disaster relief

• Supporting nutrition through 333 food banks

• 5,859 small producers commercialized their products at our stores

41 Environmental commitment and success

2013 highlights:

• 71 million of kWh saved through energy-efficient use of lighting equipment and systems.

• Over 245,000 tons of organic waste recycled or transformed.

• 1,280 tons of plastic saved by the “Green Bag” program in Mexico.

• Over 106 million gallons of water saved by water-efficient equipment in our stores in Mexico.

42 Walmex resources

 Investor Relations: www.walmex.mx Corporate: www.walmartmexicoycam.com.mx  Online & sales: www.superama.com.mx www.walmart.com.mx

 Other business formats: www.sams.com.mx www.suburbia.com.mx www.bancowalmart.com.mx

43