The date of this call is February 17, Before we start, let me remind you that this call is property of Wal-Mart de México S.A.B. de C.V.

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1 The date of this call is February 17, Before we start, let me remind you that this call 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 call may contain certain references concerning Wal-Mart de Mexico 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 WEBCAST 4Q14 Mexico City, February 17, 2015 This presentation may contain certain references concerning Wal-Mart de Mexico 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.

3 Mexico 4Q14 Results 2

4 Mexico Self-service: Outperforming the Industry 4Q14 Same Store Sales Growth (%) Self-service +80 bps ANTAD Self-service ex-walmex Walmex Self-service + Sam s Club Walmex Self-service Source: ANTAD & Company data. 3

5 Mexico Self-service: Bodega Aurrerá Express Significantly Outperforming ANTAD Specialty 4Q14 Same Store Sales Growth (%) bps 0.1 ANTAD Specialty Food & consumables Bodega Aurrerá Express Source: ANTAD & Company data. 4

6 Mexico: 4Q14 Results 4Q14 4Q13 % Increase (Mx$ million) $ % $ % Total revenues 111, , Gross margin 25, , General expenses 14, , Operating income 11, , EBITDA 13, ,

7 Central America 4Q14 Results 6

4 Gross margin 4,013 21.9 3,622 22.5 10.8 6.5 General expenses 2,997 16.3 2,937 18.

8 Central America: 4Q14 Results 4Q14 4Q13 % Increase (Mx$ million) $ % $ % In peso terms On a constant currency basis Total revenues 18, , Gross margin 4, , General expenses 2, , Operating income 1, EBITDA 1, ,

9 Walmart México y Centroamérica 8

10 Walmex: 4Q14 Consolidated Results 4Q14 4Q13 % Increase (Mx$ million) $ % $ % Total revenues 129, , Gross margin 29, , General expenses 17, , Operating income 13, , EBITDA 14, , Net income before disc. operations 10, , Net income 10, ,

11 2014 Results 10

12 Mexico 2014 Results 11

13 Mexico Self-service: Outperforming the Industry 2014 Sales Growth (%) Total Stores 5.5 Comparable Stores Self-service +240 bps ANTAD Self-service ex-walmex Source: ANTAD & Company data. Walmex Self-service + Sam s Club Walmex Self-service 12

Mexico: 2014 Results 2014 2013 % Increase (Mx$ million) $ % $ % Total revenues 378,778 100.0 366,393 100.0 3.4 Gross margin 83,690 22.

14 Mexico: 2014 Results % Increase (Mx$ million) $ % $ % Total revenues 378, , Gross margin 83, , General expenses 52, , Operating income 30, , EBITDA 38, ,

15 Central America 2014 Results 14

16 Central America: 2014 Results % Increase (Mx$ million) $ % $ % In peso terms On a constant currency basis Total revenues 62, , Gross margin 13, , General expenses 11, , Operating income 2, , EBITDA 4, ,

17 Walmart México y Centroamérica 16

18 Walmex: 2014 Consolidated Results % Increase (Mx$ million) $ % $ % Total revenues 440, , Gross margin 97, , General expenses 64, , Operating income 34, , EBITDA 42, , Net income before disc. operations 25, , Net income 30, ,

19 Walmex: 2014 Results Total Revenues % Growth Expenses % of Sales EBITDA Margin % +4.1 % % +20 bp + 10 bp 7.3% -90 bp +100 bp 18

20 Mexico: 2014 Same Store Sales Growth +2.0% - 5.6% -0.2% 2013 sales Self-service Sam's + Suburbia e-commerce 2014 Sales 19

21 Sam s Club: Building a Strong Foundation Center of Excellence 20

22 Long Term Priorities Sales (Mx$ billion) $437.7 EBITDA (Mx$ billion) $ Where we put the energy 2. The way we work Continuous Improvement 21

Walmex: Financial Strength Walmex Balance

23 Walmex: Financial Strength Walmex Balance Sheet Statement (December 31, 2014, Mx$ millions) 28,048 Inventories Assets Cash 47,175 Liabilities & Shareholders Equity 52,710 Suppliers Fixed assets & others 170, ,371 Shareholders equity & others TOTAL $ 246,081 22

24 Walmex: 2014 Cash Generation and Uses of Cash 7,307 12,691 37,942 21,643 3,996 6,919 Free Cash Flow Divestitures Fixed Assets Dividend Payment Share Repurchases Net Cash Flow 23

25 2015 Dividend Proposal (Mx$ per share) Ordinary Extraordinary $1.38 $ Divestitures $0.92 $0.40 $1.09 $0.55 $0.46 $0.46 $0.11 $0.44 $0.46 $0.52 $0.56 (35%) (35%) (40%) (40%) Proposal Total amount paid (Mx$ Biilion) $9.6 $16.1 $24.3 $

46 Nov 24, 2015 0.14 0.32 0.46 Feb 23, 2016 0.14 0.14 TOTAL 0.56 1.28 1.

26 2015 Dividend Proposal (Mx$ per share) 40% of 2014 earnings Extraordinary Total Apr 28, Aug 25, * 0.46 Nov 24, Feb 23, TOTAL * * 0.19 pesos per share are subject to approval and closing of Banco Walmart divestitures. 25

27 Share Repurchase (Mx$ billion) $5.0 * $3.3 $4.0 $ Proposal * Maximum amount 26

28 Social Responsibility: Community 2014 highlights: 13,507 small producers developed and selling their products to Walmex 63,300 people benefitted in disaster relief program in Mexico 133,850 associates participated as volunteers 27

29 Social Responsibility: Environmental 2014 highlights: Mx$ 874 million in savings from sustainability initiatives 42 million of kwh saved through energy efficiency initiatives in our stores 8% less water used at comp stores in Mexico 5 renewable energy projects that feed 49% of our stores in Mexico 28

30 Walmex: Upcoming Events Analysts Meeting: March 18 Mexico City (Webcast: 10:00 12:30) Shareholders Meeting: March 24 Mexico City 2014 Annual Report (Financial and Social Responsibility) 29

31 WEBCAST 4Q14 Mexico City, February 17, 2015 FCPA Please refer to our Note in the 2Q12 Financial Statements: Legal Proceedings in 30

WEBCAST 4Q11 February 20, 2012

WEBCAST 4Q11 February 20, 2012 WEBCAST 4Q11 This presentation may contain certain references concerning Wal-Mart de Mexico s future performance that should be considered as good faith estimates made by the Company. These references