Wal-Mart Stores, Inc. (NYSE: WMT) Charles Holley Executive Vice President & CFO

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1 Charles Holley Executive Vice President & CFO Bank of America Merrill Lynch Consumer & Retail Conference March 12,

2 Forward-looking statement Walmart includes the following cautionary statement so that any forward-looking statements made by, or on behalf of, Walmart will enjoy the safe harbor protection of the PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, as amended. Such forward-looking statements, which will describe our objectives, plans, goals, targets or expectations, can be identified by their use of words or phrases such as anticipate, estimate, expect, forecast, plan, projected, will be or words or phrases of similar import. Statements of our expectations for FY14, and any subsequent fiscal years are forward-looking. Walmart s actual results might differ materially from those expressed or implied in a forward-looking statement as a result of factors including, among others, recessionary economic environment, cost of goods, competitive pressures, availability of credit, geopolitical conditions and events, labor and healthcare costs, inflation, deflation, consumer spending patterns, debt levels and credit access, currency exchange fluctuations, trade restrictions, tariff and freight rate changes, fluctuations in fuel, other energy, transportation and utility costs, health care and other insurance costs, accident costs, interest rate fluctuations, other capital market conditions, weather conditions, storm-related damage to facilities, customer traffic, factors limiting our ability to construct, expand or relocate stores, regulatory matters and other risks set forth in our SEC filings. Our most recent Annual Report on Form 10-K and our other filings with the SEC contain more information concerning factors that, along with changes in facts, assumptions not being realized or other circumstances, could cause actual results to differ materially from those expressed or implied in a forward-looking statement. Walmart undertakes no obligation to update any forward-looking statement to reflect subsequent events. 2

Fiscal year 2013 results Strong sales growth Leveraged expenses Returned value

1% EPS $3.73 $4.18 $4.54 $5.02 FY10 FY11 FY12 FY13 10-yr. CAGR: 7.

CAGR: 11.1% Q4 snapshot: FY13 vs. FY12 Sales growth: 3.9% $127.1B vs. $122.

3 Fiscal year 2013 results Strong sales growth Leveraged expenses Returned value Net Sales ($ Billions) $405 $419 $444 $ % 19.4% 19.2% SG&A (% Sales) 19.1% EPS $3.73 $4.18 $4.54 $5.02 FY10 FY11 FY12 FY13 10-yr. CAGR: 7.3% FY10 FY11 FY12 FY13 3-yr. improvement:60 bps FY10 FY11 FY12 FY13 10-yr. CAGR: 11.1% Q4 snapshot: FY13 vs. FY12 Sales growth: 3.9% $127.1B vs. $122.3B Op Inc growth: 2.4% $8.6B vs. $8.4B EPS growth: 10.6% $1.67 vs. $ Historical Figures as Reported

Productivity loop facilitates consistent EPS growth $1.76 $2.03 10-yr. CAGR: 11% $2.46 $2.72 $2.93 $3.15 $3.35 $3.73 $4.18 $4.54 $5.02 $5.20 $5.

4 Productivity loop facilitates consistent EPS growth $1.76 $ yr. CAGR: 11% $2.46 $2.72 $2.93 $3.15 $3.35 $3.73 $4.18 $4.54 $5.02 $5.20 $5.40* EDLC EDLP Growth Share Repurchase FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY14E Future Growth Note: Source: EPS based on internal forecasts and are dependent on actual share repurchase completed and potential acquisitions through FY13. * Guidance as of Feb 21,

5 Continued strong free cash flow $11.6 Free cash flow ($ Billions) $14.1 $10.9 $10.7 $12.7 $4.5 $5.4 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY14 FY14 not drawn to scale Free cash flow grew by 18.1% to $12.7B in FY13 5

6 Strong cash position rewards shareholders Increase of 18% 10 yr CAGR: 18% $1.88 $1.46 $1.59 $0.88 $0.95 $1.09 $1.21 $0.36 $0.52 $0.60 $0.67 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 Annual dividend per share 6

Returns to shareholders remain a top priority Over the last 10 years, we ve returned nearly $100 B to our shareholders. $19.2 $11.3 $11.5 $14.8 $11.3 $13.0 $7.3 $6.6 $6.8 $7.

7 Returns to shareholders remain a top priority Over the last 10 years, we ve returned nearly $100 B to our shareholders. $19.2 $11.3 $11.5 $14.8 $11.3 $13.0 $7.3 $6.6 $6.8 $7.7 $7.3 $6.1 $4.5 $3.5 $5.0 $4.5 $3.6 $1.7 $7.6 $6.3 $1.6 $2.2 $2.5 $2.8 $3.6 $3.7 $4.2 $4.4 $5.0 $5.4 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Dividends Share repurchase 7

8 Company priorities for success U.S. operating segments Delivering a strong Walmart U.S. and Sam s Club business International Improving returns for International Capital allocation Driving greater efficiency through disciplined capital allocation Leverage Meeting our FY17 leverage goal Global ecommerce Investing in Global ecommerce Compliance Continuing to strengthen our company s compliance organization 8

Walmart U.S. delivered strong FY13 U.S. Segments Net sales Price investment ~$274.

37% vs. 27.53% Operating expenses 27bps of Leverage Operating income ~$21.

4% Grew profit faster than sales each quarter this year Gained 50 bps of

9 Walmart U.S. delivered strong FY13 U.S. Segments Net sales Price investment ~$274.5B Increase of 3.9% or $10.3B Gross profit rate down 16 bps 27.37% vs % Operating expenses 27bps of Leverage Operating income ~$21.5B Increase of 5.4% Grew profit faster than sales each quarter this year Gained 50 bps of market share in FY13* *For the 52-week period ending Jan 26, 2013 as reported by Nielsen, including Food, Consumables and H&W (OTC) 9

10 Walmart U.S. increases sales through core strategy U.S. Segments 9% 8% 7% 6% 5% Increased SKU count EDLP Back to basics One-stop shopping 4% 3% 2% 1% 0% 10

11 Basis point Change YoY Walmart U.S. continues operating expense leverage U.S. Segments Three consecutive years of leveraging operating expenses 11

12 BP Change YoY Walmart U.S. also improved gross profit leverage 100 U.S. Segments Operating expense change Gross margin change 12

13 Growth Rate Walmart U.S. operating income growing faster than sales U.S. Segments 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Net sales Operating income 13

14 Sam s Club grows sales and operating income steadily U.S. Segments Total sales (In B, USD) Op. Inc. $160 $120 $44.3 $48 $47.8 $49.5 $53.8 $56.4 $4 $80 $1.6 $1.6 $1.5 $1.7 $1.9 $2.0 $2 $40 $0 FY Future (Data includes fuel) Net sales Operating income Future not drawn to scale $0 14

15 International is still a growth engine International 12.1% Sales growth (YoY) 15.2% 7.4% FY 11 FY 12 FY 13 Organic square footage growth (in millions) Continue to drive EDLC & EDLP Disciplined growth by improving new store openings Focus on improving profitability in Brazil & China FY 11 FY 12 FY 13 Note: Sales growth figures based on reported financials. 15

International gaining market share FY13 Walmart growth vs. market growth International 31.6% 25.7% Walmart growth 11.7% 13.5% 12.8% 11.0% 9.9% 9.5% 7.3% 15.4% 0.6% 0.2% 15.8% 8.9% Market growth 4.

16 International gaining market share FY13 Walmart growth vs. market growth International 31.6% 25.7% Walmart growth 11.7% 13.5% 12.8% 11.0% 9.9% 9.5% 7.3% 15.4% 0.6% 0.2% 15.8% 8.9% Market growth 4.9% 5.2% 2.4% 3.1% Argentina Brazil Chile Mexico/ Central America China Japan South Africa Canada Latam Asia EMEA & Canada Sources: Market Growth: Argentina: AC Nielson; Brazil & Mexico: AC Nielson; Chile: INE & internal projections; Japan: METI with adjustments; China & South Africa: Planet Retail; Canada: StatsCan & internal projections; UK: Kantar Retail. Note: Canada through November UK 16

17 International sales, operating income growing International Total sales (In B, USD) $160 $120 $80 $40 $88 $4.2 $96 $4.5 $97 $5.2 $109 $5.6 FY08 - FY13 CAGR Sales 8.9% Operating Income 10.3% $126 $6.0 $135 $6.8 Op. Inc. $12 $10 $8 $6 $4 $0 FY Future $2 Net sales Operating income Note: Figures based on reported results. 17

18 Disciplined capital allocation drives efficiency Capital Allocation Cash from operations 1. Grow the business o o Organic growth Stores ecommerce Leverage Acquisitions 2. Dividends 3. Share repurchases AA-rated Balance Sheet 18

19 Sources and uses of cash in FY13 Capital Allocation $26.2B $26.2B Debt $0.6B Share repurchase $7.6B Cash flow from Ops $25.6B FCF $12.7B Dividends $5.4B CapEx $12.9B Acquisitions $0.3B Sources of cash Uses of cash 19

20 Consistent capital efficiency Capital Allocation 100% 90% 80% 70% 60% 50% 40% 30% Share Repurchase Dividends Acquisitions CapEx 20% 10% 0% FY07 FY08 FY09 FY10 FY11 FY12 FY13 20

21 $ (Billions) spent on New sq ft Delivering greater total company capital efficiency Capital Allocation $10.5 $9.8 $5.2 $6.3 $6.9 FY07 FY08 FY11 FY12 FY13 21

22 On track to deliver FY17 leverage goal Leverage SG&A % of sales ~50 bps > 100 bps 19.7% 19.3% 19.2% 19.1% Optimizes performance and efficiency Accelerates the productivity loop across the company Drives greater P&L performance FY 10 FY 11 FY 12 FY 13 FY 17E 14 bps Note: FY17 not drawn to scale; Source: Company financials 22

23 Investing in Global ecommerce for future Global ecommerce Penetrate key markets FY14 priorities: Develop global technology platform Develop next generation fulfillment network 23

24 Strengthening our compliance organization Compliance Made significant improvements to global compliance organization in FY13 Re-aligned corporate structure to have global compliance, ethics, investigations, and legal functions under the Corporate Secretary Increased associate training Implementing market specific procedures 24

25 Walmart always a strong investment Strong underlying operations Investments to drive growth through stores and E-commerce AA-rated balance sheet Strong free cash flow Consistent returns to shareholders 25

26 Questions 26

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