Wal-Mart Stores, Inc.

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9% Operating income $5,680 -$53-8.3% Interest expense, net $84 $56 45.

2 Wal-Mart Stores, Inc. (Amounts in millions, except share data) Q $ Δ % Δ Total revenue $4,86 -$34-0.% Total revenue, constant currency $8,06 $3,46.7% Net sales $4,00 -$65-0.% Net sales, constant currency $7,58 $3,09.7% Membership & other income $84 $3 3.9% Operating income $5,680 -$53-8.3% Interest expense, net $84 $56 45.% Consolidated net income attributable to Walmart $3,34 -$5-7.0% Diluted EPS (continuing operations) $.03 -$ % See press release located at regarding reconciliations for non-gaap financial measures.

6% -0 bps Basis points change versus prior year comparable period Debt to total capitalization is calculated as of April 30, 05.

3 Wal-Mart Stores, Inc. Q bps Δ Gross profit rate 4.% 9 bps Operating expenses as a percentage of net sales 9.9% 56 bps Effective tax rate Debt to total capitalization Return on investment 3,4 3.4% -64 bps 39.6% -350 bps 6.6% -0 bps Basis points change versus prior year comparable period Debt to total capitalization is calculated as of April 30, ROI is calculated for the trailing months ended April 30, See press release located at regarding reconciliations for non-gaap financial measures. 3

4 Wal-Mart Stores, Inc. (Amounts in millions) Q $ Δ % Δ Receivables, net $5,83 -$83-4.6% Inventories $46,30 $995.% Accounts payable $37,4 $877.4% 4

Wal-Mart Stores, Inc. (Amounts in millions) Q $ Δ Operating cash flow $4,446 -$,493 Capital expenditures $,03 $46 Free cash flow $,43 -$,539 (Amounts in millions) Q % Δ Dividends $,579.

5 Wal-Mart Stores, Inc. (Amounts in millions) Q $ Δ Operating cash flow $4,446 -$,493 Capital expenditures $,03 $46 Free cash flow $,43 -$,539 (Amounts in millions) Q % Δ Dividends $,579.% Share repurchases 3 $ % Total $, % See press release located at regarding reconciliations for non-gaap financial measures. 3 $0.0 billion remaining of $5 billion authorization approved in June 03. 5

3 The company's e-commerce sales impact includes those sales initiated through the company's websites and fulfilled through the company's dedicated e-commerce

6 Walmart U.S. (Amounts in millions) Q Δ Net sales $70,45 3.5% Comparable store sales.% 0 bps Comp traffic.0% 40 bps Comp ticket 0.% -0 bps E-commerce impact 3 ~0.% NP Neighborhood Market 4 ~7.9% NP Gross profit rate Decrease -3 bps Operating income $4, % Comp sales are on a 3-week basis for the period ended May, The company's e-commerce sales impact includes those sales initiated through the company's websites and fulfilled through the company's dedicated e-commerce distribution facilities, as well as an estimate for sales initiated online, but fulfilled through the company's stores and clubs. 4 Traditional Neighborhood Market format. NP = not provided 6

7 Walmart U.S. Category Grocery General merchandise Health & wellness Apparel Home Comp relatively flat - low single-digit + mid single-digit + mid single-digit + mid single-digit Includes food and consumables Includes entertainment, toys, hardlines and seasonal 7

Walmart International (Amounts in millions)

8 Walmart International (Amounts in millions) Reported Constant currency Q Δ Q Δ Net sales $30,78-6.6% $33, % Gross profit rate Increase 3 bps NP NP Operating income $, % $,03 0.% See press release located at regarding reconciliations for non-gaap financial measures. 8

Net sales and comp sales are presented on a nominal, calendar basis. E-commerce results included for the United Kingdom, Walmex and Canada.

9 Walmart International Comp 3 Country, Net sales 3 Sales Traffic Ticket Gross profit rate 3 United Kingdom 4-3.3% -.% -.% -.9% Increase Walmex 5 5.3% -.0% 6.3% 7.3% Increase Canada.8% 0.%.7% 3.7% Decrease Brazil 3.0% -.% 4.% 3.0% Increase China 0.4% -8.9% 9.3%.9% Increase Results are on a constant currency basis. Net sales and comp sales are presented on a nominal, calendar basis. E-commerce results included for the United Kingdom, Walmex and Canada. E-commerce results are reported separately for Brazil and China and are not included in the table. 3 4 Comp sales for the United Kingdom are presented excluding fuel. 5 Walmex includes the consolidated results of Mexico and Central America. 9

Sam's Club (Amounts in millions) Without fuel With fuel Q Δ Q Δ Net sales $,363.% $3,479-3.0% Comparable club sales 3 0.4% 90 bps -3.8% -300 bps Comp traffic -0.% bps NP NP Comp ticket 0.

6% $47-0.9% See press release located at www.stock.walmart.com regarding reconciliations for non-gaap financial measures. 3 Comp sales are on a 3-week basis for the period ended May, 05.

10 Sam's Club (Amounts in millions) Without fuel With fuel Q Δ Q Δ Net sales $,363.% $3, % Comparable club sales 3 0.4% 90 bps -3.8% -300 bps Comp traffic -0.% bps NP NP Comp ticket 0.6% 90 bps NP NP E-commerce impact 4 ~0.4% NP NP NP Gross profit rate Decrease -5 bps Increase 7 bps Membership & other income NP 4.9% NP NP Membership income NP 7.4% NP NP Operating income $ % $47-0.9% See press release located at regarding reconciliations for non-gaap financial measures. 3 Comp sales are on a 3-week basis for the period ended May, The company's e-commerce sales impact includes those sales initiated through the company's websites and fulfilled through the company's dedicated e-commerce distribution facilities, as well as an estimate for sales initiated online, but fulfilled through the company's stores and clubs. 0

Health and wellness Comp + low single-digit + low single-digit

11 Sam's Club Category Fresh / Freezer / Cooler Grocery and beverage Consumables Home and apparel Technology, office and entertainment Health and wellness Comp + low single-digit + low single-digit relatively flat + low single-digit - mid single-digit + low single-digit

12 Guidance Total company FY6 Q EPS: $.06 - $.8 Walmart U.S. comps 3-week period : around.0% Sam's Club comps 3-week period : Flat to +.0% 3-week period from May, 05 through July 3, 05, compared to 3-week period ended August, 04

13 Additional resources at stock.walmart.com Reconciliations for our non-gaap financial measures (ROI, free cash flow, constant currency and Sam s Club comparable measures) Unit counts & square footage Comparable store sales Terminology FY 6 earnings dates 3

Q3 FY16 Financial presentation to accompany management transcript. November 17, 2015

Q3 FY16 Financial presentation to accompany management transcript November 17, 2015 Wal-Mart Stores, Inc. (Amounts in millions, except share data) Q3 $ Δ 1 % Δ 1 YTD $ Δ 1 % Δ 1 Total revenue $117,408