MEXICAN STOCK EXCHANGE

Transcription

1 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENT OF FINANCIAL POSITION QUARTER: 1 YEAR: 213 REF AT 31 MARCH 213 AND 31 DECEMBER 212 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 1 TOTAL ASSETS 22,458, ,285,77 11 TOTAL CURRENT ASSETS 77,48,239 78,647, CASH AND CASH EQUIVALENTS 29,314,258 28,163, SHORT-TERM INVESMENTS 1121 AVAILABLE-FOR-SALE INVESTMENTS 1122 TRADING INVESTMENTS 1123 HELD-TO-MATURITY INVESTMENTS 113 TRADE RECEIVABLES, NET 6,248,971 6,637, TRADE RECEIVABLES 6,72,39 7,11, ALLOWANCE FOR DOUBTFUL ACCOUNTS -453, , OTHER RECEIVABLES, NET 4,359,691 3,738, OTHER RECEIVABLES 4,427,279 3,798, ALLOWANCE FOR DOUBTFUL ACCOUNTS -67,588-59, INVENTORIES 36,251,27 39,91, BIOLOGICAL CURRENT ASSETS 116 OTHER CURRENT ASSETS 874,292 1,16, PREPAYMENTS 744, , DERIVATIVE FINANCIAL INSTRUMENTS 1163 ASSETS AVAILABLE FOR SALE 1164 DISCONTINUED OPERATIONS 1165 RIGHTS AND LICENSES 1166 OTHER 13,66 126, TOTAL NON-CURRENT ASSETS 143,41, ,638, ACCOUNTS RECEIVABLE, NET 122 INVESTMENTS 1221 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 1222 HELD-TO-MATURITY INVESTMENTS 1223 AVAILABLE-FOR-SALE INVESTMENTS 1224 OTHER INVESTMENTS 123 PROPERTY, PLANT AND EQUIPMENT, NET 117,312, ,376, LAND AND BUILDINGS 123,547, ,215, MACHINERY AND INDUSTRIAL EQUIPMENT 1233 OTHER EQUIPMENT 48,493,112 47,721, ACCUMULATED DEPRECIATION -57,468,661-55,589, CONSTRUCTION IN PROGRESS 2,741,164 3,29, INVESTMENT PROPERTY 125 BIOLOGICAL NON- CURRENT ASSETS 126 INTANGIBLE ASSETS,NET 25,768,877 25,928, GOODWILL 24,745,86 24,745, TRADEMARKS 591,215 69, RIGHTS AND LICENSES 276, , CONCESSIONS 1264 OTHER INTANGIBLE ASSETS 155, , DEFERRED TAX ASSETS 128 OTHER NON-CURRENT ASSETS 328, , PREPAYMENTS 1281 DERIVATIVE FINANCIAL INSTRUMENTS 1282 EMPLOYEE BENEFITS AVAILABLE FOR SALE ASSETS 1283 DISCONTINUED OPERATIONS 1284 DEFERRED CHARGES 1285 OTHER 328, ,412 2 TOTAL LIABILITIES 93,182,555 82,449,89 21 TOTAL CURRENT LIABILITIES 73,427,169 62,163, BANK LOANS 212 STOCK MARKET LOANS 213 OTHER LIABILITIES WITH COST 661,49 67, TRADE PAYABLES 41,277,818 44,769, TAXES PAYABLE 1,959,74 2,424, INCOME TAX PAYABLE 1,238,789 1,512,341

2 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENT OF FINANCIAL POSITION QUARTER: 1 YEAR: 213 REF AT 31 MARCH 213 AND 31 DECEMBER 212 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 2152 OTHER TAXES PAYABLE 72, , OTHER CURRENT LIABILITIES 29,528,157 14,361, INTEREST PAYABLE 2162 DERIVATIVE FINANCIAL INSTRUMENTS 2163 DEFERRED REVENUE 725,679 76, EMPLOYEE BENEFITS 2166 PROVISIONS 62, , CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS 2167 DISCONTINUED OPERATIONS 2168 OTHER 28,2,35 13,2, TOTAL NON-CURRENT LIABILITIES 19,755,386 2,285, BANK LOANS 222 STOCK MARKET LOANS 223 OTHER LIABILITIES WITH COST 12,51,535 12,638, DEFERRED TAX LIABILITIES 6,162,142 6,588, OTHER NON-CURRENT LIABILITIES 1,91,79 1,58, DERIVATIVE FINANCIAL INSTRUMENTS 2252 DEFERRED REVENUE 2254 EMPLOYEE BENEFITS 1,91,79 1,58, PROVISIONS NON-CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS 2256 DISCONTINUED OPERATIONS 2257 OTHER 3 TOTAL EQUITY 127,275, ,836, EQUITY ATTRIBUTABLE TO OWNERS OF PARENT 127,236, ,7,92 33 CAPITAL STOCK 46,26,883 45,959, SHARES REPURCHASED 35 PREMIUM ON ISSUANCE OF SHARES -3,51,531-2,578,18 36 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 37 OTHER CONTRIBUTED CAPITAL 38 RETAINED EARNINGS (ACCUMULATED LOSSES) 84,756,872 96,156, LEGAL RESERVE 6,949,333 5,785, OTHER RESERVES 383 RETAINED EARNINGS 72,836,274 67,95, NET INCOME FOR THE PERIOD 4,971,265 23,275, OTHERS 39 ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF TAX) -36,38 162, GAIN ON REVALUATION OF PROPERTIES 392 ACTUARIAL GAINS (LOSSES) FROM LABOR OBLIGATIONS -27,298-27, FOREING CURRENCY TRANSLATION 233, , CHANGES IN THE VALUATION OF FINANCIAL ASSETS AVAILABLE FOR SALE 395 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS 396 CHANGES IN FAIR VALUE OF OTHER ASSETS SHARE OF OTHER COMPREHENSIVE INCOME OF 397 ASSOCIATES AND JOINT VENTURES 398 OTHER COMPREHENSIVE INCOME 32 NON-CONTROLLING INTERESTS 38, ,716

3 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENT OF FINANCIAL POSITION INFORMATIONAL DATA QUARTER: 1 YEAR: 213 REF AT 31 MARCH 213 AND 31 DECEMBER 212 (Thousand Pesos) ACCOUNT CONCEPTS / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 911 SHORT-TERM FOREIGN CURRENCY LIABILITIES 8,882,12 1,616, LONG TERM FOREIGN CURRENCY LIABILITIES 2,935,323 3,158, CAPITAL STOCK (NOMINAL) 43,4,268 42,973, RESTATEMENT OF CAPITAL STOCK 2,986,615 2,986, PLAN ASSETS FOR PENSIONS AND SENIORITY PREMIUMS 599,95 63, NUMBER OF EXECUTIVES (*) 917 NUMBER OF EMPLOYEES (*) 252,31 248, NUMBER OF WORKERS (*) 919 OUTSTANDING SHARES (*) 17,723,2,951 17,721,594, REPURCHASED SHARES (*) 24,917, RESTRICTED CASH (1) 9112 GUARANTEED DEBT OF ASSOCIATED COMPANIES (1) THIS CONCEPT MUST BE FILLED WHEN THERE ARE GUARANTEES OR RESTRICTIONS THAT AFECCT CASH AND CASH EQUIVALENTS (*) DATA IN UNITS

4 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME QUARTER: 1 YEAR: 213 REF FOR THE THREE MONTHS ENDED 31 MARCH, 213 AND 212 ACCOUNT / SUBACCOUNT (Thousand Pesos) CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 41 REVENUE 11,91,538 11,91,538 96,91,69 96,91, SERVICES 412 SALE OF GOODS 1,82,729 1,82,729 95,966,76 95,966, INTERESTS 288, ,667 19,65 19, ROYALTIES 415 DIVIDENDS 416 LEASES 28,172 28, , , CONSTRUCTIONS 417 OTHER REVENUE 592,97 592,97 553, , COST OF SALES 79,249,274 79,249,274 75,715,988 75,715, GROSS PROFIT 22,661,264 22,661,264 21,185,621 21,185, GENERAL EXPENSES 15,698,451 15,698,451 14,581,358 14,581, PROFIT (LOSS) BEFORE OTHER INCOME (EXPENSE), NET 6,962,813 6,962,813 6,64,263 6,64, OTHER INCOME (EXPENSE), NET -14,82-14, OPERATING PROFIT (LOSS) (*) 6,948,11 6,948,11 6,64,24 6,64,24 47 FINANCE INCOME 351, , , , INTEREST INCOME 224, , , , GAIN ON FOREIGN EXCHANGE, NET ,979 27, GAIN ON DERIVATIVES, NET 474 GAIN ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS 475 OTHER FINANCE INCOME 126, , ,97 118,97 48 FINANCE COSTS 288, , ,43 312, INTEREST EXPENSE 288, , ,43 312, LOSS ON FOREIGN EXCHANGE, NET 483 LOSS ON DERIVATIVES, NET 485 LOSS ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS 486 OTHER FINANCE COSTS 49 FINANCE INCOME (COSTS), NET 63,119 63,119 6,693 6, SHARE OF PROFIT (LOSS) OF ASSOCIATES AND JOINT VENTURES 411 PROFIT (LOSS) BEFORE INCOME TAX 7,11,13 7,11,13 6,61,897 6,61, INCOME TAX EXPENSE 2,4,755 2,4,755 1,9,32 1,9, CURRENT TAX 2,397,621 2,397,621 2,2,119 2,2, DEFERRED TAX -356, ,866-11,817-11, PROFIT (LOSS) FROM CONTINUING OPERATIONS 4,97,375 4,97,375 4,71,595 4,71, PROFIT (LOSS) FROM DISCONTINUED OPERATIONS 415 NET PROFIT (LOSS) 4,97,375 4,97,375 4,71,595 4,71, PROFIT (LOSS), ATTRIBUTABLE TO NON-CONTROLLING INTERESTS ,564-1, PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT 4,971,265 4,971,265 4,712,159 4,712, BASIC EARNINGS (LOSS) PER SHARE DILUTED EARNINGS (LOSS) PER SHARE....

5 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME (NET OF INCOME TAX) FOR THE THREE MONTHS ENDED 31 MARCH, 213 AND 212 (Thousand Pesos) QUARTER: 1 YEAR: 213 REF ACCOUNT / SUBACCOUNT CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 42 NET PROFIT (LOSS) 4,97,375 4,97,375 4,71,595 4,71,595 DISCLOSURES NOT BE RECLASSIFIED ON INCOME 421 PROPERTY REVALUATION GAINS 422 ACTUARIAL EARNINGS (LOSS) FROM LABOR OBLIGATIONS 4221 SHARE OF INCOME ON REVALUATION ON PROPERTIES OF ASSOCIATES AND JOINT VENTURES DISCLOSURES MAY BE RECLASSIFIED SUBSEQUENTLY TO INCOME 423 FOREING CURRENCY TRANSLATION -199, ,161-1,81,227-1,81, CHANGES IN THE VALUATION OF FINANCIAL ASSETS HELD-FOR-SALE 425 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS 426 CHANGES IN FAIR VALUE OF OTHER ASSETS 427 SHARE OF OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES 428 OTHER COMPREHENSIVE INCOME 429 TOTAL OTHER COMPREHENSIVE INCOME -199, ,161-1,81,227-1,81, TOTAL COMPREHENSIVE INCOME 4,771,214 4,771,214 3,629,368 3,629, COMPREHENSIVE INCOME, ATTRIBUTABLE TO NON-CONTROLLING INTERESTS ,564-1, COMPREHENSIVE INCOME, ATTRIBUTABLE TO OWNERS OF PARENT 4,772,14 4,772,14 3,63,932 3,63,932

6 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME INFORMATIONAL DATA QUARTER: 1 YEAR: 213 REF FOR THE THREE MONTHS ENDED 31 MARCH, 213 AND 212 ACCOUNT / SUBACCOUNT (Thousand Pesos) CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 921 OPERATING DEPRECIATION AND AMORTIZATION 2,224,63 2,224,63 2,4,825 2,4, EMPLOYEES PROFIT SHARING EXPENSES 19,871 19,871 19,244 19,244

7 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME INFORMATIONAL DATA (12 MONTHS) QUARTER: 1 YEAR: 213 FOR THE THREE MONTHS ENDED 31 MARCH, 213 AND 212 (Thousand Pesos) CURRENT YEAR YEAR PREVIOUS YEAR REF ACCOUNT / SUBACCOUNT ACCUMULATED CURRENTQUARTER ACCUMULATED PREVIOUSQUARTER 923 REVENUE NET (**) 423,59,93 39,8, OPERATING PROFIT (LOSS) (**) 32,742,847 29,96, PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT(**) 23,534,269 22,289, NET PROFIT (LOSS) (**) 23,528,443 22,288, OPERATING DEPRECIATION AND AMORTIZATION (**) 8,576,93 7,815,528 (*) TO BE DEFINED BY EACH COMPANY (**) INFORMATION LAST 12 MONTHS

8 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENT OF CASH FLOWS QUARTER: 1 YEAR: 213 TO MARCH 31 OF 213 AND 212 (Thousand Pesos) REF OPERATING ACTIVITIES ACCOUNT/SUBACCOUNT CURREENT YEAR Amount PREVIOUS YEAR 51 PROFIT (LOSS) BEFORE INCOME TAX 7,11,13 6,61, (-) ITEMS NOT REQUIRING CASH ESTIMATE FOR THE PERIOD PROVISION FOR THE PERIOD 523 +(-) OTHER UNREALISED ITEMS 53 +(-) ITEMS RELATED TO INVESTING ACTIVITIES 2,14,256 1,989, DEPRECIATION AND AMORTISATION FOR THE PERIOD 2,224,63 2,4, (-)+ GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT 14,416 41, (-) LOSS (REVERSAL) IMPAIRMENT 534 (-)+ EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES 535 (-) DIVIDENDS RECEIVED 536 (-) INTEREST RECEIVED -224, , (-) EXCHANGE FLUCTUATION 538 (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH 89,628 79, (-) ITEMS RELATED TO FINANCING ACTIVITIES 288, , (+) ACCRUED INTEREST 288, , (+) EXCHANGE FLUCTUATION 543 (+) DERIVATIVE TRANSACTIONS 544 (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH 55 CASH FLOWS BEFORE INCOME TAX 9,43,925 8,912, CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES -4,353,237-9,682, (-) DECREASE (INCREASE) IN TRADE ACCOUNTS RECEIVABLE -39,885 1,545, (-) DECREASE (INCREASE) IN INVENTORIES 2,73,543 5,443, (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE 136,93-194, (-) INCREASE (DECREASE) IN TRADE ACCOUNTS PAYABLE -3,327,9-12,695, (-) INCREASE (DECREASE) IN OTHER LIABILITIES -1,68,142-93, (-) INCOME TAXES PAID OR RETURNED -2,488,593-2,85, NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 5,5,688-77,162 INVESTING ACTIVITIES 58 NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES -3,18,621-2,81, (-) PERMANENT INVESTMENTS DISPOSITION OF PERMANENT INVESTMENTS -31, (-) INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT -2,44,428-2,68, SALE OF PROPERTY, PLANT AND EQUIPMENT 34,821 5, (-) TEMPORARY INVESTMENTS DISPOSITION OF TEMPORARY INVESTMENTS 587 (-) INVESTMENT IN INTANGIBLE ASSETS DISPOSITION OF INTANGIBLE ASSETS 589 (-) ACQUISITIONS OF VENTURES DISPOSITIONS OF VENTURES DIVIDEND RECEIVED INTEREST RECEIVED 224, , (-) DECREASE (INCREASE) ADVANCES AND LOANS TO THIRD PARTS (+) OTHER INFLOWS (OUTFLOWS) OF CASH -1,22,51-963,549 FINANCING ACTIVITIES 59 NET CASH FLOW FROM (USED IN) FINANCING ACTIVITIES -367, , BANK FINANCING STOCK MARKET FINANCING OTHER FINANCING 594 (-) BANK FINANCING AMORTISATION 595 (-) STOCK MARKET FINANCING AMORTISATION 596 (-) OTHER FINANCING AMORTISATION -367, , (-) INCREASE (DECREASE) IN CAPITAL STOCK 598 (-) DIVIDENDS PAID PREMIUM ON ISSUANCE OF SHARES CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 5911 (-) INTEREST EXPENSE 5912 (-) REPURCHASE OF SHARES -81, (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH Amount

9 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENT OF CASH FLOWS QUARTER: 1 YEAR: 213 TO MARCH 31 OF 213 AND 212 (Thousand Pesos) REF ACCOUNT/SUBACCOUNT CURREENT YEAR Amount PREVIOUS YEAR 51 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,574,221-3,934, EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS -423, , CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 28,163,229 25,166, CASH AND CASH EQUIVALENTS AT END OF PERIOD 29,314,258 2,996,445 Amount

10 WAL - MART DE MEXICO, S.A.B. DE C.V. MEXICAN STOCK EXCHANGE STATEMENT OF CHANGES IN EQUITY (THOUSAND PESOS) QUARTER: 1 YEAR: 213 CONCEPTS CAPITAL STOCK SHARES REPURCHASED PREMIUM ON ISSUANCE OF SHARES CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES OTHER CAPITAL CONTRIBUTED RETAINED EARNINGS (ACCUMULATED LOSSES) RESERVES UNAPPROPRIATE D EARNINGS (ACCUMULATED LOSSES) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) EQUITY ATTRIBUTABLE TO OWNERS OF PARENT NON- CONTROLLING INTERESTS TOTAL EQUITY BALANCE AT JANUARY 1, ,966,579-2,278,416 4,672,883 78,866,293 1,639, ,866,91 316, ,183,77 RETROSPECTIVE ADJUSTMENTS APPLICATION OF COMPREHENSIVE INCOME TO RETAINED EARNINGS RESERVES 1,112,692-1,112,692 DIVIDENDS -9,61,65-9,61,65-9,61,65 CAPITAL INCREASE (DECREASE) 63,379 63,379 63,379 REPURCHASE OF SHARES -5,612-76,268-81,88-81,88 (DECREASE) INCREASE IN PREMIUM ON ISSUE OF SHARES -884,45-884,45-884,45 (DECREASE) INCREASE IN NON-CONTROLLING INTERESTS OTHER CHANGES COMPREHENSIVE INCOME 4,712,159-1,81,227 3,63,932-5,978 3,624,954 BALANCE AT MARCH 31, ,24,346-3,162,461 5,785,575 72,778, , ,984,682 31, ,294,88 BALANCE AT JANUARY 1, ,959,724-2,578,18 5,785,575 9,37,93 162, ,7,92 135, ,836,618 RETROSPECTIVE ADJUSTMENTS APPLICATION OF COMPREHENSIVE INCOME TO RETAINED EARNINGS RESERVES 1,163,758-1,163,758 DIVIDENDS -16,65,456-16,65,456-16,65,456 CAPITAL INCREASE (DECREASE) 67,159 67,159 67,159 REPURCHASE OF SHARES (DECREASE) INCREASE IN PREMIUM ON ISSUE OF SHARES -932, , ,423 (DECREASE) INCREASE IN NON-CONTROLLING INTERESTS -35,442-35,442-95,838-41,28 OTHER CHANGES COMPREHENSIVE INCOME 4,971, ,161 4,772, ,771,214 BALANCE AT MARCH 31, ,26,883-3,51,531 6,949,333 77,87,539-36,38 127,236,844 38, ,275,832

11 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. DE DISCUSSION AND ANALYSIS OF THE C.V. ADMINISTRATION ON THE RESULTS OF PAGE 1 / 3 OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY THIS DOCUMENT 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 ARE A REFLECTION OF MANAGEMENTS EXPECTATIONS ABOUT THE COMPANY 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. 1. DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ================================================ HIGHLIGHTS ON FIRST QUARTER (JANUARY MARCH): MEXICO SALES IN MEXICO INCREASED 5.5 PERCENT, WHILE COMPARABLE STORE SALES GREW 1.1 PERCENT. GROSS MARGIN WAS 22.3 PERCENT, 18 BASIS POINTS ABOVE LAST YEAR S SAME PERIOD. EXPENSES GREW 8.7 PERCENT, ABOVE SALES GROWTH. OPERATING INCOME AND EBITDA GREW 2.4 PERCENT AND 4.2 PERCENT, RESPECTIVELY. CENTRAL AMERICA ON A CONSTANT CURRENCY BASIS SALES INCREASED 5.1 PERCENT, WHILE COMP SALES WERE UP 2. PERCENT. GROSS MARGIN WAS 22.1 PERCENT, A 154 BASIS POINT INCREASE COMPARED TO LAST YEAR S SAME PERIOD. GENERAL EXPENSES GREW FASTER THAN SALES. OPERATING INCOME AND EBITDA GREW FASTER THAN SALES, 6.4 PERCENT AND 29.5 PERCENT, RESPECTIVELY. RESULTS TOTAL REVENUES INCREASED 5.2 DURING THE FIRST QUARTER. AS A PERCENTAGE OF TOTAL REVENUES, S GROSS PROFIT INCREASED 37 BASIS POINTS. OPERATING EXPENSES INCREASED 36 BASIS POINTS AS A PERCENTAGE OF TOTAL REVENUES VERSUS LAST YEAR S SAME PERIOD. OPERATING INCOME AND EBITDA FOR THE QUARTER GREW 5.2 PERCENT AND 6.1 PERCENT RESPECTIVELY. EBITDA AMOUNTED TO $9.2 BILLION PESOS, $528 MILLION PESOS MORE THAN LAST YEAR. NET INCOME AMOUNTED TO $5. BILLION PESOS, REPRESENTING 4.9 PERCENT OF TOTAL REVENUES.

12 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. DE DISCUSSION AND ANALYSIS OF THE C.V. ADMINISTRATION ON THE RESULTS OF PAGE 2 / 3 OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY BALANCE SHEET AS OF THE END OF THE FIRST QUARTER 213, OUR CASH POSITION AMOUNTED TO $29.3 BILLION PESOS, $8.3 BILLION PESOS MORE THAN LAST YEAR. INVENTORY GREW 8.2 PERCENT, AS WE OPENED 27 NEW STORES DURING THE LAST 12 MONTHS. JANUARY-MARCH 213 OPENINGS DURING THE QUARTER WE HAVE OPENED 33 NEW STORES IN MEXICO AND CENTRAL AMERICA. IN MEXICO WE OPENED 25 UNITS: 3 BODEGAS AURRERÁ, 3 MI BODEGAS AURRERÁ, 12 BODEGAS AURRERÁ EXPRESS, 1 WALMART, 2 SAM S CLUB, 2 SUBURBIAS AND 2 MEDIMART PHARMACIES. IN CENTRAL AMERICA WE OPENED 8 UNITS: 4 BODEGAS, 2 DISCOUNT STORES, 1 WALMART AND 1 SUPERMARKET. OUR VALUE PROPOSITION IS PRESENT IN 59 CITIES IN THE 6 COUNTRIES WHERE WE OPERATE. WITH THESE OPENINGS, WE CLOSED THE QUARTER WITH 3,26 UNITS (2,377 IN MEXICO AND 649 IN CENTRAL AMERICA). LEGAL PROCEEDINGS: OUR COMPLETE STATEMENT IS INCLUDED IN NOTE NUMBER 1 PART B OF THIS DOCUMENT. SOCIAL RESPONSABILITY: SOCIAL RESPONSIBILITY IS A COMPREHENSIVE PART OF OUR CORPORATE CULTURE AND OF OUR FUTURE GROWTH. FOR THE SECOND YEAR IN A ROW WALMART DE MÉXICO Y CENTROAMÉRICA PARTICIPATES IN THE SUSTAINABILITY IPC INDEX OF THE MEXICAN STOCK EXCHANGE, AND FOR THE FIRST TIME IN THE DOW JONES SUSTAINABILITY EMERGING MARKETS INDEX, AS THE ONLY MEXICAN COMPANY, DUE TO ITS LEADERSHIP IN ECONOMIC, SOCIAL AND ENVIRONMENTAL AREAS. OUR SOCIAL RESPONSIBILITY REPORT, ALSO FOR THE FIRST TIME, RECEIVED AN A RATE FROM THE GLOBAL REPORTING INITIATIVE, GRI. REGULATION AND CONTROL: FOR THE COMPANY, HAVING THE HIGHEST REGULATION STANDARDS AND THE PROPER CONTROL ENVIRONMENT IS FUNDAMENTAL TO MEETING ITS OBJECTIVES. THE EXISTING INTERNAL CONTROLS ARE ORIENTED TOWARDS GUARANTEEING THE ASSET SECURITY, COMPLIANCE WITH ESTABLISHED POLICIES, THE ACCURATE RECORDING OF OPERATIONS, RELIABLE AND TIMELY FINANCIAL DATA, THE PREVENTION, IDENTIFICATION AND DETECTION OF FRAUD, AS WELL AS THE FULLFILMENT OF THE LAW AND REGULATIONS. WE HAVE AN AREA DEVOTED TO ETHICS AND REGULATORY COMPLIANCE, WHICH IS IN CHARGE OF DISSEMINTING AND PROMOTING OUR POLICIES ON ETHICAL BEHAVIOR, CORPORATE GOVERNANCE AND STRICT COMPLIANCE WITH ANY AND ALL LEGAL PROVISIONS TO WHICH WE ARE SUBJECT.

13 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. DE DISCUSSION AND ANALYSIS OF THE C.V. ADMINISTRATION ON THE RESULTS OF PAGE 3 / 3 OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY 2. ANALYSTS COVERAGE ==================== IN ACCORDANCE WITH THE AMENDMENT TO THE INTERNAL REGULATIONS OF THE MEXICAN STOCK EXCHANGE IN MATTERS OF INDEPENDENT ANALYST AND ANALYSIS COVERAGE, AS OF TODAY THE COMPANY HAS ANALYSIS COVERAGE PROVIDED BY SEVERAL SECURITIES INTERMEDIARIES: ACTINVER BANK OF AMERICA MERRILL LYNCH BARCLAYS CAPITAL BBVA BANCOMER BTG PACTUAL CASA DE BOLSA BANORTE IXE CITI / ACCIVAL CREDIT SUISSE DEUTSCHE BANK GOLDMAN SACHS GBM GRUPO BURSÁTIL MEXICANO GRUPO FINANCIERO MONEX HSBC INTERCAM SERVICIOS FINANCIEROS INVEX ITAÚ BBA J.P. MORGAN MORGAN STANLEY MULTIVALORES SANTANDER SCOTIA BANK UBS VECTOR CASA DE BOLSA

14 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 1 / 21 NOTE 1.- DESCRIPTION OF THE BUSINESS AND RELEVANT EVENTS: A. DESCRIPTION OF THE BUSINESS WAL-MART DE MÉXICO, S.A.B. DE C.V. ( OR THE COMPANY ) IS A MEXICAN COMPANY INCORPORATED UNDER THE LAWS OF MEXICO AND LISTED ON THE MEXICAN STOCK EXCHANGE, WHOSE HEADQUARTERS ARE LOCATED AT NEXTENGO #78, COLONIA SANTA CRUZ ACAYUCAN, C.P. 277, IN MEXICO CITY, MEXICO. THE PRINCIPAL SHAREHOLDER OF IS WAL-MART STORES, INC., A U.S. CORPORATION, THROUGH INTERSALT, S. DE R.L. DE C.V., A MEXICAN COMPANY. HOLDS 99.9% EQUITY INTEREST IN THE FOLLOWING GROUPS OF COMPANIES IN MEXICO AND CENTRAL AMERICA: GROUP LINE OF BUSINESS NUEVA WALMART OPERATION OF 1,441 BODEGA AURRERÁ DISCOUNT STORES, 228 WALMART HYPERMARKETS, 144 SAM S CLUB MEMBERSHIP SELF- SERVICE WHOLESALE STORES, AND 9 SUPERAMA SUPERMARKETS AND 8 MEDIMART PHARMACIES. SUBURBIA VIPS IMPORTING COMPANIES REAL ESTATE SERVICE COMPANIES WALMART BANK WALMART CENTRAL AMERICA OPERATION OF 12 SUBURBIA STORES SPECIALIZING IN APPAREL AND ACCESSORIES FOR THE ENTIRE FAMILY. OPERATION OF 265 VIPS RESTAURANTS SERVING INTERNATIONAL CUISINE, 92 EL PORTON RESTAURANTS SERVING MEXICAN FOOD AND 7 RAGAZZI RESTAURANTS SPECIALIZING IN ITALIAN FOOD. IMPORT OF GOODS FOR SALE. PROPERTY DEVELOPMENTS AND MANAGEMENT OF REAL ESTATE COMPANIES. RENDERING OF PROFESSIONAL SERVICES TO GROUP COMPANIES, NOT-FOR-PROFIT SERVICES TO THE COMMUNITY AT LARGE AND SHAREHOLDING. OPERATION OF 263 BANK BRANCHES. OPERATION OF 461 DISCOUNT STORES (DESPENSA FAMILIAR AND PALÍ); 98 SUPERMARKETS (PAIZ, LA DESPENSA DE DON JUAN, LA UNIÓN AND MÁS X MENOS); 71 DISCOUNT WAREHOUSE STORES (MAXI BODEGA AND MAXI PALÍ); 18 WALMART HYPERMARKETS AND 1 CLUBCO MEMBERSHIP SELF-SERVICE WHOLESALE STORES. THESE STORES ARE LOCATED IN COSTA RICA, GUATEMALA, HONDURAS, NICARAGUA AND EL SALVADOR.

15 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 2 / 21 B. RELEVANT EVENTS LEGAL PROCEEDINGS WAL-MART DE MÉXICO, S.A.B. DE C.V. ( ) IS A SUBSIDIARY OF WAL-MART STORES, INC. ( WMT ). WMT OWNS APPROXIMATELY 7% OF THE SHARES AND VOTING POWER IN AND HAS THE ABILITY TO DESIGNATE AT LEAST A MAJORITY OF THE DIRECTORS OF. THE REMAINING SHARES OF ARE PUBLICLY TRADED ON THE MEXICAN STOCK EXCHANGE AND, TO THE BEST OF THE KNOWLEDGE OF, NO SHAREHOLDER OTHER THAN WMT AND ITS AFFILIATES OWNS MORE THAN 2% OF THE OUTSTANDING SHARES OF. CURRENTLY, THE BOARD OF DIRECTORS OF IS COMPOSED OF 11 DIRECTORS AND 6 ALTERNATES. THE AUDIT COMMITTEE AND THE CORPORATE GOVERNANCE COMMITTEE OF THE BOARD OF DIRECTORS ARE COMPOSED EXCLUSIVELY OF INDEPENDENT DIRECTORS (INCLUDING ALTERNATE DIRECTORS). WMT IS SUBJECT TO A WIDE VARIETY OF LAWS AND REGULATIONS IN THE UNITED STATES OF AMERICA AND IN THE COUNTRIES IN WHICH IT OPERATES, INCLUDING BUT NOT LIMITED TO THE U.S. FOREIGN CORRUPT PRACTICES ACT (THE FCPA ). AS PUBLICLY DISCLOSED ON APRIL 23, 212, WMT IS THE SUBJECT OF AN INVESTIGATION UNDER THE FCPA BY THE U.S. DEPARTMENT OF JUSTICE AND THE U.S. SECURITIES AND EXCHANGE COMMISSION FOLLOWING A DISCLOSURE THAT WMT MADE TO THOSE AGENCIES IN NOVEMBER 211. THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF WMT, WHICH IS COMPOSED SOLELY OF INDEPENDENT DIRECTORS, IS CONDUCTING AN INTERNAL INVESTIGATION INTO, AMONG OTHER THINGS, ALLEGED VIOLATIONS OF THE FCPA AND OTHER ALLEGED CRIMES OR MISCONDUCT IN CONNECTION WITH FOREIGN SUBSIDIARIES, INCLUDING AND WHETHER PRIOR ALLEGATIONS OF SUCH VIOLATIONS AND/OR MISCONDUCT WERE APPROPRIATELY HANDLED BY WMT. THE AUDIT COMMITTEE OF WMT AND WMT HAVE ENGAGED OUTSIDE COUNSEL FROM A NUMBER OF LAW FIRMS AND OTHER ADVISORS WHO ARE ASSISTING IN THE ON-GOING INVESTIGATION OF THESE MATTERS. HAS ALSO ENGAGED OUTSIDE COUNSEL TO ASSIST IN THESE MATTERS. WMT IS ALSO CONDUCTING A VOLUNTARY GLOBAL REVIEW OF ITS POLICIES, PRACTICES AND INTERNAL CONTROLS FOR FCPA COMPLIANCE. WMT IS ENGAGED IN STRENGTHENING ITS GLOBAL ANTI- CORRUPTION COMPLIANCE PROGRAMS THROUGH APPROPRIATE REMEDIAL ANTI-CORRUPTION MEASURES. IS TAKING PART IN SUCH VOLUNTARY GLOBAL REVIEW AND STRENGTHENING OF PROGRAMS. FURTHERMORE, LAWSUITS RELATING TO THE MATTERS UNDER INVESTIGATION HAVE BEEN FILED BY SEVERAL OF WMT S SHAREHOLDERS AGAINST IT, ITS CURRENT DIRECTORS, CERTAIN OF ITS FORMER DIRECTORS, CERTAIN OF ITS CURRENT AND FORMER OFFICERS AND CERTAIN OF S CURRENT AND FORMER OFFICERS. IS COOPERATING WITH WMT IN THE REVIEW OF THESE MATTERS AND IT INTENDS TO CONTINUE FULLY COOPERATING IN SUCH REGARD. A NUMBER OF FEDERAL AND LOCAL GOVERNMENT AGENCIES IN MÉXICO HAVE ALSO RECENTLY INITIATED INVESTIGATIONS OF THESE MATTERS. IS COOPERATING WITH THE MEXICAN GOVERNMENTAL AGENCIES CONDUCTING THESE INVESTIGATIONS. THE AUDIT COMMITTEE AND THE CORPORATE GOVERNANCE COMMITTEE OF THE BOARD OF DIRECTORS OF, AS WELL AS THE BOARD OF DIRECTORS OF, HAVE BEEN INFORMED ABOUT THESE MATTERS AND HAVE DETERMINED, BY A UNANIMOUS VOTE OF THE INDEPENDENT DIRECTORS ONLY, THAT IT IS IN THE BEST INTERESTS OF TO CONTINUE TO COOPERATE AT THIS TIME WITH WMT AND THE U.S. AND MEXICAN AGENCIES CONDUCTING THESE INVESTIGATIONS.

16 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 3 / 21 COULD BE EXPOSED TO A VARIETY OF NEGATIVE CONSEQUENCES AS A RESULT OF THE MATTERS NOTED ABOVE. THERE COULD BE ONE OR MORE ENFORCEMENT ACTIONS IN RESPECT OF THE MATTERS THAT ARE THE SUBJECT OF SOME OR ALL OF THE ONGOING GOVERNMENT INVESTIGATIONS, AND SUCH ACTIONS, IF BROUGHT, MAY RESULT IN JUDGMENTS, SETTLEMENTS, FINES, PENALTIES, INJUNCTIONS, CEASE AND DESIST ORDERS OR OTHER RELIEF, CRIMINAL CONVICTIONS AND/OR PENALTIES. THE SHAREHOLDER LAWSUITS MAY RESULT IN JUDGMENTS AGAINST WMT AND ITS CURRENT AND FORMER DIRECTORS AND CURRENT AND FORMER OFFICERS OF WMT AND NAMED IN THOSE PROCEEDINGS. CANNOT PREDICT ACCURATELY AT THIS TIME THE OUTCOME OR IMPACT OF THE GOVERNMENT INVESTIGATIONS, THE SHAREHOLDER LAWSUITS, THE INTERNAL INVESTIGATION AND REVIEW. IN ADDITION, EXPECTS TO INCUR COSTS IN RESPONDING TO REQUESTS FOR INFORMATION OR SUBPOENAS SEEKING DOCUMENTS, TESTIMONY AND OTHER INFORMATION IN CONNECTION WITH THE GOVERNMENT INVESTIGATIONS, AND IT CANNOT PREDICT AT THIS TIME THE ULTIMATE AMOUNT OF ALL SUCH COSTS. THESE MATTERS MAY REQUIRE THE INVOLVEMENT OF CERTAIN MEMBERS OF S SENIOR MANAGEMENT THAT COULD IMPINGE ON THE TIME THEY HAVE AVAILABLE TO DEVOTE TO OTHER MATTERS RELATING TO THE BUSINESS. MAY ALSO SEE ONGOING MEDIA AND GOVERNMENTAL INTEREST IN THESE MATTERS THAT COULD IMPACT THE PERCEPTION AMONG CERTAIN AUDIENCES OF ITS ROLE AS A CORPORATE CITIZEN. ON JUNE 2, 212, PUBLICLY DISCLOSED A DOWNWARD ADJUSTMENT TO ITS 212 GROWTH PLAN., ITS BOARD OF DIRECTORS AND ITS AUDIT COMMITTEE AND CORPORATE GOVERNANCE COMMITTEE WILL AT ALL TIMES ENSURE COMPLIANCE WITH APPLICABLE MEXICAN LAW AND ENSURE THAT THEY CREATE VALUE TO, ACTING DILIGENTLY AND ADOPTING REASONED DECISIONS, WITHOUT FAVORING ANY SHAREHOLDER OR GROUP OF SHAREHOLDERS. ALTHOUGH DOES NOT PRESENTLY BELIEVE, BASED ON THE INFORMATION CURRENTLY AVAILABLE AND THE ADVISE OF ITS EXTERNAL MEXICAN COUNSEL, THAT THESE MATTERS WILL HAVE A MATERIAL ADVERSE EFFECT ON ITS BUSINESS, GIVEN THE INHERENT UNCERTAINTIES IN SUCH SITUATIONS, CAN PROVIDE NO ASSURANCE THAT THESE MATTERS WILL NOT BE MATERIAL TO ITS BUSINESS IN THE FUTURE. NOTE 2.- NEW ACCOUNTING PRONOUNCEMENTS: BELOW IS A DESCRIPTION OF THE NEW STANDARDS ISSUED BY THE IASB THAT WILL BECOME EFFECTIVE AS OF JANUARY 1, 213. A. IFRS 1, " FINANCIAL STATEMENTS". THIS STANDARD ESTABLISHES A SINGLE MODEL OF CONTROL THAT IS APPLICABLE TO ANY ENTITY (INCLUDING SPECIAL PURPOSE ENTITIES) IFRS 1 SUPERSEDES IAS 27, " AND SEPARATE FINANCIAL STATEMENTS", AND SIC 12, "CONSOLIDATION SPECIAL PURPOSE ENTITIES". B. IFRS 11, "JOINT ARRANGEMENTS". THIS STANDARD ESTABLISHES THE PRINCIPLES FOR FINANCIAL REPORTING BY PARTIES TO A JOINT ARRANGEMENT. THE OPTION OF APPLYING THE PROPORTIONAL CONSOLIDATION METHOD IS ELIMINATED FOR JOINT VENTURES (UNDERSTOOD BASED ON THE NEW DEFINITION). THIS STANDARD SUPERSEDES IAS 31, "INTERESTS IN JOINT VENTURES", AND SIC 13, "JOINTLY CONTROLLED ENTITIES NON-MONETARY CONTRIBUTIONS BY VENTURERS". C. IFRS 12, "DISCLOSURE OF INTERESTS IN OTHER ENTITIES". THIS STANDARD BRINGS ALL OF THE DIFFERENT DISCLOSURE REQUIREMENTS FOR SUBSIDIARIES, JOINT ARRANGEMENTS, ASSOCIATES AND STRUCTURED ENTITIES TOGETHER IN A SINGLE STANDARD. D. IFRS 13, "FAIR VALUE MEASUREMENT". THIS STANDARD DEFINES THE CONCEPT OF FAIR VALUE AND REQUIRES THE DISCLOSURE OF FAIR VALUE MEASUREMENTS.

17 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 4 / 21 THE ADOPTION OF THESE NEW IFRS WILL HAVE NO EFFECT ON THE COMPANY'S FINANCIAL STATEMENTS. NOTE 3.- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A SUMMARY OF THE SIGNIFICANT ACCOUNTING POLICIES USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS IS DESCRIBED BELOW. THESE POLICES HAVE BEEN APPLIED CONSISTENTLY WITH THOSE APPLIED IN THE YEAR ENDED DECEMBER 31, 212. A. BASIS OF PREPARATION THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED IN CONFORMITY WITH CURRENT IFRS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB), AS WELL AS ALL THE INTERPRETATIONS ISSUED BY THE INTERNATIONAL FINANCIAL REPORTING INTERPRETATION COMMITTEE (IFRIC), INCLUDING THOSE PREVIOUSLY ISSUED BY THE STANDI G INTERPRETATIONS COMMITTEE (SIC). THE INTERIM FINANCIAL STATEMENTS ARE PREPARED ACCORDING TO IAS 34 INTERIM FINANCIAL REPORTING. THE STATEMENTS OF COMPREHENSIVE INCOME WERE PREPARED ON A FUNCTIONAL BASIS, WHICH ALLOWS FOR THE DISCLOSURE OF COST OF SALES SEPARATELY FROM OTHER COSTS AND EXPENSES, IN CONFORMITY WITH IAS 1, "PRESENTATION OF FINANCIAL STATEMENTS". THE PREPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH IFRS REQUIRES THE USE OF ESTIMATES IN SOME ITEMS. WALMART BANK S FINANCIAL STATEMENTS, WHICH ARE INCLUDED IN THE COMPANY S FINANCIAL STATEMENTS, WERE PREPARED BASED ON THE ACCOUNTING CRITERIA ESTABLISHED BY THE NATIONAL BANKING AND SECURITIES COMMISION (CNBV PER ITS ACRONYM IN SPANISH), AS ISSUED AS PART OF THE GENERAL PROVISIONS FOR CREDIT INSTITUTIONS, WHICH CONSIDER THE GUIDELINES OF IFRS. AT DATE, THERE ARE NO SIGNIFICANT DIFFERENCES BETWEEN THESE TWO SETS OF STANDARDS. THE FINANCIAL STATEMENTS OF THE COMPANY S FOREIGN SUBSIDIARIES ARE TRANSLATED TO MEXICAN PESOS USING THE AVERAGE EXCHANGE RATE FOR THE STATEMENT OF COMPREHENSIVE INCOME AND THE YEAR-END EXCHANGE RATE FOR THE STATEMENT OF FINANCIAL POSITION. THE CUMULATIVE TRANSLATION ADJUSTMENT IS THE EFFECT OF TRANSLATING THE FINANCIAL STATEMENTS OF THE COMPANY S FOREIGN SUBSIDIARIES INTO MEXICAN PESOS. THIS EFFECT IS RECOGNIZED IN SHAREHOLDERS EQUITY. HAS SUFFICIENT RESOURCES TO CONTINUE OPERATING AS A GOING CONCERN AND ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED ON A GOING-CONCERN BASIS AND ON A HISTORICAL-COST BASIS. THE MEXICAN PESO IS THE COMPANY S FUNCTIONAL CURRENCY AND REPORTING CURRENCY.

18 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 5 / 21 B. RISK FACTORS MEXICO IS EXPOSED TO THE EFFECTS OF FUTURE EVENTS THAT COULD AFFECT THE PURCHASING POWER AND/OR BUYING HABITS OF ITS POPULATION. THESE EVENTS MAY BE ECONOMIC, POLITICAL OR SOCIAL IN NATURE AND SOME OF THE MOST IMPORTANT ARE DESCRIBED BELOW: I. EMPLOYMENT AND SALARY. POSITIVE OR NEGATIVE CHANGES IN EMPLOYMENT AND/OR REAL SALARY LEVELS COULD AFFECT MEXICO S PER CAPITA INCOME AND, CONSEQUENTLY, THE COMPANY S BUSINESS PERFORMANCE. II. CHANGES IN INTEREST RATES AND EXCHANGE RATES. HISTORICALLY, WALMART DE MÉXICO Y CENTROAMÉRICA HAS GENERATED CASH SURPLUSES ON WHICH IT EARNS FINANCIAL INCOME. A DECREASE IN INTEREST RATES COULD CAUSE A REDUCTION IN THE COMPANY S FINANCIAL INCOME, WHICH WOULD AFFECT ITS EARNINGS GROWTH. HOWEVER, THE COMPANY BELIEVES THAT A REDUCTION IN MEXICO S INTEREST RATES WOULD HAVE A POSITIVE EFFECT ON ITS BUSINESS IN THE MEDIUM AND LONG-TERM, SINCE IT WOULD HELP IMPROVE THE POPULATION S PURCHASING POWER. EXCHANGE RATE FLUCTUATIONS TEND TO PUT UPWARD PRESSURE ON INFLATION AND REDUCE THE POPULATION S PURCHASING POWER, WHICH COULD ULTIMATELY HINDER THE COMPANY S SALES. IN COMPLIANCE WITH ITS CORPORATE GOVERNANCE POLICIES, THE COMPANY HAS NO TRANSACTIONS WITH DERIVATIVE FINANCIAL INSTRUMENTS. III. COMPETITION. THE RETAIL SECTOR IN MEXICO HAS BECOME VERY COMPETITIVE IN RECENT YEARS, WHICH HAS LEAD TO THE NEED FOR ALL THE PLAYERS IN THE MARKET TO CONSTANTLY LOOK FOR WAYS TO SET THEMSELVES APART FROM THE COMPETITION RISKING THE COMPANY S MARKET SHARE. ANOTHER RELEVANT FACTOR IS RELATED TO THE COMPETITION S GROWING OR EVEN NEW COMPETITORS THAT CAN GET IN THE MARKET. IV. INFLATION. HISTORICALLY, SOME COUNTRIES IN CENTRAL AMERICA HAVE EXPERIENCED EXCESSIVE INFLATION THAT HAS A DIRECT EFFECT ON THE PURCHASING POWER OF THE COMPANY S CUSTOMERS AND THE DEMAND FOR ITS PRODUCTS AND SERVICES. C. CONSOLIDATION THE ACCOMPANYING FINANCIAL STATEMENTS INCLUDE THE FINANCIAL STATEMENTS OF AND THOSE OF ITS SUBSIDIARIES IN MEXICO AND ABROAD, WHICH ARE GROUPED AS DESCRIBED IN NOTE 1 PARAGRAPH A, AND THEY ARE PREPARED FOR THE SAME ACCOUNTING PERIOD. ALL RELATED PARTY BALANCES AND TRANSACTIONS HAVE BEEN ELIMINATED IN THE CONSOLIDATION, IN CONFORMITY WITH IAS 27, " AND SEPARATE FINANCIAL STATEMENTS". NONCONTROLLING INTEREST REPRESENTS THE PORTION OF EQUITY INTEREST IN THE NET ASSETS OF A SUBSIDIARY NOT ATTRIBUTABLE TO THE CONTROLLING COMPANY. NONCONTROLLING INTEREST IS PRESENTED AS A SEPARATE COMPONENT OF SHAREHOLDERS' EQUITY. ALSO, BEFORE THE FINANCIAL STATEMENTS OF WALMART CENTRAL AMERICA ARE, THEY ARE CONVERTED TO IFRS AND TRANSLATED TO MEXICAN PESOS IN CONFORMITY WITH IAS 21, "THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES". D. CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS PRINCIPALLY CONSIST OF BANK DEPOSITS AND HIGHLY LIQUID INVESTMENTS WITH ORIGINAL MATURITIES OF LESS THAN 9 DAYS. SUCH INVESTMENTS ARE STATED AT HISTORICAL COST PLUS ACCRUED INTEREST, NOT IN EXCESS OF THEIR MARKET VALUE.

19 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 6 / 21 WALMART BANK MAKES THE MONETARY REGULATION DEPOSITS REQUIRED BY BANCO DE MÉXICO, THE AMOUNTS OF WHICH ARE CALCULATED BASED ON TRADITIONAL DEPOSITS IN MEXICAN PESOS. E. FINANCIAL INSTRUMENTS THE COMPANY HAS NO TRANSACTIONS WITH DERIVATIVE FINANCIAL INSTRUMENTS. F. TRADE RECEIVABLES, OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS THE BALANCE OF WALMART BANK S LOAN RECEIVABLES PORTFOLIO IS REPRESENTED BY OUTSTANDING LOAN BALANCES, PLUS UNCOLLECTED EARNED INTEREST. THE PREVENTIVE ALLOWANCE FOR CREDIT RISKS IS PRESENTED NET OF PORTFOLIO BALANCES. RECOGNIZES THE ALLOWANCE FOR DOUBTFUL ACCOUNTS AT THE TIME THE LEGAL COLLECTION PROCESS BEGINS IN CONFORMITY WITH ITS INTERNAL PROCEDURES. G. INVENTORIES INVENTORIES ARE VALUED USING THE RETAIL METHOD, EXCEPT FOR MERCHANDISE OF SAM S CLUB, CLUBCO AND DISTRIBUTION CENTERS, WHICH ARE VALUED USING THE AVERAGE-COST METHOD, AND VIPS RESTAURANT INVENTORIES, WHICH ARE VALUED USING THE FIRST-IN, FIRST-OUT METHOD. THESE INVENTORY VALUATION METHODS ARE THE SAME AS THOSE APPLIED IN THE PRIOR YEAR. INVENTORIES, INCLUDING OBSOLETE, SLOW-MOVING AND DEFECTIVE ITEMS OR ITEMS IN POOR CONDITION, ARE STATED AT AMOUNTS NOT IN EXCESS OF THEIR NET REALIZABLE VALUE. INVENTORY PERTAINING TO THE AGRO-INDUSTRIAL DEVELOPMENT OF GRAINS, EDIBLES AND MEAT IS VALUED USING THE AVERAGE-COST METHOD. BUYING ALLOWANCES ARE RECOGNIZED IN THE OPERATION RESULTS BASED ON THE TURNOVER OF THE INVENTORIES THAT GAVE RISE TO THEM. H. PREPAID EXPENSES PREPAID EXPENSES ARE RECORDED AS CURRENT ASSETS IN THE STATEMENT OF FINANCIAL POSITION AS OF THE DATE THE PREPAYMENTS ARE MADE. AT THE TIME THE GOODS ARE RECEIVED, PREPAID EXPENSES ARE CHARGED TO THE OPERATION RESULTS OR CAPITALIZED IN THE CORRESPONDING ASSET LINE WHEN THERE IS CERTAINTY THAT THE ACQUIRED GOODS WILL GENERATE FUTURE ECONOMIC BENEFITS. I. PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT ARE RECORDED AT ACQUISITION COST AND PRESENTED NET OF ACCUMULATED DEPRECIATION. DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT IS COMPUTED ON A STRAIGHT-LINE METHOD AT THE FOLLOWING ANNUAL RATES: BUILDINGS, FACILITIES AND LEASEHOLD IMPROVEMENTS 2.5% TO 33.3% FURNITURE AND EQUIPMENT 5.% TO 33.3% J. LEASE IN CONFORMITY WITH IAS 17, "LEASES", THE COMPANY CLASSIFIES ITS PROPERTY LEASE AGREEMENTS AS EITHER FINANCING OR OPERATING LEASES.

20 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 7 / 21 CONSIDERS FINANCE LEASES TO BE THOSE IN WHICH ALL THE RISKS AND BENEFITS ARE SUBSTANTIALLY TRANSFERRED WITHIN THE ASSET PROPERTY, CONSIDERING THE RENEWALS REFERRED IN SUCH CONTRACTS. LEASE AGREEMENTS THAT DO NOT QUALIFY FOR CLASSIFICATION AS FINANCE LEASES ARE TREATED AS OPERATING LEASES. K. IMPAIRMENT IN THE VALUE OF PROPERTY, PLANT AND EQUIPMENT BASED ON THE GUIDELINES OF IAS 36, "IMPAIRMENT OF ASSETS", THE COMPANY RECOGNIZES IMPAIRMENT IN THE VALUE OF PROPERTY, PLANT AND EQUIPMENT BY APPLYING THE EXPECTED PRESENT VALUE TECHNIQUE TO DETERMINE VALUE IN USE, CONSIDERING EACH STORE OR RESTAURANT AS THE MINIMUM CASH GENERATING UNIT. THE PRESENT VALUE TECHNIQUE REQUIRES DETAILED BUDGET CALCULATIONS, WHICH ARE PREPARED SEPARATELY FOR EACH CASH GENERATING UNIT. THESE BUDGETS GENERALLY COVER FIVE YEARS AND FOR THOSE PROJECTED BEYOND FIVE YEARS, AN EXPECTED GROWTH PERCENTAGE IS APPLIED. IMPAIRMENT LOSSES ARE RECOGNIZED IN THE STATEMENT OF COMPREHENSIVE INCOME IN THE OTHER (EXPENSES) INCOME, NET LINE. L. INTANGIBLE ASSETS INTANGIBLE ASSETS ARE VALUED AT ACQUISITION COST OR AT THEIR FAIR VALUE AT THE ACQUISITION DATE AND ARE CLASSIFIED BASED ON THEIR USEFUL LIVES, WHICH MAY BE DEFINITE OR INDEFINITE. INDEFINITE-LIVED ASSETS ARE NOT AMORTIZED; HOWEVER, THEY ARE TESTED ANNUALLY FOR IMPAIRMENT, IN CONFORMITY WITH IAS 36, "IMPAIRMENT OF ASSETS". DEFINITE- LIVED ASSETS ARE AMORTIZED USING THE STRAIGHT-LINE METHOD. M. LIABILITIES AND PROVISIONS IN CONFORMITY WITH IAS 37, "PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS", LIABILITY PROVISIONS ARE RECOGNIZED WHENEVER THE COMPANY HAS CURRENT OBLIGATIONS (LEGAL OR ASSUMED) DERIVED FROM PAST EVENTS THAT CAN BE REASONABLY ESTIMATED AND THAT WILL MOST LIKELY GIVE RISE TO A FUTURE CASH DISBURSEMENT FOR THEIR SETTLEMENT. REIMBURSEMENTS ARE RECOGNIZED NET OF THE RELATED OBLIGATION WHEN IT IS CERTAIN THAT THE REIMBURSEMENT WILL BE OBTAINED. PROVISION EXPENSES ARE PRESENTED IN THE STATEMENT OF COMPREHENSIVE INCOME NET OF ANY CORRESPONDING REIMBURSEMENTS. LIABILITIES FOR TRADITIONAL DEPOSITS OF THE WALMART BANK ARE COMPRISED OF DEMAND DEPOSITS IN DEBIT CARD ACCOUNTS AND COMPULSORY TERM DEPOSITS. THESE LIABILITIES ARE RECORDED AT EITHER DEPOSIT OR PLACEMENT COST, PLUS ACCRUED INTEREST. N. CONTINGENT LIABILITY THE CONTINGENT LIABILITY RELATED TO THE ACQUISITION OF WALMART CENTRAL AMERICA IS VALUED AT PRESENT VALUE AT THE DATE OF THE FINANCIAL STATEMENTS. PAYMENTS ARE IN SHARES AND IN CASH WHENEVER WALMART CENTRAL AMERICA REACHES A CERTAIN PROFITABILITY LEVEL DURING A PERIOD OF NO LONGER THAN TEN YEARS AFTER THE AGREEMENT SIGNING DATE.

21 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 8 / 21 O. TAXES ON PROFITS DEFERRED TAXES ON PROFITS ARE RECOGNIZED USING THE ASSET AND LIABILITY METHOD, IN CONFORMITY WITH IAS 12, "INCOME TAXES". UNDER THIS METHOD, DEFERRED TAXES ARE RECOGNIZED ON ALL TEMPORARY DIFFERENCES BETWEEN FINANCIAL REPORTING AND TAX VALUES OF ASSETS AND LIABILITIES, APPLYING THE ENACTED INCOME TAX RATE EFFECTIVE AS OF THE DATE OF THE STATEMENT OF FINANCIAL POSITION, OR THE ENACTED RATE THAT WILL BE IN EFFECT WHEN THE DEFERRED TAX ASSETS AND LIABILITIES ARE EXPECTED TO BE RECOVERED OR SETTLED. THE COMPANY PERIODICALLY EVALUATES THE POSSIBILITY OF RECOVERING DEFERRED TAX ASSETS. CURRENT YEAR TAXES ON PROFITS ARE PRESENTED AS A SHORT-TERM LIABILITY OR CURRENT ASSET, NET OF PREPAYMENTS MADE DURING THE YEAR. P. EMPLOYEE BENEFITS IN CONFORMITY WITH THE LAWS OF EACH COUNTRY IN WHICH THE COMPANY OPERATES, THE TERMINATION BENEFITS FOR RETIREMENT OR DEATH TO WHICH THE COMPANY S EMPLOYEES ARE ENTITLED, ARE AS FOLLOWS: MEXICO: SENIORITY PREMIUMS ACCRUING TO EMPLOYEES UNDER THE MEXICAN LABOR LAW ARE RECOGNIZED AS A COST OF THE YEARS IN WHICH SERVICES ARE RENDERED, BASED ON ACTUARIAL COMPUTATIONS MADE BY AN INDEPENDENT EXPERT, USING THE PROJECTED UNIT CREDIT METHOD, IN CONFORMITY WITH IAS 19, "EMPLOYEE BENEFITS". ACTUARIAL GAINS AND LOSSES ARE RECOGNIZED AS THEY ACCRUE DIRECTLY IN THE STATEMENT OF COMPREHENSIVE INCOME, IN CONFORMITY WITH IAS 19. EMPLOYEE PROFIT SHARING IS PRESENTED IN OPERATING RESULTS AS PART OF THE GENERAL EXPENSES LINE AND REPRESENTS A LIABILITY DUE AND PAYABLE IN LESS THAN ONE YEAR. ALL OTHER PAYMENTS ACCRUING TO EMPLOYEES OR THEIR BENEFICIARIES IN THE EVENT OF INVOLUNTARY RETIREMENT OR DEATH, IN TERMS OF THE MEXICAN LABOR LAW, ARE EXPENSED DURING THE YEAR THEY OCCURRED. CENTRAL AMERICA: TERMINATION BENEFITS TO WHICH EMPLOYEES OF THE WALMART CENTRAL AMERICA COMPANIES ARE ENTITLED UNDER THE LABOR LAWS OF EACH COUNTRY ARE RECORDED AS LIABILITIES BASED ON ACTUARIAL VALUATIONS CARRIED OUT BY INDEPENDENT EXPERTS. IN GUATEMALA EMPLOYEES ARE ENTITLED TO TERMINATION BENEFITS AFTER WORKING THREE OR MORE YEARS IN THE COMPANY, EXCEPT IN THE CASE OF JUSTIFIED DISMISSALS. IN EL SALVADOR AND HONDURAS, EMPLOYEES ARE ENTITLED TO TERMINATION BENEFITS AFTER WORKING ONE OR MORE YEARS IN THE COMPANY, EXCEPT IN THE CASE OF JUSTIFIED DISMISSALS. IN NICARAGUA, TERMINATION BENEFITS ARE PAID IN CONFORMITY WITH THE LABOR LAW OF THIS COUNTRY. PAYOUTS VARY FROM ONE TO FIVE MONTHS OF SALARY FOR THE PERIOD THE SERVICES WERE PROVIDED.

22 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 9 / 21 IN COSTA RICA, TERMINATION BENEFITS ARE PAID TO EMPLOYEES BASED ON CURRENT CORPORATE POLICY AND IN CONFORMITY WITH THE LABOR LAW OF SUCH COUNTRY. Q. SHAREHOLDERS EQUITY LEGAL RESERVE: IN CONFORMITY WITH THE MEXICAN CORPORATIONS ACT, THE COMPANY IS REQUIRED TO APPROPRIATE AT LEAST 5% OF THE NET INCOME OF EACH YEAR TO INCREASE THE LEGAL RESERVE. THIS PRACTICE MUST BE CONTINUED UNTIL THE LEGAL RESERVE REACHES 2% OF THE VALUE OF THE COMPANY S CAPITAL STOCK. EMPLOYEE STOCK OPTION PLAN FUND: THE EMPLOYEE STOCK OPTION PLAN FUND IS COMPRISED OF SHARES PRESENTED AT ACQUISITION COST. THE PLAN IS DESIGNED TO GRANT STOCK OPTIONS TO EXECUTIVES OF THE COMPANIES IN THE GROUP, AS APPROVED BY THE CNBV. ALL EMPLOYEE STOCK OPTIONS ARE GRANTED TO EXECUTIVES OF SUBSIDIARY COMPANIES AT A VALUE THAT IS NO LESS THAN THE MARKET VALUE ON THE GRANT DATE. IN ACCORDANCE WITH CURRENT CORPORATE POLICY, EXECUTIVES MAY EXERCISE THEIR OPTION TO ACQUIRE SHARES IN EQUAL PARTS OVER FIVE YEARS. THE RIGHT TO EXERCISE AN EMPLOYEE STOCK OPTION EXPIRES AFTER TEN YEARS AS OF THE GRANT DATE OR AFTER SIXTY DAYS FOLLOWING THE DATE OF THE EMPLOYEE S LABOR TERMINATION WITH THE COMPANY. STOCK-BASED COMPENSATION COST IS CALCULATED USING THE BLACK-SCHOLES FINANCIAL VALUATION TECHNIQUE, IN CONFORMITY WITH IFRS 2, "SHARE-BASED PAYMENT". PREMIUM ON SALE OF SHARES: THE PREMIUM ON SALE OF SHARES REPRESENTS THE DIFFERENCE BETWEEN THE COST OF THE SHARES AND THE VALUE AT WHICH SUCH SHARES WERE SOLD TO EXECUTIVES OF COMPANIES IN THE GROUP, NET OF THE CORRESPONDING INCOME TAX. R. REVENUE RECOGNITION MERCHANDISE SALES REVENUE OR SERVICES INCOME ARE RECOGNIZED IN THE STATEMENT OF COMPREHENSIVE INCOME AT THE TIME OWNERSHIP OF THE PRODUCTS SOLD IS TRANSFERRED TO THE CUSTOMER OR THE SERVICE IS PROVIDED, IN CONFORMITY WITH IAS 18, "REVENUE". SAM S CLUB AND CLUBCO MEMBERSHIP INCOME IS DEFERRED OVER THE TWELVE-MONTH TERM OF THE MEMBERSHIP AND IT IS PRESENTED IN THE REVENUE LINE (OTHER REVENUE)IN THE STATEMENT OF COMPREHENSIVE INCOME. RENTAL INCOME IS RECOGNIZED AS IT ACCRUES OVER THE TERMS OF THE LEASE AGREEMENTS ENTERED INTO WITH THIRD PARTIES AND IT IS PRESENTED IN THE REVENUE LINE (LEASES) IN THE STATEMENT OF COMPREHENSIVE INCOME. THE COMPANY RECOGNIZES THE NET AMOUNT OF CELL PHONE MINUTES REVENUES IN THE REVENUE LINE (SALE OF GOODS), RATHER THAN THE TOTAL REVENUE, IN THE STATEMENT OF COMPREHENSIVE INCOME, AT THE TIME THE SERVICE IS PROVIDED. WALMART BANK S INTEREST AND FEE REVENUES ARE RECOGNIZED AS THEY ACCRUE IN THE REVENUE LINE (INTEREST) IN THE STATEMENT OF COMPREHENSIVE INCOME.

23 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 1 / 21 REVENUES FROM THE SALE OF WASTE, EXTENDED WARRANTIES AND SERVICE COMMISSIONS ARE RECOGNIZED IN THE REVENUE LINE (OTHER REVENUE) IN THE STATEMENT OF COMPREHENSIVE INCOME AT THE TIME THE OWNERSHIP OF THE PRODUCTS SOLD IS TRANSFERRED TO THE CUSTOMER OR THE SERVICE IS PROVIDED. S. BASIC EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE PARENT THE BASIC EARNINGS PER SHARE IS THE RESULT OF DIVIDING THE NET INCOME OF THE YEAR ATTRIBUTABLE TO OWNERS OF THE PARENT BY THE WEIGHTED AVERAGE NUMBER OF OUTSTANDING SHARES, IN CONFORMITY WITH THE GUIDELINES OF IAS 33, "EARNINGS PER SHARE". DILUTED EARNINGS PER SHARE IS THE SAME AS BASIC EARNINGS PER SHARE SINCE THERE IS CURRENTLY NO POTENTIALLY DILUTIVE COMMON STOCK. T. OPERATING SEGMENTS SEGMENT FINANCIAL INFORMATION IS PREPARED BASED ON THE INFORMATION USED BY THE COMPANY S SENIOR MANAGEMENT TO MAKE BUSINESS DECISIONS AND ASSESS THE COMPANY S PERFORMANCE. SEGMENT INFORMATION IS PRESENTED BASED ON THE GEOGRAPHICAL ZONES IN WHICH THE COMPANY OPERATES, IN CONFORMITY WITH IFRS 8, "OPERATING SEGMENTS". U. FOREIGN CURRENCY TRANSACTIONS THE COMPANY S FOREIGN CURRENCY DENOMINATED ASSETS AND LIABILITIES ARE TRANSLATED TO MEXICAN PESOS AT THE PREVAILING EXCHANGE RATE AT THE DATE OF THE STATEMENT OF FINANCIAL POSITION. EXCHANGE DIFFERENCES ARE RECOGNIZED IN THE STATEMENT OF COMPREHENSIVE INCOME UNDER THE FINANCIAL INCOME (COSTS), NET LINE, IN CONFORMITY WITH IAS 21, "THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES". NOTE 4.- TRADE RECEIVABLES, OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: AN ANALISYS OF TRADE RECEIVABLES AT MARCH 31, 213 IS AS FOLLOWS: MARCH 31, WALMART BANK LOAN PORTFOLIO PS. 4,155,984 TRADE RECEIVABLES 2,546, SUBTOTAL PS. 6,72,39 ALLOWANCE FOR DOUBTFUL ACCOUNTS ( 453,338) PS. 6,248,971 ================

24 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 11 / 21 THE OTHER RECEIVABLES IS A FOLLOWS: MARCH 31, RECOVERABLE TAXES PS. 3,848,835 OTHER ACCOUNTS RECEIVABLE 578, SUBTOTAL PS. 4,427,279 ALLOWANCE FOR DOUBTFUL ACCOUNTS ( 67,588) PS. 4,359,691 ================ NOTE 5. PROPERTY, PLANT AND EQUIPMENT, NET: PROPERTY, PLANT AND EQUIPMENT OWNED BY THE COMPANY DECEMBER 31, TRANSLATION MARCH 31, 212 ADDITIONS DISPOSALS TRANSFERS EFFECT LAND $ 28,785,12 $ 157,97 $( 7,645) $ 665 $( 83,478) $ 28,852,569 BUILDINGS LEASEHOLD 44,569, ,724 ( 7,64) (824,296) ( 113,118) 44,491,74 FACILITIES AND IMPROVEMENTS 36,286,2 194,386 ( 77,157) 1,192,548 ( 66,334) 37,529,445 FURNITURE AND EQUIPMENT 46,3, ,379 (164,936) 61,18 ( 82,839) 46,668, ,644,843 2,69,396 (256,82) 43,97 ( 345,769) 157,541,765 ACCUMULATED DEPRECIATION ( 52,974,45) (2,45,87) 211,66 ( 7,324) 93, (54,722,156) WORK IN PROCESS 3,29,44 ( 33,683) ( 4,951) (323,339) 73,733 2,741, TOTAL $ 15,699,842 $( 9,374) $( 5,93) $ 99,434 $( 179,36) $15,56,

25 QUARTER: 1 YEAR: 213 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 12 / 21 LEASED PROPERTY, PLANT AND EQUIPMENT DECEMBER 31, TRANSLATION MARCH 31, 212 ADDITIONS DISPOSALS TRANSFERS EFFECT PROPERTY $ 12,574,797 $ 147,532 $( 2,969) $ - $( 45,12) $ 12,674,24 FURNITURE AND EQUIPMENT 1,717,339 17, ,824, ,292, ,628 ( 2,969) - ( 45,12) 14,498,675 ACCUMULATED DEPRECIATION ( 2,615,76) ( 136,474) 386-4,659 ( 2,746,55) TOTAL $ 11,677,6 $ 118,154 $( 2,583) $ - $( 4,461) $ 11,752, GRAND TOTAL $ 117,376,92 $ 18,78 $( 52,676) $ 99,434 $( 219,497) $117,312,943 ============== ============ ========== ========== ============ ============ DEPRECIATION EXPENSE FOR THE THREE-MONTHS PERIOD ENDED MARCH 31, 213, WAS PS. 2,171,533. WORK IN PROCESS MOSTLY CONSISTS OF COMPANY S INVESTMENTS, MAINLY FOR THE CONSTRUCTION OF NEW STORES. NOTE 6. INTANGIBLE ASSETS (NET): AN ANALYSIS OF INTANGIBLE ASSETS AT MARCH 31, 213, IS AS FOLLOWS: MARCH 31, GOODWILL PS. 24,745,86 TRADEMARKS 591,215 SOFTWARE 276,877 TRADE RECEIVABLES 18,335 PATENTS 47, PS. 25,768,877 ================ AMORTIZATION EXPENSE FOR THE THREE-MONTHS PERIOD ENDED MARCH 31, 213 WAS PS. 53,97. GOODWILL REPRESENTS THE EXCESS OF THE PURCHASE PRICE OVER THE FAIR VALUE OF THE NET ASSETS OF WALMART CENTRAL AMERICA AT THE ACQUISITION DATE, PLUS THE FAIR VALUE OF THE NONCONTROLLING INTEREST, COMPUTED IN CONFORMITY WITH THE GUIDELINES IN IFRS 3, "BUSINESS COMBINATIONS". GOODWILL WAS COMPUTED IN CONFORMITY WITH IAS 38, "INTANGIBLE ASSETS", APPLYING THE PERPETUITY VALUE TECHNIQUE TO DETERMINE THE GOODWILL S VALUE IN USE, CONSIDERING EACH CENTRAL AMERICAN COUNTRY (COSTA RICA, GUATEMALA, HONDURAS, NICARAGUA AND EL SALVADOR) AS A MINIMUM CASH GENERATING UNIT.