Brian Cornell

President and CEO

Sam’s Club

Wal-Mart Stores, Inc. (NYSE: WMT)

18th Annual Meeting for the Investment Community

Wal-Mart Stores, Inc. (NYSE: WMT) 1

Sam’s Club

Linda Hefner

EVP, Merchandising

Todd Harbaugh

EVP, Operations

Mike Turner

SVP, Membership

John Boswell

SVP, Marketing,

Member Insights &

e-Commerce

Wal-Mart Stores, Inc. (NYSE: WMT) 2

Sam’s Club drives growth, leverage and returns

Savings Made Simple Strategic Framework

Efficient &

Engaging

Experience

Best

Choices

Member

Relationships

Talent &

Capability

Pipeline

Superior Value

& Growth

Wal-Mart Stores, Inc. (NYSE: WMT) 3

Our comp momentum is accelerating

*Guidance provided during August 16, 2011 Earnings Call

Source: Walmart internal data

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Our performance is strong country-wide…

West

South

North

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…and strong across major category groups

Fresh Grocery and beverages

Electronics Health and wellness Home and apparel

Freezer and cooler

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There is significant headroom for growth

2011E Retail Sales

(ex Auto & Fuel) $3.3T

Food, Drug, Mass $1.9T

Club Channel

2011-’16E CAGR = 4.2%

CAGR = 5.1%

Source: Kantar Retail calendar year estimates

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Our Members are less affected by the weak

economy, but they want value

• Age 35-64

• Most are parents

• Larger households

• Average HHI $75K+

• College educated

Source: Walmart internal data

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Our Business Members need us more than

ever before

• 71% sole owner

• Average annual sales of $650K

• Employ an average of 8 people

Source: Walmart internal data

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Our Membership trends are improving

Highest renewal

rates in a decade

Plus penetration continues to grow

More Members joining at Plus level

Source: Walmart internal data

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Strategic initiatives are fueled by:

Quality

Insights

Innovation

Differentiation

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Operators driving productivity and

improving Member satisfaction

Efficient &

Engaging

Experience

Best

Choices

Member

Relationships

Talent &

Capability

Pipeline

Superior Value

& Growth

Todd Harbaugh

EVP, Operations

Wal-Mart Stores, Inc. (NYSE: WMT) 12

Operational efficiency projects are

exceeding expectations

FY10 FY11 FY13 FY15

5S methodology

In-Club efficiencies

Productivity improvements

Stocking efficiencies

Staffing / scheduling

Work area design / layout

Engineered standards

Task management system

Front-end design

Performance management

EPC integration

Operations efficiencies by 2015*

6-8%

*Estimated total annual savings achieved by FY15

FY12 FY14

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Improving efficiency while providing a

better Club experience

Self checkout

Sales-driven stocking

Front end

Our highest

Member service

rating ever

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Clubs winning the weekend

Mon-Thurs Fri-Sun

Mon-Thurs

Fri-Sun

FY11 FY12 1H*

Comp sales excluding fuel

*As of July 31, 2011

Winning

EVERY

day

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Improved relocation and remodel processes

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We will win the holidays

Wal-Mart Stores, Inc. (NYSE: WMT) 17

John Boswell SVP, Marketing, Member Insights & e-Commerce

Leveraging technology and insights

Mike Turner SVP, Membership

Efficient &

Engaging

Experience

Best

Choices

Member

Relationships

Talent &

Capability

Pipeline

Superior Value

& Growth

Wal-Mart Stores, Inc. (NYSE: WMT) 18

Engaging Members based on insights

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Developed competitive advantages with our

Global eCommerce partners

Substantial headroom for growth

FY12 1H* performance

▲Total samsclub.com site sales

▲Delivery to home

▲Click ‘n’ Pull

▲Special orders

▲Membership: new and renewal

▲Traffic

▲Conversion

*As of July 31, 2011

Wal-Mart Stores, Inc. (NYSE: WMT) 20

Leveraging e-commerce initiatives to

engage and acquire new Members

Reaching potential new

Members with:

• Search engine marketing

• Social networking

• Targeted offers

Wal-Mart Stores, Inc. (NYSE: WMT) 21

Leveraging e-commerce initiatives to

engage and acquire new Members

Reaching potential new

Members with:

• Search engine marketing

• Social networking

• Targeted offers

Wal-Mart Stores, Inc. (NYSE: WMT) 22

mCommerce and mobile applications are

increasingly important

• Member sign-up/renewal

• Click ‘n’ Pull

• Photo

• iPad application

Wal-Mart Stores, Inc. (NYSE: WMT) 23

mCommerce and mobile applications are

increasingly important

• Member sign-up/renewal

• Click ‘n’ Pull

• Photo

• iPad application

Wal-Mart Stores, Inc. (NYSE: WMT) 24

We are reaching out to small businesses

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More Members are joining at the Plus level

Key benefits:

• eValues

• Extra savings on pharmacy

• 2% on credit

• Early shopping hours

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Sam’s merchants are making great choices

Linda Hefner

EVP, Merchandising

Efficient &

Engaging

Experience

Best

Choices

Member

Relationships

Talent &

Capability

Pipeline

Superior Value

& Growth

Wal-Mart Stores, Inc. (NYSE: WMT) 27

We are pleased with our growth against key

merchandise metrics

• Comp sales

• Sales per Member

• Share of wallet

• Market share

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We are accelerating differentiation

according to our Members’ needs

*Price Leadership is In accordance with applicable laws

Everyday Needs Wow

Excitement Simple Solutions

• Paper

• Cleaning & laundry

• Candy

• Tobacco*

• Fuel*

• Food & beverages

• Health & wellness

• Tires

• Furniture

• Electronics

• Home

• Apparel

• Jewelry

Winning with

price leadership

Winning with

easy solutions

Winning with

more SKUs

quality & service

Winning with

innovation,

brands & service

Wal-Mart Stores, Inc. (NYSE: WMT) 29

Stronger product development and quality

testing are paying off

Key steps:

• Member needs

• Competitive benchmarking

• Innovation

• Sensory Panel testing

• Product specification tracking

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We are pleased with early rollout results of

our new proprietary brands

Wal-Mart Stores, Inc. (NYSE: WMT) 31

We have expanded our Global Sourcing

capabilities for improved quality differentiation

Transitioned to outsourced model

for general merchandise

Enjoying access to new factories

Above average sales trends

Improved quality

Reduced product returns

Wal-Mart Stores, Inc. (NYSE: WMT) 32

Strategic Imperative:

Differentiation according to Member demand

Joint Business Planning:

• Product and packaging innovation

• Supply chain efficiencies

• Business-building investment

We are collaborating with suppliers to

further deliver on our strategic imperative

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Our Members love newness

Everyday Needs Wow

Excitement Simple Solutions

Wal-Mart Stores, Inc. (NYSE: WMT) 34

We have great holiday merchandise

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“Savings Made Simple” is driving results

Efficient &

Engaging

Experience

Best

Choices

Member

Relationships

Talent &

Capability

Pipeline

Superior Value

& Growth

Wal-Mart Stores, Inc. (NYSE: WMT) 36

Sales momentum is carrying through to

operating income as we leverage expenses

FY12 1H*

Growth

Leverage

Returns

Comp (4-5-4)

SG&A as a % of sales

Op income growth

4.6%

-30 bps

9.7%

Wal-Mart Stores, Inc. (NYSE: WMT) 37

Sam’s Club capital expenditure details $ in Billions

Capex Detail FY11 Actual FY12 Projection FY13 Projection

New Clubs $0.2 ~$0.3 ~$0.4

Remodels and Other $0.5 ~$0.7 ~$0.6

Total $0.7 ~$1.0 ~$1.0

New, Relocation and

Expansion Projects 9 8 - 10 10 - 15

Remodel Projects 65 65 - 75 65 - 75

Wal-Mart Stores, Inc. (NYSE: WMT) 38

Sam’s Club key takeaways

• We have strong business momentum

• We are engaging Members in exciting new ways

• We have improved the in-Club experience

• We are leveraging technology and innovation

• We have improved merchandise quality and differentiation

• We will win the holidays

Wal-Mart Stores, Inc. (NYSE: WMT) 39

Wal-Mart Stores, Inc. (NYSE: WMT) 40

Wal-Mart Stores, Inc. (NYSE: WMT)

18th Annual Meeting for the Investment Community

Wal-Mart Stores, Inc. (NYSE: WMT) 41

Wal-Mart Stores, Inc. (NYSE: WMT)

18th Annual Meeting for the Investment Community

42 Wal-Mart Stores, Inc. (NYSE: WMT)