1

International

Doug McMillon

President & Chief Executive Officer

2

International leadership team

3

Strategy & Development

Judith McKenna

Finance

Cathy Smith

Latin America

Enrique Ostalé David Cheesewright

UK, Canada, Africa

Scott Price

Asia

Chief Compliance Officer

Daniel Trujillo

Corporate Affairs

Maggie Sans

People

Tom Waldron

General Counsel

Tim Cheatham

Delivering on commitments

4

Disciplined growth

EDLP transition

New store execution

E-commerce capabilities

Improve returns

Leverage expenses

Capital discipline

Deeper talent

Excellence in compliance

Social and environmental leadership

Disciplined growth

EDLP progress in every market

New store performance improving

E-commerce capabilities developing

Improve returns

Did not leverage in the first half

Slowed new store growth to improve quality

Improved depth and strengthened capabilities

Global organization and foundation in place

Progress on energy, waste and supply chain

Last year’s key takeaways Progress YTD

2.9%

4.7%

(2.9%) 0.1%

FY14 first half financial performance

5

Sales growth Operating income growth

Adjusted Currency

impact Excl.

China & Brazil

eCommerce

Reported Adjusted Currency

impact Excl.

China & Brazil

eCommerce

Reported

Winning market share FY14 first half

6

25.8%

13.6%

10.4%

4.7%

8.3%

-0.8%

8.9%

6.1%

2.5%

24.0%

9.9% 8.1%

4.5% 6.7%

-0.4%

6.1%

0.8%

3.7%

Walmart Growth

Market Growth

Argentina Brazil Chile Mexico &

Central

America

China

Japan

South

Africa

Canada UK

Expense leverage performance

7

19.7%

20.0%

19.7% 19.6%

19.4%

19.0%

19.5%

20.0%

FY09 FY10 FY11 FY12 FY13

FY14 first half expense leverage performance

8

Property, health & welfare taxes

eCommerce investments

Customer experience investments

eCommerce investments

X X X X X

China Japan South Africa

& Sub-Saharan

Africa

Chile India UK Mexico &

Central

America

Canada Brazil Argentina

UK

Canada

Units per labor hour improvement vs. LY

Strong return on investment

9

Notes: The ROIs above are non-GAAP measures and are based on information as of December 31, 2012. The ROI information above is based on public

information and internal data for Wal-Mart Stores, Inc. and Walmart International. Our information for Walmart’s competitors is based on public information and

information from Capital IQ. ROIs for Walmart’s competitors above have been calculated utilizing Walmart’s ROI methodology.

Wal-Mart

Stores, Inc.

FY13 ROI by market

10

Walmart International ROI

Best-in-class in market Greater improvement opportunity Moderate improvement opportunity

Mexico Canada

UK

South Africa &

Sub-Saharan

Africa

Chile

Central

America Argentina

China

Brazil Japan

Source: Information for the countries above is based on the company's internal data. Certain Walmart International segment overhead expenses have not been

allocated to the markets and are not reflected in the ROI by market presented above. ROI information is a non-GAAP measure.

Building a great business

11

Building a great business

12

Operational process improvement

Systems capabilities

World-class compliance

Disciplined growth

Purpose, culture, operating principles

Disciplined growth

13

Reset India

Sale of VIPS restaurants in Mexico

Close underperforming stores in Brazil

FY15 operating income benefit of +20 bps

Close underperforming stores in China

FY15 operating income benefit of +30 bps

Plan to win

14

Be in good

businesses Growth

Leverage

Returns

Be the

best-in-class

operator

Portfolio

Management

Be in good businesses

15

Portfolio

Management

Invest in good

markets

formats

channels

store locations

Be in good businesses – Mergers & Acquisitions

16

Focus on existing markets

Acquire capabilities

Selectively enter new markets

20+ year history of growth

17

$0

$20

$40

$60

$80

$100

$120

$140

$160 Newly acquired sales

Cumulative acquisition sales

Organic sales

($ in B)

Mexico

China

Wertkauf (Germany)

Makro (S. Korea) Bompreco (Brazil)

Trust-Mart (China) and JV Bharti (India)

Sonae (Brazil), CARHCO (Central America), and

Seiyu (Japan), Sold S. Korea and Germany

D&S (Chile)

Interspar (Germany)

ASDA (UK)

Cifra

(Mexico)

Woolco

(Canada)

Argentina

and Brazil

Yihaodian (China), Massmart (Africa)

and Netto (UK)

$8 $5 $4 $1 <$1 <$1 <$1

$135 $126

$109

$97 $96 $91

$77

$59 $53

$48 $41

$35 $32 $23

$12

Zellers (Canada)

Disciplined growth

18

45%

55%

Developed Emerging

245

374-376

329 348 362

21 21

42 19

14 12-14

FY09 FY10 FY11 FY12 FY13 FY14E FY15P FY15P

~ 130 million sq. ft.

~ 7.3% CAGR between

Net store sq. ft. (in millions)

Capital expenditure (FY14 - FY17)

FY15E FY15E

Capital expenditure update

19

[Placeholder – Capex numbers being

reviewed with Cathy Tuesday 8am (10/1)] CapEx detail ($ in B) FY13

Actual

FY14

Estimate

(Original)

FY14

Estimate

(Revised)

FY15

Projection

New stores $2.5 $2.2 - $2.5 $1.9 - $2.1 $1.7 - $1.9

Remodels $0.5 $0.7 $0.7 $0.8

Logistics $0.4 $0.6 $0.4 $0.5

Other $1.2 $1.0 - $1.2 $1.0 - $1.3 $1.0 - $1.3

Total Walmart International $4.6 $4.5 - $5.0 $4.0 - $4.5 $4.0 - $4.5

Sq. ft. detail (millions)

Net new store sq. ft. 19.4 20 - 22 14 12 - 14

Be the best-in-class operator

20

Drivers of growth

and returns

Foundations for

growth and returns

Drive growth with innovation – eCommerce

21

Shop in

Store

Grocery Home Shopping UK lead market

At store

pick up “Click &

Collect”

Offsite

pick up

Offsite

drive through

Mobile

pop up

Delivery

to home

Global Walmart.com

Connecting with

customers Social Online Mobile Tablet Stores

One Store Open to

the World

A healthy core – fresh food

22

Produce Events Your Fresh Market Launch

Chile Canada

A healthy core – private brand

23

George – kidswear Chosen by Kids Chosen by You

Japan - food UK - food UK - apparel

Aggressively drive the productivity loop

24

The Four Ws:

We Operate For Less

We Move For Less

We Construct For Less

EDLP journey

We Buy For Less

Grow

sales Operate

for less

Buy

for less

Sell

for less

Process Foundations Innovation

Productivity loop – We Operate for Less

25

Workforce

Management

Tunnel

Scanning

Productivity loop

26

Pre-fabricated

restroom

We Move for Less We Construct for Less

Mexico network

design - consolidation

We Buy for Less

IPL leverage - global

olive oil buy

UK Japan

Continuing on our EDLP journey

27

Achieve Lowest Cost Base Recognized as

Lowest Basket Price

EDLP Competitive

Advantage

High inflation

limiting

effectiveness

Learning and

testing concepts

India Argentina

China

Brazil

Japan

Mexico &

Central America

UK

Chile

Canada

South Africa &

Sub-Saharan Africa

Stage of maturity

Tim

e

Using EDLC and

EDLP as an

advantage

Strong cost position;

EDLP largely

implemented

Cost structure too

high; retail divisions

implemented,

wholesale still

implementing Early stages

Be the best-in-class operator

28

Drivers of growth

and returns

Foundations for

growth and returns

Connecting people to purpose

29

Leadership Depth

and Diversity

Merchant

Expertise

Culture and

Engagement

Building leadership depth and capability

30

Guilherme

Loureiro Steve

Smith

Ann

Bordelon

Gary

Severson

John

Furner

Steve

Breen Gian Carlo

Nucci

Michiko

Otsubu

Karina

Awad

Jesica

Duarte

Asia

Brazil China Chile Japan Chile

Japan UK Mexico Brazil

Compliance is part of our culture

31

Global compliance leadership

32

Daniel Trujillo Chief Compliance Officer

International

Tom Gean Global Anti-Corruption

Compliance Officer

Jan Saumweber Ethical Sourcing

Phyllis Harris Chief Compliance

Officer, U.S.

Seth Beal Global Chief Compliance Officer

eCommerce & Leverage

Jon Avila Chief Privacy Officer

Jay Jorgensen Global Chief

Compliance Officer

Global compliance resources

33 33

Global Chief Compliance Officer

International Chief

Compliance Officer U.S. Chief Compliance Officer Global Anti-Corruption Officer

U.S. Compliance

Organization UK/Canada/

Africa CCO

Asia

CCO Latin America

CCO

China

Japan

India

Mexico &

Central America

Chile

Brazil

Argentina

China

Japan

India

UK

South Africa &

Sub-Saharan

Africa

Canada

UK

South Africa &

Sub-Saharan

Africa

Canada

Mexico &

Central America

Chile

Brazil

Argentina

Compliance as a competitive advantage

34

14 global compliance

subject areas

Financial control

enhancements

Anti-

Corruption

Anti-Money

Laundering

Antitrust

Consumer

Protection

Environment

Ethical

Sourcing

Food Safety

Health &

Safety

Health &

Wellness

Labor &

Employment

Licenses &

Permits

Privacy

Product

Safety

Trade

Strengthening our financial

controls to support a world-

class anti-corruption

compliance program

Standardizing processes and

controls across markets

Case study: China

35

2013

1980

China

G5

G5: US, UK, France, Germany, Japan Projections

China’s rapid growth

120%

3300%

1980 1985 1990 1995 2000 2005 2010 2015 2018

China – global leadership talent

36

China US UK Canada Hong Kong Singapore Australia Germany New Zealand

Growth in China

37

`

Beijing

Shanghai

Fuzhou-Xiamen

Kunming

Chengdu-Chongqing

Wuhan

Guangzhou–Shenzhen

Strengthening and expanding the portfolio

China – fresh food

38

Delivering fresh quality Delivering fresh excitement

China – compliance

39

Ensuring quality through compliance

Case study: China

40

Increasing growth, performance and profits

Building a strong foundation

Reducing costs

Strengthening EDLP

Growing the portfolio

We make money in China.

We believe in China.

We will win in China.

Plan to win

41

Be in good businesses

Actively manage our portfolio

Be the best-in-class operator

Drive new growth with innovation

Sustain a healthy core

Aggressively drive the productivity loop

Build leadership depth

Make compliance a competitive advantage

Growth

Leverage

Returns

Appendix

42

Appendix A

43

Market Growth Sources: Argentina: Nielsen, Brazil Nielsen, Canada: Statistics

Canada ATRS, China (FMGC only): Nielsen; Japan: Ministry of Economy, Trade and

Industry (METI); Chile: INE; Mexico & CAM: ANTAD (Retail and Departmental Stores

Association) & Nielson (for CAM); South Africa: Government official statistics, and UK:

Kantar World panel data-24 weeks ending 7th July