May, 2016

1

Our strategy remains the same

Grow earnings faster than

sales leveraging expenses

Productivity loop

Double total sales

in 10 years

~ CAGR +7 %

2014 Same StoreSales

NewStores

eCommerce 2024

~876

438

Operate

for less Buy

for less

Sell

for less

Grow

sales

Mx$ Billion

2

Strong total sales growth

3

10.3

7.5

9.9

13.2

Mexico Central Americaconstant currency

Walmexconstant currency

Walmex

1Q16 Growth (%)

Driven by robust and consistent same store

sales growth throughout the business

4

4.9

7.7 9.3

5.0

14.2 12.7

Mexico Central America

1Q15 1Q16 Two year stack

Growth (%)

Consistently outpacing the industry

5

3.6 5.7

9.3

1Q15 1Q16 2 year stack

Antad self service ex Walmex

5.0

9.4

14.4

1Q15 1Q16 2 year stack

+140 bps

+370 bps

+510 bps

Walmex self-service & Sam’s

SSS Growth (%)

Outperforming across all divisions

6

5.7 5.6 5.6

9.2 9.4 9.0 9.6

15.4

SSS growth Food andConsumables

GeneralMerchandise

Apparel

Antad self-service ex Walmex Walmex self-service & Sam's

1Q16 SSS Growth (%)

Same store sales: capitalize on strong growth

Price leadership Assortment

differentiation

• Perishables

• Seasons

• Regionalization

• Private Brands

Operate with

excellence

Self-service: grow sales

8

Operate

for less Buy

for less

Sell

for less

Grow

sales

8.6

Food andConsumables

Perishables Seasonal

Consistency Accelerate Innovate

1Q16 SSS Growth (%)

Sam’s Club: grow sales

9

9.7

GeneralMerchandise

Electronics 1Q15 1Q16

+110 bps

1Q16 SSS Growth (%) Credit card

sales contribution

Operate

for less Buy

for less

Sell

for less

Grow

sales

Central America: grow sales

10

Leveraging agribusiness

General merchandise 5.0

CentralAmerica

Fresh GeneralMerchandise

Operate

for less Buy

for less

Sell

for less

Grow

sales

Walmex: 1Q16 Results

11

1Q16 1Q15 % Growth (Mx$ million) $ % $ %

Total revenues 126,448 100.0 111,723 100.0 13.2

Gross margin 28,098 22.2 24,151 21.6 16.3

General expenses 18,618 14.7 16,860 15.1 10.4 Earnings before Other income 9,480 7.5 7,291 6.5 30.0

Other income 88 0.1 50 0.0 75.3

Operating income 9,568 7.6 7,341 6.6 30.3

EBITDA 12,230 9.7 9,816 8.8 24.6

Net income 6,718 5.3 5,174 4.6 29.9

Mexico: solid performance

21.5

22.0

Gross Margin

14.6

14.1

Expenses

9.1

10.0

EBITDA

1Q15 1Q16

12

Central America: solid performance

22.5

23.1

Gross Margin

17.6 17.5

Expenses

7.2

8.0

EBITDA

1Q15 1Q16

13

Cash Generation continues to be strong

8.3

9.8 10.4

1Q14 1Q15 1Q16

12 months cash generation as a % of total revenues

14

Investment: Generate cash to fund our strategy

14.7 14.0 12.7 12.5

14.7

2012 2013 2014 2015 2016e

(Mx$ billion)

39%

31%

24%

6%

2016 Estimated Capex

New Stores

Existing Stores (Remodels & maintenance)

Technology

& eCommerce

Logistics

And return excess cash to our shareholders

9.6

16.3 17.3

28.9 29.3

2012 2013 2014 2015 2016 proposal

(Mx$ billion)

1.4 2.2 4.5 5.5 3.7e

Dividend Yield (%)

32.2

24.3 Divestitures

Dividends

Our strategy remains the same

Grow earnings faster than

sales leveraging expenses

Productivity loop

Double total sales

in 10 years

~ CAGR +7 %

2014 Same StoreSales

NewStores

eCommerce 2024

~876

438

Operate

for less Buy

for less

Sell

for less

Grow

sales

Mx$ Billion

17