June 30, 2019

Company Overview(MSE: Walmex)

2

This presentation is property of Wal-Mart de México S.A.B. de C.V. and is

intended for the use of the company’s shareholders and the investment

community. It should not be reproduced in any way.

This presentation 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 only reflect management expectations 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.

3

Table of contents

History of Walmex 4

Walmex Today 11

Financial Information 29

Competitors 35

Walmex Resources 42

4

History of Walmex

5

History: founded in 1958

1958

1970

1964

1959

Vips Restaurantsstart operations

Bodega Aurrerá& Suburbia

start operations

Aurrerástart operations

Superamastart operations

1977

Cifra starts trading on the Mexican Stock Exchange

6

History: Walmart’s first international business

1991

1999

1997

1993

Wal-Mart Stores, Inc.acquires majority

position in Cifra - Tender offer

on the MSE

Introduction of Every Day Low

Prices

Joint venture between Cifra and

Wal-Mart Stores, Inc.

Walmart Supercenterstart operations

2003

Walmart de México Foundation created

&

Stores, Inc.

7

History: “Bodegas” expansion & incorporation of Central America

2004

2008

2007

2005

License issued to operate

a bank in Mexico

Bodega AurreráExpress expansion

Mi Bodegastart operations

Superama.com.mxOnline grocery sales pilot

Wal-Mart Stores, Inc. acquires 33% of the shares of CARHCO

(Central American Retail Holding Company)

2010

Walmart de México acquires

100% of Walmart Centroamérica

8

History: Sells its Restaurant Division, the Bank and Suburbia

2011

2015

2014

2013

Walmart de México y Centroamérica

sells its restaurant division to Alsea

Walmart de México y Centroamérica

sells its bank to Inbursa

First Walmart Supercenter

in Central America(Honduras)

Walmart.com.mx launches

2017

Walmart de México y Centroaméricasells Suburbia to Liverpool

9

Continuous profitable growth

23.9

61.7

2008 2018

244.0

612.2

2008 2018

EBITDA(Mx$ billion)

Sales(Mx$ billion)

Walmex fiscal year: January-December

10

Growth across multiple formats

Walmex fiscal year: January - December

2008 2018

82.3

275.7

CAGR 12.8%

68.7

169.4CAGR 9.4%

2008 2018

66.0

124.9

CAGR 6.6%

12.4

39.2CAGR 12.2%

2008 2018

2008 2018

Total Sales(Mx$ billion)

11

Walmex Today

12

Walmex: Listed on the Mexican Stock Exchange

• Market Cap: Mx$ 914 bn1

• Weight on the MSE index: 10.9%2

• 3rd most traded stock on the MSE3

1 As of June 28th, 2019 / 2 Internal estimation as of June 28th, 2019 / 3 From April to June 2019

Wal-Mart Stores, Inc.

Mexican Stock ExchangeSustainable Index

ADR: WMMVY OTCQX

70% 30%

13

Company description

As of June 30, 2019

Revenues (Mx$ billion) 631

Units 3,291

Countries 6

Cities 654

Business formats 4

eCommerce sites 3

Distribution centers 27

Associates (thousand) +239

Contributionto

2018 sales

18.4%

Central America

81.6%

Mexico

*

* Last 12 months as of June 2019

14

Value Driver: Price

Basic general merchandise, food and household

items at the best prices.

* As of June 30, 2019

% of 2018 Walmex sales 45.3

Customer target C, D, E

Cities* 644

Operating units*

– Mexico 1,938

– Central America 691

SQ. FT. (average) SKUs (average) Units Approach

44,130 32,000 527 Weekly shopping

12,490 11,200 520 Small towns

3,710 4,400 1,582 Fill-in trip

15

Mama Lucha

She is Mexico’s favorite

luchadora, who fights against

high prices together with Bodega

Aurrerá. She brings the lowest

prices to all families.

She is the average Mexican

housewife: she wants the best for

her family, but faces a constant

struggle (lucha in Spanish) to

make ends meet.

16

Value Drivers: Price and assortment

Widest assortment of goods at Every Day Low Prices.

% of 2018 Walmex sales 27.8

SQ. FT. (average) 79,650

SKUs 90,000

Customer target A/B, C, D+

Cities* 96

Prototypes 5

Operating units*

– Mexico 277

– Central America 32

* As of June 30, 2019

17

Carrito

Qualities: Friendly, curious, helpful, observer,

good listener, fun, responsible, practical,

intelligent, ally, accomplice.

Only Carrito can join, advise and listen to our

customer in order to help her find everything she

needs when she comes to Walmart.

Carrito is the perfect shopping partner.

He knows our customer better than anyone and

he understands what motivates her to shop.

18

Neighborhood supermarkets with outstanding fresh

and food departments at reasonable prices.

% of 2018 Walmex sales 6.4

SQ. FT. (average) 16,150

SKUs 30,000

Customer target A, B, C

Cities* 47

Prototypes 2

Operating units*

– Mexico 92

– Central America 98

Value Drivers: Quality, convenience and service

* As of June 30, 2019

19

Local format branding

Costa Rica Nicaragua

El Salvador Guatemala & Honduras

Mexico

20

Membership warehouse clubs focused on businesses

and high income households.

% of 2018 Walmex sales 20.5

SQ. FT. (average) 76,750

SKUs 4,500

Customer target A, B, C, D, Business

Cities* 86

Prototypes 4

Operating units*

– Mexico 163

Value Drivers: Price leader, volume, new and unique merchandise

* As of June 30, 2019

21

Business Member

Individual Member

22

Superama.com.mx: online grocery sales leader

Call Center

Mobile Apps

Web page

Delivery

23

Walmart.com.mx: online general merchandise

•Audio •Cameras

•Auto & tires •Home

•Baby & toddler •Musical Instruments

•Books •Jewelry & accessories

•Cell Phones •Toys

•Computers & tablets •Books

•TV’s & video •Pets

•Sports •Health & Beauty

•Consumer Appliances •Video Games

•Electronics •Patio & Garden

•Furniture

CategoriesDifferentiated catalogue Delivery

24

Walmart.com.mx: groceries and perishables

•Meal Solution, grains & pasta, snacks

•Pharmacy, Health & Beauty

•Beverages, Wine & liquor

•Cleaning Supplies & Pets

•Frozen Food

•Produce

•Dairy, Eggs & Cheese

•Meat, Seafood & Poultry

•Baby & toddler

•Deli

•Bakery & Bread

Categories

25

26

Flexible multiformat operation

0 15,000 30,000 45,000 60,000 75,000 90,000Sales Area (Sq. Ft.)

Flexible PrototypesIncome Level

C, D, E

A/ B, C, D+

A, B, C, D+

A, B, C

27

Regional store presence

654 Cities withWalmex presence

Honduras31

Nicaragua27

Costa Rica24

Guatemala 49

El Salvador 22

Mexico 501

* As of June 30, 2019

28

Efficient distribution network

27 DistributionCenters

Monterrey

Guadalajara

Mexico City

Villahermosa

Culiacán

Guatemala

El Salvador

Honduras

Nicaragua

Costa Rica

2

5

3

3

2

3 3

3

1

2

* As of June 30, 2019

29

Financial Information

30

Walmex: 2Q19 Results

*2019 figures include IFRS 16

(MX$ Millions)

2Q192Q18

IFRS 16 Pro-formaVar.

2Q18 Reported

Var.

$ % $ % % $ % %

Total revenue 154,350 100.0 146,666 100.0 5.2 146,666 100.0 5.2

Gross margin 34,910 22.6 33,326 22.7 4.8 33,326 22.7 4.8

General expenses 22,952 14.9 22,307 15.2 2.9 22,883 15.6 0.3

Earnings before other income, net 11,958 7.7 11,019 7.5 8.5 10,443 7.1 14.5

Other income, net 122 0.1 (16) 0.0 8.4x (16) 0.0 8.4x

Operating income 12,080 7.8 11,002 7.5 9.8 10,427 7.1 15.9

EBITDA 16,276 10.5 14,831 10.1 9.7 13,502 9.2 20.5

Net Income 8,751 5.7 7,729 5.3 13.2 7,960 5.4 9.9

Note: Pro-forma 2018 figures are not audited, but are based on the 2018 audited reported results and adjusted with our best estimates to show the effects

related to the adoption of the IFRS 16.

X = times

31

Mexico: 2Q19 Results

*2019 figures include IFRS 16

(MX$ Millions)

2Q192Q18

IFRS 16 Pro-formaVar.

2Q18 Reported

Var.

$ % $ % % $ % %

Total revenue 126,898 100.0 119,152 100.0 6.5 119,152 100.0 6.5

Gross margin 28,386 22.4 26,730 22.4 6.2 26,730 22.4 6.2

General expenses 18,161 14.3 17,386 14.6 4.5 17,818 15.0 1.9

Earnings before other income, net 10,225 8.1 9,344 7.8 9.4 8,912 7.5 14.7

Other income, net 117 0.1 (26) 0.0 5.4x (26) 0.0 5.4x

Operating income 10,342 8.1 9,318 7.8 11.0 8,886 7.5 16.4

EBITDA 13,592 10.7 12,244 10.3 11.0 11,234 9.4 21.0

Note: Pro-forma 2018 figures are not audited, but are based on the 2018 audited reported results and adjusted with our best estimates to show the effects

related to the adoption of the IFRS 16.

X = times

32

Central America: 2Q19 Results

*2019 figures include IFRS 16

(MX$ Millions)

2Q192Q18

IFRS 16 Pro-formaVar. (%)

2Q18Reported

Var. (%)

$ % $ %Peso

terms

On a

constant

currency

basis

$ %Peso

terms

On a

constant

currency

basis

Total revenue 27,452 100.0 27,514 100.0 (0.2) 4.9 27,514 100.0 (0.2) 4.9

Gross margin 6,524 23.8 6,596 24.0 (1.1) 4.0 6,596 24.0 (1.1) 4.0

General expenses 4,791 17.5 4,921 17.9 (2.6) 2.4 5,065 18.4 (5.4) (0.5)

Earnings before other

income, net1,733 6.3 1,675 6.1 3.5 8.8 1,531 5.6 13.2 19.1

Other income, net 5 0.0 10 0.0 (47.4) (44.8) 10 0.0 (47.4) (44.8)

Operating income 1,738 6.3 1,685 6.1 3.2 8.5 1,541 5.6 12.8 18.6

EBITDA 2,684 9.8 2,587 9.4 3.7 9.1 2,268 8.2 18.3 24.4

Note: Pro-forma 2018 figures are not audited, but are based on the 2018 audited reported results and adjusted with our best estimates to show the effects

related to the adoption of the IFRS 16.

X = times

33

Financial strength

Assets Liabilities &shareholders' equity

Balance sheet statement

(June 30, 2019 – MX$ Million)

34

Growth Program 2019

12.514.3

17.4 17.920.0

2015 2016 2017 2018 2019

(Mx$ billion)CAPEX (% Total)

Existing Stores

(Remodels &

maintenance)Technology

&

eCommerce

35%

31%

20%

13%

1%

Logistics

Fresh Upstreaming

Total CapEx:

$20.0 B MXN

New Stores

35

Competitors

36

Revenues*(Mx$ billion)

154.0

127.5

20.3

Selected self-service competitors

* Last 12 months as of June 2019

Listed on the MSE Private

37

Informal market remains a large competitor

38

Associates

MX$53 million invested in training

22,996 promoted associates

36% of management positions are

filled by women

2018 highlights:

02

01

03

39

Community support

2018 highlights:

12,809 small producers

developed

Donations for over 34,120 food tons

benefiting +1M people per month

02

01

03

+1,261 million pesos were channeled

through social impact programs

93,405 volunteer participations04

40

Environmental commitment and success

01

05

03

02

04

2018 highlights:MX$ 1,040 million investment in

sustainability initiatives

1,111 water treatment plants

The zero waste objective:74% progress in Mexico & 50% in Central America

We reduced our emissions

by 5% versus 2015

84% of our units are supplied

by renewable energy

41

Walmex resources

Investor Relations:

www.walmex.mx

Corporate:

www.walmartmexico.com.mx

Online & sales:

www.superama.com.mx

www.walmart.com.mx

www.sams.com.mx