Raymond James

Institutional Investors

Conference

Steve Bratspies Chief Merchandising Officer, Walmart U.S.

March 8, 2016

Forward Looking Statements Walmart includes the following cautionary statement so that any forward-looking statements made by, on behalf of, Walmart will enjoy the safe harbor protection of the PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, as amended. Such forward-looking statements, which will describe our objectives, plans, goals, targets or expectations, can be identified by their use of word or phrases such as “anticipate,” “estimate,” “expect,” “forecast,” “goal,” “plan,” “projected,” “will be,” “will continue,“ “will deliver,” “will have,” “project to,” “will sell,” or words or phrases of similar import. Statements of our expectations for FY17, and any subsequent fiscal years are forward-looking. Walmart’s actual results might differ materially from those expressed or implied in a forward-looking statement as a result of factors including, among other, cost of goods, competitive pressures and initiatives, inflation, deflation, consumer spending patterns, debt levels, credit access and disposable income, consumer acceptance of our merchandise offerings, programs and initiatives, availability of adequate volumes of particular merchandise from suppliers, availability of skilled and experienced labor in our markets, performance of our workforce, trade restrictions, tariff and freight rate changes, capital market conditions, weather conditions, storm-related damages to facilities, customer traffic, changes in laws and regulations, our cash flows and access to the capital markets, our ability to implement certain plans and programs within our stores and on our retail website and mobile commerce applications, unanticipated changes in our strategy, plans and focus with respect to any matter and other risks set forth in our SEC filings. Our most recent Annual Report on Form 10-K and our other filings with the SEC contain more information concerning factors that, along with changes in facts, assumptions not being realized or other circumstances, could cause actual results to differ materially from those expressed or implied in a forward-looking statement. Walmart undertakes no obligation to update any forward-looking statement to reflect subsequent events except to the extent required by applicable law.

Growth

• Six consecutive quarters of positive comp sales

• Five consecutive quarters of positive traffic

• Improving our customer experience scores

• 22 markets with online grocery

U.S. Consumers are Changing…

MILLENNIALS 1

1977-1994

GEN X

1965-1976

BOOMERS

1946-1964

79M

49M

75 M

.

1 Source: Walmart defined segmentation based on 2014 National Population Projection, U.S. Census Bureau 2 Source: Based on Walmart’s internal data 3 Source: IRI Marketplace Survey April 2014

32% use store or other

money saving apps on mobile

phones 2

use retailer sites to compare prices 3

50%

Among the Millennials

DEMOGRAPHICS

…and They are Our Customers

Walmart Panel Share Change*

2013 2014

MILLENNIAL MOMS

Milliennial customers

* Source: Nielsen Homescan Panel Data for 52 weeks; Total Food/Consumables/OTC

More customers shopping both

online and in stores

2015

Walmart U.S. Plan to Win Deliver a seamless shopping experience at scale

Winning

with stores

Being great

merchants Delivering

value

Providing

convenience

Loyalty Trust

Merchandising Focus

• Focusing on customer advocacy

• Strengthening our cost position

• Improving our service to stores

Fresh angle with customers pics

Fresh

Q2 FY16 Q4 FY16

Overall Fresh Impression

Not to scale

Private Brands

Health & Wellness

Convenience

Pickup

Online Grocery

Walmart App

EDLP Powered by EDLC

Operate for less

Buy for less

Sell for less

Grow sales

EDLC

Invest in lowering

cost of goods

Consistent terms

and allowances

Disciplined Inventory

Management

EDLP

Strategic investment in

Price

Clear communication on

pricing and across channels

Deliver EDLP – consistent,

stable prices

Great Items at Great Prices

$2.87 $3.88

$1.00

Loyalty Trust • Focusing on customer advocacy

• Strengthening our cost position

• Improving our service to stores

Key Takeaways