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

ISI 4th Annual Retail Summit March 19th, 2014

Duncan Mac Naughton EVP, Chief Merchandising and Marketing Officer

Walmart U.S.

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Forward-looking statement

Walmart includes the following cautionary statement so that any forward-looking statements made by, or 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 words or phrases such as “anticipate,” “estimate,” “expect,” “forecast,” “plan,” “projected,” “will be” or words or phrases of similar import. Statements of our expectations for FY15, 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 others, recessionary economic environment, cost of goods, competitive pressures, availability of credit, geopolitical conditions and events, labor and healthcare costs, inflation, deflation, consumer spending patterns, debt levels and credit access, currency exchange fluctuations, trade restrictions, tariff and freight rate changes, fluctuations in fuel, other energy, transportation and utility costs, health care and other insurance costs, accident costs, interest rate fluctuations, other capital market conditions, weather conditions, storm-related damage to facilities, customer traffic, factors limiting our ability to construct, expand or relocate stores, regulatory matters 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.

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

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Driving positive comp sales is key priority

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

Building the next generation of retail

We are well positioned with customers

Driving price separation

Localizing the broad assortment

Maximizing convenience Converging digital and physical

VA

Buy for less

Sell for less

Grow sales

Operate for less

Neighborhood Market and Express growth

650+

FY11 FY12 FY13 FY14 FY15

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The productivity loop fuels price investment

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

COGS savings

BUY FOR LESS

Food up streaming

Joint business planning Working with ~200 suppliers to drive savings across key lines of business

Global sourcing

Driving supply chain efficiency and product quality in wine, produce, dairy

Building strategic supplier partnerships to simplify global supply chains

U.S. manufacturing Collaborating with 150+ suppliers to

date; progress on track

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Heavy marketing support

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

Committed to delivering everyday low prices

Strategically investing in price

SELL FOR LESS

Source: Nielsen POS Data for 13-week ending period through January 31, 2014

Enhancing Walmart focus • Prioritizing our investments:

– Basket elasticities – Traffic driving categories – Localized customer needs

Tab for 3/2 – 3/8

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Innovating to make saving money even easier

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

Customer submits a Walmart receipt We compare prices Customer saves

automatically

Testing program in seven cities

Automatic ad matching through Savings Catcher program

Piloting across 7 cities starting in March

Supported with marketing

• TV and online radio

• Digital, search, and social media

• In-store signage, demos, and Smart Network features

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Driving traffic with broad assortment across the box

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

Top brands and innovative Items Big bets and mass merchandising

New flavors Private label innovation

Expanded brands

Mass merchandising Exclusive items

Video game trade-in Lowest prices

Red Lobster cheddar biscuit mix

Urbini hummingbird stroller

Bud Light Mang-O-Rita Price First Chicken noodle soup

Great Value LED light bulb

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Building on improvements in fresh

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

Enhancing quality

and value

•  Providing quality and value

•  Building shopper trust and loyalty

•  Achieving operational excellence

•  Expanding regional meat brands

•  Enhancing promotional activity

•  Improving produce operations and product flow

Keeping momentum in meat and produce

Focusing more on deli and bakery

Share: +50 bps

Share: +13 bps

FY14

FY14

Source: Nielsen Perishables Group for the 52-weeks ending December 28, 2013

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Tailoring our offering to local preferences

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

Localized assortment

•  Adding regional brands •  Filling assortment gaps •  Leveraging syndicated data

Optimized category space

• Creating store clusters • Shifting modular space •  Targeting features

Southeastern Mills gravy mix

Williamson Bros. BBQ sauce

Vidalia Brands onion ring batter mix

Roger Wood smoked meats

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Accelerating Neighborhood Market expansion

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

Pharmacy

Adult Beverages

Fresh

Focusing on traffic driving categories

Enhanced by Walmart ecosystem

Convenient options

Meal solutions

Fuel

Walmart services

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Offering customer choice Enhancing mobile capabilities

Integrating digital and physical for our customers

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

Piloting Walmart To Go

• Increasing choice and convenience

• Expanded Grocery delivery test to Denver market October 2013

• Added free store pickup in Denver beginning January

Testing Lockers

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Sharing our message with customers

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

Expanding digital marketing

Communicating key messages across channels

Price Standing behind our EDLP commitment

Product Showcasing great items

at great values

People Speaking to leadership

responsibility

Leading in social media Launching innovative programs

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Key Walmart U.S. priorities

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

Driving comp sales through price investment and assortment

Delivering the best assortment with top brands, innovative products, and local items

Converging digital and physical to serve customers how, when, and where they want to be served

Connecting with customers using innovative programs across the most relevant channels

Testing and innovating to deliver greater convenience