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

1. Wal-Mart Stores, Inc. (NYSE: WMT) Charles HolleyExecutive Vice President & CFO Bank of America Merrill Lynch Consumer & Retail Conference March 11, 2014

2. 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.

3. FY 14 underlying consolidated results Continued op inc growth 5-yr. CAGR: 4.1% $B Strong sales growth 5-yr. CAGR: 3.4% Returned value (EPS) 5-yr. CAGR: 8.8% $B

4. FY 14 guidance vs. report card *Revised FY 14 Q2 earnings call Aug. 15, 2013

5. Walmart U.S. delivered a strong FY 14 Price investment Net sales ~$279.4B Increase of 2% or $5B Gross profit rate -1 bps Operating expenses Operating income ~$22.4B Increase of 4% or $860M Grew profit faster than sales 18 bpsof leverage 4 consecutive years

6. Sam’s Clubincreased membership income in FY 14 Price investment Net sales ~$50.6B Increase of 1.6% or $785M Gross profit rate -1 bps Membership income 5.9% Operating expenses Operating income ~$2.0B Increase of 5.0% Grew profit faster than sales 14 bpsof deleverage Note: All data is without fuel

7. Walmart International invested in price in FY 14 Price investment Net sales ~$136.5B Increase of 1.3% or $1.8B Gross profit rate -10 bps Operating expenses Operating income ~$6.3B decrease of 4.7% 18 bpsof deleverage

8. FY 15 guidance *October 15, 2013 **February 20, 2014

9. Keys to Walmart’s success in FY 15 Continue strong financial position Strengthen global compliance & ethics model Drive EDLC & EDLP Customer centric focus. Develop associate talent Increase comp sales Save money. Live better. Grow e-commerce & m-commerce

10. Walmart U.S. FY 15 agenda Priorities Small format acceleration E-commerce Product and brand innovation Increase comp sales Drive productivity Headwinds Bottom 10% Inconsistent execution Deflation Weather Macroeconomic headwinds

11. Sam’s Club FY 15 agenda Priorities • Merchandise differentiation • Increase member access/e-commerce Enhance member experience Personalize with Big Data Headwinds Small business challenges Deflation Weather Macroeconomic headwinds

12. International FY 15 agenda Priorities Increase comp sales in each market Drive productivity loop Improve capital discipline Invest in price Headwinds Macroeconomic headwinds Extending credit Wholesale formats Key market challenges

13. Global Ecommerce FY 15 agenda Priorities • Continue incremental investments • Add strategic acquisitions • Launch Pangaea • walmart.com enhancements • Increase fulfillment capabilities • Drive greater sales in 4 key markets • Launch, expand others

14. Driving innovation to combine physical & digital Leveraging global best practices Walmart’s full assortment Supercenter walmart.com GM & fresh Endless aisle Express Convenient mix of assortment & services

15. Accelerated roll-out of Walmart U.S. small stores Total Neighborhood Market & Walmart Express Total units by year FY11 – FY 15 Up to ~645 Up to 120 ◄Walmart Express +320% growth in 4 years ~500 to 525 ◄Neighborhood Market Expansive growth to continue in the next 3 years Based on fiscal year -end unit counts

16. Capital expenditure detail Additional $600M in Walmart U.S. small store growth *October 15, 2013 **February 20, 2014

17. Disciplined capital allocation drives efficiency • Grow the business • Organic growth • Stores • e-commerce • Leverage • Acquisitions • Dividends • Share repurchases Cash from operations AA-rated Balance Sheet

18. Capital allocation priorities FY 14 FY 15 E Sources of cash Uses of cash Sources of cash* Uses of cash Share repurchases, dividends & acquisitions Share repurchases & dividends Excesscash Cash flow from operations & net debt growth Cash flow from operations & net debt growth CapEx $12.4 - $13.4 CapEx AA rated balance sheet AA rated balance sheet *Not drawn to scale

19. Lead on issues important to Walmart customers Reputation/brand improvement Sustainability Women’s economic empowerment Associate opportunity - Veterans U.S. manufacturing - Suppliers Community giving Healthy eating/nutrition

20. Key takeaways for Walmart this year Grow comp sales Drive operational efficiencies, productivity Deliver disciplined capital allocation Continue investing in Global eCommerce Deliver strong shareholder returns

21. Q&A

22. Q&A

23. Appendix

24. Underlying EPS The underlying diluted earnings per share from continuing operations attributable to Walmart (“Underlying EPS”) for the three months and the fiscal year ended Jan. 31, 2014 is considered a non-GAAP financial measure under the SEC’s rules because the Underlying EPS for each such period includes certain amounts not included in the diluted earning per share from continuing operations attributable to Walmart calculated in accordance with GAAP (“EPS”) for the three months and the fiscal year ended Jan. 31, 2014. Management believes that the Underlying EPS for the three months and the fiscal year ended Jan. 31, 2014 is a meaningful metric to share with investors because that metric, which adjusts EPS for each of such periods for certain items recorded in the three months and fiscal year ended Jan. 31, 2013, respectively. In addition, the metric affords investors a view of what management considers Walmart’s core earnings performance for the three months and the fiscal year ended Jan. 31, 2014 and also affords investors the ability to make a more informed assessment of such core earnings performance for each of such periods when compared to Walmart’s earnings performance for the three months and the fiscal year ended Jan. 31, 2013 respectively. We have calculated the Underlying EPS for the three months and the fiscal year ended Jan. 31, 2014 by adjusting the EPS for each period for the amount of the dilutive impact of (1) Brazil non-income tax contingencies (“Brazil Taxes”); (2) Brazil employment claim contingencies (“Brazil Employment Matters”); (3) the closure of 54 underperforming Brazil and China stores (“Store Closures”); (4) China store lease expense charges (“Lease Matters”); (5) the India transaction (“India Transaction”); and (6) Sam’s Club U.S. staff restructuring and club closure (“Sam’s Restructuring”).

25. Underlying EPS impacts

26. Underlying performance FY14