Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 1 Walmart Watch Measuring promotional shifts in the circulars of the world’s largest retailer July 2015

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 2 This Months Drops Walmart-US - Cleveland, OH - 7/31/2015 Circular - Page 1 (Front) Metric7/31 Drop Page Count24 Feature Count144 Rollback Share35% New Items7 Circular Incentives Delayed Interest w/Store Card Private Brand Share13%

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 3 Notable Spreads Walmart-US - Cleveland, OH - 7/31/2015 Circular - Page 2/3 (Middle) Walmart-US - Cleveland, OH - 7/31/2015 Circular - Page 12/13 (Middle) The majority of this drop featured imagery and promotions relevant to Back to School season, with sections for grade school and university students. Grocery was incorporated into the Back to School theme with breakfast and ‘on the go’ lunch themed spreads later in the circular.

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 4 Feature Counts Continue Y/Y Declines Feature Counts were flat compared to June, and continued the trend of weak Y/Y comps as WMT continued the strategy of more focused investment in print promotions. Feature Count by Calendar Month

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 5 Rollback Show Sharp Up-Tick in July Rollbacks spiked from a historical average of ~20% of promotions to 35%, driven by heavy rollback activity in school and office supplies as well as apparel. Share of Promotions with Featuring Rollback

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 6 Grocery Continues to Take Space from Gen Merch, HBC The share of promotions dedicated to grocery grew 12% compared to July 2014, primarily taking space from general merchandise and HBC. Department Share of Promotions

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 7 Private Brand Over-Indexes in July 2015 The share of WMT promotions dedicated to Private Brand also spiked in July, with the strongest showing of 2015 and nearly double the share compared to July This was driven largely by a strong showing in apparel and homewares. Private Brand Share of Promotions

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 8 Contact Us These materials were prepared specifically for use by the receiving party only. The materials, and the information they contain, are confidential and proprietary to Efficient Collaborative Retail Marketing Company, Inc. (ECRM) and any related companies, and may not be reproduced, published or otherwise disclosed to others without express authorization from ECRM. Lead Business Intelligence Analyst Tanie Andraos (440) ext