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

2. Wal-Mart Stores, Inc. (NYSE: WMT) 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. Wal-Mart Stores, Inc. (NYSE: WMT) 3 $B Strong sales growth 5-yr. CAGR: 3.4% Continued op inc growth 5-yr. CAGR: 4.1% Returned value (EPS) 5-yr. CAGR: 8.8% FY 14 underlying consolidated results

4. Wal-Mart Stores, Inc. (NYSE: WMT) 4 Financial priorities Metrics FY 14 guidance FY 14 actualReport card Growth Sales growth2 - 3%*1.6% X Square footage growth 3 - 4%3% Leverage Operating expense< sales2.0% vs. 1.6% X Operating income growth > sales0.2% vs. 1.6% X ReturnsFree cash flowStrong FY 14 guidance vs. report card *Revised FY 14 Q2 earnings call Aug. 15, 2013

5. Wal-Mart Stores, Inc. (NYSE: WMT) 5 Net sales ~$279.4B Increase of 2% or $5B Operating expenses Operating expenses 18 bps of leverage 4 consecutive years Operating income Operating income ~$22.4B Increase of 4% or $860M Grew profit faster than sales Gross profit rate -1 bps Price investment Price investment Walmart U.S. delivered a strong FY 14

6. Wal-Mart Stores, Inc. (NYSE: WMT) 6 Net sales ~$50.6B Increase of 1.6% or $785M Operating expenses Operating expenses 14 bps of deleverage Operating income Operating income ~$2.0B Increase of 5.0% Grew profit faster than sales Gross profit rate -1 bps Price investment Price investment Membership income 5.9% Sam’s Club increased membership income in FY 14 Note: All data is without fuel

7. Wal-Mart Stores, Inc. (NYSE: WMT) 7 Net sales ~$136.5B Increase of 1.3% or $1.8B Operating expenses Operating expenses 18 bps of deleverage Operating income Operating income ~$6.3B decrease of 4.7% Gross profit rate -10 bps Price investment Price investment Walmart International invested in price in FY 14

8. Wal-Mart Stores, Inc. (NYSE: WMT) 8 Financial priorities MetricsFY 15 guidance* Updated FY 15 guidance** Growth Sales growth3 - 5%At low end Square footage growth33 - 37M sq. ft.35 - 39M sq. ft. Leverage Operating expense< sales Operating income growth> sales May not grow faster, or at the same rate as sales ReturnsFree cash flowStrong FY 15 guidance *October 15, 2013 **February 20, 2014

9. Wal-Mart Stores, Inc. (NYSE: WMT) 9 Keys to Walmart’s success in FY 15 Strengthen global compliance & ethics model Continue strong financial position Increase comp sales Drive EDLC & EDLP Develop associate talent Grow e-commerce & m-commerce

10. Wal-Mart Stores, Inc. (NYSE: WMT) 10 Headwinds Macroeconomic headwindsWeather Priorities Increase comp sales Drive productivity Product and brand innovation Small format acceleration E-commerce Bottom 10% Inconsistent execution Deflation Walmart U.S. FY 15 agenda

11. Wal-Mart Stores, Inc. (NYSE: WMT) 11 Headwinds Macroeconomic headwindsWeather Priorities Merchandise differentiation Personalize with Big Data Enhance member experience Increase member access/e-commerce Deflation Sam’s Club FY 15 agenda Small business challenges

12. Wal-Mart Stores, Inc. (NYSE: WMT) 12 Headwinds Macroeconomic headwinds Priorities Increase comp sales in each market Improve capital discipline Drive productivity loop Invest in price Extending credit International FY 15 agenda Wholesale formatsKey market challenges

13. Wal-Mart Stores, Inc. (NYSE: WMT) 13 Continue incremental investments Add strategic acquisitions Launch Pangaea walmart.com enhancements Increase fulfillment capabilities Drive greater sales in 4 key markets – Launch, expand others Priorities Global Ecommerce FY 15 agenda

14. Wal-Mart Stores, Inc. (NYSE: WMT) 14 Driving innovation to combine physical & digital Walmart’s full assortment Convenient mix of assortment & services Express Supercenterwalmart.com GM & freshEndless aisle Leveraging global best practices

15. Wal-Mart Stores, Inc. (NYSE: WMT) 15 Accelerated roll-out of Walmart U.S. small stores Total Neighborhood Market & Walmart Express Total units by year FY 11 – FY 15 Up to ~645 Expansive growth to continue in the next 3 years +320% growth in 4 years ◄ Walmart Express ~500 to 525 Up to 120 ◄ Neighborhood Market Based on fiscal year -end unit counts

16. Wal-Mart Stores, Inc. (NYSE: WMT) 16 (US$ billions) SegmentActual FY14FY 15 guidance* Updated FY 15 guidance** Walmart U.S. $6.4$5.8 - $6.3$6.4 - $6.9 Sam’s Club $1.1$1.0 Walmart International $4.4$4.0 - $4.5 Corporate and Support $1.2$1.0 Total $13.1$11.8 - $12.8$12.4 - $13.4 Capital expenditure detail Additional $600M in Walmart U.S. small store growth *October 15, 2013 **February 20, 2014

17. Wal-Mart Stores, Inc. (NYSE: WMT) 17 1.Grow the business o Organic growth Stores e-commerce Leverage o Acquisitions 2.Dividends 3.Share repurchases Cash from operations AA-rated Balance Sheet Disciplined capital allocation drives efficiency

18. Wal-Mart Stores, Inc. (NYSE: WMT) 18 Cash flow from operations & net debt growth FY 14 AA rated balance sheet $12.4 - $13.4 FY 15 E Sources of cash*Uses of cash CapEx Share repurchases, dividends & acquisitions AA rated balance sheet Sources of cashUses of cash CapEx Share repurchases & dividends Excess cash Cash flow from operations & net debt growth Capital allocation priorities *Not drawn to scale

19. Wal-Mart Stores, Inc. (NYSE: WMT) 19 Lead on issues important to Walmart customers Associate opportunity - Veterans Healthy eating/nutrition Community giving U.S. manufacturing - Suppliers Women’s economic empowerment Sustainability

20. Wal-Mart Stores, Inc. (NYSE: WMT) 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. Wal-Mart Stores, Inc. (NYSE: WMT) 21 Q&A

22. Wal-Mart Stores, Inc. (NYSE: WMT) 22 Q&A

23. Wal-Mart Stores, Inc. (NYSE: WMT) 23 Appendix

24. Wal-Mart Stores, Inc. (NYSE: WMT) 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. Wal-Mart Stores, Inc. (NYSE: WMT) 25 Underlying EPS impacts Fiscal Year Ended January 31, 2014 Diluted net income per common share: Underlying EPS$5.11 Adjustments to underlying EPS Brazil taxes(0.06) Brazil employment matters(0.05) Store closures(0.06) Lease matters(0.03) India transaction(0.05) Sam’s restructuring(0.01) Total impact(0.26) EPS$4.85

26. Wal-Mart Stores, Inc. (NYSE: WMT) 26 Underlying performance FY14 Q4  FY’14  Wal-Mart, Inc. Operating expenses percent to sales 18.23%n/a2bps19.12%n/a8bps Operating income$8,258($322)(3.8%)$27,783$580.2% Income from continuing operations $5,408($455)(7.8%)$17,415($289)(1.6%) Diluted EPS$1.60($0.7)(4.2%)$5.11$0.100.2% Walmart International Operating expenses percent to sales 18.35%n/a11bps19.42%n/a18bps Operating income$2,162($254)(10.5%)$6,306($311)(4.7%) Diluted EPS$1.60($0.7)(4.2%)$5.11$0.100.2% Sam’s Club Operating expenses percent to sales 11.84%n/a46bps11.75%n/a14bps Operating income$471($18)(3.7%)$2,008$955.0% Diluted EPS$1.60($0.7)(4.2%)$5.11$0.100.2%