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

William Blair 33rd Annual Growth Stock ConferenceJune 12, 2013

Duncan Mac NaughtonEVP, 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 FY14, 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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Customers adapting to the environment

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

• Jobs / job security

• Rising food prices

• Gas / energy prices

• Taxes

• Jobs / job security

• Gas / energy prices

• Rising food prices

• Keeping jobs in USA

Walmart moms

General population

*Based on internal survey data

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Driving the productivity loop Delivering a broad, local assortment

Walmart is well positioned to serve our customers

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

Serving customers through integrated channels

Operatefor Less Buy for

Less

Sell forLess

Grow Sales

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We have a solid framework to deliver on our strategy

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

Price

PeopleProduct

Place

Promotion

Responsibility

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EDLP delivers for customers every day

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

Source: 13 months Nielsen & Walmart data ending 4/27/2013. Excludes Walmart private label, slow moving, discontinued, random weight, Rx & Optical items. Slow moving items are those that sold fewer than 40 units or in fewer than 10 stores in the rest of market.

• EDLP strategy driving price leadership

• Consistently strong double digit price gaps*

• 100bps improvement in price gap in last 13 months

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Our EDLP commitment is enabled through EDLC

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

Up streaming

Joint business planning Domestic manufacturing

Global Sourcing

Production

Retail

Collaborating with suppliers to drive everyday low cost

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Sourcing quality USA products

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

• Met with ~25 governors• Addressed 3,500 suppliers• Holding manufacturing summit in August 2013 • Over 100 “Made in the USA “ projects in

process

Progress…

In stores & Walmart.com

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Delivering quality through brands and innovation

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

New /expanded brands Exclusives & innovation

Great innovation and quality brands at everyday low prices

Sero 7

$7.88 Bluray

$4.88 Accessories

$3.98 Bras

Man of SteelFlower

Cosmetics

Exclusive products Value innovation

iPhone now on Straight Talk

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Localizing assortment by store

Example: hand & body lotion clustering process

Example: regional ice cream

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

Consumables

Over 3,500 store specific ice cream modulars

Food

Creating a store of the community experience!

Demand

Ethnicity Geography

Cluster Decision

Income Competition

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Focus on freshness driving results in produce

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

*Produce comps are on a 4-5-4 basis

Fresh audits & improved trackingReduced time in supply chain

… and executionImproving product flow

Now backed by our Fresh Produce Guarantee

Val

ue

QualityQ2 Q3 Q4 Q1

FY13 FY14

Improving produce comps*Merchandising focus

7%

0%

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Communicating value and price in a unique way

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

For illustrative purposes

Fresh over and local basket challengecommercials

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Operational execution at the core of our strategy

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

*On shelf availability as measured by OSA 2.0

Feb 2012

May 2013

Consistent performance On shelf availability*

• Modular planning

• Technology & innovation

• Key item focus

Driving efficiency through…

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Leveraging physical footprint and dotcom capabilities

Providing for our customers…

Physical retail presence +4000 stores

Technology and Innovation

Endless Aisle Scan & Go

In Store Mode Pay with CashSame Day Delivery

Ship from Store Site to Store

Locker test

Convenient pickups & fast deliveries Seamless shopping experience

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

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Providing real opportunities for every associate

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

Current Walmart associates have…

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Leading on issues that matter to Walmart customers

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

• On track to reach our $20B goal of sourcing from women owned businesses by 2017

• Joint business planning with the top 50 women owned businesses

• Developed and launched the“Great For You” icon

• Saved our customers more than $2.3 billion on fresh fruit and vegetables**

• Launched program on Memorial Day

• Over 650 completed process & hired*

*As of June 7, 2013 **As of January 2013

Women’s economic empowerment

Veterans’ initiatives

Healthy foods

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

Veterans’ initiatives commercial

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Key takeaways

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

Well positioned to serve our customer

Price leader, delivering EDLP through EDLC

Collaborating across channels

Focused on a broad and local, quality assortment

Leading on issues that matter to our customers and associates