Enrique Ostalé President and CEO

1

March 18, 2015

A success story

2

A success story:

Sales

EBITDA

Mx$ Billion

CAGR +15 %

CAGR +18 %

3

103

414

2002 2012

2002 2012

8.1

41.2

Last 2 years: growth slowed

* Excluding Vips and Banco Walmart

Mx$ Billion

CAGR +15 %

CAGR +18 %

CAGR +4 %*

CAGR +4 %*

4

Sales

EBITDA

2002 2012

2002 2012

103

8.1

421

40.3 42.9

438

2013 2014

2013 2014

The opportunity

5

Opportunity: next 10 years

6

1. Double total sales

2. Consistently grow earnings faster

than sales

Strategies:

1. Where will we focus our energy?

2. How will we adapt the way we

work to be more efficient?

7

2014 contribution to sales growth Mx$ Billion

The energy: total sales Mexico

- 0.2%

+ 3.4% + 0.2% + 3.4%

8

364

376

2013 total

sales

Same store

sales

New store

sales eCommerce

sales

2014 total

sales

The energy: same store sales Mexico

2002 - 2012

Average

2013 2014

+6.1

9

Growth (%)

Self-service Sam’s Mexico Self-service Sam’s Mexico

-0.2

-4.4

-1.3

+2.0

-5.5

-0.2

The energy: new stores sales Mexico

Contribution to m2

of sales area*

Contribution to

total sales growth

+7.3

Contribution to

total sales growth

* Monthly calculation of m2 from stores with less than 13 months of operation as a percentage of total m2 10

2002 – 2012

Average

7.2

5.9 4.6

3.4

2013 2014 2013 2014

The energy: eCommerce Mexico

11

Supermercado

Mercancías Generales

Contribution to

2014 total sales:

Contribution to 2014

total sales growth:

0.2%

0.6%

Complexity

Bureaucracy

Distance from the customer

The way we work: the challenge

Growth

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The way we work: the strategy

Decisions close to

the customer

• Ownership

• Accountability

Achieve collaboration

• Trust

• Transparency

Fast and

effective

decisions

Focus

and consistency

13

The way we work: video “Vivo Walmart”

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Good start

15

Total sales: January - February 2015

Growth (%)

16 * On a constant currency basis

7.3

Mexico

11.8*

9.3

Central America Total

Same store sales: January - February 2015

17

Self-service Mexico Central America Sam’s Club

Growth (%)

1.3

4.7

-12.2

6.7

0.9

8.6

2014 2015 2014 2015 2014 2015

Our leadership team

Karina Awad SVP, People Division

Enrique Ostalé President and CEO

Rafael Matute EVP and CFO

Todd Harbaugh SVP, Sam’s Club

Alberto Sepúlveda EVP and General Director Legal

And Corporate Affairs

Mónica Loaiza VP, Internal Audit

Adriana Velázquez Chief Compliance

Mexico

Mary Valencia SVP, Infrastructure

& Processes

Guillermo Peschard SVP, Financial Services

Farley Sequeira SVP, Real Estate

Carlos Arroyo SVP and General Director,

Central America

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Renzo Casillo EVP and General Director,

Mexico Self-service

CFO transition

19

Rafael Matute Pedro Farah

Corporate

responsibility

20

Corporate responsibility: community

Volunteer Programs

Small producer program

Women empowerment

Help in natural disasters

In-kind Donations

21

Corporate responsibility: environment

Energy Water

Waste Products

22

Corporate responsibility

23

2014 financial and corporate responsibility report

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In summary: opportunity next 10 years

1.Double total sales

2.Consistently grow earnings faster

than sales

Value for ALL our shareholders 25