Charles Holley Chief Financial Officer

Financial Overview

1

WMT has a history of delivering strong

results

2

Sales Operating income EPS

$444 billion

$27 billion

$4.54 per share

Note: Sales, operating income and EPS numbers are for FY12; Images depict FY92 - FY12

20-year CAGR1 14% 20-year CAGR1 12% 20-year CAGR1 12%

3

Grow comp sales

Leverage operating expenses

Deliver strong returns to shareholders

Last year’s headlines

4

Comps will play a bigger part in growth

FY 08 Comp New FY 12

Balanced Sales Growth

FY 13E Comp New Future

5

Business is even stronger this year

1H FY13 revenue growth 6.5%

Strong comps

Enhanced customer focus

Growth

$419

$444

FY 11 FY 12 FY 13E

Sales ($ in billions)

$466 - $475

6

Leverage goal:

> 100 bps by FY 17

On track to achieve

goal for FY 13

19.42%

19.21%

FY 11 FY 12 FY 13E

SG&A2 % Sales

Leverage

Business is even stronger this year

Note: FY 13 is not drawn to scale

Growth

$419

$444

FY 11 FY 12 FY 13E

Sales ($ in billions)

$466 - $475

7

Growth

$419

$444

FY 11 FY 12 FY 13E

Sales ($ in billions)

$466 - $475

Returns

Business is even stronger this year

19.42%

19.21%

FY 11 FY 12 FY 13E

SG&A2 % Sales

Leverage

Cash from operations ($ in billions)

$10.0 $9.7

$11.6

1H FY 11 1H FY 12 1H FY 13

Note: FY 13 is not drawn to scale

Disciplined approach keeps us on track

to reach leverage goal

Optimizes performance and

efficiency

Accelerates the productivity

loop across the company

Drives greater P&L

performance

8

FY 10 FY 11 FY 12 FY 13E FY 17E

~50 bps > 100 bps

SG&A2 % of sales

Note: FY 13 and FY 17 are not drawn to scale

9

Increase

sales

Decrease

SG&A

Improve

operating

income

Leverage optimizes performance and

efficiency

Associate Productivity

On-Shelf Availability

Supply Chain

Global Services

10

Capital discipline underscores growth

Stronger real estate

process

Efficiencies in new

store builds and

remodels

Global initiatives

Note: Store count as of August 31, 2012; India Bharti franchises not included in total for India

$419

$444

$466 - $475

Growth initiatives aligned with capital

and expense discipline

11

Strong asset base

FY 11 FY 12 FY 13E Future

Sales ($ in billions)

12

Investment in Global eCommerce

complements stores

Bricks & mortar Global eCommerce

13

Note: Estimates not drawn to scale. Source: EPS based on internal forecast and are dependent on actual share

repurchase completed; Guidance as of Q2 FY 13

Productivity loop supports EPS growth

$1.44

$2.03

$2.72

$3.15

$3.73

$4.54

FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13E FY 17E

Earnings per share

Growth

Share

repurchase

EDLC

EDLP

Note: FY 13 not drawn to scale

14

Cash from operations

FY11 FY 12 FY 13E

Free cash flow3 continues to be strong

FY11 FY 12 FY 13E

Free cash flow3

1. Grow the business

• Organic growth

• Acquisitions

2. Dividends

3. Share repurchases

Cash

From

Operations

+

Net Debt

Growth

AA-rated balance sheet

15

Cash priorities deliver shareholder value

$0.30 $0.36 $0.52

$0.60 $0.67

$0.88 $0.95

$1.09 $1.21

$1.46 $1.59

FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13

Annual dividend per share

Note: FY 13 is based on declared dividend; WMT dividend payout ratio is 35% of earnings per share

16

10-year CAGR1

18%

Consistent dividend growth

Strong returns to shareholders FY 07 – 1H FY 13

17

Shares Repurchased

$45B Dividends Issued

$26B Over

$71B

returned

FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 1H FY13 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 1H FY 13

Note: Dividends and shares repurchased are year-over-year cumulative

Note: Return on investment is calculated for each retailer’s latest fiscal year filing using the Walmart ROI calculation

18

0%

5%

10%

15%

20%

25%

One of the highest ROIs4 in retail

Financial Projections

19

FY 12

Actual*

FY 13

Guidance**

Walmart U.S. $6.2B $6.0 - $6.5B

Walmart Int’l $5.3B $4.6 - $5.0B

Sam’s Club $0.8B ~$1.0B

Corporate & Other $1.2B ~$1.0B

Total Walmart $13.5B ~$12.6 - $13.5B

20

Capital expenditures5

* Immaterial difference compared to WMT 2012 Annual Report

** Guidance reissued in Q2 FY 13

FY 12

Actual*

FY 13

Guidance**

FY 14

Guidance

FY 13 – 14

% Change***

Walmart U.S. $6.2B $6.0 - $6.5B $5.5 - $6.0B -8.0%

Walmart Int’l $5.3B $4.6 - $5.0B $4.5 - $5.0B -1.0%

Sam’s Club $0.8B ~$1.0B ~$1.0B -

Corporate & Other $1.2B ~$1.0B ~$1.0B -

Total Walmart $13.5B ~$12.6 - $13.5B ~$12.0 - $13.0B -4.2%

21

Capital expenditures5

* Immaterial difference compared to WMT 2012 Annual Report

** Guidance reissued in Q2 FY 13

*** FY 13 - FY 14 capex5 growth rates based on midpoint of specified range

Financial

Priorities Metrics

FY 14

Guidance FY14

Growth

Sales growth 5 - 7% $23B - $33B

Square footage

growth6 3 - 4% 36M sq. ft. –

40M sq. ft.

Leverage

SG&A growth2 < Sales

Operating income

growth > Sales

Returns Free cash flow3 Strong

22

FY14 Guidance

Positioned to continue our momentum

Committed to the 100 bps leverage goal

Committed to capital discipline and efficiency

Strong existing asset base allows us to invest in new initiatives

Continue to provide strong returns to shareholders

23

Key takeaways

APPENDIX

24

25

1. CAGR (compound annual growth rate) – this is the year over year growth rate applied to an investment or other

part of a company’s activities over multiple periods. The formula for CAGR is (Current Value / Base Value)^(1/

number of years) -1.

2. SG&A Growth - Wal-Mart Stores, Inc. has disclosed its definition of SG&A expense in the Form 10-K filed by Wal-

Mart Stores, Inc. on March 27, 2012.

Notes

3. Free Cash Flow (FCF) - Wal-Mart Stores, Inc. defines free cash flow, a non-GAAP financial measure, as net

cash provided by operating activities minus payments for property and equipment (as such amounts appear on the

pertinent statements of cash flow or equivalent financial statements).

Free Cash Flow Reconciliation

FY12 FY11

Net cash provided by operating activities $24,255 $23,643

Payments for property and equipment ($13,510) ($12,699)

Free Cash Flow $10,745 $10,944

26

Notes 4. ROI – Wal-Mart Stores, Inc. has posted its definition of ROI (return on investment), a non-GAAP financial

measure, in the Investor Relations section of its corporate website. ROI, as shown in this presentation, was

calculated as of the end of fiscal year 2012.

The calculation for fiscal year 2012 ROI appears in the Form 10-K filed by Wal-Mart Stores, Inc. on March 27,

2012. Calculation is shown below. The calculation of ROA (return on assets), the most comparable GAAP

financial measurement, is also shown below. Please refer to the Form 10-K to see more information on the

footnotes included in the calculations below. A reconciliation is provided for all periods that have been reported in

the company’s financial statements.

27

Notes

(1) The average is based on

the addition of the

account balance at the

end of the current

period to the account

balance at the end of the

prior period and

dividing by 2

(Dollar amounts in millions) 2012 2011

CALCULATION OF RETURN ON INVESTMENT

Numerator

Operating income $ 26,558 $ 25,542

+ Interest income 162 201

+ Depreciation and amortization 8,130 7,641

+ Rent 2,394 1,972

= Adjusted operating income $ 37,244 $ 35,356

Denominator

Average total assets of continuing operations(1) $ 186,984 $ 175,459

+ Average accumulated depreciation and

amortization(1) 47,613 43,911

- Average accounts payable(1) 35,142 32,064

- Average accrued liabilities(1) 18,428 18,718

+ Rent x 8 19,152 15,776

= Average invested capital $ 200,179 $ 184,364

Return on investment (ROI) 18.6 % 19.2 %

CALCULATION OF RETURN ON ASSETS

Numerator

Income from continuing operations $ 16,454 $ 15,959

Denominator

Average total assets of continuing operations(1) $ 186,984 $ 175,459

Return on assets (ROA) 8.8 % 9.1 %

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5. Capital Expenditures (CapEx or capital spending) refers to Wal-Mart’s payments for property and equipment.

6. Square Footage Growth – Square footage projections for fiscal years 2013 and 2014 are approximations and do

not include square footage gained during the close of acquisitions, but do include square footage added after the

acquisition closed. Square footage increases reflect additions made between February 1 and January 31 of each

respective year.

7. FY13 or FY14 Projections - The anticipated, projected, or expected amounts, numbers, or results for the

complete fiscal year 2013 and for fiscal year 2014 and beyond discussed in connection with or included in this

presentation constitute estimates and projections of Walmart’s management and as such, are forward-looking

statements. Please refer to Walmart’s Safe Harbor Statement provided in conjunction with the presentations at

this meeting and read at the beginning of this meeting.

Notes