NYSE: WMT

Wal-Mart Stores, Inc. Fact Book – Fiscal 2017 April 20, 2017 NYSE: WMT

2017 Financial Fact Book

Contents

Wal-Mart Stores, Inc. (WMT: NYSE) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, more than 260 million customers and members visit our 11,695 stores under 59 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2017 revenue of $485.9 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.*

Investor Relations Contact Steve Schmitt Vice President, Investor Relations 479-258-7172 Media Contact Randy Hargrove Sr. Director - National Media Relations 1-800-331-0085

Home Office

Wal-Mart Stores, Inc. 702 SW 8th Street Bentonville, AR 72716 Tel: 479-273-4000 Fax: 479-277-1830 http://corporate.walmart.com/

Walmart U.S. Home Office

Walmart U.S. 702 SW 8th Street Bentonville, AR 72716

Sam’s Club Home Office

Sam’s Club 2101 S.E. Simple Savings Dr. Bentonville, AR 72716

Walmart International Home Office

Walmart International Support Center 702 SW 8th Street Bentonville, AR 72716

Walmart eCommerce Home Office

Walmart eCommerce 850 Cherry Avenue San Bruno, CA 94066

Wal-Mart Stores, Inc.

* As of January 31, 2017 The amounts shown in this Fact Book are based on the most recently publically disclosed documents for fiscal 2017.

Page Contents

1 Description and Contacts

2 Strategy

3 Becoming a More Digital Enterprise

4-6 Financial Overview

7 Stock Performance & Returns

8-9 Consolidated Statements of Income

10 Consolidated Balance Sheets

11 Consolidated Statements of Cash Flow

12 Global Responsibility Report

www.walmart.com www.jet.com www.hayneedle.com www.shoebuy.com www.modcloth.com www.samsclub.com www.walmart.ca/en www.walmart.com.mx/inicio www.wams.com.mx www.superama.com.mx www.asda.com/ www.wal-martchina.com

www.samsclub.cn www.seiyu.cn www.walmart.com.br/ electrohogar.lider.cl www.walmart.com.ar www.makro.co.za www.dionwired.co.za www.bestpricewholesale.co.in

1

Walmart Global eCommerce Retail Sites

Strategy

2

Strategic Objectives

Make Every Day Easier for Busy Families

Change How We Work

Deliver Results and Operate with Discipline

Be the Most Trusted Retailer

1

2

3

4

Financial Framework

Operating

Discipline

Framework for

Sustainable

Earnings Growth &

Returns

Strategic Capital

Allocation

Strong, Efficient

Growth

Becoming a More Digital Enterprise

Making every day

easier for busy

families

3

~$15B in Global

E-commerce sales*

35M+ SKUs online

assortment in US**

Sam’s Club

We are excited by our progress in digital and omni-channel but know there is more work to do.

In all the ways you choose to shop – in stores, mobile, or through pickup and delivery– it will be seamless

We will continue to enhance our e-commerce capabilities through internal innovation and opportunistic alliances and acquisitions

* FY17

** as of Jan 31, 2017

*** through an alliance between Walmart and JD.com

***

Financial Overview

4

* Walmart U.S. grocery consists of a full line of grocery items, including meat, produce, natural & organics, deli & bakery, dairy, frozen foods, alcoholic and nonalcoholic beverages, floral and dry grocery, as well as consumables such as health and beauty aids, baby products, household chemicals, paper goods and pet supplies

64%

24%

12%

Net Sales by Segment - FY17

Walmart U.S. Walmart International Sam's Club

59% 59% 57%

20% 20% 23%

9% 9% 8%

6% 7% 7% 6% 5% 5%

FY17 FY16 FY15

Sam's Club Merchandise Category - % of Net Sales

Grocery and consumables Fuel and other categories

Home and apparel Technology, office and entertainment

Health and wellness

56% 56% 56%

11% 11% 11%

33% 33% 33%

0%

20%

40%

60%

80%

100%

FY17 FY16 FY15

Walmart U.S. Merchandise Category - % of Net Sales

Grocery* Health and wellness General Merchandise

Financial Overview

* The company’s e-commerce sales impact includes those sales initiated through the company’s websites and fulfilled through the company’s dedicated e-commerce distribution facilities, as well as an estimate for sales initiated online, but fulfilled through the company’s stores and clubs. ** All Sam’s Club referenced metrics are w/o fuel ***Top 5 International markets by size. Results are on a constant currency basis. Source: Quarterly earnings presentations and releases 5

U.S. Quarterly Comparable Store Sales Results without fuel (4-5-4 Retail Calendar)

Fiscal Years Ended January 31

Comp-Store Sales Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Walmart U.S. 1.8% 1.2% 1.6% 1.0% 0.6% 1.5% 1.5% 1.1% 1.5% 0.5% 0.0% -0.1%

Neighborhood Market 5.3% 5.2% 6.5% 7.1% 7.0% 8.0% 7.3% 7.9% 7.7% 5.5% 5.6% 5.0%

Sam's Club 2.4% 1.4% 0.6% 0.1% -0.5% 0.4% 1.3% 0.4% 2.0% 0.4% 0.0% -0.5%

e-Commerce Impact* Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Walmart U.S. 0.4% 0.5% 0.4% 0.2% 0.3% 0.2% 0.2% 0.2% 0.3% 0.2% 0.3% 0.3%

Sam's Club** 0.8% 0.6% 0.6% 0.6% 0.8% 0.6% 0.6% 0.4% 0.4% 0.2% 0.3% 0.2%

Quarterly Traffic/Ticket Trends (4-5-4 Retail Calendar)

Fiscal Years Ended January 31

Walmart U.S. Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Traffic 1.4% 0.7% 1.2% 1.5% 0.7% 1.7% 1.3% 1.0% 1.4% -0.7% -1.1% -1.4%

Ticket 0.4% 0.5% 0.4% -0.5% -0.1% -0.2% 0.2% 0.1% 0.1% 1.2% 1.1% 1.3%

Sam's Club Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

Traffic 1.2% -0.5% -0.4% -0.2% -1.4% -0.3% 0.5% -0.2% 1.5% 0.2% 0.3% -0.2%

Ticket 1.2% 1.9% 1.0% 0.3% 0.9% 0.7% 0.8% 0.6% 0.5% 0.2% -0.3% -0.3%

FY2017 International Comparable Store Sales & Traffic/Ticket Trends (4-5-4 Retail Calendar)Fiscal Years Ended January 31

WMT International*** Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1

UK -2.9% -5.8% -7.5% -5.7% -1.8% -4.2% -6.0% -5.0% -1.1% -1.6% -1.5% -0.7%

Walmex 7.3% 7.0% 7.3% 8.6% 1.3% 0.8% 0.7% 2.1% 6.0% 6.2% 6.6% 6.5%

Canada 0.2% 1.1% 1.1% 6.7% -1.1% 0.2% 0.5% 4.6% 1.3% 0.9% 0.6% 2.1%

Brazil 0.8% 8.1% 4.7% 4.5% -2.4% 0.5% -3.5% -3.7% 3.2% 7.6% 8.2% 8.2%

China 2.3% 1.6% -0.5% 1.4% -2.9% -2.7% -5.5% -3.8% 5.2% 4.3% 5.0% 5.2%

FY17 Comps FY17 TicketFY17 Traffic

FY16 FY15FY17

FY15

FY15FY16

FY16FY17

FY17

Financial Overview

* Free cash flow is a non-GAAP measure. Net cash provided by operating activities of continuing operations is the closest GAAP measure to free cash flow. Reconciliations and other information regarding free cash flow and its closest GAAP measure can be found in the Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Form 10-K’s for the fiscal years ended January 31, 2015, 2016, and 2017 on our website at www.stock.walmart.com.

6

20.9

15.9 16.4

0

5

10

15

20

25

FY17 FY16 FY15

Free Cash Flow* (in billions of dollars)

6.2 6.3 6.2

8.3

4.1

1.0

0

2

4

6

8

10

12

14

16

18

20

FY17 FY16 FY15

Total Return to Shareholders (in billions of dollars)

Dividend Share Repurchases

7.2

10.4

14.5

FY17 Uses of Cash

Dividends

Acquisitions

& Alliances

Share

Repurchase

Core Capex e.g., New stores , remodels, e-commerce and customer initiatives

Increased for 44th consecutive year in FY18

By end of FY17, $9.2B remaining on current $20B authorization

e.g., Jet acquisition and JD alliance

6.1 6.7 6.3

2.7 2.9 3.9

0.6 0.7

0.8 1.2

1.1 1.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

FY17 FY16 FY15

Capital Expenditure Detail (in billions of dollars)

Walmart U.S. Walmart International Sam's Club Corporate & Support

12.2 11.5

10.6

$2.04

7

* Calculated by dividing the declared dividend by the close price at the end of the fiscal year ** As of close of the last trading day of fiscal 2017 *** Return on equity is defined as income from continuing operations divided by average total equity

3.5%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

WMT Dividend

WAL-MART STORES, INC.

Other Financials

FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07

Stock Price

High N/A $75.19 $88.00 $90.97 $81.37 $77.60 $62.00 $57.90 $55.20 $63.85 $51.44 $52.15

Low N/A $62.35 $56.30 $72.27 $68.13 $57.18 $48.31 $47.77 $46.25 $46.92 $42.09 $42.31

Dividend

Declared $2.04 $2.00 $1.96 $1.92 $1.88 $1.59 $1.46 $1.21 $1.09 $0.95 $0.88 $0.67

Yield* N/A 3.00% 2.95% 2.26% 2.52% 2.27% 2.38% 2.16% 2.04% 2.02% 1.73% 1.40%

Price to Earnings** N/A 15.2 14.5 17.0 15.4 14.0 13.5 12.8 14.3 14.1 16.1 16.3

Return on Equity*** N/A 17.4% 17.8% 20.1% 20.3% 21.7% 20.8% 21.7% 20.8% 20.5% 20.5% 21.3%

Total Shareholder Return N/A 3.5% -19.8% 16.6% 9.4% 16.8% 12.5% 7.4% 15.9% -5.5% 8.4% 5.0%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

WMT Total Return to Shareholders

8

Wal-Mart Stores, Inc. Consolidated Statements of Income

Includes excerpts from audited financial statements. See full 10-K at www.stock.walmart.com.

(1) The sum of quarterly income per common share attributable to Walmart data may not agree to annual amounts due to rounding. Includes excerpts from audited financial statements. See full 10-K at www.stock.walmart.com.

9

Wal-Mart Stores, Inc. Quarterly Consolidated Financial Data

10

Wal-Mart Stores, Inc. Consolidated Balance Sheets

Includes excerpts from audited financial statements. See full 10-K at www.stock.walmart.com.

11

Wal-Mart Stores, Inc. Consolidated Statements of Cash Flows

Includes excerpts from audited financial statements. See full 10-K at www.stock.walmart.com.

Increase economic opportunity

Highlights

• Completed $2.7B investment in training,

education, and higher wages in US

• Promoting culture of investing in jobs

and inclusion at all levels of the company

• By 2020 Walmart commits to hire 250,000

veterans since May 2013

Opportunity

Enhance sustainability of

operations and value chains

Highlights

• Supplied by approximately 26%

renewable energy globally

• 96% suppliers reduction of high

priority chemicals by weight in Walmart

US stores since 2014

• Supporting measurement and

transparency in our supply chain with

$200B worth of goods sold evaluated

for sustainability performance

Sustainability

Strengthen local communities

Highlights

• Communities supported after 30 disaster

events

• Engaging in our communities with 1.2M

associate volunteer hours in 2016

• We provided support for 2.4B meals

provided to people in need since 2014**

• More than $500,000 provided in grants to

support community cohesion in 2016

Community

12 Includes excerpts from the Global Responsibility Report. See full GRR at www.stock.walmart.com.

Global Responsibility Report Highlights*

** Based on 1.2 B pounds donated from Walmart facilities and nearly $100M in funds from Walmart/Walmart Foundation

* as of 1/31/2017