September 3, 2014

This presentation may contain certain references concerning

Wal-Mart de Mexico S.A.B. de C.V.’s future performance

that should be considered as good faith estimates made by

the Company. These references only reflect management

expectations and are based upon currently available data.

Actual results are always subject to future events, risks and

uncertainties, which could materially impact the Company’s

actual performance.

Walmex: 1H14 Consolidated Results

1H14 1H13 % Increase (Mx$ million) $ % $ %

Total revenues 207,173 100.0 199,425 100.0 3.9

Gross margin 45,169 21.8 43,461 21.8 3.9

General expenses 31,176 15.0 29,737 14.9 4.8

Operating income 14,124 6.8 13,722 6.9 2.9

EBITDA 18,773 9.1 17,997 9.0 4.3

Net income before disc. operations 9,685 4.7 9,829 4.9 -1.5

Net income 15,167 7.3 10,118 5.1 49.9

Index

1. Strategies to drive sales

• Grow same store sales

• Open new stores

• Invest in eCommerce

2. Operate for Less

3. Return to Shareholders

1. Strategies to Drive Sales

Grow Same Store Sales

Same Store Sales: Outperforming the Industry

Source: ANTAD & Company data.

ANTAD Self-service ex-Walmex

Walmex Self-service

-0.9 -0.5

2.3

Walmex Self-service + Sam’s Club

Mexico Central America

January – June 2014 (%)

3.0

Self-service

+320 bps

Mexico Self-service: Outperforming ANTAD

Self-service

Apparel

+330 bps

General Merchandise

+300 bps

Food & Consumables

+330 bps

Growth Rate Difference vs ANTAD Jan-Jun 2014

+320 bps

Sources of Same Store Sales: Modular Planning

Process

Processes Technology

Resources

Training Tools

Base Modular

8%

Group 1 Modular

50%

Enhanced capabilities in:

• Systems

• People

• Processes

More Compelling

Assortment

Sources of Same Store Sales: Merchant Training

Merchant Academy:

• EDLP

• Category development

• Modular

• Regional relevance

50% of

Merchants have

been Trained

Sources of Same Store Sales: Shopping

experience

Improvements in key

areas:

• Perishables

• Electronics

• Babies

Show the

value

Sources of Same Store Sales: Credit Offer

Banco WalmartCredit Card Sales

Jan-Jun 2014

50%

635 thousand

Cardholders

Banco Walmart:

• Competitive consumer

credit in stores and clubs

• Exploring alternatives to

maximize potential

Sources of Same Store Sales: Small Formats

Same Store Sales

YTD Growth (%)

12

Bodega Aurrerá Express

Country Informal Market

Share

Mexico 52%

Honduras 74%

Nicaragua 72%

Guatemala 71%

El Salvador 70%

Costa Rica 38%

Source: INEGI & The Nielsen Company

Small formats:

• 878 Bodegas Aurrerá Express

• Lower prices

• Comparable convenience

Satisfy Customers of

informal channels

Turning Around Sam’s Club: Value-focused

“Saving members money on items they buy most and

surprising them with the unexpected find.”

Mission

Turning Around Sam’s Club: Value-focused

Valued Membership Organization

Accelerate

across each area

Innovate &

optimize for

sustained growth

Build a strong

foundation

Turning Around Sam’s Club: Focus in 5 Key Areas

• Reinforce training

• Strengthen culture of ownership

• Grow the base

• Simplify processes and KPIs

• Increase services

• Price leadership

• Exciting and differentiated merchandise

• Improve service and operational excellence

• Increase efficiency and productivity

• Planning & Integration team

• Level set systems to US

Talent

Membership

Merchandising

In-Club Experience

Innovation &

Change Management

1. Strategies to Drive Sales

Open New Stores

2014 New Store Growth Program

Total Walmex

~4.4%

Sales Area Growth

3.1 Sales Area

4.4 Total Box

Additional million sq. ft.

Mexico CentralAmerica

~4.1%

~7.6%

~149 New Stores

1. Strategies to Drive Sales

Invest in eCommerce

eCommerce: Strong Competitive Advantage

• Scale in merchandising

• Leverage Wal-Mart Stores, Inc. investment

• Extensive brick & mortar footprint

in stores and logistic

• Best in class national team

UNIQUE COMPETITIVE ADVANTAGES FOR

OMNI-CHANNEL BUSINESS

eCommerce: Accelerating Growth of Grocery

Home Delivery

eCommerce: Walmart.com.mx First Anniversary

App: IOS & Android

2. Operate for Less: Lowest Cost Operator in

Mexico

Expenses Last 12 Months to June 2014 (% of Total Income)

13.7 15.5 16.4

17.9

27.4

Walmex Chedraui Soriana Comerci Oxxo

Comparable Stores Growth (%)

2. Operate for Less: Central America Driving

Efficiencies

-2.2%

Store labor hours

Energy Efficiency: KWh

-2.1%

2013

2014

16.2%

Distribution Center Cases per labor hours

Labor Productivity

4,929

153,912 173,255

6,062

3. Return to Shareholders: Financial Strength

TOTAL $ 220,932

Walmex Balance Statement (June 30, 2014, Mx$ millions)

Cash Acct’s receivable (Banco Walmart)

Inventories

Fixed assets & others

Suppliers

Acct’s payable (Banco Walmart)

Shareholders’ equity & others

Assets Liabilities &

Shareholders’ Equity

41,593

20,498

41,615

Return for Shareholders: 2014 Uses of Cash

Fixed Assets

Dividend

Payment

Share

Repurchases

$42.7

$13.4

$17.3

$5.0 *

68%

32%

Mx$ billion

* Maximum amount approved by Shareholders.

$7.0 Vips

divestitures

Total