Walmart Investor Presentation — April 2017

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Wal-Mart Stores, Inc.

Safe harbor and non-GAAP measuresThis presentation contains statements as to Walmart management's guidance regarding earnings per share for the three months ending April 30, 2017, and fiscal year ending January 31, 2018, Walmart U.S.'s comparable store sales and Sam's Club's

comparable club sales, excluding fuel, for the 13-week period ending April 28, 2017 and the third-party FCPA- and compliance- related expenses expected to be incurred for year ending January 31, 2018. Assumptions on which such forward-looking

statements are based, including without limitation assumptions regarding our effective tax rate for the year ending January 31, 2018, are also forward-looking statements. Walmart believes such statements are "forward-looking statements" as defined in,

and are intended to enjoy the protection of the safe harbor for such statements provided by, the Private Securities Litigation Reform Act of 1995, as amended. Walmart's actual results may differ materially from the guidance provided as a result of changes

in circumstances, assumptions not being realized or other risks, uncertainties and factors including:

•economic, geo-political, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates;

•currency exchange rate fluctuations, changes in market interest rates and commodity prices;

•unemployment levels;

•competitive pressures;

•inflation or deflation, generally and in particular product categories;

•consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels and demand for certain merchandise;

•consumer enrollment in health and drug insurance programs and such programs' reimbursement rates;

•the amount of Walmart's net sales denominated in the U.S. dollar and various foreign currencies;