Walmart Investor Presentation — March 2018

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UBS Global Consumer & Retail

EVP & Chief Financial Officer

March 8, 2018Forward Looking Statements

Walmart includes the following cautionary statement so that any forward -looking statements made by, on behalf of, Walmart will e njoy the safe

harbor protection of the PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, as amended. These forward -looking statements can be

identified by their use of words or phrases such as “anticipate,” “expect,” forecast,” “plan,” “projected,” “will be,” or sim ilar words or phrases.

Statements of our guidance, projections, estimates, expectations, plans and objectives for FY 19, including guidance regarding consolidated net

sales growth, Walmart U.S. and Sam’s Club comp sales, Walmart International net sales growth, operating income, earnings per share, and

Walmart U.S. eCommerce sales growth, and for subsequent fiscal years are forward -looking statements. Our actual results might differ materially

from those expressed in or implied by any of these forward -looking statements as a result of changes in facts, assumptions not b eing realized or

other circumstances or as a result of risks, uncertainties and other factors, including: economic, geo -political, capital market s and business

conditions, trends and events around the world and in the markets in which we operate; currency exchange rate fluctuations; c hanges in market

interest rates and commodity prices; unemployment levels; competitive pressures; inflation or deflation, generally and in par ticular 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 impact of acquisitions,