Walmart Investor Presentation — October 2019

Document content

Financial presentation to

accompany management

Q3 FY20Safe harbor and non-GAAP measures

This presentation contains statements as to Walmart management's guidance regarding earnings per share, adjusted earnings per share and Walmart's effective tax rate for the fiscal year ending January 31, 2020. Walmart believes such statements are

"forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Assumptions on which such

forward-looking statements are based are also forward-looking statements. 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

•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;

•the impact of acquisitions, investments, divestitures, store or club closures, and other strategic decisions;

•Walmart's ability to successfully integrate acquired businesses, including within the eCommerce space;

•Walmart's effective tax rate and the factors affecting Walmart's effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of