Renzo Casillo Executive Vicepresident & COO,

Self-service and Suburbia

March 18, 2015

1

Renzo Casillo

COO 11 years in Walmart

José Luis

Torres

Bodega Aurrera 40 years in Walmart

Sergio Guillin

Walmart

Supercenter 11 years in Walmart

Mariano Ventura

Superama 7 years in Walmart

Manuel Álvarez

Suburbia 21 years in Walmart

León Casado

Customer

Intelligence 10 years in Walmart

Rafael Bracho

Commercial

Planning 4 years in Walmart

Gerardo Ruíz

Operational

Sinergy 3 years in Walmart

Álvaro Arrigunaga

CMO 21 years in Walmart

2

152 years of Walmart experience

Rodolfo Cuevas

Finance 24 years in Walmart

3

Positive trend in same store sales

2012 2013 2014 2015 (Jan – Feb)

Self-service

comp growth % 3.2 -0.2 2.0 4.7

4

… outgrowing the market in 2014

2012 2013 2014 2015 (Jan – Feb)

Self-service

comp growth % 3.2 -0.2 2.0 4.7

Diff. vs ANTAD

self-service (bps)

-30 70 240 90

-0.4 2.0

5

Positive trend vs the market

2014 Same stores growth %

Walmex

Self-service

ANTAD

Self-service

ex-Walmex

6

… all formats were above

2014 Same stores growth %

Walmex

Self-service

ANTAD

Self-service

ex-Walmex

-0.4 2.0

4.0

1.9 1.7

7

But we can do better

2014 Same stores growth %

Walmex

Self-service

ANTAD

Self-service

ex-Walmex

Department

stores

ex-Suburbia

-0.4

4.9

2.0

4.0

1.9 1.7

1. Double total sales

2. Consistently grow

earnings faster than sales

8

Opportunity: next 10 years

9

2015 strategic priorities

Our customer is first

Simplify the business

People

Future growth

10

2015 strategic priorities

Our customer is first

11

Two strategic levers

Merchandise

Our customer is first

Price

12

Two strategic levers Our customer is first

Price

13

Price: perception improved in 2014

2013

2014

Our customer is first

Price perception improved

across our formats

+4 pp

+ 3 pp

+4 pp

14

Price: increase gap by 100 bps!

Consistency and intensity

Regional execution

Private label

Our customer is first

15

Two strategic levers

Merchandise

Our customer is first

16

Food and consumables gained

market share in 2014 Our customer is first

460 bps

Walmex

Self-service

ANTAD

Self-service

ex-Walmex

Food and consumables growth vs ANTAD Self-service

17

Merchandise: relevant differentiation Our customer is first

Regionalization

Innovation:

First-to-market

Private label

+ imports

Traffic

Regionalization

Innovation:

First-to-market

Private label

+ imports

Traffic Accelerate high potential

categories

Sales &

Satisfaction 2x

faster

Share of growth

18

Merchandise: relevant differentiation Our customer is first

Perishables Pharmacy General merchandise

Accelerate high potential categories

19

Merchandise: relevant differentiation Our customer is first

Global leverage

Store execution Optimize supply

chain Perishables

Accelerate high potential categories

D2Farm

Our customer is first

20

In-stock

Commercial programs

Service level

Pharmacy

Accelerate high potential categories

Merchandise: relevant differentiation

Leverage US programs

Expand catalog through:

• Modulars

• eCommerce

Improve credit options

Our customer is first

General merchandise

Accelerate high potential categories

21

Merchandise: relevant differentiation

2013 2014

Credit card sales decreased

Our customer is first

Improve credit options

22

Commercial alliance with

Inbursa

Continue creating attractive

promotions with banks

Testing new credit models

Self-service and Suburbia

10% More than

Merchandise: relevant differentiation

23

2015 strategic priorities

Simplify the business

24

Leverage expenses Simplify the business

Workforce

management

25

Simplify the business Leverage expenses

Workforce

management Merchandise flow

26

Simplify the business Leverage expenses

Workforce

management Merchandise flow

Front-end service

and productivity

27

Workforce

management

Reduce shrink in

perishables

Simplify the business Leverage expenses

Merchandise flow Front-end service

and productivity

28

2015 strategic priorities

People

29

World-class programs to have

the best talent People

Merchant Academy

30

World-class programs to have

the best talent People

Merchant Academy Operations

Academy

31

World-class programs to have

the best talent People

Merchant Academy Operations

Academy Women in Retail

32

World-class programs to have

the best talent People

Merchant Academy Operations

Academy Women in Retail Retention

33

2015 Strategic priorities

Future growth

Future growth

34

Grow both physical & digital

Store growth Omni-channel

Future growth

35

Grow both physical & digital

Store growth

36

Our small format grew double digit

-0.5

11.5

Future growth

2014 % Comp growth

ANTAD Specialized,

Food+Consumables

37

We will grow all formats

Growth composit ion

Future growth

Underserved areas via medium and

smaller stores

Develop & test new prototypes of

larger formats

Growth contribution

Future growth

38

Grow both physical & digital

Omni-channel

39

Growing faster than the market

eMarket

* Source: comScore, December 2014

Visitors growth 2014 vs 2013 *

2x

Leaders in home delivery of

groceries and consumables

Best eCommerce

site 2014

Future growth

40

Win in eCommerce: unique proposition Future growth

Groceries

Walmart Super

Superama Home Delivery

Frequency

General merchandise

Walmart.com.mx

Needs and wants

41

Win in eCommerce: extended catalog Future growth

In store

DSV: Direct from

suppliers

Extended

catalog

In stock

Omni-channel options eCommerce

Immediacy Variety Satisfaction + =

42

Example: tires

Sizes: 30 Options: 61

13”

14”

15”

16”

~ 80%

Brands Rim size

Future growth

In store:

13”

14”

15”

16”

17”

18”

Sizes: 65 Options: 189

~ 75%

Brands Rim size

Online:

43

Our focus for 2015

Price

44

Our focus for 2015

Merchandise Price

45

Our focus for 2015

Merchandise Talent Price

46

Our focus for 2015

Merchandise Talent Omni-channel Price