Pedro Farah

CFO

1

2

38.84

32

34

36

38

40

Jan-

02-2

017

Jan-

06-2

017

Jan-

10-2

017

Jan-

14-2

017

Jan-

18-2

017

Jan-

22-2

017

Jan-

26-2

017

Jan-

30-2

017

Feb

-03-

2017

Feb

-07-

2017

Feb

-11-

2017

Feb

-15-

2017

Feb

-19-

2017

Feb

-23-

2017

Feb

-27-

2017

Mar

-03-

2017

Mar

-07-

2017

Mar

-11-

2017

WALMEX * ($MXN)

Our goal: Deliver shareholder value

Working Capital

Fixed Assets

Gross Margin

Expenses

ROIC

Quality Revenue

Growth

Operating

Efficiency

Capital

Efficiency

Broad Based

Sustainable &

profitable

We are focusing on the three levers of value creation

3

ROIC

Our growth is BROAD-BASED, SUSTAINABLE

and PROFITABLE

We are focusing on the three levers of value creation

Working Capital

Fixed Assets

Gross Margin

Expenses

Operating

Efficiency

Capital

Efficiency

4

Working Capital

Fixed Assets

ROIC

Capital

Efficiency

Our growth is BROAD-BASED, SUSTAINABLE

and PROFITABLE

We are MAINTAINING BEST IN CLASS

MARGINS

We are focusing on the three levers of value creation

5

Our growth is BROAD-BASED, SUSTAINABLE

and PROFITABLE

We are MAINTAINING BEST IN CLASS

MARGINS

We are REFINING CAPITAL ALLOCATION and

EFFICIENCY

We are focusing on the three levers of value creation

6

7

Our growth is BROAD-BASED,

SUSTAINABLE and PROFITABLE

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Walmex SSS growth gap vs. ANTAD self-service (bps)

2015 = 210 bps 2016 = 330 bps 2014 = 40 bps

8

We are winning from a position of strength

1 ANTAD excluding Walmex

9

8.0%

Mexico North Center Metro South

8.0%

Mexico Nicaragua El Salvador Honduras Guatemala Costa Rica

By Country

By Region in Mexico

By Format in Mexico

8.0%

Mexico GeneralMerchandise

Food andstaples

Apparel

By Division in Mexico

1:On a constant currency basis

8.0%

Mexico Superama Bodega Walmart Sam's

Growing with quality across our business

CAM1 = 4.9%

We are MAINTAINING BEST IN CLASS MARGINS

10

11

Driving price leadership while maintaining profitability

Jan Mar

Price Gap (%)

Price Leadership

SG&A Expenses % Revenues – 2016 Mexico

2015 one-timers 2015 w/o

one-timers

Run Fix Grow Other 2016

Leveraging and Investing

12

Leveraging the base and reinvesting in the business

13

Resulting in best in class margins

6.4% 6.5%

7.9%

9.4%

Competitor1

Competitor2

Competitor3

Walmex

EBITDA % sales Driving price leadership while

maintaining profitability

Leveraging the base and

reinvesting in the business

Best in class margins

14 14

We are REFINING CAPITAL ALLOCATION

and EFFICIENCY

9.4% 9.8% 10.3%

11.9%

2013 2014 2015 2016

Focusing on capital efficiency

Cash Generation % sales

Strong cash generation Allocating capital to high

return projects

Improving the cash

conversion cycle

15

2017 CapEx Distribution

Existing Stores

(Remodels & maintenance)

New Stores

Technology

&

eCommerce

31%

38%

10%

13%

8% Logistics

14.0

12.7 12.5

14.3

17.0

2013 2014 2015 2016 2017

CapEx (M MX$)

16

We are investing strategically and with discipline

37%

44%

13%

6%

CapEx

2016

Fresh Upstreaming

0.52 0.56 0.56 0.64

0.46

1.09 1.12 0.90 0.40

0.19

0.96

2014 2015 2016 2017

Divestitures

Extraordinary

Ordinary

$1.38

$1.84 $1.68

Dividends

MX$ pesos per share

Dividend Yield 4.5% 5.5% 3.7% 6.3e%

$2.50

17

While generating returns for our shareholders

4.0

1.8

0.0

5.0

2014 2015 2016 2017

Shares repurchase (MX$ Billions)

18

Distributing excess cash

19

Simplifying and sophisticating our business

We are becoming digitally enabled

Digital is a new way of doing things

Each year we:

• Interview +300,000 candidates

• Each candidate visits the store 5

times

• Build a 50+ pages file for each hiring

20

21

Our growth is BROAD-BASED,

SUSTAINABLE and PROFITABLE

We are MAINTAINING BEST IN CLASS

MARGINS

We are REFINING CAPITAL ALLOCATION

and EFFICIENCY

22

Our growth is BROAD-BASED,

SUSTAINABLE and PROFITABLE

We are MAINTAINING

BEST IN CLASS MARGINS

We are REFINING CAPITAL

ALLOCATION and EFFICIENCY

Our STRATEGY is EVOLVING and

delivers SHAREHOLDER VALUE

We are expanding our COMPETITIVE

ADVANTAGE through CAPITAL

& COST EFFICIENCY

We are BUILDING FOUNDATIONS

for the LONG TERM

Our priorities are aligned

Finance takeaways Walmex takeaways

23

Q & A

Annual Analysts’ Meeting

March 14th, 2017

24