Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 1 Walmart Watch Measuring promotional shifts in the circulars of the world’s largest retailer August 2015

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 2 This month’s drops by the numbers Walmart-US - Cleveland, OH - 8/28/2015 Circular - Page 1 (Front) Metric8/14 Drop8/28 Drop Page Count24 Feature Count Rollback Share25%18% New Items47 Key Events Back to School, Clean up Savings Game Time, Grilling Sale Private Brand Share 19%8% Walmart-US - Cleveland, OH - 8/14/2015 Circular - Page 1 (Front) Walmart’s circulars in August 2015 showcased the retailer’s offerings as shoppers planned fall seasonal activities and checked off Back to School shopping lists.

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 3 BTS emphasis prevalent in 8/14 drop The 8/14 drop continued the trend seen in July of emphasizing Back to School, with offerings including school supplies, cleaning solutions, and lunch foods.

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 4 Fall transition emphasized in the 8/28 drop The 8/28 drop focused on the transition into fall with offerings in camping/grilling supplies and football merchandise. This circular also included several ‘Back to College’ pages and the first promotions of the holiday season with layaway details announced.

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 5 Feature Counts Continue Y/Y Declines While August’s feature counts still lagged compared to previous years, the 285 promoted items August nearly doubled the 145 seen in June and July. This bump was primarily the result of a second circular drop, while only one was released in recent months. Feature Count by Calendar Month

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 6 General Merchandise takes strong share in August 2015 August saw a reversal of the 2015 trend of shifting promotions from General Merchandise to Grocery items. The 58% of the circular dedicated to General Merchandise was the strongest monthly showing of the year, while the 20% grocery share was the lowest. Department Share of Promotions

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 7 Private Brand strong in Housewares, Apparel Private Brand continued the July spike of Walmart store brand promotions, driven again by Housewares and Apparel. Private Brand Share of Promotions Walmart-US - Cleveland, OH - 8/14/2015 Circular - Page 14 (Middle)

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 8 Rollback activity pulls back from July spike While rollbacks weren’t as prevalent as the abnormally high spike in July, the 21% of promotions with a rollback callout remained elevated compared to the rest of the year. Share of Promotions with Featuring Rollback

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 9 New items at Walmart this month The new items released in August were primarily seen in the toys and electronics departments, with offerings that support the beginnings of the holiday and football seasons.

Confidential; © 2015 Efficient Collaborative Retail Marketing Discover. Measure. Act. 10 Contact Us These materials were prepared specifically for use by the receiving party only. The materials, and the information they contain, are confidential and proprietary to Efficient Collaborative Retail Marketing Company, Inc. (ECRM) and any related companies, and may not be reproduced, published or otherwise disclosed to others without express authorization from ECRM. Lead Business Intelligence Analyst Tanie Andraos (440) ext