1. © Copyright 2014 Kantar Retail Walmart Price Leadership Assertions: EDLP+ Source: Kantar Retail analysis 1 Degree of targeting, sophistication me massEDLP Individualized appeals Savings Events Local Market Campaigns Value Deals Private Labels KVIs

2. © Copyright 2014 Kantar Retail EDLP: Goal of USD6 Billion in Price Investment Price Reductions: –“Lead with traffic-driving categories” –Broad application (not only KVIs), elastic items –Long-term investments Furthering investment thru the end of 2016, “self-funded” 2 Productivity Gains: Lower remodel/new stores costs Productivity in stores Efficiency in transport, marketing, DCs… Global sourcing JBP Source: Company presentations, Kantar Retail research Walmart reaffirms its pledge to reduce SG&A % thru the end of 2016

3. © Copyright 2014 Kantar Retail 3 Exclusive value across the merchandise ladder Build Unique Value Appeal Private Labels Source: Kantar Retail analysis, store visits; ECRM

4. © Copyright 2014 Kantar Retail 4 Rollbacks, as well as unique new ways to assert value, for a limited time Value Deals Rollbacks, Bonus Offers Source: Kantar Retail analysis, store visits; ECRM

5. © Copyright 2014 Kantar Retail 5 Testing matching of BOGO coupon offers in Florida Pilot started Sept. 2013 Across Supercenters, Discount, and Neighborhood Market Limit of two BOGO offers per item Receive Walmart’s EDLP price on the BOGO Source: Walmart.com, company presentations, Kantar Retail analysis 5 “See For Yourself” campaign reaches ~75 markets across US, 70% of sales; TV ads are refreshed frequently Local Market Campaigns Reinforce Leadership Becoming more aggressive: matching BOGO offers

6. © Copyright 2014 Kantar Retail Source: Kantar Retail analysis, store visits; company materials 6 Savings Events Create Reason to Shop Now

7. © Copyright 2014 Kantar Retail Source: Company presentations; Kantar Retail analysis, store visits 7 “If we invest in price and there is no sales response, we are not going to invest in those categories.” - Bill Simon, September 2013 Key Value Items Investing to Drive Impressions