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The date of this call is October 25, 2016.

Before we start, let me remind you that the contents of this call is

property of Wal-Mart de México S.A.B. de C.V. and is intended for

the use of the company’s shareholders and the investment

community. It should not be reproduced in any way.

This call may contain certain references concerning Wal-Mart de

Mexico S.A.B. de C.V.’s future performance that should be

considered as good faith estimates made by the Company.

These references only reflect management´s expectations and are

based upon currently available data. Actual results are always

subject to future events, risks and uncertainties, which could

materially impact the Company’s actual performance.

October 25, 2016

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3

Strong total sales growth

9.2 7.9

9.0

11.9

Mexico CentralAmerica

Walmexconstantcurrency

Walmex

3Q16 (%)

8.3 9.3

8.5

10.8

Mexico CentralAmerica

Walmexconstantcurrency

Walmex

January - September 2016 (%)

4

Driven by robust same store sales growth

5

6.5 5.7

7.2 8.1

13.7 13.8

3Q January - September

Mexico (%) Central America (%)

3.6 4.7

5.6 4.9

9.2 9.6

3Q January - September

2015 2016 Two-year-stack

Figures do not include Suburbia

Mexico: Growth across all formats

3Q16 (%)

7.2

Mexico Bodega Walmart Sam's Superama Suburbia

Suburbia sales not included in total sales growth 6

Mexico: Growth across all divisions

3Q16 (%)

7.2

Mexico Food andConsumables

GeneralMerchandise

Apparel

7

Mexico: Growth across all regions

8

7.2

Mexico Metro Center North South

3Q16 (%)

Mexico: Consistently outpacing Antad Self-service

9

4.9 4.5

9.4

3Q15 3Q16 2-yearstack

Antad Self-service ex Walmex

6.5 7.2

13.7

3Q15 3Q16 2-yearstack

+160

bps +270

bps

+430 bps

Walmex Self-service & Sam’s

3Q16 (%) January - September 2016 (%)

4.1 4.6

8.7

2015 2016 2-yearstack

5.7

8.1

13.8

2015 2016 2-yearstack

+160

bps +350

bps

+510 bps

Mexico: outpacing Total Antad

10

8.1

5.1

13.2

3Q15 3Q16 2-yearstack

Total Antad ex Walmex

6.5 7.2

13.7

3Q15 3Q16 2-yearstack

+50 bps

Walmex Self-service & Sam’s

3Q16 (%) January - September 2016 (%)

6.5 5.7

12.2

2015 2016 2-yearstack

5.7

8.1

13.8

2015 2016 2-yearstack

+160 bps

+210

bps +240

bps

Central America: Growth across all formats

3Q16 (%)

5.6

CentralAmerica

Bodega Supermarket Walmart

11

Central America: Growth across all countries

3Q16 (%)

5.6

Central America Costa Rica Guatemala El Salvador Honduras Nicaragua

12

Holiday Season

13

14

Mexico: 3Q16 Results

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3Q16 3Q15 % Growth (Mx$ million) $ % $ %

Total revenues 102,948 100.0 95,011 100.0 8.4

Gross margin 22,773 22.1 20,517 21.6 11.0

General expenses 14,855 14.4 13,508 14.2 10.0

Earnings before Other income 7,918 7.7 7,009 7.4 13.0

Other income -160 -0.2 81 0.1 -298.3

Operating income 7,758 7.5 7,090 7.5 9.4

EBITDA 9,850 9.6 9,080 9.6 8.5

Central America: 3Q16 Results

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3Q16 3Q15 % Growth

(Mx$ million) $ % $ % In peso terms

On a constant currency basis

Total revenues 23,915 100.0 19,502 100.0 22.6 9.2

Gross margin 5,742 24.0 4,581 23.5 25.3 11.6

General expenses 4,393 18.4 3,584 18.4 22.6 9.1

Earnings before Other income 1,349 5.6 997 5.1 35.3 20.5

Other income 27 0.1 -28 -0.1 194.4 184.0

Operating income 1,376 5.8 969 5.0 42.0 26.5

EBITDA 1,942 8.1 1,434 7.4 35.4 20.6

Walmex: 3Q16 Results

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3Q16 3Q15 % Growth (Mx$ millones) $ % $ %

Total revenues 126,863 100.0 114,513 100.0 10.8

Gross margin 28,515 22.5 25,098 21.9 13.6

General expenses 19,248 15.2 17,092 14.9 12.6 Earnings before Other income 9,267 7.3 8,006 7.0 15.7

Other income -133 -0.1 53 0.0 -355.0

Operating income 9,134 7.2 8,059 7.0 13.3

EBITDA 11,792 9.3 10,514 9.2 12.2 Income from continuing operations 6,695 5.3 5,714 5.0 17.2

Net income 10,049 7.9 5,920 5.2 69.7

Walmex EBITDA margin January – September

Mexico

9.2 9.5

2015 2016

18

Central America

7.1

8.1

2015 2016

Walmex

8.9

9.2

2015 2016

Strong balance sheet

19

192,574 211,869

52,754 53,546

TOTAL $ 264,623

(September 30, 2016, Mx$ million)

Cash 18,503

Inventories

Assets Liabilities &

Shareholders’ equity

Fixed assets & other

Suppliers

Shareholders’ equity & other

Strong cash generation

9.4

10.2 10.0

3Q14 3Q15 3Q16

12 months cash generation as a % of total revenues

20 3Q14 and 3Q15 include Suburbia

Social Responsibility

21

Dow Jones Emerging Markets Index (DJSI)

•5th Consecutive year

•Distinguished for Corporate Responsibility

October 25, 2016

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FCPA Please refer to our Note in the 2Q12 Financial Statements: Legal Proceedings in www.walmex.mx