May 2014

This presentation 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

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

1

10 years of Profitable Growth

Sales (Mx$ billion)

EBITDA (Mx$ billion)

2003 2013

$420.6

$118.0

CAGR: 13.6%

2003 2013

$9.5

CAGR: 15.5%

$40.2

2

Growth Across Multiple Formats

6.1

13.5*

2003 2013

% CAGR 8.3%

32.1

112.0*

% CAGR 13.3%

2003 2013

33.9

173.6*

% CAGR 17.7%

2003 2013

34.6

93.3*

2003 2013

% CAGR 10.4%

7.3

28.1*

% CAGR 14.5%

2003 2013

Total Sales (Mx$ billion)

Total Sales (Mx$ billion) Total Sales (Mx$ billion) Total Sales (Mx$ billion)

Total Sales (Mx$ billion)

* Walmex fiscal year: January-December 2013 3

Walmex: 1Q14 Consolidated Results

4

1Q13 % Increase

1Q14

% % $ $

102,620

22,393

15,803

6,793

9,120

4,750

100.0

21.8

15.4

6.6

8.9

4.6

100,448

21,606

14,856

6,726

8,856

4,971

100.0

21.5

14.8

6.7

8.8

4.9

2.2

3.6

6.4

1.0

3.0

-4.5

(Mx$ million)

Total revenues

Gross margin

General expenses

Operating income

EBITDA

Net Income

Hits & Misses

Hits:

• Mexico Self-service

• Central America

Misses:

• Sam’s Club

5

Self-service 2014 Actions for Growth

1. Strengthen Price Advantage

2. Boost Food & Consumables

3. Bodega Aurrerá Express Growth

4. Re-invent Electronics & Appliances

5. eCommerce & Home Delivery

6. Regionalization

7. Build an “Import Highway”

6

Mexico: Outperforming the Industry

7

Same Store Sales Growth (%)

-3.0

-2.4

1.0

Source: ANTAD & Company data.

ANTAD Self-service ex-Walmex Walmex Self-service + Sam’s Club

Walmex Self-service

+400 bps

-0.9 -1.3

-0.2

2013 1Q14

+70 bps

Mexico Self-service: Significantly Outperforming

ANTAD Self-service

8

Apparel

+120 bps

General

Merchandise

+350 bps

Food & Consumables

+460 bps

Growth Rate Difference vs ANTAD (bps)

+400 bps

Mexico Self-service: Small Formats Significantly

Outperforming ANTAD Specialized

9

Same Store Sales Growth (%)

-3.0

11.6

Source: ANTAD & Company data.

ANTAD Specialized food & consumables

Bodega Aurrerá Express & stand alone pharmacies

2013 1Q14

-1.1

4.9 +1,460 bps

+600 bps

Mexico Self-service: Strengthen Price Advantage

10

Mexico Self-service: Re-invent Electronics

11

• Improve Assortment in Electronics

Mexico Self-service: Re-invent Electronics

12

• Complementing and

differentiated assortment

through eCommerce

• Focus on fast growing categories

• Improved shopping experience

• Effective communication

Mexico Self-service: World Cup

13

Mexico Self-service: World Cup

14

Mexico Self-service: World Cup

15

Bulk Quality Excitement Price

Sam’s Club

16

• Sam’s Club gradually lost differentiation

vs. self-service and department stores

• In 2014, we will: Reestablish the value

proposition of Sam’s Club

Sam’s Club: Adjusting the Value Proposition

1. Advantage Member:

“Treasure Hunt” &

Differentiation

2. Business Member:

Add Value

3. Reinforce Business

Backbone

17

Sam’s Club: Adjusting the Value Proposition

• Relaunching categories • Reactivating items

• Increasing imports, leveraging

on Sam’s Club US

18

Sam’s Club: World Cup

19

eCommerce

20

• Books (DSV +4K Gandhi)

• Jewelry & Accessories

• Musical Instruments

• Pets

• Photography

• Smart House

• Audio

• Auto

• Baby

• Cell Phones

• Computers

• Electronics

• Health & Beauty

• Home

• Household Appliances

• Sports

• Toys

• Video Games

New Categories YTD

Central America 2014 Actions for Growth

1. More Customer Centric

2. Drive Key Categories & Imports

3. Increase Productivity

21

Central America: Effective Communication

Mama Lucha is driving sales 3 months after launch

• Relevant communication

with the right media mix

• Strong commercial

activities

• Retailtainment activities

22

Central America: More Customer Centric

• Price

• Superior quality

• Secure and friendly

environment

Take share from the informal market

23

Central America: Drive Key Categories and Imports

• New Assortment

• Aggressive Pricing

• Clear Communication

24

Central America Strong Results

1Q14 Results Increase on a constant currency basis* (%)

Total revenues

Gross margin

General expenses

Operating income

EBITDA 13.4

15.7

2.4

4.3

3.4

* Comparable basis, ex one-time non-cash, store lease expense. 25

Central America: Significant Growth Opportunity

Honduras 74%

Nicaragua 72%

Guatemala 71%

El Salvador 70%

Costa Rica 38%

Informal Market Share Country

Source: The Nielsen Company

26

Process Innovation: team producing constant

innovation

Dedicated Resources

Disruptive Processes

Global Business Processes

Process Engineering

Mexico

Central America

Bentonville

27

Productivity México: Labor and energy improving

Store Labor Existing Store Labor Hours

(% Growth)

DC Labor Cases per Labor Hour

(% Growth)

Energy Comp Units KWH

(% Growth)

2012 2013 2012 2013

+12.2%

2012 2013

-7.6%

-3.3%

28

4,805

157,923 180,078

5,650

Financial Strength

TOTAL $ 224,339

Walmex Balance Statement (March 31, 2014, Mx$ millions)

Cash Acct’s receivable (Banco Walmart)

Inventories

Fixed assets & others

Suppliers

Acct’s payable (Banco Walmart)

Shareholders’ equity & others

Assets Liabilities &

Shareholders’ Equity

40,842

20,769

38,611

29

2014 Growth Program

Estimated Distribution

Supermarket

“Bodegas”

Discount Stores Total Walmex

46%

23%

12%

11%

7%

1%

100%

~5.2%

Sales area growth

3.7 Sales area

Additional million sq. ft.

2014e Capex

Mx$ 15.0 billion

30

Dividends (Mx$ billion)

$6.7 $7.6 $8.0 $9.2

$3.0 $2.0

$8.0 $8.1

2011 2012 2013 2014

Extraordinary

Ordinary

$9.7 $9.6

$16.1

$24.3

* Vips divestitures.

$7.0*

(40%) (35%) (35%) (35%)

31

$3.5

$1.1

$3.3

$5.0

2011 2012 2013 2014

Share Repurchase (Mx$ billion)

*

* Maximum amount approved by Shareholders. 32

Cash Generation and Return for Shareholders

Last 10 years (2013)

Net Cash Generation

Uses of Cash

Fixed Assets

Dividend Payment

Share Repurchases

$204.8 $115.3

$53.4

$36.1 44%

56%

Mx$ billion

33