#1Walmart - Flipkart Group Investor Presentation May 9, 2018 Walmart#2Forward Looking Statement This presentation, and information discussed on the related webcast call with the investment community, contains statements as to Walmart management's guidance regarding the earnings per share impact of Walmart's investment in Flipkart for the fiscal year ending January 31, 2019, and the subsequent fiscal year, revenue growth attributable to this investment, anticipated growth in eCommerce in India and other metrics for growth in India, Flipkart's future performance, and steps being undertaken to position the Walmart International business for future growth, as well as statements by Walmart about its share buyback program and its credit profile. Walmart believes such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to enjoy the protection of the safe harbor for forward-looking statements in Section 21E of the Securities Exchange Act of 1934, as amended. Assumptions on which such forward-looking statements are based are also forward-looking statements. Walmart's actual results may differ materially from the guidance provided as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and other factors, including: the closing date for Walmart's investment in Flipkart; the level of Walmart's investment in Flipkart from time to time; currency exchange rate fluctuations; changes in market interest rates; competitive pressures and other economic, geo-political, capital markets and business conditions, trends and events in India; changes in existing rules and regulations regarding foreign direct investment in the retail business in India; other changes in existing tax, labor or other law or regulations in India; and other risks, uncertainties and factors relating to Walmart's operations and financial performance discussed in its filings with the SEC. You should read this presentation in conjunction with our Annual Report on Form 10-K for the year ended January 31, 2018, and our subsequent filings with the SEC. You should consider all of the risks, uncertainties and other factors identified above and in those SEC reports carefully when evaluating the forward-looking statements in this presentation. Walmart cannot assure you that the future results reflected in or implied by any such forward-looking statement will be realized or, even if substantially realized, will have the forecasted or expected consequences and effects for or on our operations or financial performance. Such forward-looking statements are made as of the date of this presentation, and Walmart undertakes no obligation to update such statements to reflect subsequent events or circumstances. 2 Walmart *#3Strategy 3 Walmart#4We Save People Money So They Can Live Better Service to the customer Respect for the individual Make every day easier for busy families Customers Strive for excellence Act with Integrity Change how we work Deliver results and operate with discipline. Associates Communities Be the most trusted retailer Shareholders Walmart#5Flipkart Group Investment Fits within Walmart's International Strategy Active portfolio management Strong North American Core Mexico ✓ Canada ✓ Central America Key Growth Markets China India C Diversified Portfolio Chile Japan ✓ UK ✓ Markets Africa Argentina Brazil Disciplined growth through differentiated customer proposition Be the lowest cost operator Build strong foundations LO High Growth, Attractive Market Opportunity with the Local Leader Flipkart Walmart#6CO Flipkart Market Flipkart Group Transforms Our eCommerce Opportunity in a Critical Growth Market. Attractive Market & Growth Opportunity Accelerating eCommerce Environment The Local Leader Experienced & Committed Management Team Strong Partnerships 0000 Creating Value for all Stakeholders One of the world's largest and fastest growing markets eCommerce growing 4x faster than retail industry $7.5 billion annual GMV and 54 million active customers Management with strong in-country expertise Strong shareholder partners with successful track records of investments in Asia Long-term value for shareholders, associates, Indian economy & communities 1. Gross Merchandise Value or GMV as defined by Flipkart represents the total dollar value of orders processed on its marketplaces in the period without reduction for returns. Walmart#7India Is a Compelling Growth Market with Long-term Potential 0000 9.4% GDP CAGR over past 10 years 1 443M Millennials plus 393M Generation Z, or 66% of the population² 35% Percentage of population using internet3; 2nd largest internet market globally 79% Mobile percentage of internet traffic, vs. global average of 50% 4 58% Estimated smartphone penetration by 2020 vs. 30% in 20175 1. Source: CAGR calculated from World Bank reported historical GDP data 2006 to 2016 (last reported) 2. Source: Goldman Sachs "India Consumer Close-up" which cites Euromonitor; UN population estimates 3. Source: Internet Live Stats 2016 data in PlanetRetail RNG "Ecommerce & Digital Ecosystem Management;" India market size defined by number of users 4. Source: Statcounter 2017 data in PlanetRetail RNG "Ecommerce & Digital Ecosystem Management" 5. Source: Deloitte "Digital Media: Rise of On-Demand Content" 7 Walmart#8India eCommerce Projected to Grow 4x Faster Than Total Retail over Next Five Years India's eCommerce vs. Total Retail Growth1 eCommerce Penetration 6% 4% 2% Do do do dve do ou de do 7% '18-23E CAGR Total Retail: eCom: ~9% 4x I ~36% L. 6.2% 2.1% 1.8% 1.8% 1.0% 0.2% 0.3% 0.4% FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY23E Sources: Bain & Company estimates based on primary and secondary sources, and shall not be construed as definitive predictions or forecasts 1. Excludes services Walmart#9Flipkart Group Is the Local Leader in India eCommerce Flipkart Q Search for Products, Brands and More Offer Zone Mobiles Fashion Electronics Home Appl Launching Zenfone Max Pro M1 3GB at 10,999 | 4GB at *12,999 NOTIFY ME Pre-Order starts at 12 Noon" ASUS #OnlyOnFlipkart AVA FALCON Flagship Flipkart Businesses Flipkart Leading India's eCommerce transformation TOP DEALS on Terrific Tablets SMART TVS Sale on 7th May Deals of the Day 09h 43m remaining REDMI 5A Sale Today, 12PM ராக View All Home Search Wishlist Cart Account Myntra and Jabong India's leading online fashion destination India's Retail Landscape Derives Support from Flipkart's Ecosystem о Technology that digital consumers trust ekart Logistics arm Ekart - 500k deliveries every day पे PhonePe app facilitates seamless payments M JABONG COM Walmart#1010 Flipkart Group Is Positioned for Significant Growth Gross Merchandise Value ($M) 1 Active Customers (M) 2 $7.5B ~12x -7x FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 Flipkart Myntra and Jabong 54M Note: Exchange rate $ / INR 65; Fiscal year ends 31-Mar; FY2015 has 8 months of Myntra & FY2016 has 8 months of Jabong. FY 2018 does not include eBay 1. Gross Merchandise Value or GMV as defined by Flipkart represents the total dollar value of orders processed on its marketplaces in the period without reduction for returns. 2. Active customers are customers transacting at least once in the last 12 months. Total does not exclude customer overlap between entities $7.5B1 Annual GMV 54M Active customers 261 M Units sold in FY18 Walmart#11Flipkart Group Maintains Leading Position in Fast Growth Categories with Significant Upside Flipkart Group Category Rank by GMV Share 11 E Fashion Mobile Electronics Large Appliances #1 #1 #2 #1 Source: Wall Street analysts and Bain & Company estimates based on primary and secondary sources and shall not be construed as definitive predictions or forecasts Walmart#12Experienced and Committed Management Team with Strong Market and eCommerce Expertise Binny Bansal CEO, Flipkart Group and Co-Founder of Flipkart 2017 CEO of Flipkart Group ■2016 CEO of Flipkart ■ 2007-2016 COO of Flipkart ■ B. Tech in Comp. Engineering from IIT- Delhi Kalyan Krishnamurthy CEO Flipkart Ananth Narayanan CEO of Myntra and Jabong 2017 CEO of Flipkart 2016 key positions with Flipkart 2006-2016 key positions with Tiger Global Management and eBay Asia-Pacific MBA from AIM, Philippines 2015-2017 CEO of Myntra ■ 2000-2015 Director, Managing Partner, McKinsey Chicago, Shanghai, Taipei, India ■MS from University of Michigan Sameer Nigam Founder and CEO of Phone Pe ■ 2014-2017 Founder and CEO of PhonePe ■ 2011-2014 VP and SVP at Flipkart ■ 2009-2012 Founded Mime360 as digital distribution platform ■ MBA from Wharton Business School 12 Walmart *#1313 Walmart Is Working with Strong Shareholder Partners Walmart Tencent 腾讯 TIGERGLOBAL Microsoft Walmart#14Walmart and Flipkart Group Create Value for Everyone 14 Customers Associates Quality, affordable goods Easier and quicker ways to shop Broad product assortment Better opportunities Stronger business . Communities . • Job creation Support farmers and develop supply chains Supports women entrepreneurs Shareholders FOSTERS UMT AMCOR Ap ANZ BANK COLES BHP BLT LES MYER 8.86 8.7 5.52 5.87 5.8 158 1143 11.2 7 HLTH BANK 28.31 2.35 20 MERS RIO CORP B TELSTRA ST HES TRUST 3.49 3.49 3.49 ESFARMER 29.13 ESTFIELD 14.08 17 20.43 LIESTFLD RM 1.00 1.20 119 01 TINTO 35.0 GEORGE 21.37 2147 2140 2140 2 4.88 4.02 12.44 (2.45 12.45 S 12 25.12 Ea STAN PA STAM 0.00 14.17 14.03 0.638 00 ST 9SH HEREC 0.105 81 1 0.02 ST-B022441 STADI 0.085 STAGES 11 0.365 6.027 6.000 STERF S STARTACK STERNSAT OFERICORY 8.17 0.175 0.175 9.688035 STRATIFLD STRIKER 352 STU COM SUSAH 9472 173 622 GHY SORT 45 12.48 12-15 3 SUNDOWNER SH STOCKFORS WESTPAC 16.52 16.5 16.53 WOODSIO 0001E 13.74 13.20 12.75 NOOL NORTHS 11.08 11.09 11.00 5 STRACH STOCKLAND STORES STARE TRES 25 0.39 0.20 20400 VESFRAMER 28.13 1000 WESTFIELD 14.07 22100 S 11.3 1 • Attractive growth market Strengthens global portfolio Generates long-term value Executes on committed international strategy Walmart 0000#1515 Transaction Details and Guidance Walmart#1616 Transaction Overview and Financial Highlights Transaction Structure . Financing and EPS Impact • • • • • . . Walmart's approximately $16 billion investment includes $2 billion of new equity funding, which will help Flipkart achieve its growth potential. Walmart initial ownership stake of approximately 77%. Remainder of ownership held by Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC, and Microsoft Corp. While the immediate focus will be on serving customers and growing the business, Walmart supports Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future. Closing expected later in FY19, subject to regulatory approval. Finance the investment with a combination of newly issued debt and cash on hand. Flipkart's financials will be reported as part of Walmart's International business segment. Assuming the transaction closes at the end of the second quarter of this fiscal year, Walmart expects a negative impact to FY19 EPS of approximately $0.25 to $0.30, which includes incremental interest expense related to the investment. In FY20, as we look to accelerate growth in this important market, Walmart anticipates an EPS headwind in total of around $0.60 per share, comprised of: 。 Operating losses of approximately $0.40 to $0.45 per share, assuming minimal tax benefit for the losses in the near to mid term. This amount includes about $0.05 per share related to amortization of intangible assets and depreciation of short lived assets resulting from purchase accounting, which will only last for a few years post-closing. Interest expense of approximately $0.15 per share. о In the mid to long term, as the business scales and efficiencies are realized, we expect losses to decline and returns to improve. Given Walmart's financial strength, we anticipate the continuation of our current share buyback program, while maintaining our strong credit profile. Walmart#17Creates Significant Long-Term Value for Shareholders. 17 1+ Critical growth market A leader in eCommerce ☑ Local talent with global expertise Long-term growth Walmart