Walmart and Flipkart Investment Presentation
Forward 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.
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