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Wal-Mart Stores, Inc. Profile

702 Sw 8th St. Bentonville, AR 72716 United States Phone : 479-273-4000 Fax : 479-277-1830 http://www.walmartstores.com

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HIDDEN TEXT TO MARK THE BEGINNING OF THE TOC

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Table of Contents 2Company Overview

Key Information 2

Key Financials 2

Company Rankings 2

Key People 3

4Company Description

6Company History

8Industry Information

9People

People 10

Board Members 12

12Biographies

S. Robson (Rob) Walton 13

Michael T. (Mike) Duke 13

Charles M. Holley 14

Karenann K. Terrell 15

Linda P. Hefner 16

Thomas A. (Tom) Mars 16

Stephen F. Quinn 17

Jack L. Sinclair 17

James A. (Andy) Barron 18

Michael J. Bender 18

M. Susan Chambers 19

David Cheesewright 20

Leslie A. Dach 20

Cindy Davis 21

Johnnie C. Dobbs 21

Jeffrey J. (Jeff) Gearhart 22

Duncan C. Mac Naughton 22

C. Douglas (Doug) McMillon 23

Michael S. (Mike) Moore 24

Gisel Ruiz 24

William S. (Bill) Simon 25

Raul Vazquez 26

John T. Westling 26

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Eric S. Zorn 27

Jeff Davis 27

Michelle J. Gloeckler 28

Matt Kistler 28

Pamela K. (Pam) Kohn 28

Steve Nave 29

J. P. Suarez 29

Andrea Thomas 29

Steven P (Steve) Whaley 29

Carol A. Schumacher 29

Neil M. Ashe 30

Rosalind G. Brewer 31

Shelley G. Broader 31

A. J. (Andy) Clarke 31

Steve Dacus 32

Sylvia Mathews Burwell 32

Scott Price 32

Timothy Flynn 33

P. Todd Harbaugh 33

Steve Smith 34

David (Dave) Tovar 34

Aida M. Alvarez 34

James W. (Jim) Breyer 35

M. Michele Burns 35

James I. Cash 36

Roger C. Corbett 37

Douglas N. Daft 38

38Historical Events

38Company Financials

Financial Summary 38

Annual Income Statement 40

Quarterly Income Statement 41

Annual Balance Sheet 42

Quarterly Balance Sheet 43

Annual Cash Flow 44

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Quarterly Cash Flow 45

Earnings Estimates 46

Financial Market Data 47

Historical Financials 48

49Competition

Competitors List 49

Competitive Landscape 51

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Company Overview 702 Sw 8th St. Bentonville, AR 72716 United States Phone : 479-273-4000 Fax : 479-277-1830 http://www.walmartstores.com

Wal-Mart Stores is an irresistible (or at least unavoidable) retail force that has yet to meet any immovable objects. Bigger than Europe's Carrefour, Metro AG, and Tesco combined, it's the world's #1 retailer with some 2.2 million employees. In the US, Wal-Mart operates more than 4,000 stores, including 3,000-plus Supercenters that sell groceries and general merchandise, 610 Sam's Club warehouses, and a growing number of smaller format stores. The company's faster growing international division (28% of sales) numbers more than 5,600 locations; Wal- Mart is the #1 retailer in Canada and Mexico and has operations in Asia (where it owns a 95% stake in Japanese retailer SEIYU), Africa, Europe, and South America.

Key Information DUNS Number 051957769

Location Type Headquarters Subsidiary Status No Manufacturer No Company Type Public Plant/Facility Size (sq. ft.) 25,000.00 Owns/Rents Owns Foreign Trade Imports / Exports Accountant Ernst & Young LLP Total Employees 2,200,000 1-Year Employee Growth 4.76% Employees At This Location 11,700 Year of Founding or Change in Control 1945 Primary Industry 1531:Warehouse Clubs & Superstores Primary SIC Code 53310000:Variety stores Primary NAICS Code 452910:Warehouse Clubs and Supercenters Tradestyle Walmart Latitude/Longitude 36.36435 / -94.21665

Key Financials Fiscal Year-End January Sales ($ M) $446,950.00M 1-Year Sales Growth 5.95% Net Income $15,699.00M 1-Year Net Income Growth (4.21%) Total Assets $193,406.00M Market Value $230,821.42M

Prescreen Score Low Risk

Company Rankings 2 in FORTUNE 500 (May 2012) S&P 500 (December 31, 2012) Dow Jones Industrials Dow Jones Global Titans 11 in FT Global 500 (July 2012) 2 in FORTUNE 1000 (May 2012)

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Key People

Name Title

Mr. S. Robson (Rob) Walton Chairman

Mr. Michael T. (Mike) Duke President, CEO, and Director

Mr. Charles M. Holley Jr. EVP and CFO

Ms. Karenann K. Terrell Chief Information Officer

Ms. Linda P. Hefner EVP and Chief Merchandising Officer, Sam's Club

Mr. Thomas A. (Tom) Mars EVP and Chief Administrative Officer, Walmart U.S.

Mr. Stephen F. Quinn EVP and Chief Marketing Officer, Walmart U.S.

Mr. Jack L. Sinclair EVP Food, Walmart U.S.

Mr. James A. (Andy) Barron EVP Softlines, Walmart U.S.

Mr. Michael J. Bender EVP; President, Walmart West, Walmart U.S.

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Company Description

Geographic Reach In the 20 years since the Arkansas-based retailer entered Mexico (its first international market), Wal-Mart Stores has become an international retail powerhouse with operations in 26 countries. Of its 10,000-plus stores, more than half are located outside of the US. Indeed, Walmart International is the company's growth engine, accounting for more than 25% of sales. Major foreign markets include Mexico, the UK, Brazil, and Japan. Operations Wal-Mart's general merchandise and food retailing operations come in multiple formats, the largest being its 3,000-plus Supercenters. The retailer also operates a dwindling number of discount stores (many of which are being enlarged to become Supercenters) and Sam's Club warehouse stores. Smaller formats include Neighborhood Markets in the US and supermarkets and bodegas in Mexico. The International division operates a diverse portfolio with some 70 banners, representing three major categories: retail, wholesale, and other (which includes restaurants in Chile, Japan, and Mexico). The retail giant's online incarnation, Walmart.com (launched in 2000), offers more than 1,000,000 products. The e- tailer is expanding by offering merchandise from other retailers at its new virtual mall called Walmart Marketplace. Launched in August 2009, Walmart Marketplace offers apparel, baby, home, and sporting goods items from other sellers in return for a share of the revenue. In Demonstrating its commitment to e-commerce and social media, Wal-Mart acquired Kosmix, a social media technology provider, in 2011. Kosmix developed a platform that enables users to filter and organize content into social networks. As part of the transaction, Kosmix became @WalmartLabs, and founders Venky Harinarayan and Anand Rajaraman stayed on to lead the business. Also, in 2012 Walmart Global eCommerce agreed to increase its investment in Yihaodian, one of China's leading business- to-consumer e-commerce companies, to 51%. Sales and Marketing Wal-Mart Stores spent $2.3 billion on advertising in fiscal 2012 (ends January), down from $2.5 billion the prior year. Its advertising consists primarily of print, television, and online ads. Financial Analysis In fiscal 2012 (ends January) the company's net sales increased by nearly 6% vs. the prior year, driven by a 15% increase from the international division, a 9% jump in sales for Sam's Club, and a 1.5% gain in sales for Walmart US. Same-store sales at Wal-Mart stores in the US were essentially flat (up 0.3%) in fiscal 2012, after posting negative comparisons in the two previous years. Strategy Among the many measures the retailer has taken to get its groove back at home (including a sunny new logo), was a restructuring of its US organization (including top executive changes), the formation of a new division to oversee global e-commerce (called Walmart Global eCommerce), and a new global sourcing partnership with Hong Kong- based Li & Fung. Under the terms of the deal, Li & Fung -- a provider of supply chain services -- will form a new company to manage the Wal-Mart account and will act as the company's buying agent. The reorganization in the US entails the formation of three geographic business units: Walmart West, Walmart South, and Walmart North, in an attempt to more efficiently manage its domestic stores. While the retail operation was carved into three geographic slices, the logistics, real estate, and store operations functions were consolidated under one leadership team. With US suburbs saturated with Wal-Mart stores, the retailer has tried -- mostly unsuccessfully -- to gain access to urban markets. In 2011 Wal-Mart scored a significant breakthrough in its plan to build stores in US cities when it teamed up with Michelle Obama to launch its five-year plan to provide its customers with healthier, more affordable foods. Wal-Mart will reformulate its Great Value private label line of foods to reduce sodium, fats, and added sugars (and encourage its major suppliers to follow suit). Concurrently, with the first lady's support, it announced a commitment to building stores in underserved communities (aka "food deserts"). Given the breakneck pace of its international expansion over the past two decades and the growing importance of the international business to Wal-Mart's overall financial health, the fact that its Mexican subsidiary, Wal-Mart de México, is the subject of a bribery scandal is a serious blow to the company and its leadership. Mexico is Wal-Mart's largest foreign market and home to more than 2,000 of its supercenters, Sam's Clubs warehouse stores, and numerous other retail formats. Farther south, Wal-Mart is growing quickly in numerous other countries in Latin America, including Chile and Brazil, where it operates 316 and 512 stores, respectively. One of the world's fast- growing emerging markets, Brazil is key to Wal-Mart's expansion in the region. Asia is another hot growth market for Wal-Mart. Through joint ventures in China the company operates about 370 stores. To support its growth there, Wal-Mart is building its Asian headquarters in the coastal city of Shenzhen, the site of its first supercenter and Sam's Club in China. And in a move that demonstrates how important the vast Chinese market is to the world's largest retailer, staunchly anti-union Wal-Mart has announced that it will work with officials there to establish labor unions in all Wal-Mart stores in China. Wal-Mart is poised to enter India's huge but fragmented market via a joint venture with the Bharti Enterprises Ltd. (Regulations in India prohibit retailers

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like Wal-Mart from selling directly to consumers, but allow them to engage in wholesale cash-and-carry and back- end supply chain management operations in the country.) Wal-Mart's first wholesale outlet in India -- a BestPrice Modern Wholesale store --opened in 2009 and the company has added more than a dozen more since. Another 10 to 15 locations are expected to open by 2017. Mergers and Acquisitions In 2011 Wal-Mart completed two major acquisitions. It added its first locations in Africa through its purchase in June of a controlling stake in South African retailer Massmart Holdings. The purchase bought Wal-Mart entry into the fast-growing African market where Johannesburg-based Massmart runs 290 stores in about a dozen countries (with most locations in South Africa). Prior to its purchase of the Massmart stake, Wal-Mart's UK arm, ASDA, in April acquired the Netto Foodstores chain of discount supermarkets in the UK from owner Dansk Supermarked Gruppen. The addition of Netto's stores will help ASDA narrow the gap with Tesco, Britain's leading retailer. Ownership Following the death of Helen Robson Walton in 2007, the Walton family announced that much of the Wal-Mart stock held by Mrs. Walton through a family partnership will be donated to charity over several years. As a result, the Walton family's grip on the world's largest retailer will slip from about 48% (as of March 2012) to about 33%, following the disposition of Mrs. Walton's stake.

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Company History

Sam Walton began his retail career as a J. C. Penney management trainee and later leased a Ben Franklin- franchised dime store in Newport, Arkansas, in 1945. In 1950 he relocated to Bentonville, Arkansas, and opened a Walton 5 & 10. By 1962 Walton owned 15 Ben Franklin stores under the Walton 5 & 10 name. After Ben Franklin management rejected his suggestion to open discount stores in small towns, Walton, with his brother James "Bud" Walton, opened the first Wal-Mart Discount City in Rogers, Arkansas, in 1962. Wal-Mart Stores went public in 1970 with 18 stores and sales of $44 million. Avoiding regional retailers, Walton opened stores in small and midsized towns in the 1970s. The company sold its Ben Franklin stores in 1976. By 1980 Wal-Mart's 276 stores had sales of $1.2 billion. In 1983 Wal-Mart opened SAM'S Wholesale Club, a concept based on the successful cash-and-carry, membership- only warehouse format pioneered by the Price Company of California (now Costco Wholesale Corp.). The company started Hypermart*USA in 1987 as a joint venture with Dallas-based supermarket chain Cullum Companies (now Randall's Food Markets). The 200,000-sq.-ft. discount store/supermarket hybrid was later retooled as Wal-Mart Supercenters. Sam stepped down as CEO in 1988 and president David Glass was appointed CEO. Wal-Mart bought out Cullum the next year. Wal-Mart acquired wholesale distributor McLane Company in 1990. In 1992, the year Sam died, the company expanded into Mexico through a joint venture to open SAM'S CLUBS with Mexico's largest retailer Cifra (renamed Wal-Mart de México in 2000). Wal-Mart acquired 122 former Woolco stores in Canada in 1994. Co-founder Bud died a year later. More international expansion included entering China in 1996; the acquisition of German hypermarket chain Wertkauf in 1997; the purchase of Brazilian retailer Lojas Americanas' 40% interest in a joint venture (1998); and the addition of four stores and other sites in South Korea. Also in 1998 the company began testing the Neighborhood Market format, a 40,000-sq.-ft. grocery and drug combination store. In 1999 Wal-Mart bought 74 German-based Interspar hypermarkets and acquired ASDA Group, the UK's third-largest supermarket chain. COO Lee Scott succeeded Glass as CEO in 2000; Glass stayed on as chairman of the executive committee. Wal-Mart later began testing its customers' demand for appliances by selling household appliances in selected stores. Following the bankruptcy and closure of the Montgomery Ward department store chain in 2001, Wal-Mart offered to replace Ward's customers' credit cards with Wal-Mart branded cards. Wal-Mart also formed an alliance with America Online to offer Internet access and later launched its No Boundaries private-label cosmetics for pre-teens and teenagers. In June 2001 a group of six current and former female Wal-Mart employees filed a sex-discrimination lawsuit (seeking to represent up to 500,000 current and former Wal-Mart workers) against the company. The next month Wal-Mart said it would acquire all the minority interests in Walmart.com and integrate its online operations with its store operations. It also laid off 100 employees at its corporate headquarters and eliminated 300 unfilled positions. In August it said it was testing the sale of Sealy and private-label mattresses in some of its superstores, and it began offering college textbooks discounted up to 30% at its online College Bookstore. 2002 was a huge year for Wal-Mart both at home and abroad. In April the company was crowned America's largest corporation by FORTUNE magazine. In March Wal-Mart gained a foothold in Japan, taking a 6% stake in one of Japan's top retailers, SEIYU . That December it increased its SEIYU stake to 36%, and retains the option to up that to nearly 67% by 2007. In a rare defeat, Wal-Mart in July closed its first store in Germany, and 2,000 workers there went on a two-day strike over wages. (In 2001 Wal-Mart scrapped plans to open 50 more Supercenters there by 2003.) Also in 2002 Wal-Mart Puerto Rico acquired Supermercados Amigo, the #1 supermarket chain on the island. (Wal-Mart opened its first Supercenter there in April 2001.) Overall in 2002 Wal-Mart opened 178 supercenters, 33 discount stores, and 25 SAM'S CLUB stores. It opened 107 international units, with two in Brazil, 22 in Canada, eight in China, two in Germany, three in South Korea, 59 in Mexico, two in Puerto Rico, and nine in the UK. The company's attempt to open a state industrial bank in California in 2002 failed however, after legislators barred retailers. In May 2003 Wal-Mart sold its McLane grocery distribution business to Berkshire Hathaway; a rare divestment for the world's largest retailer. In July it opened its first store in Beijing. In February 2004, a federal judge ruled that Wal-Mart should pay workers for overtime hours. The complaint, which was brought by plaintiffs who said they were forced to work unpaid overtime between 1994 and 1999, came at a time when working conditions at the company were being scrutinized. Also that month, Wal-Mart acquired the 118- store Bompreço chain of Brazilian supermarkets and hypermarkets from troubled Dutch retailer Royal Ahold for $300 million, advancing the world's largest retailer from fifth to third place in the Brazilian market. In March, Wal- Mart opened its online music store, which sells digital downloads for 11 cents less than major competitors ( including Apple's iTunes and Napster). In April, voters in Inglewood, California overwhelmingly rejected Wal-Mart's proposal to build a supercenter there over the objections of local officials. Wal-Mart had sought to bypass local development and environmental regulations by spending more than $1 million to take its case directly to the voters.

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(The retailer was fined $1 million in 2001 for similar violations involving its failure to manage storm-water runoff.) Vice chairman Tom Coughlin retired in January 2005 after 25 years with Wal-Mart. Coughlin remained on the company's board until March 25, 2005, when he resigned prematurely following an internal investigation related to "the alleged unauthorized use of corporate-owned gift cards and personal reimbursements." He was due to retire from the board on June 3, 2005. In June the company rescinded Coughlin's retirement agreement, including stock awards and incentive payments, which may total as much as $12 million. Also in January, Wal-Mart agreed to pay $135,540 to settle federal charges that it violated child labor laws. The 24 violations, which the retailer denied, involved teenage workers in three states using hazardous equipment such as chain saws, paper balers, and fork lifts. Soon after, Wal-Mart was ordered to pay $7.5 million in damages to a disabled former employee who claimed the retailer unfairly reassigned him. In March the retailer settled a high- profile lawsuit by agreeing to pay $11 million to the US government to close an investigation into the use of illegal immigrants by Wal-Mart contractors to clean its stores. In May Wal-Mart increased its stake in SEIYU to 42% (up from 37%). In August 2005 Wal-Mart signed Garth Brooks to a multiyear, exclusive contract under which the country star's music will only be sold in Wal-Mart-owned stores. The deal marks the first time an artist has contracted himself and his entire catalog of music with a single chain. In October the company launched its Metro 7 line of urban women's apparel in 500 stores in and around urban areas. In December Wal-Mart opened its third superstore in the downtown Xuanwu District of Beijing. Also in December Wal-Mart acquired some 140 stores in Brazil from Portuguese retailer Sonae for about $757 million, increasing the number of outlets it operates in Brazil to nearly 300. In January 2006 Wal-Mart opened a supercenter in Santa Clarita, California, its second in Los Angeles County. In February the company acquired an additional 17.7% interest in CARHCO from Royal Ahold, increasing its stake in the Central America supermarket operator to 51%. Wal-Mart's former vice chairman Thomas Coughlin, who was accused of misusing more than $500,000 in company funds, pleaded guilty to fraud and tax charges in January 2006. In August he was sentenced to 27 months of house arrest and ordered to pay $400,000 in restitution to his former employer. Wal-Mart itself was ordered by a Pennsylvania jury to pay more than $78 million in damages in a class-action suit brought by employees alleging that they were forced to work during breaks and off the clock. In October Wal-Mart disposed of its retail operations in Germany and South Korea. It sold the last of its 85 stores in Germany to rival METRO AG and sold 16 stores in South Korea to Shinsegae Co. for about $882 million. In early 2007 Wal-Mart agreed to pay $33.5 million in back wages and interest to settle a federal lawsuit that accused the company of violating ovetime laws involving more than 86,000 employees. In February, the company announced an agreement with all six major Hollywood studios to sell digital movies and TV shows on walmart.com, becoming the first traditional retail chain to do so. In April Helen Robson Walton, wife of Wal-Mart founder Sam Walton, died at the age of 87. Wal-Mart and Bharti Enterprises formed a 50:50 joint venture in August to jointly build wholesale outlets that will buy goods from farmers and small manufacturers and sell to retailers through a nationwide supply chain. True to form, Wal-Mart again cut prices of toys and some 15,000 more items, such as apparel, home, and food products, for the 2007 holiday selling season. In May 2008 the retailer revised its $4 prescription program, launched in 2006, to cover 90-day prescriptions for $10. In November Mike Duke was named to Wal-Mart's board of directors, in preparation for his elevation to president and CEO of the company in February 2009. Also in November, Eduardo Castro-Wright, president and CEO of Walmart US, was promoted to vice chairman of Wal-Mart Stores. He assumed responsibility for the firm's global procurement operation. The management shuffle continued in 2009 with Lee Scott retiring as CEO in February. Scott was succeeded by Duke, who had headed the international arm of the company. In January Wal-Mart acquired a majority stake in Chile's largest food retailer, Distribución y Servicio, through a tender offer. In May of that year it opened its first location in India vis a joint venture with Bharti Enterprises. In February 2010 the company opened its new Latin America regional headquarters in Miami, Florida. In June 2011 Walmart International acquired a 51% stake in South African retailer Massmart, which operates 288 stores in 13 countries in sub-Saharan Africa, in a deal valued at about $2.4 billion. Massmart operates stores under the Makro, Game, Dion Wired, Builders Warehouse, Builders Express, Builders Trade Depot, CBW, Jumbo Cash and Carry, and the Shield buying group. On the day of the Massmart closing, the company scored a huge win when the US Supreme Court threw out a massive employment discrimination class-action lawsuit (Dukes vs. Wal-Mart), brought filed back in 2001. While the court did not rule on whether or not Wal-Mart discriminated against women, it said they could not proceed as a class.

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Industry Information Hoover's Industries

> Retail Sector

> Warehouse Clubs & Superstores ( primary ) > Convenience Stores & Truck Stops

> Gas Stations > Drug Stores > Grocery Stores & Supermarkets > Music, Video, Book & Entertainment Retail

> Bookstores > Music Stores

> Nonstore Retail > Internet & Mail-Order Retail

> Toy & Hobby Stores

Denotes In-depth Industry Insight by Hoover's Editorial Staff

Primary SIC Code 53310000 : Variety stores Primary NAICS Code 452910 : Warehouse Clubs and Supercenters

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People

Employees

Name Age SalaryTitle Bonus

Mr. S. Robson (Rob) Walton -- --68Chairman Mr. Michael T. (Mike) Duke $1,264,775.00 --62President, CEO, and Director Mr. Charles M. Holley Jr. $731,598.00 --55EVP and CFO Ms. Karenann K. Terrell -- --50Chief Information Officer Ms. Linda P. Hefner -- --EVP and Chief Merchandising

Officer, Sam's Club Mr. Thomas A. (Tom) Mars -- --54EVP and Chief Administrative

Officer, Walmart U.S. Mr. Stephen F. Quinn -- --EVP and Chief Marketing Officer,

Walmart U.S. Mr. Jack L. Sinclair -- --52EVP Food, Walmart U.S. Mr. James A. (Andy) Barron -- --EVP Softlines, Walmart U.S. Mr. Michael J. Bender -- --EVP; President, Walmart West,

Walmart U.S. Ms. M. Susan Chambers -- --55EVP People Division Mr. David Cheesewright -- --EVP; President and CEO, Canada, UK,

and Sub-Saharan Africa Mr. Leslie A. Dach -- --58EVP Corporate Affairs Ms. Cindy Davis -- --EVP Global Customer Insights Mr. Johnnie C. Dobbs Jr. -- --EVP Logistics and Supply Chain,

Walmart U.S. Mr. Jeffrey J. (Jeff) Gearhart

-- --47EVP, General Counsel, and Corporate Secretary

Mr. Duncan C. Mac Naughton

-- --49EVP; Chief Merchandising Officer, US

Mr. C. Douglas (Doug) McMillon

$904,521.00 --46EVP; President and CEO, Wal-Mart International

Mr. Michael S. (Mike) Moore -- --EVP; President, Walmart Central, Walmart U.S.

Ms. Gisel Ruiz -- --41EVP; COO, Walmart U.S. Mr. William S. (Bill) Simon $869,732.00 --52EVP; President and CEO, Walmart

U.S. Mr. Raul Vazquez -- --EVP Global eCommerce, Developed

Markets Mr. John T. Westling -- --EVP General Merchandise and

Replenishment, Walmart U.S. Mr. Eric S. Zorn -- --EVP; President, Wal-Mart Realty,

Walmart U.S. Mr. Jeff Davis -- --SVP Finance and Treasury

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Name Age SalaryTitle Bonus

Ms. Michelle J. Gloeckler -- --SVP Merchandise Execution Mr. Matt Kistler -- --SVP Marketing Operations Ms. Pamela K. (Pam) Kohn -- --SVP Global Food and Consumables

Global Merchandise Center Mr. Steve Nave -- --SVP, Walmart.com J. P. Suarez -- --SVP Walmart International Business

Development Ms. Andrea Thomas -- --SVP Sustainability Mr. Steven P (Steve) Whaley

-- --53SVP and Controller

Ms. Carol A. Schumacher -- --VP Investor Relations Mr. Neil M. Ashe $36,996.00 $500,000.0044President and CEO, Global

eCommerce Ms. Rosalind G. Brewer -- --49President and CEO, Sam's Club Ms. Shelley G. Broader -- --President and CEO, Walmart Canada Mr. A. J. (Andy) Clarke -- --President and CEO, ASDA Stores Mr. Steve Dacus -- --CEO, Japan Ms. Sylvia Mathews Burwell -- --President, Walmart Foundation Mr. Scott Price -- --51President and CEO, Walmart Asia

and Interim CEO Walmart China Timothy Flynn -- --Director Mr. P. Todd Harbaugh -- --EVP Operations, Sams Club Mr. Steve Smith -- --Chief Marketing Officer, China Mr. David (Dave) Tovar -- --Media Relations Contact Ms. Aida M. Alvarez -- --62Director Mr. James W. (Jim) Breyer -- --51Director Ms. M. Michele Burns -- --53Director Dr. James I. Cash Jr. -- --63Director Mr. Roger C. Corbett -- --70Director Mr. Douglas N. Daft -- --69Director

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Board Members

Name AgeTitle

Mr. S. Robson (Rob) Walton 68Chairman

Mr. Michael T. (Mike) Duke 62President, CEO, and Director

Ms. Aida M. Alvarez 62Director

Mr. James W. (Jim) Breyer 51Director

Ms. M. Michele Burns 53Director

Dr. James I. Cash Jr. 63Director

Mr. Roger C. Corbett 70Director

Mr. Douglas N. Daft 69Director

Ms. Marissa MayerDirector

Mr. Gregory B. (Greg) Penner 42Director

Mr. Steven S. (Steve) Reinemund 64Director

Mr. H. Lee Scott Jr. 63Director

Mr. Arne M. Sorenson 53Director

Mr. Jim C. Walton 64Director

Mr. Christopher J. (Chris) Williams 54Director

Ms. Linda S. Wolf 64Director

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Biographies

S. Robson (Rob) Walton, Age 68

Title held since 1992 : Chairman

Current Company Titles 1992 - Present : Chairman

Other Company Affiliations Chairman, Executive Committee, Conservation International

Biography

Source : Company Web Site, 2012

Son of Walmart founder, Sam Walton, Rob Walton is Walmarts chairman of the board of directors, a position he has held since 1992. Since joining Walmart in 1969, Rob has served as senior vice president, secretary and general counsel and vice chairman. Prior to his employment at Walmart, Rob was in private practice as a partner with the law firm of Conner and Winters in Tulsa, Okla. Rob attended Wooster College and graduated from the University of Arkansas in 1966 with a Bachelor of Science degree in business administration. He received a juris doctor degree in 1969 from the Columbia University School of Law in New York. Rob is also a trustee at Wooster College.

Michael T. (Mike) Duke, Age 62

Title held since 2012 : President, CEO, and Director

Current Company Titles 2012 - Present : President, CEO, and Director

2009 - 2012 : President, CEO, and Director

2008 - 2009 : Vice Chairman, International Division and Director

2008 - 2008 : Vice Chairman, International Division

2006 - 2008 : Vice Chairman, International Division

2005 - 2006 : Vice Chairman, International Division

2004 - 2005 : EVP; President and CEO, Wal-Mart Stores USA

2003 - 2004 : EVP; President and CEO, Wal-Mart Stores USA

2002 - 2003 : EVP; President and CEO, Wal-Mart Stores Division

Current Company Compensation History Salary Bonus Total

$1,264,775.00 --2012 : $18,131,738.00

$1,264,775.00 --2011 : $18,131,738.00

$1,232,670.00 --2011 : $18,712,721.00

$1,203,228.00 --2010 : $19,234,268.00

$1,050,000.00 --2009 : $12,238,209.00

$975,000.00 --2008 : $13,289,748.00

$900,000.00 --2007 : $10,634,396.00

$767,692.00 $1,141,319.002005 : --

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Salary Bonus Total

$662,308.00 $872,909.002004 : --

$603,029.00 $852,342.002003 : --

$530,385.00 $749,000.002002 : --

Past Company Affiliations Secretary, Retail Industry Leaders Association

Biography

Source : Company Web Site, 2012

Mike Duke is the president and chief executive officer of Wal-Mart Stores, Inc. (Walmart). From 2005 to February 2009, Mike served as vice chairman of the company, with responsibility for Walmart International. As CEO, Mike leads a strong management team that is focused on keeping Walmarts mission of saving people money so they can live better relevant to every customer, every day. The company also continues to broaden and accelerate its global efforts on environmental sustainability, responsible sourcing and associate opportunity. Since joining Walmart in 1995, Mike has led the logistics, distribution and administration divisions as well as Walmart U.S. As vice chairman, Mike was actively involved in developing and executing corporate strategy. He focused on setting higher standards of excellence for the companys resources and people from the redesign of logistics and merchandise distribution systems, to the recruitment of talent, and development of strong teams. Under Mikes leadership, the companys international business became a fast-growing part of Walmarts overall operations. In leading Walmarts expansion into mature and emerging markets, Mike built an international management team that delivered strong operational results in a complex global environment. Prior to joining the company, Mike had 23 years of experience in retailing with Federated Department Stores and May Department Stores. Mike serves on the board of directors of Wal- Mart Stores, Inc., the board of directors of The Consumer Goods Forum, the executive committee of Business Roundtable and is on the executive board of Conservation International's Center for Environment Leadership in Business. He also serves on the board of advisors for the University of Arkansas and the advisory board of the Tsinghua University School of Economics and Management in Beijing, China. He is a member of the National Academy of Engineering. Mike graduated from Georgia Tech with a bachelors degree in industrial engineering. He and his wife, Susan, have two daughters and a son.

Charles M. Holley, Age 55

Title held since 2012 : EVP and CFO

Current Company Titles 2012 - Present : EVP and CFO

2010 - 2012 : EVP and CFO

2007 - 2010 : EVP Finance and Treasurer

2005 - 2007 : SVP, Finance

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Current Company Compensation History Salary Bonus Total

$731,598.00 --2012 : $5,112,172.00

$731,598.00 --2011 : $5,112,172.00

$631,896.00 --2011 : $8,186,163.00

Past Company Affiliations Director, Wal-Mart de México, S.A.B. de C.V.

Biography

Source : Company Web Site, 2012

Charles Holley is the executive vice president and chief financial officer for Walmart. He is responsible for accounting and control, business planning and analysis, internal auditing, treasury, tax, and several other key areas of the company. The lead financial executive in each operating segment of the company (Walmart U.S., Sam's Club and Walmart International) reports directly to him. Before being appointed to his current role, he was executive vice president, finance and treasurer, responsible for corporate strategy and planning, tax, investor relations, financial support of corporate overhead functions, corporate mergers and acquisitions, risk management, and treasury operations, which includes capital markets and cash management. Charles also served as the companys chief risk officer. Previously, Charles was senior vice president of finance with responsibility for the companys accounting, tax, financial reporting and investor relations areas. From 2003 to 2005, he served as senior vice president and controller. From 1994 through 2002, Charles held several roles in Walmart International including senior vice president and chief financial officer for the division. He helped pioneer the companys international expansion efforts, which included leading Walmart Internationals merger and acquisition activities. Before joining Walmart, Charles worked for Tandy Corporation as managing director for its European Memorex consumer product division (Memtek International) and served as director of finance for its international operations. He also spent more than 10 years with Ernst & Young. Charles is a member of Financial Executives International. He serves on the Deans Advisory Board for the McCombs School of Business at the University of Texas at Austin and is an active board member for the Cancer Challenge of Northwest Arkansas. Charles received his BBA in accounting from the University of Texas at Austin and earned his MBA in finance at the University of Houston. He is a Certified Public Accountant.

Karenann K. Terrell, Age 50

Title held since 2012 : Chief Information Officer

Current Company Titles 2012 - Present : Chief Information Officer

Unknown - 2012 : EVP and Assistant CIO

Past Company Affiliations Corporate VP and CIO, Baxter International Inc.

VP and CIO, Chrysler Group and Mercedes-Benz North America, Daimler AG

Director, WITI

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Biography

Source : Company Press Release, January 20, 2012

Prior to joining Walmart, Terrell was chief information officer of health care leader Baxter International, Inc., supporting its businesses worldwide from 2006 to 2010. She previously served as chief information officer of the Chrysler Group and Mercedes-Benz North America. Terrell began her career at General Motors in 1986, where she spent 16 years with responsibility for brand development, manufacturing and engineering at Cadillac.

Linda P. Hefner

Current Company Titles Unknown - Present : EVP and Chief Merchandising Officer, Sam's Club

Biography

Source : Company Web Site, 2011

Linda Hefner is executive vice president and chief merchandising officer for Sams Club, a division of Wal-Mart Stores, Inc. (Walmart). Prior to her Sams role, Linda served as executive vice president and general manager of the home business unit for Walmart U.S. Under Lindas leadership, the home business unit grew sales and profits by transforming the proprietary brand offering and improving product quality and the customer experience. Linda joined Walmart in May 2007. Previously, Linda was executive vice president of global strategy and business development at Kraft Foods. She was responsible for the development of Krafts corporate business strategy, which included merger and acquisition activities around the world. Prior to Kraft, Linda was a group chief executive officer at Hanes, then a division of the Sara Lee Corporation. In that role, Linda led increased product innovation and consumer marketing and drove simultaneous cost reduction in manufacturing, global sourcing and logistics. Her responsibilities during her 14 years at Sara Lee included general management, marketing and strategy roles in both U.S. and international geographies. Linda also has five years of experience in management consulting with Ernst & Young. Linda serves on the boards of Danaher Corporation and the Chicago Public Library Foundation. Linda earned an MBA from Harvard Business School and an M.S. and B.S. from the University of North Texas.

Thomas A. (Tom) Mars, Age 54

Title held since 2009 : EVP and Chief Administrative Officer, Walmart U.S.

Current Company Titles 2009 - Present : EVP and Chief Administrative Officer, Walmart U.S.

2008 - 2009 : EVP and General Counsel

Unknown - 2008 : SVP and General Counsel

Biography

As the executive vice president and chief administrative officer for Walmart U.S., Tom Mars is responsible for merchandising execution, asset protection, and financial and consumer services

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Source : Company Web Site, 2011

for the Walmart U.S. division. He is also responsible for the companys diversity, employment practices and policies, labor relations and compliance departments. From 2002 to 2009, Tom managed the legal department and served as Walmarts general counsel. Prior to joining Walmart, Tom practiced law in the northwest Arkansas office of Kutak Rock LLP for 10 years. Tom served as an associate of the Rose Law Firm from 1986 to 1988, where he worked for Hillary Clinton in the firms litigation section. In 1998, the governor of Arkansas appoin