Saving people money so they can live better...50 years.

“Ours is a story about the kinds of traditional principles that made America great in the first place. It’s a story about entrepreneurship, and risk, and hard work, and knowing where you want to go and being willing to do what it takes to get there. It’s a story about believing in your idea even when some other folks don’t, and about

sticking to your guns.”

Sam Walton

Tabl

e of

Con

tent

s 1960s.................................................................5

1970s...............................................................11

1980s...............................................................27

1990s...............................................................47

2000s...............................................................73

2010s.............................................................113

Walmart International................................116

Sam Walton’s 10 Rules..................................120

“I had to pick myself up and get on with it, do it all over again, only even better this time.”

Sam Walton

1960s

1960

s1962

WALMART GRAND OPENING Rogers, ArkansasAfter approaching Ben Franklin franchise owners, who were unwilling to agree to Mr. Sam insisting on a proposal to slash prices significantly and operate at a high volume, Sam and his brother Bud, decided to open their own full retail store in Rogers, Arkansas. Investing 95% of their capital earned from Walton’s Five & Dime, a small store that Mr. Sam bought from Luther E. Harrison, the first Walmart was officially born.

1964

115 DEGREE HEATSpringfield, ArkansasIn 1964, Sam Walton opens a Walmart in Springfield, with truckloads of watermelons stacked outside in 115 degree heat. Eventually the heat bursted the watermelons, creating a sticky mess inside and out of the store. Donkey rides were also featured during the opening. It was said by David Glass that this was the worst retail store opening he had ever seen.

Key Highlights

-First Walmart store opens in Rogers, Arkansas

-Sam Walton hires his first pilot for Walmart Aviation

-By the end of the decade, 38 Walmart stores are operating in 3 states.

Key Figures Key People

-$1 million in first year sales-$21 million net sales by the end of the decade Sam Walton

Bud Walton

Ferold Arend

HOW WALMART GOT ITS NAME“We were flying to Fort Smith in the spring of 1962, and Sam was piloting the plane over the Boston Mountains. Sam pulled this card out of his pocket, on which had three or four names, and he handed it to me and asked which one I like best. They all had three or four words in the title, and I said, ‘I’d just keep the Walton name and make it a place to shop.’ I scribbled ‘W-A-L-M-A-R-T’ on the bottom of the card and said, ‘To begin with, there’s not as many letters to buy.’ I had bought the letters that said ‘Ben Franklin,’ and I knew how much it cost to put them up and to light them, so I said, ‘This is just seven letters.’ He didn’t say anything and I dropped the subject. A few days later I went by to see when we could start setting the fixtures in the building, and I saw our sign maker already had the ‘W-A-L’ up there and was headed up with the letter ‘M.’ You didn’t have to be a genius to figure out what the name was going to be.”

-Bob Bogle, first manager of Walton’s Five and Dime

1965

Sam Walton owns 16 Ben Franklin stores, more than any other retailer in the United States. At this time, Ferold Arend joins Sam as vice president of operations for Ben Franklin stores. His success earned him the responsibility the next year of heading operations for both Walmart and the Walton Ben Franklin stores.

A total of six Walmarts are operating.

1966

A seventh Walmart opens, in North Little Rock. The Waltons now own 24 stores. Together they are ringing up $12.6 million in sales.

NUMBER 7Little Rock, Arkansas

BEN FRANKLIN

7

1960

s1968

IBM WALMART AVIATION

In June, Sam Walton attended an IBM class for executives, which lays the foundation for a partnership between Walmart and IBM. Sam hires talented IBMers to develop Walmart’s computing infrastructure.

Sam and Bud hire pilots to fly them to their growing network of stores. John Walton is their first pilot. Sam Walton personally flew his 1948 Ercoupe to visit early Walmart stores (and some competitors) throughout the Ozarks. In those days traveling by air as opposed to driving the hilly terrain saved valuable time. Today, Walmart Aviation honors Walton’s legacy, providing the company with a competitive business advantage through the quick, safe, and efficient movement of Walmart Associates around the world.

By the end of the 1960’s, Walmart had a core management team and a dynamic plan for growth. In 1968, Sam attended an IBM computer class for executives to learn how to use this new technology in opening his business. The next year, Walmart purchased its first computer system to track sales and inventories. What’s selling? What’s not? What needs to be backordered, marked down, replaced? Sam also hired a full-time pilot to help scout locations for new stores and distribution centers to keep the stores supplied. Walmart’s retail operations were up and running, ready to support an expanding network of stores.

Building a business...

1969

COMPUTERIZED PAYROLLWALMART INCORPORATES

The company officially incorporates as Walmart Stores, Inc.

Five more Walmarts are opened in Arkansas and Missouri, including a 30,000- square-foot Walmart in Newport, Arkansas, the town Walton was forced to leave in 1949, when his landlord would not renew the lease.

By the end of the decade, 38 Walmart stores are operating in 3 states.

For the first time, company associates are paid through a centralized, computerized payroll system rather than with traditional checks from each store.

9

fact...EDLC=EDLPIn an effort to “level out sales curves and spread out increased efficiency,” Walmart officially adopted Every Day Low Prices (EDLP), a pricing strategy that would carry Walmart to greater success. Originally “Low Prices Every Day,” the phrase is simply flipped to emphasize that on every day, on every product, Walmart offers low prices. Commonly referred to within the organization by its acronym, EDLP is driven by a company-wide embrace of Every Day Low Cost (EDLC), a laser-like focus on “doing more with less” and reducing operating expenses.

“Celebrate your successes. Find some humor in your failures. Don’t take yourself so seriously. Loosen up, and everybody around you will loosen up. Have fun. Show enthusiasm - always. When all else fails, put on a costume and sing a silly song. Then make everybody else sing with you. Don’t do a hula on Wall Street. It’s been done. Think up your own stunt. All of this is more important, and more fun, than you think, and it really fools the competition. ‘Why should we take those cornballs at Wal-Mart seriously?’”

Sam Walton

1970s

1970

s1970

HOME OFFICE IS BUILTBentonville, Arkansas

1971

PROFIT SHARING BEGINS

Key Highlights Key Figures Key People

-First distribution center opens as well as the Walmart Home Office

-Walmart becomes enlisted on the New York Stock Exchange

-Walmart becomes the first company to reach $1 billion sales

-Mr. Sam creates the Walmart Cheer

Sam Walton purchases fifteen acres of farmland out-side of Bentonville for about $25,000. Walmart needs a home office and a distribution center and Mr. Sam puts Bob Thorton in charge of building a 15,000-foot general office and a 60,000-foot warehouse.

Walmart World Issue 1 is printed.

14 new Walmart stores were built, which totalled 604,000 square feet of floor space.

The Bentonville distribution center doubled its square feet to more than 124,800 by the end of 1971.

Walmart develops a new profit sharing program by the board of directors for all Walmart associates.

In May, Walmart stock experiences its first 100% split at a market price of $47.

-$1.248 billion net sales by the end of the decade

-258 Walmart stores were constructed

-3 Distribution centers open-12.6 million square feet of retail space are added.

-By 1979, Walmart has over 21,000 associates and 276 stores

Sam Walton

Bud Walton

Ferold Arend

Ronald Mayer

Jack Shewmaker

1972 1973

LOGISTICS EXPANDSBentonville, Arkansas

WALMART GETS LISTED

Walmart becomes listed and approved on the New York Stock Exchange on August 25.

Walmart expands the home office to 25,000 square feet and the hardlines distribution center to 212,800 square feet.

Walmart completes a new 24,000 square foot central marking distribution center for all wearable mer-chandise.

Walmart stock splits for a second time.

16 new Walmart stores are built totalling 781,940 square feet.

Walmart enters Tennessee.

The expanded Bentonville distribution center plays tremendous contribution to over $42,786,831 of shipped merchandise, backhauling 954 loads for the year.

13

Going public...“When we went on the stock market, it didn’t mean anything to some of us country boys. The chairman always said I came across the Red River barefooted and hunting a job, which is almost the way it was. I didn’t even know what stock was. But I bought some, thank God, because Phil Green said, ‘Hey, you buy some of that stock, boy.’ and I believed in my store. It’s real simple. I believed him when he said we could do all these things with the company. And we did.”

Al Miles -first assistant manager of store #6

1970

s1974

WALMART GROWS

Twenty new stores open and four stores are remodeled and expanded. Total new store space added amounts to 881,630.

A total of $73,000,000 worth of merchandise was shipped to Walmart stores, an increase of 66 percent from the pre-ceding year.

The Walmart home office now has a total of 230 associates.

NEW DATA PROCESSER

Walmart’s Data Processing Department installs a Singer System 10 to communicate with terminals at the stores, polling twenty-two stores at the time. The DPD also put the Soft Goods Distribution Center “online” which gives the company the ability to review styles and create a shipping manifest, developed a complete vendor system for distri-bution center rebuyers, and converted from an IBM 360/20 to an IBM 370/125 computer.

Mr. Sam’s trip to Korea...“Sam took me out to see this tennis ball factory, somewhere east of Seoul. The company sold balls to Walmart, I guess, and they treated us very well. It was the dirtiest place I ever saw in my life, but Sam was very impressed. It was the first place he ever saw a group of workers have a company cheer. And he liked the idea of everybody doing calisthenics together at the beginning of the day. He couldn’t wait to get home and try those ideas out in stores and at the Saturday morning meeting.” -Helen Walton

1975

SAVE-CO BUILDING SUPPLY

Sam Walton launches the first Save-Co Building Supply and Home Improvement Center in Mountain Home, Arkansas in March.

Approximately 1.4 million circulars are mailed within the radius of current Walmart stores. Walmart’s advertising costs average less than two percent of sales on a yearly basis.

15

Ronald MayerIn 1974, Sam Walton stepped back from the company to let Ron Mayer become chairman and CEO. Years later, in 1976, Sam Walton reclaimed his role as chairman and CEO.

WALMART #1 BY FORBES

Forbes ranks Walmart number one among general retailers.

Twenty-six new stores opened and two existing stores were enlarged, increasing square footage to 1,083,326, total.

A new 150,000 square foot Distribution Center begins operation in January.

During 1975, 60 percent of merchandise shipped to stores comes from Walmart warehouse and distribution centers.

Walmart establishes its first training department with the intent of formulating and implementing a concrete program of practical training for company associates. Utilizing color slides and synchronous taped narration and sound effects, the training department prepares presentations dealing with ordering, checkout, shoplifting, store-level purchase orders, company orientation and indoctrination.

Walmart training...

1970

s 100TH STORE OPENS

Sam Walton receives a special award commemorating Walmart’s 100th store opening located in Bentonville, Arkansas, from Ferold G. Arend, president.

Three operating regions are formed within eight-state marketing areas, each with its own Vice President who works out of the home office and reports directly to the Vice President of Operations. Each Regional Vice President has three or four District Managers reporting to him who have the responsibility of overseeing the total operation of ten to twelve stores.

Electronic and mechanical cash registers by NCR are used in more than 100 Walmart stores record Point-of-Sale data to maintain inventory data.

The Store Merchandise Planning Division creates a program to allocate department space, improving efficiency by using schematics and photos along with merchandise labels, now known as “MODS.”

ELECTRONIC REGISTERS

WALMART OPERATING REGIONS - 1975Northern Region

Central Region

Southern Region

>

>

>

Regional VP: Tom Jefferson

Regional VP: John Hawks

Regional VP: M.I. Dillard

>

>

>

District managers: Bob Hart, Gary Reinboth, A.R. McDonald, Ron Loveless, Bill Adams

District managers: Al Miles, Jack Mackey, Mel Acree, Clarence Leis, Phil Green

District managers: Richard Cudd, Ray Thomas, Rex Chase, Gary Smith, John Jacobs

1976

17

WALMART REVOLUTIONIZES

All stores are air conditioned and have modern fixtures and equipment, including carpeted areas for the sale of wearing apparel in most stores. All stores feature thirty-six full-line departments and offer a wide variety of merchandise.

Generally, most Walmarts are open six days a week, from 9 a.m. to 9 p.m.

Each store is managed by a store manager and two or more assistant managers.

The Security and Loss Prevention Division is established to observe all facets of store operations.

Approximately 80 percent of Walmart store purchases are shipped from the company’s warehouse and distribution center.

All Walmart stores are located within 350-400 miles from Bentonville. Walmart leases tractors and trailers to deliver goods from its distribution facilities to the stores.

LOSS PREVENTION

Making progress...By the middle of the decade, Wal-Mart employed more than 7,500 associates in 125 stores with sales of $340.3 million, and in 1975 entered into the state of Texas. Wal-Mart stock split for the third time in August of that same year, with a market price of $24, and the company made its first acquisition, taking control of 16 Mohr-Value stores in Michigan and Illinois.

1970

s HOME OFFICE IMPROVES

1977

FIRST ACQUISITION

The home office expands 31,000 feet.

All purchasing and merchandising for Walmart stores is con-trolled from the company’s home office through centralized buying and planning practices.

Walmart carries an extensive advertising and promotional program for its Walmart stores, which is directed from the advertising department. Advertising circulars are distrib-uted approximately 12 times yearly throughout the trading area. The company has it’s own plant for printing circulars and newspaper inserts.

Walmart acquires 16 Mohr Value stores.

28 new stores open.

Walmarts net sales increase to $478 million.

Walmart enters Illinois, its 10th state.

The average Walmart store now carries over 35,000 differ-ent “stock-keeping units.”

The Walmart Home OfficeToday the Walmart home office, orginally built in 1970, includes 26 buildings in Bentonville & Rogers, Arkansas and Jane, Missouri. The home office occupies more than 1.5 million square feet with more than 15,000 associates. Nearly 100,000 vistiors a year sign into the home office. There are nearly 800-1,000 supplier meetings each week.

Walmart completes it’s installation of a company-wide com-puter terminal network. With this communication network, messages pertaining to any phase of operations can be sent to and from the stores immediately. The system also allows store management to know on a daily basis their exact pay-roll costs and also permits the stores to forward their payroll data to home office without delay. This network permits the company to communicate with stores within hours and no longer days.

19

NETWORK COMPLETES

Utilizing 73 tractors and 288 trailers, Walmart’s 115 professional drivers logged a total of approximately 9,000,000 miles.

Walmart drivers hauled 15,817 loads of merchan-dise, which represent 38,851 store deliveries. In ad-dition, 874 loads of freight were moved directly from vendors to the stores, and 5,605 loads from vendors to the distribution facilities.

Distribution Centers now utilize conveyor belts.

9 MILLION MILES

1970

s1978

NEW COO

In August, Jack Shewmaker becomes president and Chief operating officer of Walmart Stores Inc.

Walmart opens 35 new stores and enlarges or relocates eight stores, adding 1,600,000 square feet of new retail space, increasing the total to 10,200,000.

The last remaining Save-Co Home Improvement Center closes.

Walmart buys the Hutchheson Shoe Company.

SAVE-CO CLOSES

Jack Shewmaker

“Sam hired me in 1970 as a district manager in charge of new store openings. He had eighteen Walmarts and some variety stores doing about $31 million a year. I moved my family, and as the van was unloading the furniture into our rented house, they called the office and said, ‘Can you go set up this new store in Missouri?’ My wife, who had three babies and a moving van to deal with, helped me find some clothes, and I left. I didn’t see her again for two weeks. Then there was a mangers’ meeting so I didn’t see her for two more weeks. It would be safe to say that in those days we all worked a minimum of sixteen hours a day.”

21

Walmart establishes a central Claims Center, where all defective merchandise is processed for savings in handling and freight costs.

Walmart Constructs and begins operation of a new 390,000 square foot distribution center which distributes merchandise to over 40 percent of Walmart stores.

CLAIMS CENTER OPENSPHARMACY BEGINS

Walmart begins its pharmacy operations in seven stores as a separate division.

Establishment of a separate division for hobby and crafts departments.

TBA (Tire, Batteries and Accessories) departments open in two stores.

Walmart establishes a Jewelry Division in 48 stores.

“Personal and moral integrity is one of our basic fundamentals and it has to start with each of us.”

Sam Walton

1970

s1979

PROJECT ‘79

Walmart is the first company to reach $1 billion in annual sales in such a short period of time.

Walmart opens 47 new stores, adding an additional 2.4 million square feet of retail space.

Walmart expands into Alabama.

Project ‘79 begins.

Ron Loveless oversees the operations of the store and helps formulate new concepts and designs to model for future stores.

The store features wider aisles and doesn’t have features on stackbases in action alley.

Sam Walton later visits the store and addresses issues that would conflict with Walmart’s Everyday Low Cost philosophy.

$1 BILLION IN SALES

“Project ‘79”Wal-Mart opens a 62,400-square-foot store in Pine Bluff, Ark. The unit, “Project ‘79,” is designed as an experiment in physical plant design, fixture composition and merchandise presentation

Walmart goes national

WALMART FOUNDATION

In the 1970s, a decade of incredible growth, “Mr. Sam” begins to take Walmart national, proving his vision’s widespread appeal. Walmart expands its selection of products for its growing family of loyal customers. Pharmacy. Car care. Jewelry. In the seventies, the first Walmart distribution center opens and so does the Home Office, both in Bentonville, Arkansas. And in 1979, Walmart became the first company to reach $1 billion in sales in such a short time.

23

ENERGY EXPRESS

Walmart adopts a program called Energy Express, using vans to transport associates to and from their jobs.

The new program helps cut back costs on associates and helps ensure associates are brought safely to and from work, while promoting stainability by having less vehicles on the road.

The Walmart Foundation is established; its first trustees are Sam Walton, David Glass, and Jack Shewmaker.

The Walmart Aviation Maintenance Department is established to work on the original Walmart Fleet... Sam’s aircraft.

Walmart adds a 16,000 square foot data processing facility to house the latest technology and improve the communications and information network.

HIG

HLI

GH

TSEXECUTIVE OFFICERS

TITLE 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

CHIEF EXECUTIVE OFFICER

CHIEF OPERATING OFFICER

SENIOR VICE PRESIDENT

CHAIRMAN OF THE BOARD OF DIRECTORS

VICE PRESIDENT OPERATIONS

VICE PRESIDENT FINANCE

PEOPLE DIVISION

VICE CHAIRMAN

CORPORATE AFFAIRS

CONTROLLER

GENERAL COUNSEL / CORPORATE SECRETARY

SAM WALTON

SAM WALTON

JAMES L. WALTON

DON WHITAKER

CLAUDE HARRIS

JOHN HAWKSJACK SHEWMAKER

FEROLD AREND**

JACK SHEWMAKER**

THOMAS JEFFERSONTHOMAS JEFFERSON*

RONALD MAYER SAM WALTON

FEROLD AREND JACK SHEWMAKER

RONALD MAYER** DAVID GLASS**

VICE PRESIDENT MERCHANDISE RICHARD TUCKER JACK SHEWMAKER** AL JOHNSON*

FEROLD AREND

H.G. ROUNTREE JAMES ELLIOTT JACK SHEWMAKER** DAVID WASHBURN

H.G. ROUNTREE

S. ROBSON WALTON

KEN FOLKERTS C. RAY GASH PAUL R. CARTER

Stock Price

1970 1971 1972 1973 1974 195 1976 1977 1978 1979

On the Offering 100 16.50

May 1971 200 8.25 $47.00 05/19/71 06/11/71

March 1972 400 4.125 $47.50 03/22/72 04/05/72

August 1975 800 2.0625 $23.00 08/19/75 08/22/75

STOCK SPLITS

HISTORY

0.00

0.03

0.06

0.09

0.12

0.15

2:1 Stock Splits Shares Cost per Share Market Price Record Date Distributed

*SENIOR **EXECUTIVE

25

DECADE ENDING DATA

Net Sales(In Millions)

Total Stores

Total Associates

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

0

200

400

600

800

1000

0

50

100

150

200

250

0

5000

10000

15000

20000

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

“Celebrate your successes. Find some humor in your failures. Don’t take yourself so seriously. Loosen up, and everybody around you will loosen up. Have fun. Show enthusiasm - always. When all else fails, put on a costume and sing a silly song. Then make everybody else sing with you. Don’t do a hula on Wall Street. It’s been done. Think up your own stunt. All of this is more important, and more fun, than you think, and it really fools the competition. ‘Why should we take those corn-balls at Wal-Mart seriously?’”

Sam Walton

1980s

1980

s1980

PEOPLE GREETER

The people greeter concept is introduced at Walmart, an idea pitched by Sam himself.

Walmart acquires 162 jewelry from Hatfi eld Distribu-tors. Walmart now operates all departments in its stores.

Don Soderquist joins Walmart as Executive VP.

HONG KONG

Walmart opens a buying offi ce in Hong Kong.

Walmart opens 54 new stores and adds an additional 2.9 million square feet of retail fl oor space.

A distribution center in Bentonville is now operating and currently being expanded with 202,000 more square feet.

Walmart stock splits 100 percent for the fourth time with a market price of $50.

Key Highlights Key Figures Key People

-Sam’s Club is founded

-The UPC is introduced

-Walmart celebrates its 25th anniversery

-The Walmart satelitte network completes

-First Supercenter opens

-Walmart closes the decade with $25 billion in net sales

Sam Walton

Bud Walton

David Glass

Rob Walton

Donald Soderquist

Jack Shewmaker

1981

29

Walmart adopts it’s new slogan “You ain’t seen nothin’ yet” to refl ect the current spirit of Walmart.

Sales increase to almost $2.5 billion with comparable store sales up 15%.

Walmart expands to Georgia and South Carolina.

YOU AIN’T SEEN NOTHIN’ YET

The Sam Walton Community Scholarship fund awards its fi rst 10 scholarships; this is just the beginning of a program that would award over $80 million in scholarships by 2010.

Walmart recruits approximately 700 new manger trainees.

S.W. SCHOLARSHIP FUND

fact...Walmart Marketing in the 80’sThe advertising and Sales Promotion Department creates and implements a blend of television, radio, circular and newspaper advertising to saturate most markets in Walmart’s trade territories. The effi ciencies and productivity of these programs adds to the success of Walmart’s marketing strategy.

1980

s KUHN’S BIG K ACQUISITION 1ST PHOTO PROCESSING PLANT

Walmart opens 69 new stores and acquires 92 Kuhn’s-Big K stores and expands 18 older Walmart stores.

A new 510,000 square foot distribution center opens in Palestine, Texas.

Walmart’s Hong Kong offi ce expands to Taipei to enhance direct import opportunities.

Walmart opens it’s fi rst photo processing plant in Terrell, Texas.

New systems are created to improve existing systems. Walmart implements a new purchase order management system and point-of-sale scanning systems.

fact...Controlling ExpensesWalmart’s expense structure, measured as a percentage of sales, continues to be among the lowest in the industry according to a Cornell University study at the time. Within the expense constraints imposed by Walmart’s strategy of selling merchandise at low margins, these support functions have grown at a controlled rate.

1982

NEW DC IS COMPLETED

31

INCREASE TO $3 BILLION

Sales increase 38% from $2.445 billion to $3 billion.

Walmart builds 159 new stores, 66 of which are remodels of acquisitions with total square footage to 27,728,000.

Approximately one third of all associates participate in the Stock Purchase Plan.

Ol’ Roy Dog Food is introduced in stores.

Walmart stock splits 100 percent for the fifth time at a market price of $49.87.

Construction completes on a new distribution center in Cullman, Alabama which also provides a secondary processing center for apparel and for warehousing and distribution of speciality products.

Walmart enters Florida and Nebraska.

“At Walmart, one man or one woman can affect the future. I worry about keeping our culture, keeping the things we believe in. Our future lies in our associates. If we can instill in them the feeling that they’re out there to serve we can keep the company right-side-up.”

Sam Walton

1980

s1983

WE SELL FOR LESS

Walmart adopts the “WE SELL FOR LESS” slogan.

Walmart increases profitability by directing attention to inventory management and improves store inventory turn-over rate to 4.5 from 3.9 turns in the preceding year.

People greeters make their first appearances in the front of our stores.

Walmart begins using Universal Product Code (UPC) to scan and keep track of inventories and track point of sale (POS) in 25 of its stores.

Significant upgrades are made to almost all backroom computers and pharmacies.

WALMART BEGINS USING UPC’S

Universal Product CodeWalmart was an early proponent of the Universal Product Code, and one of the first retailers to insist on compulsory adoption by its suppliers, which enabled the company to substantially increase the amount and quality of the data it tracked. Furthermore, the UPC, or barcode, serves in a sense to abstract the items moving through Walmart’s supply circuits: they are registered and tracked as numbers rather than things.

1984

33

SAMS CLUB OPENS

Walmart follows the footsteps of Sol Price, the orginal pioneer behind the idea of wholesale. Mr. Sam visits Sol in San Diego and learns of the successful business of Price Club, founded by Sol himself.

Sam Walton arrives in Midwest City, Oklahoma and rents an old building at around 90 cents a square foot and remodels it. Sam puts together a crew and the fi rst Sams Club is born.

NEW COMPANY PRESIDENT

David Glass is named company President.

Walmart’s net income increases 38% to $270.8 million.

106 new Walmart stores open along with eight new Sam’s Clubs and one Helen’s Arts & Crafts store. 7.5 million square feet of store space is added.

Walmart now has a dedicated 81,000 associates who are partners in the business.

Wholesale Club ConceptThe fi rst Sam’s Club opened in Oklahoma City in 1983. The intial test for the wholesale club was proven successful and ten additional clubs were in operation by 1984. The wharehouse membership concept was designed to operate at high sales volume and very low gross margins and expenses. The wholesale club concept becomes an integral part of Walmart’s future growth plans.

1980

s THE TELXON ARRIVES BREAK-PACK

Walmart introduces the Telxon to its stores to scan UPC and assist in re-ordering merchandise and information of quantities and cost.

At this time, Walmart has seven strategically located distribution centers that assure a constant flow of merchandise to all Walmart stores. Approximately 77% of Walmart merchandise is processed through these seven DC’s.

Break-packs are introduced from the distribution centers to help tailor shipments to individual stores by breaking down large, multi-unit merchandise received into smaller, outgoing, combination packages.

A new distribution center in Mount Pleasant, Iowa is com-pleted, 650,000 square feet in size.

The TelxonThe Telxon handheld terminal is a direct assistance to store associates in re-ordering merchandise. Upon scanning a shelf label, the unit provides a description of the merchandise and information on prior quantities ordered, cost and retail of the merchandise item and the extended cost and retail of quantity being ordered. This device and accompanying system save significant time in the ordering cycle, which in turn improves services to our customers.

The Data Communications Department establishes a “help desk” to provide solutions for stores experiencing problems with data transmissions.

A regional merchandising system is developed to assist merchandising associates by tailoring merchandise offer-ings to the needs of the individual store community with over 128 traits with characteristics such as climate, ethnic orientation, recreational preferences and other demo-graphics.

35

SAM DOES THE HULA

Sam Walton does the hula on Wall Street, making good on a promise to associates after the company achieved a pre-tax profit of 8 percent for the previous fiscal year.

Bob Martin is named CIO.

HELP DESK

“Let’s go for it! Let’s take care of our associates, let’s take care of our people and they’ll take care of our customers. They’ll exceed our customers expectations and they’ll carry us all on their shoulders. And many of them will rise in our company.”

Sam Walton

1980

s

Walmart creates a Human Resources System that stores information of associates location preferences, performance evaluations, training programs completed, job assignments, salary information, family statistics, education and more.

The Walton institute of Retailing is established.

WALMART ENTERS THE ROCKIES

Walmart enters additional states, including Wisconsin and Colorado.

Net sales reach $6,400,909,000

Total number of Walmart stores: 859

Walmart begins testing of television broadcasting to its stores.

NEW HR SYSTEM

1985

A WALMART STORE BUILDING PROCESSThe real estate commit-tee, consisting of senior management, then awards approval.

The store size is then determined and the construction department contracts for the store construction.

The store planning department plans required fi xtures, department layouts, and merchandise presentation.

Walmart real estate manag-ers determine appropriate market areas

} } }

ROLLBACK

37

Walmart introduces the “rollback” on several thousand items by dramatically lowering the prices of the items.

UPC scanning systems are now added to 115 new stores to help further improve checkout speed.

Walmart begins increasing efforts in buying American made product by adapting a “Buy American” campaign.

A second film processing plant is built in Bentonville, Arkansas.

A new distribution center in Douglas Georgia begins construction.

BUY AMERICAN CAMPAIGN

After a four month process, construction of the store completes and the store planning department takes possession.

The store planning department supervises the setting and assembly of fixtures to receive and stock merchandise with a detailed planogram.

The store is then assigned a store manager and at least two assistant managers who have completed Walmart store management training programs.

The hiring process begins and soon the store opens.

} } }

1980

s1986

VPI CONTINUES TO SUCCEED

Net sales increase to almost $8.5 billion.

Walmart Supercenters are currently in development and are to be planned to open next year. Supercenters are es-timated to be built in excess of 220,000 square feet. These store concepts are based off of “hypermarkets” in Europe.

All new stores open with advanced scanning systems.

SUPERCENTER DEVELOPS

The Volume Producing Items (VPI) program was introduced in 1976 by Sam Walton himself and continues to remain successful. Each week, 750 stores submit, on average, 3,200 VPI entries featuring a creative display technique or recently identified “hot” item that has produced outstanding sales volume in that particular store. These items and display ideas are tabulated and then disseminated to all stores the following week to maximize sales – chain wide.

“Celebrate your success and find humor in your failures. Don’t take yourself so seriously. Loosen up and everyone around you will loosen up. Have fun and always show enthusiasm. When all else fails, put on a costume and sing a silly song.”

Sam Walton

1987

The Walmart Satellite Network is offi cially completed. It is the largest private satellite communications system in the United States which links all stores and home offi ce with two-way voice, two-way data, and one-way video communication.

The inauguration of the system features a live broadcast of Sam Walton addressing all Walmart associates.

SATELLITE NETWORK COMPLETES

39

25 YEARS

Walmart celebrates its 25th anniversary.

Net Sales of $11.9 billion.

Hypermart-USA opens in Garland, Texas.

Hypermarket-USA stores are a blend of a modern Walmart store with a supermarket store and a Sam’s Club. These stores feature around 36 checkouts and span over 200,000 square feet.

Walmart Satellite NetworkCompany chairman Samuel M. Walton and president David Glass inaugurated the network in mid-January with a 15-minute live audio/video transmission to all company stores and divisions scattered in 24 states. Wal-Mart is the “nation’s foremost corporate pioneer in establishing a network of this type,” Walton told the more than 185,000 workers watching at headquarters, stores and distribution centers. The multi-million dollar network, two-and-one-half years in the making, is the outgrowth of a $16 million contract to provide the equipment for a turnkey satellite communication network to connect the Bentonville headquarters with just 750 Wal-Mart discount stores and Sam’s Wholesale Club units as well at two DCs.

1980

s STORE WITHIN A STORE

“Store-within-a-store” is adopted as a new tool to involve and equip assistant managers with the necessary skills to develop their retailing careers by giving them total management responsibilities for several departments within their assigned store.

An addition of 1.4 million square feet is added to the company’s distribution center capacity.

Walmart acquires 17 Super Saver Wholesale clubs.

UPC

Universal Product Barcode (UPC) is applied to all the stores and distribution centers. A check-in system designed to take full advantage of container bar code labeling, was also in the backroom of every Wal-Mart store in summer 1987. The use of the UPC brought new convenience in inventory control and distribution management: more accurately sorted shipments and immediate paperless billing; cost efficiencies in the stores’ backroom freight processing and automated receiving

Quote... “We’ve made our share of mistakes and we’ve tried hard to correct them, but we’ve never covered them up, ... What we need to do much better is to get our story out about how we feel and how we really run our business.”

-David Glass

The first Walmart Supercenter opens in Washington, Missouri.

Walmart operates in 29 states.

David Glass is named chief executive officer of Walmart.

Bar code scanning at checkouts is now in over 90% of Walmart stores.

FIRST SUPERCENTER OPENS

41

1988

Walmart officially sponsors the Children’s Miracle Network, holding local fundraisers and projects such as “Miracle Week” which runs from May 1st to May 7th.

Walmart introduces new “caring” services to its associates. The Health Hotline and Resources for Living are successfully inaugurated along with Safety Committees for associates and customers.

CHILDRENS MIRACLE NETWORK

Resources for LivingThrough Resources for Living, Walmart provides a free confidential service to help give associates and their family members physical, mental, emotional, financial and career wellness coaching. The service is available 24 hours a day, 365 days a year.

1980

s 300,000 DELIVERIES

Ten distribution centers are now operating processing over 300 million cases of merchandise.

Walmart’s private fleet of trucks deliver merchandise a minimum of five times a week and make over 300,000 store deliveries.

Walmart develops EDI, electronic data interchange for its suppliers.

Sam’s Club opens its 100th club in Joliet, Illinois. Sam’s Club now operates in over 21 states and has more wholesale clubs than any other competitor in the industry.

Sam’s Club sales are up 41 percent to $3.8 billion.

Sam’s Club introduces the Advantage Card program for members for $25, which eliminates the five percent upcharge others group members pay.

Pharmacy, One Hour Photo, Optical, and Express Mailing are added to select Sam’s Clubs.

SAM’S 100TH CLUB OPENS

“Listen to your associates. They’re the best idea generators.”Sam Walton said that, and he believed it. For years, he traveled continuously so he could visit all of his stores at least once a year, listening to associates and asking for their ideas.

1989

43

25 BILLION

Walmart closes the decade with over $25 billion in net sales.

Walmart is awarded as the “1989 Mass Market Retailer of the Year” by the Mass Market Retailers publication.

Total square footage exceeds 100 million.

A third Walmart Supercenter opens in Farmington, Missouri.

Six convenience store prototypes open adjacent to existing Supercenter, Hypermarket, Walmart or Sam’s Club locations.

Sam’s Club introduces full-line bakeries and meat & produce departments.

Distribution Center Management Training seminars are introduced.

“Personal Choice,” a flexible associate benefits plan, is now offered to Associates which grants them the opportunity to customize their benefits and have dental and life insurance.

NEW TRAINING & BENEFITS

The power of teamwork...As our business grows and the pace of modern life quickens, Sam’s philosophy of teamwork has become even more important. Our ability to work together affects the quality of service our customers receive. To give the very best service to our customers, and to each other, we rely on guidelines that make our culture great and make us proud to be a member of the Walmart family.

HIG

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TITLE 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

CHIEF EXECUTIVE OFFICER

CHIEF OPERATING OFFICER

SENIOR VICE PRESIDENT

CHAIRMAN OF THE BOARD OF DIRECTORS

VICE PRESIDENT OPERATIONS

CHIEF FINANCIAL OFFICER

PEOPLE DIVISION

VICE CHAIRMAN

CORPORATE AFFAIRS

CONTROLLER

GENERAL COUNSEL / CORPORATE SECRETARY

SAM WALTON

SAM WALTON

JAMES L. WALTON

S. ROBSON WALTON

DAVID GLASS

THOMAS JEFFERSON*

JACK SHEWMAKER

DAVID GLASS**

VICE PRESIDENT MERCHANDISE A.L. JOHNSON*

FEROLD AREND

THOMAS COUGHLINDAVID WASHBURN

H.G. ROUNTREE

S. ROBSON WALTON

CHARLES SELF

THOMAS JEFFERSON**

A.L. JOHNSON**

JAMES WALKER JR.

DAVID GLASS

JACK SHEWMAKER

A.L. JOHNSON**

JACK SHEWMAKER

WESLEY C. WRIGHT

ROBERT K. RHOADS

DONALD SODERQUIST**

DAVID GLASS

DONALD SODERQUIST

DONALD SODERQUIST

PAUL CARTER

BILL FIELDS**

DEAN SANDERS

SUZANNE ALLFORD

Stock Price

0

1

2

3

4

5

6

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

November 1980 1600 1.03125 $50.00 11/25/80 12/16/80

June 1982 3200 0.515625 $49.875 06/21/82 07/09/82

June 1983 6400 0.257813 $81.625 06/20/83 07/08/83

September 1985 12,800 0.128906 $49.75 09/03/85 10/04/85

June 1987 25,600 0.064453 $66.625 06/19/87 07/10/87

STOCK SPLITS

HISTORY

2:1 Stock Splits Shares Cost per Share Market Price Record Date Distributed

*SENIOR **EXECUTIVE

45

DECADE ENDING DATA

Net Sales(In Billions)

Total Stores

Total Associates

(In Thousands)

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

0

50

100

150

200

250

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

0

300

600

900

1200

1500

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

0

5

10

15

20

25

“The way we make change happen is one assocaite at a time, one store or club at a time, a customer at a time. It is only on an individual basis that we can make things happen.”

David Glass

1990’s

1990

s1990

NUMBER ONE RETAILER

Walmart becomes the nation’s number one retailer.

Walmart now has 328,000 Associates.

Net sales increase 26 percent to $32.602 billion.

Walmart expands into California, Nevada, North Dakota, Pennsylvania, South Dakota, and Utah.

New stores now average 100,000 square feet and feature wider aisles. Total square footage grows to 111 million.

Sam’s Club opens 25 new clubs.

Sam’s Club adopts “HEATKTE” (high expectations are the key to everything) as their strategic rallying cry.

MCLANE COMPANY

Walmart acquires the McLane Company. McLane is a provider of retail and grocery distribution center services. McLane has a total of 14 DC’s in 11 states.

A total of 315,000 trailer loads of merchandise are delivered.

Distribution center square footage now equals 14.6 million.

Key Highlights Key Figures Key People

-Walmart becomes the nations number one retailer

-Walmart enters Mexico

-Founder Sam Walton passes away

-Walmart International is established

-Walmart experiences its first billion dollar sales week

-Neighborhood Markets are introduced

-Walmart is named Retailer of the Century

-Walmart stock splits 100 percent for the 11th time with a market price of $89.75 in the late 90’s-Walmart becomes the largest private employer

Sam Walton

Bud Walton Rob Walton Lee Scott

David Glass Donald Soderquist

VISITORS CENTER OPENS

Walmart stock splits 100 percent for the ninth time.

Walmart announces a new system, “Retail Link,” as an aggressive step to further advance vendor relations by moving beyond electronic data sharing. Retail Link provides vendors with sales trends and inventory levels transmitted via satellite.

9TH 100% STOCK SPLIT

49

The Walmart Visitors Center opens where Walton’s Five & DIme had once operated.

A prototype data warehouse system was created at Wal-Mart, which stored historical sales data.

The Walmart Way“The Walmart Way” is a phrase, often empolyed to summarize our unconventional approach to business and the determination of our associates, that has taken on new meaning to capture our commitment to “Total Quality,” which is essential to our future success. We stepped outside our retailing world to examine the best-managed companies in the United States in an effort to determine the fundamentals of their success and to “benchmark” our own performances, thereby challenging ourselves to ongoing improvement. We believe Total Quality is our vehicle for proliferating the very best things we do while incorporating the new ideas our people have that will assure our future. “Total Quality - it’s a journey not a destination.”

1990

s1991

NEW ACQUISITIONS

Sales increase 35 percent to $44 billion.

Sam’s Club opens 60 new clubs.

New stores open in the northeast and mid-Atlantic regions, including Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, and New York.

MID-ATLANTIC WELCOME

Walmart acquires Phillips Companies, Inc. which has 20 food stores in Arkansas.

Walmart acquires Western Merchandisers, Inc. which is a wholesale distributor of books and prerecorded music.

Walmart acquires 20 “Wholesale Clubs.”

“It’s more important than ever that we develop leaders who are servants and who are listening to their partners, their associates and doing it in an exceptional way that they’re creating wonderful morale so the whole team will accomplish the overall goal.”

Sam Walton

WALMART ENTERS MEXICO

America’s Top Retailer

SAM’S AMERICAN CHOICE

Walmart comes to suburban America and beyond. By 1990, it is the nation’s number-one retailer. As the Walmart Supercenter redefine convenience and one-stop shopping, Every Day Low Prices go international. Argentina, China, Mexico, and others welcome Walmart again confirming Sam’s Vision. The decade sees the passing of Sam Walton, in 1992, and of Bud Walton, in 1995, brothers and co-founders of Walmart. But their legacy and the values they have instilled in the company live on and continue to define Walmart’s future.

51

Walmart opens in Mexico.

Walmart and CIFRA, Mexico’s largest retailer, form a joint venture and establish Club Aurrera – a wholesale club based off of Sam’s Club, but tailored to the surrounding culture.

Walmart starts the planning stage of entering in Puerto Rico.

Sam’s American Choice brand products are introduced.

Walmart introduces Rollback America, passing savings from Walmart suppliers to customers.

Walmart encourages its associates to get involved in local community projects to help build a more sustainable environment.

1990

s1992

MEDAL OF FREEDOM

Walmart now has 434,000 associates.

Sales increase to $55 billion, a 26 percent increase.

Walmart adds over more than 34.5 million square feet of store and club space.

Sam Walton’s biography is published.

FIFTY-FIVE BILLION

President George H. W. Bush presents Sam with the Medal of Freedom. During his acceptance speech, Sam articulates the company’s purpose of saving people money so they can live better. Sam calls the award “the highlight of our entire career.”

Sam Walton passes away on April 5.

Rob Walton becomes Chairman of the Board.

An American original, Sam Walton embodies the entrepreneurial spirit and epitomizes the American dream. Concern for his employees, a commitment to his community and a desire to make a difference have been the hallmarks of his career. By sponsoring scholarships for Latin America, he has also worked to bring peoples closer together and to share with others the American ideals he so well represents. A devoted family man, business leader, and statesman for democracy, Sam Walton demonstrates the virtues of faith, hope, and hard work.

America honors this captain of commerce, as successful in life as in business.

Sam Walton March 29, 1918 – April 5, 1992

Over 850,000 loads of merchandise are delivered.

Walmart has 22 distribution centers operating, averaging almost one million square feet. These facilities received and shipped more than 769 million cases to stores over the year.

Walmart has approximately 2,500 drivers 16,000 distribu-tion Associates.

Two new distribution centers in Menomonie, Wisconsin and Clearfield, Pennsylvania plus a specialty center in Hur-ricane, Utah and a long-term storage facility in Buckeye, Arizona are being planned for 1993.

53

RADIO FREQUENCY

Radio frequency technology is introduced and enables the company to put more and higher quality sales and inven-tory information in the hands of store associates.

All Associates may now share key messages simultaneously over Walmart’s private satellite communication systems.

LOGISTICS EXPAND

Quote...We lead when we embrace my dad’s vision – to improve the lives of everyday people by making everyday things more affordable. To do so, we must meet today’s challenges, and those in the future, in a way that’s consistent with the values and customer focus that have taken us where we are.

-Rob Walton

1990

s WALMART MEXICO EXPANDS

Walmart Mexico currently has three Club Aurreras, four Bodegas discount stores, and one Aurrera combination store.

Supercenters continue to grow and offer more conve-nience with one-stop shopping through the introduction of a complete deli, fresh bakery and complementary convenience shops, such as: portrait studios, dry cleaners, optical shops, and hair salons.

Walmart actively promotes sustainability and recycles ap-proximately 442,000 tons of paper and plastic and starts printing all circulars on recycled paper.

Walmart aggressively promotes its Buy American cam-paign and challenges its vendors to produce items in America, instead of overseas, to help create more jobs in the U.S.

Walmart launches the Competitive Edge Scholarship Fund to fund scholarships in technological fields.

SUSTAINABILITY MILESTONE

Walmart’s PurposeSam Walton’s vision continues to spread. By offering quality goods and services at the lowest possible price, Walmart has improved the standard of living for people, across America and around the world. This is why Walmart is in the business. Walmart also has a common set of values and behaviors, and operating principles that fuel the company’s growth.

1993

55

$1 BILLION WEEK

Walmart celebrates its first $1 billion sales week.

Walmart now has over 528,000 associates.

Net sales are over $67 billion.

Walmart acquires 109 Pace Warehouse Clubs.

Walmart now has over 2,440 stores and clubs.

Walmart acquires distribution facilities from the Southland Company.

Expansion continues, into Alaska, Hawaii, Rhode Island, and Washington; Walmart now has stores in 49 states.

WALMART INTERNATIONALThe Walmart International Division is created, to improve the company’s ability to expand overseas.

Bobby Martin becomes Walmart’s International president.

Walmart opens two new Supercenters in Mexico, which feature 52 and 44 check-out lanes.

“Our major aim and concern must constantly be to do a better job satisfying our customers, both with service and selection and assortment of merchandise.”

Sam Walton

1990

s BEST COMPANY TO WORK FOR GREAT VALUE

Great Value grocery products are introduced.

Sam’s Club Direct launches, a program to concentrate on larger businesses and organizations.

Walmart now has over 27 distribution centers, averaging almost one million square feet, shipping more than 800 million cases.

A prototype store, designed to be as environmentally friendly as possible, opens in Lawrence, Kansas.

Walmart gets listed in the “The 100 Best Companies to Work For in America” book.

Walmart becomes the largest corporate sponsor of the Children’s Miracle Network.

Walmart aids to Midwest flood victims, by the truckloads and also provides victims from southern California earthquakes cash and relief supplies.

Quote...“Our family is proud of the accomplishments of our Wal-Mart Associates around the world. Without their dedication and commitment, there would be no Wal-Mart.”

-Rob Walton

1994

57

622,000 Associates are employed at Walmart.

Net Sales year ending are $82 billion.

Walmart increases profits for the 96th consecutive quarter since the company went public in 1970.

A second environmentally friendly store is opened in Moore, Oklahoma. The store serves as a demonstration of advanced environmental technologies for OG&E Electric Services who’ve team up with Walmart to help squeeze the maximum use from every energy dollar. Energy savings are projected to exceed $100,000, making the Supercenter 30 percent more efficient than typical stores. The store features natural lighting via skylights, totally automated lavatories, countertops made from recycled paper bonded with soybean protein, and an environmental education center.

96TH STRAIGHT INCREASE NEW ENERGY EFFICIENCY

Guiding PrinciplesIn order to give customers the best possible shopping experience, always, Walmart focuses the energy of both associates and mangement at the store level. The decision making process is pushed down through the organization to reach the customer. We want our associates to be merchants, and our managers to be leaders. Essential to our success are an open-door policy and open lines of commuincations among Associates as well as customers.

1990

s CODE ADAM LEADING THE INDUSTRY

Walmart institutes the Code Adam program to help assist with finding missing children. The program created by Walmart is soon to be instituted by other retailers in their stores.

Nearly 20,000 people attend Walmart’s annual shareholders’ meeting.

Walmart leads the discount store industry with over 1,990 stores, 143 Supercenters, and 425 Clubs in 49 states and 3 countries.

Internationally Walmart now has 123 stores in Canada, 96 stores in Mexico, and three clubs in Hong Kong.

Walmart acquires 122 Woolco stores in Canada from Woolworth Corporation.

CODE / ADAM

A Message From John Walsh:Walmart has a unique child safety measure that they named in tribute to my son Adam, who was abducted from a shopping mall and murdered in 1981. It’s called Code: Adam. All Walmart stores issue a Code Adam annoncement over the public address system when a parent reports a missing child. A breif description of the child is provided to all associates, who immediately stop their regular work to look for the child. Store personnel also monitor all exits to ensure that the child does not leave the store. I am deeply touched that Walmart has named this important safety program after my beautiful son. I commend Walmart for what they’re doing, and wish every retailer in the United States would institute a program like Code Adam.

1995

FOURTH LARGEST 60 MILLION A WEEK

59

Walmart achieves $93.6 billion in net sales.

Walmart is now the fourth largest company in the United States, and 12th largest in the world.

Walmart now has over 675,000 Associates.

Walmart now has a total of 2,400 stores and 470 clubs.

Walmart is now operating in all 50 states after moving into Vermont.

Bud Walton passes away.

Walmart now has approximately 60 million customers shopping in stores each week.

Walmart sells on average 1.8 billion coffee filters, 600 million cans of Sam’s Choice soda, 2.5 million bicycles and 35,561 trailer loads of Ol’ Roy dog food a year to customers.

Sam’s American Choice products have grown to over $3.6 million.

Supercenters continue to grow and advance the company into more areas to further satisfy customers. Wall Street analysts consider Supercenters as the most powerful concept retailing history.

Quote...“Our foucus remains on providing all of our customers worldwide with the best value, the widest assortments, and the friendliest service. We have the best merchants and associates in the industry, and we are well positioned for future growth with our Supercenters and international development.”

-David Glass

1990

s

Sam’s Club stocks 700 items fewer and rotates one-fourth of its inventory every quarter, which brings about 1,000 new items into clubs on a regular basis.

A new credit program is created partnering with GE Capi-tal to allow members of Sam’s Club to charge purchases to their membership cards.

Walmart is now the number one retailer north and south of the border and the 12th largest company in the world.

Walmart enters Avellaneda, Argentina. The first store opening is similar to the first Walmart store that opened in Rogers, Arkansas, where customers lined up in sweltering heat. But in true Sam Walton fashion, associates handed out bottles of water and soda along with apples to cus-tomers outside.

Two weeks after entering Argentina, Walmart enters Brazil, forming a joint venture with Lojas Americanas.

Walmart opens a Supercenter in Indonesia.

INCREASING EFFICIENCY #1 NORTH AND SOUTH

Walmart International GrowthThe Wal-Mart culture has proven that it is transportable to other cultures worldwide. The international market is virtually unlimited, and the farther the Wal-Mart “global brand” reaches around the world, the greater the opportunity for long-term growth.

61

For every can of Sam’s Choice soda purchased, Walmart donates a nickel to local nonprofit groups. In 1995, these nickels added up to over $2 million.

Walmart associates contribute a total of $9.6 million to the United Way.

Walmart creates its third “green” energy efficient store in City of Industry, California. The store features solar panels, skylights, and efficient hearing and cooling systems. The savings are enough to power 200 homes for one year.

Walmart’s training for associates becomes more mainstream with Computer Based Learning *CBL” system.

Seasonal merchandise, which has been selling faster in discount stores now receives more floor space and customized assortments are developed in response to regional needs.

RENEWABLE ENERGY A NICKEL FOR A CAN

“I would argue that our relentless effort to improve our business has always been tied to trying to make things better for the folks who live and work in our communities.”

Sam Walton

1990

s1996

1 MILLION MILES A DAY

Walmart holds 7% of a $1.4 trillion retail market.

Walmart reaches $105 billion in net sales.

Walmart serves five million customers a week.

The smiley face makes its first appearance in Walmart stores.

Walmart’s private fleet of trucks drives more than one mil-lion miles a day, requiring $50 million of fuel a year

Walmart makes Retail Link available to suppliers via the internet and begins using the internet as its application platform.

Walmart’s Electronic Data Interchange is also made avail-able over the internet for suppliers.

$100 BILLION YEAR

Quote...“Never fail to be open to change when there are ways to improve what you’re doing. We can’t say, ‘That’s not the way we do it.’ The world is changing too fast. We’ve got to be ready to change with it. If we keep these things in mind, Wal-Mart is going to keep growing and getting better.”

-Helen Walton

ONLINE STORES

Walmart and Sam’s Club successfully launches online stores using Secure Socket Layer and Secure Transaction Protocol for secure online card transactions.

With an annual technology and communication budget of $500 million and an information system staff of 1200, Walmart leads the industry in information technology.

Walmart enters China and has a three story Supercenter which featured 80,000 visitors on its first Saturday.

The Missing Children’s Network is implemented in all stores to feature missing children by displaying their information on bulletin boards.

MISSING CHILDRENS NETWORK

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Integrity:There is no area of leadership more important than this one. Our culture is built on the highest level of integrity, and we will continue to hold all associates to these high standards.

1990

s1997

WALMART ON DOW JONES DAVID’S PROMISE

Walmart replaces Woolworth on the Dow Jones Industrial Average.

Walmart net sales increase to $117 billion.

Supercenters continue to remain the growth engine of the company.

CEO David Glass promised Associates that if stores exceeded a 15% earnings growth that he would work as a People Greeter and little did he know, he would happily have to fulfill this promise!

Walmart is the largest private sector employer in the United States with 680,000 associates plus an additional 115,000 international associates.

fact...100 Shares in 1970...At this point in time, if a person bought 100 shares of company stock at $1,650 when the company went public in 1970, their shares would have grown to 102,400, worth more than $5.1 million.

90 MILLION A WEEK TO THE MOON AND BACK

65

Walmart serves 90 million customers per week, worldwide.

Walmart occupies over 310 million square feet of property space.

New Supercenter prototypes now range from 110,000 to 220,000 square feet.

Walmart Reality leased or sold more than 10 million square feet.

The Walmart fleet logs 455 million miles as 3,800 drivers make more than 900,000 deliveries. With this distance, Walmart drivers could have gone from the earth to the moon – and back 952 and a half times.

Walmart owns over 3,300 trucks for hauling merchandise to stores.

Walmart drivers average 1.2 million miles without an accident.

“At Walmart, one man or one woman can affect the future. I worry about keeping our culture, keeping the things we believe in. Our future lies in our associates. If we can instill in them the feeling that they’re out there to serve we can keep the company right-side-up.”

Sam Walton

1990

s DATA MINING 401(K) ROLLS OUT

In 1997, Rob Fusillo, Director of Replenishment Information Systems at Wal-Mart, explained that Wal-Mart had started a data mining application that analyzed sales of individual items “at a lower level than we could ever have done previ-ously.”

Wal-Mart leads the retail industry with its version of a “just-in-time” supply system in which “computers track every product and automatically alert warehouses when it’s time to restock the shelves”

Walmart associates generate $102 million in donations and gifts.

Walmart rolls out its 401k savings plan for associates.

Walmart introduces OneSource nutrition vitamin centers in stores.

Sam’s Club introduces Members Mark brand.

401(k)

“You can’t keep doing what works one time, everything around you is changing. To succeed, stay out in front of change.”

Sam Walton

1998

SUPERCENTER’S 10TH YEAR

The Walmart Supercenter celebrates its 10 anniversary and opens a 500th store.

Walmart completes another year of increased sales of $137 billion.

Walmart acquires 21 Wertkauf hypermarkets in Germany.

Walmart forms a joint venture and begins operations in Korea.

Tom Grimm becomes the new president of Sam’s Club.

WALMART TV

67

Walmart introduces the Walmart Television Network for in-store advertising. The network showcases products with commercials for the products sold in stores, concert clips and music videos, trailers for upcoming movies and news.

Walmart computer systems receive 8.4 million updates every minute on items that customers take home.

Quote...If Wal-Mart had been content to be just an Arkansas retailer in the early days, we probably would not be where we are today. State borders were not barriers, and people and ideas moved freely from one area to another. The retailer who incorporated the best practices, gathered from various regions ofthe country, and who offered the best prices, assortment and service, earned the customer.

-David Glass

1990

s NEIGHBORHOOD MARKET RETAILTAINMENT

Walmart introduces the Neighborhood Market concept at three stores in Arkansas. Neighborhood Market stores are predominantly grocery stores, and are meant to attract customers with easier parking, less crowded aisles and quicker checkouts.

Neighborhood Markets approximately 23,000 items in the stores.

Walmart creates “Retailtainment” to help make customers enjoy themselves in stores.

Retailtainment is a huge success and involves superstars such as Garth Brooks, Trisha Yarwood, Reba McEntire, Brooks and Dunn, the BeeGees and more to perform in Walmart stores. Other forms of entertainment used include cheerleading national champions, cookie stacking contests, clowns painting children’s faces, and holiday themed displays.

Walmart exceeds $100 million in annual charitable contri-butions.

Our three basic beliefs1. Respect for the individual

2. Service to our customer

3. Strive for excellence

Elements of our culture1. Servant leadership

2. Will to win

3. Personal humility

1999

RETAILER OF THE CENTURY

Walmart becomes retailer of the century.

Wart proudly moves up in Fortune’s list of the top 10 “America’s Most Admired Companies” in 2000.

Net sales increase to $165 billion.

The Cone/Roper Report ranks Walmart the number one corporate citizen in America.

Walmart acquires 71 Interspar units in Germany.

Walmart Acquires the ASDA group plc in the U.K.

Walmart.com becomes a separate entity and is based in Cali-fornia to help attract the best technological talent. Jeanne Jackson becomes CEO of Walmart.com.

Sam’s Club introduces the Elite card.

WALMART.COM

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walmart.c mL

“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending their money somewhere else.”

Sam Walton

HIG

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TSEXECUTIVE OFFICERS

TITLE 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

SAM WALTON

DAVID GLASS

BOB MARTIN

H. LEE SCOTT

BOB CONNOLLY**

DAVID DIBLE

PAUL CARTER

ROBERT K. RHOADS

THOMAS COUGHLIN

DONALD SODERQUIST*

H. LEE SCOTT

JOHN MENZER

THOMAS GRIMM

CHIEF EXECUTIVE OFFICER

CEO WALMART U.S.

CEO WALMART INTERNATIONAL

CHAIRMAN OF THE BOARD OF DIRECTORS

CEO SAM’S CLUB

CHIEF FINANCIAL OFFICER

VICE CHAIRMAN

PRESIDENT WALMART REALTY

CHIEF OPERATING OFFICER

VICE PRESIDENT OFMERCHANDISING

EXECUTIVE VICE PRESIDENTSPECIALTY DIVISIONS

GENERAL COUNSEL / CORPORATE SECRETARY

S. ROBSON WALTON

DONALD SODERQUIST

DONALD SODERQUIST

MARK HANSENJOSEPH HARDIN

H. LEE SCOTT**

WILLIAM FIELDS

DEAN SANDERS

PAUL CARTER

THOMAS SEAVY

THOMAS COUGHLIN

DAVID DIBLE*

A.L. JOHNSON

WILLIAM FIELDS**

WESLEY WRIGHT

Stock Price

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

June 1990 51,200 0.032227 $62.50 06/15/90 07/06/90

February 1993 102,400 0.016113 $63.625 02/02/93 02/25/93

March 1999 204,800 0.008057 $89.70 3/19/99 04/19/99

STOCK SPLITS

HISTORY

2:1 Stock Splits Shares Cost per Share Market Price Record Date Distributed

71

DECADE ENDING DATA

Net Sales(In Billions)

Total Stores

Total Associates

(In Thousands)

1990 1991 1992 1993 1994 1995 1996 1997 1998 19990

30

60

90

120

150

0500

1000150020002500300035004000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

“The fact is no company can make the difference that Walmart can make. You have the opportunity to go to work every day, to help people live better, and to help make the world a better place.”

Lee Scott

2000’s

2000

s2000

LEE SCOTT $32 BILLION INTERNATIONALLee Scott becomes Chief Executive Officer.

Net sales reach more than $191 billion.

Net income reaches $6.3 billion.

Walmart has 3,100 domestic stores within the United States.

Nearly 100 million customers shop at Walmart each week.

Drive-thru pharmacies become a standard when opening new Walmart Neighborhood Markets.

Walmart is now the largest domestic food retailer.

Walmart International achieves $32 billion in revenues.

Walmart opens an 11th store in Argentina. Walmart also donates over $200,000 to communities in Argentina. Walmart also has 20 stores in Brazil and soon enters Rio de Janeiro. Puerto Rico soon gets its first distribution center and remodels two clubs. Mexico operations consist of 499 stores.

Walmart Canada features 174 stores.

Walmart opens a new Supercenter in China underground, below a new soccer stadium.

Walmart also has 6 stores in Korea, 94 in Germany and 241 in the United Kingdom.

Key Highlights Key Figures Key People

-Lee Scott succeeds David Glass as Walmart CEO

-Walmart is named Retailer of the Year

-Walmart operates in 15 countries

-Sustainability 360 launches

-Site to store is introduced

-Helen Walton passes

-$4 prescriptions are introduced

-Walmart stock splits 100 percent for the 11th time with a market price of $89.75 in the late 90’s-Walmart becomes the largest private employer-Walmart passes $400 billion in net sales by the end of the decade

Lee Scott

Rob Walton

Eduardo Castro-Wright

Mike Duke

DouglasMcMillon

Leslie Dach

STORE OF THE COMMUNITY PDQ’S

75

Walmart introduces the “Store of the Community” initia-tive as an exciting model to meet the shopping needs of local store Customers. These stores are specifically tailored to mirror the demographic makeup of local communities.

Walmart’s computer systems are second largest and inno-vative in the world, behind the United States government.

Suppliers are working more with Walmart to develop PDQ to display goods in stores and become more popular and easier to stock merchandise. PDQ’s are self-contained displays that eliminate stocking individual merchandise on a shelf or hanger.

Walmart transportation now moves over 50 million cases of merchandise a week to stores and clubs.

Quote... If we’re going to reach new heights at Wal-Mart, we cannot resist change, and we must dedicate ourselves to the continuous improvement of this Company. Always.

-David Glass

2000

s 3RD MOST ADMIRED

2001

WALMART PULLS AHEADWhile sluggish consumer spending, rising unemployment, the energy crisis, and September 11th all converged to make the year a very challenging time, but Walmart pulls ahead with a 13.8 percent increase in sales at $218 billion making Walmart the largest company in the world, measured by revenue.

Walmart has 1.4 million associates.

Walmart U.S. operates over 1,647 discount stores, 1,066 Supercenters, 500 Sam’s Clubs, 31 Neighborhood Markets.

Walmart.com becomes the most visited website in the retail industry.

New MillenniumWalmart enters the new millennium by expanding the scope of servant leadership-again. As the nation copes with wars in Afghanistan and Iraq, Walmart initiates programs to support our troops overseas and their families at home. And the company continues to grow. In shoppers’ minds, Walmart becomes the destination of choice for meeting everyday needs. Walmart.com takes its place as one of the Web’s most visited sites. The Site-to-Store program, which allows customers to have their online purchases shipped to any Walmart store in the contiguous United States, completes the multi-channel experience.

Fortune names Walmart the third most admired company in America and one of the best companies to work for in America and ranked fifth globally as most admired.

Walmart gives $1.5 million to a variety of charitable organizations within the United States.

FORTUNEMost admired companies

1,000TH SUPERCENTER OPENS INTERNATIONAL LEADERSHIP

77

While many retailers report stagnant or declining sales, cancel their plans for new stores and even file for bankruptcy, Walmart remains strong and invests more in the future of the company by spending nearly $8.3 billion to build new stores.

Walmart’s 1,000th supercenter opens, in St. Robert, Missouri.

Most Walmart Supercenters have approximately 500 associates working in the stores and reach more than $100 million in sales a year.

Walmart launches the program “International Leadership Development Program” to ensure that an ample pool of operations teams and store managers are prepared to support the growth of Walmart in years to come. The program provides intensive, cross-continental training in Walmart systems, processes, and our culture.

Walmart International operates 648 discount stores, 455 Supercenters, 64 Sam’s Clubs, and 3 Neighborhood Markets.

“The feeling our customers have when they leave our stores determines how soon they’ll be back.”

Sam Walton

2000

s TOGETHER WE STAND CRITICAL NEED TRUST

Walmart establishes the Associates in Critical Need Trust (ACNT) to help associates who are experiencing financial hardship. More than $2.8 million was raised the first year, assisting more than 2,800 families.

After the tragic events of 9/11, Walmart communities across America and around the world in the wake of the September 11th tragedy pulled together and formed a joint effort called Together We Stand, raising nearly $16 million for the Victims and their families.

fact...Wal-Mart Stores, Inc. is committed to strengthening and enhancing the quality of life in the communities where our Customers and Associates live and work. In fiscal 2001, over $190 million was raised and contributed by our Associates and Customers and given back to our local communities. This is an increase of over $32 million, all given back to those who need it most.

2002

IT’S A BIG DEAL BIGGEST DAY IN SALES

79

Sam’s Club receives a brand makeover with a new slogan and fresh new colors. The new slogan for Sam’s Club says, “It’s a Big Deal!” A new 154,000 square foot Club is built in East Plano, Texas and is the second largest Club in the United States. The new club features a much more inviting layout with easy to read signs making the shopping experience much easier for the customer. The club also features internet kiosks that link customers to the Sam’s Club website.

Walmart experiences record sales of $244.5 billion, a 12.3 percent increase and record earnings of $8 billion.

Globally, Walmart now has 2,510 discount stores, 1,496 Supercenters, 596 Sam’s Clubs, and 86 Neighborhood Markets.

Wal-Mart has its biggest single-day sales in history: $1.43 billion on the day after Thanksgiving.

Store of the CommunityThe Store of the Community is stocked based on a combination of consumer purchasing data, area demographics, customer preferences and input from our store Associates. Evaluating the buying patterns of Customers enables Wal-Mart buyers to determine what is selling best at each store and purchase merchandise based on each store’s data.

2000

s 150,000 SKU’S NEW MANAGEMENT

Globally, Walmart now has 2,510 discount stores, 1,496 Supercenters, 596 Sam’s Clubs, and 86 Neighborhood Markets.

Walmart builds 192 more Supercenters.

Supercenters now have an incredible assortment of mer-chandise featuring up to 150,000 different items.

Susan Chambers becomes senior vice president of insur-ance and benefits.

Douglas McMillon becomes executive vice president and chief merchant at Sam’s Club.

Linda Dillman becomes CIO.

Quote...“Mr. Sam said, ‘Our Associates make the difference,’ and he was absolutely right. In order to continue your Company’s growth, we must attract Associates to serve an increasingly diverse customer base. We must continue to recruit and promote from all segments of society and provide a work environment in which individuals can succeed based on their own merits.”

Lee Scott

INTERNATIONAL ACQUISITIONS

Walmart begins exchanging data over the internet with thousands of global suppliers.

Walmart develops a variety of new leadership initiatives to better develop leaders and potential international manag-ers. These programs include the Business Leadership Series, People Asset Reviews and other programs to accelerate growth and advancement of associates.

SUPPLIER DATA EXCHANGE

81

International sales increase by 15 percent to almost $41 billion.

Walmart acquires Supermercados Amigo in Puerto Rico.

ASDA is now named “Britain’s Best Company to Work For” by the Sunday Times.

Walmart invests in Seiyu, a retailer in Japan and becomes the majority owner.

Rasing the Standard of LivingAround the world,Wal-Mart raises the standard of living by meeting day-to-day needs with affordably priced merchandise. Some shoppers come to Wal-Mart to buy essentials so they will have enough money left over for other important needs. For others, the selection and prices at Wal-Mart simply enable an enjoyable, comfortable lifestyle that doesn’t break the bank.

2000

s MOST PHILANTHROPIC

2003

$4 BILLION IN TAXES

Forbes names Walmart one of the 10 most philanthropic corporations in America.

Hispanic Business magazine place Walmart in its Top 25 Diversity Recruitment Programs category, for the company’s sterling record of hiring and promoting Latinos.

Walmart received the 2002 Ron Brown Award, the highest Presidential Award recognizing outstanding achievement in employee relations and community initiatives.

Walmart net sales increase to $256 billion.

Walmart pays $4 billion in U.S. federal income taxes, which means that if 446 other taxpayers paid the same amount as Walmart, no other business or individual in the United States would have to pay taxes for the year.

Worldwide, Walmart’s total square footage increased to 46 million.

Walmart sells the McLane Company.

fact...In 2003,Wal-Mart contributed more than $150 million to support communities and local nonprofit organizations around the world, with local Associates – neighbors helping neighbors – deciding how the money would be spent in each community.

NEW DIVERSITY OFFICE

Walmart forms and establishes a Diversity Office to better focus efforts on recruiting and promoting all segments of society and provide a work environment where individuals can succeed based on their own merits.

Walmart opens 139 new discount stores, Supercenters, and Neighborhood Markets, as well as 130 conversions and relocations from discount stores to Supercenters and also opens 13 Sam’s Clubs.

FORTUNE magazine lists Walmart as America’s Most Admired Company.

WALMART MEXICO FOUNDATION

83

Walmart Mexico Foundation is established.

Walmart builds a second data center in Missouri, ensuring system redundancy and server availability in the event of a disaster.

“Capital isn’t scarce; vision is.”

Sam Walton

2000

s2004

LARGEST CHARITABLE CORP NEW WALMART U.S. CEO

Net sales increase to $285 billion.

Walmart serves more than 138 million customers each week.

Walmart is America’s largest corporate charitable contributor.

Over 1.6 million associates are working at Walmart and nearly 76 percent of store management started in hourly positions and were promoted.

The company builds 45 new discount stores, 250 Super-centers, 40 new Sam’s Club, and 30 new Neighborhood Markets, adding 55 million square feet of new retail space.

Eduardo Castro-Wright becomes Executive Vice President and Chief Operating Officer for the Walmart U.S. Division. Formerly, Eduardo was President and CEO of Walmart Mexico.

Mike Duke becomes President and Chief Executive Officer of Walmart Stores U.S.

“If you love your work, you will be out there every day trying to do it the best you can, and soon everyone around will catch that passion from you- like a fever.”

Sam Walton

RETAILER OF THE YEAR TECHNOLOGY ADVANCES

85

Retailing Today magazine awards Walmart International “Retailer of the Year.”

Walmart International consists of 1,500 stores in the United Kingdom, Germany, Brazil, Argentina, Puerto Rico, Mexico, China, South Korea, and Canada.

Over 200 units are added in Mexico, China, Canada, U.K., and Brazil.

Walmart acquires Bompreço S.A. Supermercados do Nordeste, a supermarket chain in northern Brazil with 118 hypermarkets.

Annually, Walmart distribution centers process over five billion cases of merchandise that is sent to stores and clubs. The Walmart fleet has over 7,800 drivers.

Walmart data centers track over 680 million SKU’s weekly.

Walmart’s data warehouse storage capacity reaches over 570 terabytes of data, which at the time is larger than all fixed pages on the internet.

Walmart tests Radio-Frequency Identification (RFID) in the grocery sections of seven pilot stores. RFID replaces UPC barcodes for product identification and tracking.

Walmart has over 68,000 suppliers.

Information Systems DivisionThanks to over 75,000 associates in Logistics and in our Information Systems Division, Walmart has “the firepower” behind our retailing strategy that strives to have what the customer wants, when the customer wants it. With the Data Warehouse storage capacity of over 570 terabytes – larger than all of the fixed pages on the Internet – we have a remarkable level of real-time visibility into our merchandise planning. So much so that when Hurricane Ivan was heading toward the Florida panhandle, we knew that there would be a rise in demand for Kellogg’s® Strawberry Pop-Tart® toaster pastries. Thanks to our associates in the distribution centers and our drivers on the road, merchandise arrived quickly.

2000

s WALMART PATRIOTISM

2005

Net sales raise 9.5% to $312 billion.

Walmart has 1.8 million associates in over 6,100 stores worldwide.

Walmart adds 267 Supercenters, 24 discount stores, and 15 Neighborhood Markets.

Mike Duke is now Vice Chairman of Walmart International.

Doug McMillon becomes Executive Vice President and CEO of Sam’s Club.

1.8 MILLION ASSOCIATES

Walmart and its customers contribute $14.5 million to help build the national World War II Memorial, in Washington D.C.

Walmart receives American Veteran magazine’s Corporate Patriotism Award, which recognizes the company’s signifi-cant philanthropic support of U.S. military service members and their families.

fact...A Positive ImpactIn November 2005, an independently-certified study by Global Insight detailed the effects Walmart has on communities throughout the U.S.

Results indicated we have a positive impact on communities – increasing shoppers’ buying power, creating jobs, stimulating business for existing operations and even revitalizing areas while improving real wages by 0.9%.

CARHCO NEW MARKETING STRATEGY

87

Walmart opens stores in Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Walmart purchases 33.3 percent interest in Central Ameri-can Retail Holding Company (CARHCO).

Walmart acquires majority interest in Seiyu.

Walmart acquires Sonae, a retail operation in Southern Brazil consisting of 139 hypermarkets.

The Walmart Brazil Foundation is established.

“Home for the Holidays” theme is launched as a new cre-ative marketing program for the holiday season.

Walmart debuts its exclusive Metro 7 collection which is a distinct line of women’s apparel designed specifically for the fashion savvy customer.

Quote...Walmart’s marketplace is clearly the world. And we have every reason to be optimistic about our role – both for the opportunity it provides our Company to learn and to grow, but also for the opportunity Walmart has to continue to raise the standard of living for people everywhere.

-Lee Scott

2000

s HURRICANE KATRINA EFFORTS

Even before disaster struck, the Walmart Emergency Operations team was ensuring storm-readiness supplies and cleanup materials were delivered to our Walmart Stores and Sam’s Clubs. After the storms passed, we used our vast information systems and in-store technology help customers, associates and the public access information and relief services, as well as search for messages about loved ones. Walmart donation centers were set up at key shelters to provide basic necessities to Louisiana, Mississippi and Texas victims. Vacant Company facilities were used as supply depots, food pantries and shelters. Walmart was often the first relief to arrive at staging sites, command centers and shelters in the devastated areas.

The Company provided more than 2,450 truckloads and $3.5 million of merchandise and in-kind donations for the relief effort, provides $14.5 million in cash assistance to more than 20,000 associates, raises $18 million through a corporate drive, and $8.5 million raised in stores by associates and customers.

Katrina ReliefWalmart nationwide announced it would fill prescriptions, free of charge, to evacuees with emergency medicine needs and no money, even if they did not have a copy of their prescription. Walmart offered free check cashing in approximately 126 stores in the hurricane disaster area for an initial two-week period. This included government, payroll and insurance checks and computer-generated checks. More than 150 Internet-ready computers were donated and delivered to shelters to help evacuees and families find each other via the Walmart and Red Cross Web sites.

NEW SUSTAINABILITY ACRES FOR AMERICA

89

In an enthusiastically received speech, Walmart’s CEO, Lee Scott, announces the company’s sustainability goals: create zero waste, use only renewable energy, and sell products that sustain the environment.

Walmart’s sustainability commitment intensifies after the company leads the nationwide corporate drive to assist with hurricane relief efforts.

Through Acres for America, Walmart committed $35 mil-lion over 10 years to conserve at least one acre of wildlife habitat for every acre developed by Wal-Mart.

Walmart joins Unilever in introducing super-concentrat-ed liquid laundry soap in small containers, saving 65 mil-lion pounds of plastic and cardboard packaging material and 140 million gallons of water every year.

fact...We established three sustainability goals that guide our efforts in becoming a more sustainable company. We are committed to: Being supplied 100 percent by renewable energy Creating zero waste Selling products that sustain people and resources

2000

s 8,194 FLIGHT LEGS NEW PACKAGING

Wal-Mart’s packaging team partnered with select private label brand suppliers to improve the packaging on nearly 300 items in its Kid Connection toy line. By making the packaging a little smaller on this one toy line, we used 497 fewer shipping containers and generated freight savings of more than $2.4 million per year. We estimate that more than 3,800 trees and 1,000 barrels of oil were saved.

In one year, the U.S. Walmart aviation fleet flies a record 8,194 flight legs. Destinations include Argentina, Brazil, Canada, China, Mexico, Puerto Rico, South Korea, and the United Kingdom.

Walmart drivers make over 4 million deliveries.

“We swim upstream, and it makes us strong and lean and alert.”

Sam Walton

2006

RED KETTLE CAMPAIGN WALMART PULLS OUT

91

The Salvation Army raised more than $26 million through its red kettle campaign at our stores and clubs.

Wal-Mart is one of the largest cash contributors to U.S. education through local grant programs and scholarships, including Teacher of the Year.

Net Sales increase 11.7 percent to $345 billion.

Rollin Ford is named CIO.

Operations in South Korea and Germany close.

Walmart’s international portfolio consists of 46 store banners.

90 percent of associates now have healthcare insurance, and Walmart insures more than 1 million lives.

fact...Walmart is not just Walmart around the world. In many places, we operate underdifferent brand names. Walmart does business under 9 different traditional retailformats: supercenters, food and drug stores, general merchandise stores, bodegas(small markets), cash and carry stores, membership warehouse clubs, apparel stores,soft discount stores and restaurants.

2000

s $4 PRESCRIPTIONS SATELLITE TRACKING

Walmart introduces its $4 generic drug prescription pro-gram, which changes the face of pharmaceutical retailing and makes healthcare more affordable and accessible.

Walmart redesigns Walmart.com, starts experimenting with Web 2.0 and social networking tools and contracts with Oracle and Hewlett Packard to use their price optimization and business intelligence in retail applications.

To ensure greater supply chain visibility, satellite-based tracking technology is being installed in the Company’s entire fleet of over-the-road trailers. The data generated by the system increases productivity, reduces costs and enhances security.

Construction of an exciting Innovation Lab is under way. This center will showcase leading-edge technology and demonstrate how it can lead to future products, as well as better ways to serve our shoppers.

$4 PrescriptionsWalmart’s $4 Prescription Program lets you choose from hundreds of generic drugs and over-the-counter medications that are just $4 for a 30-day supply or $10 for a 90-day supply. You can save money at Walmart on these low-cost medications, but you also will get the service you expect with professional pharmacists, automatic refills and convenient Home Delivery options.

AN INNOVATIVE“REMIX”

93

What happens when two distribution networks swap inventory? Plenty – when they are Walmart’s Grocery Distribution Center Network and Walmart’s Regional General Merchandise Distribution Center Network. Each was once a specialist – the Grocery Network handling dry grocery goods, such as cereals and snacks, and the Regional Network moving primarily general merchandise, such as household cleaners, paper towels, toys and electronics. In 2006, that changed when approximately 4,000 items switched networks. Now, high-velocity items – grocery and general merchandise –are combined and sent to the stores from the “High Velocity Distribution Centers.” This innovative “Remix” means items needed most by customers arrive at the store on one truck, so they can be unloaded and moved faster to the shelves. We also can reduce the number of additional regional distribution centers we’ll need in our network going forward. Stores get improved merchandise flow and in-stock, while Walmart reduces its capital spending needs.

Quote...Wal-Mart can be – and in many cases, already is – part of the solution to some of the most complex challenges in the world today. Just like our U.S. stores, our international stores help working families stretch their incomes and afford daily needs like fresh foods and quality school clothes.

-Lee Scott

2000

s DAYLIGHT HARVESTING SUPPLIER SCORECARD

One of the truly innovative energy conservation ideas that has long been applied by Walmart’s Real Estate group is a sophisticated daylight harvesting system. Each store’s system relies on hundreds of rooftop skylights connected to sensors and state-of-the-art control technology. Sales floor lighting changes, based on the available natural light streaming through the skylights during the day. Today, 90 percent of all newly constructed U.S. Walmart facilities include this energy-saving technology.

On November 1, 2006, Wal-Mart introduced a scorecard that evaluates Wal-Mart and Sam’s Club suppliers on their progress toward developing more sustainable packaging, and helps track the company’s progress to reduce packag-ing in its supply chain by 5 percent by 2013.

Walmart sells over 137 million compact florescent light bulbs (CFLs), which use 75 percent less energy than incan-descent.

Packaging ScorecardWal-Mart’s packaging scorecard is a measurement tool that allows suppliers to evaluate themselves relative to other suppliers, based on specific metrics. The metrics in the scorecard evolved from a list of favorable attributes announced earlier this year, known as the “7 R’s of Packaging”:

Remove, Reduce, Reuse, Recycle, Renew, Revenue, and Read.

HIGH TECH FREEZERS

Additionally, Wal-Mart freezer cases now are applying industry-unique technology in several countries. Motion-activated Light-Emitting Diode (LED) lighting turns itself off and on as customers approach.

POWER OF PROMISE

95

Walmart receives the Susan G. Komen Breast Cancer Foundation Gaye Cypert Power of a Promise Award for supporting breast-cancer research.

Through the Walmart Foundation, charitable partners and donations from customers and associates, Walmart contributed more than $415 million in cash and in-kind merchandise to 100,000 organizations worldwide.

More than one million hours are volunteered in the United States and more than $115 million is raised from customers and associates for contributions.

-

Quote...“Leadership at Wal-Mart happens throughout the organization, from accounting to merchandising. Nowhere, however, is it more important than in the aisles and at the registers of our stores. That is where our associates determine whether we succeed or fail.”

-Rob Walton

2000

s2007

HELEN WALTON PASSES WALMEX OPENS

Walmart net sales increase 8.6 percent to $374.5 billion.

Walmart is the first of any retailer to exceed $100 billion in sales in a quarter.

Helen Walton, the “first lady of Walmart” passes away, on April 13, 2007.

The first Walmex bank opens in Mexico.

The 3,000th international store, a Supercenter in Sao Paulo, Brazil.

Walmart and Bharti Enterprises announced an agreement to establish Bharti Walmart Private Limited, a joint venture for wholesale cash-and-carry and back-end supply chain management operations in India.

Walmart adds 101 locations in China through the Trust-Mart transaction.

In Japan, in June 2007, as part of its Hummingbird Cam-paign, Seiyu began selling reusable bags that are replaced for free if they break.

1962 - 1964 1964-1981 1968-1981

WALMART LOGO HISTORY

SAVE MONEY. LIVE BETTER. SUSTAINABILITY 360

97

Walmart initially begins its “Saving people money so they can live better” marketing campaign as its new mission statement around the world.

Walmart opens 191 new Supercenters.

Globally, Walmart now has over 7,000 stores.

Sustainability 360 is a campaign Walmart launches that sells 145 million energy efficient light bulbs, enough to eliminate the need for nearly three new coal-fired power plants in the United States.

Wal-Mart’s new reusable bags, introduced last year, help reduce the number of plastic bags that might end up in landfills. The Company also supports programs to recycle the millions of plastic bags used every day.

“Control your expenses better than your competition. This is where you can always find the competitive advantage.”

Sam Walton

2000

s1

PSP SITE TO STORE

Walmart introduced Personal Sustainability Projects (PSP) to all U.S. associates. The voluntary program is focused on helping associates integrate sustainability into their daily lives, and more than 500,000 associates report that they have adopted a PSP.

The company launches a pilot program to cut emissions in certain categories. As a result of this program, DVD sup-pliers eliminated more than 28,000 metric tons of GHG in 2009.

Wal-Mart launches Site to Store service, enabling online customers to pick up merchandise in stores.

Walmart saves customers more than $110 million in ship-ping fees with Site to Store.

fact...A majority of our markets have “Stores of Learning” where associates participate in classroom lectures along with in-store training. The Company’s efforts have been recognized in several countries, where we have been honored as the “best place” to work.

2008

MIKE DUKE

Walmart surveys hundreds of thousands of customers monthly, asking them to rate their shopping experience.

As prices continue to rise and consumers search for afford-able ways to sustain the transitional economy, nearly 80 percent of U.S. households are shopping at Wal-Mart.

Walmart expands its shipping program by adding Site to Store Express, which ships eligible orders to a Walmart store in just 3 to 5 business days, providing a faster delivery option to expedite orders.

CUSTOMER SURVEY

99

Walmart net sales increase 7.2 percent to $401.2 billion.

Mike Duke becomes Chief Executive Officer of Walmart Stores Inc.

Douglas McMillon becomes Chief Executive Officer of Walmart International.

Brian Cornell becomes President and CEO of Sam’s Club.

Walmart has more than 3,600 stores with plans to update 700 to improve customer experience and drive sales.

Walmart creates 63,000 more jobs worldwide that offer competitive wages and benefits.

Quote...

`

At Walmart, we won’t sit back and say, “That’s someone else’s job.” We have a role to play.

-Mike Duke

2000

s WALMART ENTERS CHILE LOVE EARTH

Logistics teams save almost $200 million through produc-tivity and fuel-efficiency programs.

Walmart commits to reducing its global plastic shopping-bag waste by an average of 33 percent per store by 2013.

In July 2008, Walmart launched Love, Earth® jewelry, its first completely traceable fine jewelry line.

Seiyu becomes a wholly owned Walmart subsidiary in June.

A regional office opens in Hong Kong to facilitate long-term opportunities in Asia.

Walmart enters Chile through the acquisition of Distribui-con y Servicio (D&S), Chile’s largest food retailer.

Throughout our operations, Wal-Mart continues to strengthen local agricultural sourcing programs by buying more from farmers located close to our stores. By 2011, our China stores expect to buy from more than one million farmers in that country.

Quote...We are remodeling our stores, making them easier to shop, and leveraging technology to ensure increased operational efficiencies. The initial customer response to our Project Impact store remodeling plan has been positive.

-Eduardo Castro-Wright

PROJECT IMPACT SAM’S CLUB’S 25TH

101

Walmart begins remodeling stores, introducing a fresh, new branded look under the code name “Project Impact.”

The new Walmart logo is launched.

Walmart gives $423 million in cash and in-kind gifts in the communities we served last year, an increase of approxi-mately $86 million from the prior year.

Sam’s Club celebrates its 25th anniversary. Sam’s Club operates more than 590 locations nationwide and more than 100 locations internationally.

Project ImpactWalmart gets a faceliftNew stores feature wider aisles and a fresh clean apperance with a bright color palette to add an exciting shopping experience for our customers.

2000

s2009

FAST, CLEAN, FRIENDLY

Walmart net sales increase 1 percent to $405 billion.

The company now has more than 8,400 stores in 15 coun-tries with over 2 million customers each week.

Achieved record customer experience scores for the year, reflecting increased traffic and higher “fast, friendly, clean” scores.

The company announces nearly $1 billion in bonuses for full and part-time hourly associates and an additional $780 million in profit-sharing, 401k contributions.

Walmart supports organizations worldwide with $624 mil-lion in charitable contributions.

$100 BILLION INTERNATIONALWalmart adds more than 21 million square feet of retail space internationally.

Walmart adds more than 500 units internationally.

Walmart International achieves net sales of $100 billion.

Fast, clean, friendly... it’s our promise to our customers.

E-VALUES THE BRIGHT SPOT

103

Sam’s Club starts its eValues program to strengthen rela-tionships with members and offer more value to the shop-ping experience.

More than 70% of the fuel we sell at Sam’s Club locations contains renewable fuel components.

Walmart Optical Labs produced more than 5 million pairs of eyeglasses.

In April 2009, USA Today called Walmart the bright spot in the renewable energy market after the company announced it would double the size of its solar-power initiative by placing rooftop solar arrays on 10 to 20 stores and distribution centers in California. Wal-Mart’s solar projects will generate enough clean energy to power the equivalent of 2,600 homes and avoid 22,500 metric tons of carbon-dioxide emissions each year—which is comparable to taking about 4,000 cars off the road.

Walmart commits to reducing phosphates in all deter-gents carried in its stores throughout the Americas by 20 percent by 2011.

“The folks on the front lines - the ones who actually talk to the customer - are the only ones who really know what’s going on out there.”

Sam Walton

2000

s MODERN LOGISTICS 5.5 BILLION CASESWalmart Logistics has approximately 85,000 associates in 147 distribution centers. The Walmart Fleet consists of 7,200 tractors, 53,000 trailers and 7,950 drivers. An aver-age facility will serve 75-100 stores, many with a unique merchandise assortment for each specific store, within a 250 mile radius.

A Walmart grocery distribution center is equipped to house up to four million bananas at one time. Ice cream freezers at a grocery DC are cooled to -20 degrees Fahren-heit. A regional distribution center can have twelve miles of conveyor belts, which can move hundreds of thousands of cases through the center each day. Last year, we moved more than 5.5 billion cases of merchandise.

Walmart commits to reducing 20 million metric tons of greenhouse gas emissions in the supply chain by the end of 2015.

Quote...“ We have worked especially hard on the social aspects of sustainability. We know we can play such a positive role in communities around the world. And if we are going to be at our best as a business, we have to recruit, develop and retain the best people and leaders.”

Mike Duke

FLEET EFFICIENCY IMPROVESWalmart has nine disaster distribution centers strategically located across the country stocked with relief supplies needed to assist communities recover in the event of a disaster.

DISASTER D.C.

105

Walmart Transportation announces that it has surpassed is goal to improve fleet efficiency.

Collectively, Walmart’s fleet drivers log approximately 800 million miles per year. The average Walmart truck driver logs more than 100,000 miles annually – the equivalent of about four trips around the world!

Walmart’s private fleet is one of America’s safest fleets with 2.2 million miles per preventable accident.

Walmart is currently testing several different biodiesel blends in our private truck fleet, and is committed to finding consistent, high-quality products that meet our requirements.

Walmart U.S. continues to drive toward its goal of doubling fleet efficiency, realizing a 65 percent improvement in 2010 over our 2005 baseline. Over the past two years, we replaced nearly two-thirds of our fleet with more efficient tractors. Our investments also included the purchase of 3,000 skirted trailers, which will drive fleet efficiency. In 2010, we delivered 57 million more cases, while driving 49 million fewer miles. This equates to avoiding almost 40,000 metric tons of CO2 emissions, which is the equivalent of taking 7,600 cars off the road.

2000

s2010

$419 BILLION OUR ASSOCIATES

Walmart reaches $419 billion in net sales.

Bill Simon becomes Walmart U.S. Chief Executive Officer.

Walmart now has over 8,970 stores in 15 countries.

Walmart stores span over 617 million square feet of retail space.

Sam’s Club offers free WiFi in all of its clubs and also offers free monthly health screenings for members.

Walmart employs more than 2.1 million associates worldwide, including more than 1.4 million in the United States.

Walmart is not only one of the largest private employers in the U.S., but the largest in Mexico and one of the larg-est in Canada as well.

The majority of our associates work full-time. Many of our associates are senior citizens who need supplemental income or students who want work experience.

fact...To call Walmart’s stock performance phenomenal would be an understatement. At this point in time, if a person bought 100 shares of company stock at $1,650 when the company went public in 1970, 40 years later, their shares would have grown to 204,800 shares, worth more than $10 million.

INTERNATIONAL GROWTH GLOBAL SUSTAINABILITY

107

Walmart International continues aggressive growth, add-ing sales in both emerging and mature markets. Net sales for fiscal 2011 grew 12 percent to $109 billion. Operating income increased to more than $5.6 billion, supported by more than 4,500 locations and almost 287 million square feet of selling space.

Walmart acquires 193 Netto Foodstores in the United Kingdom.

Walmart acquires interest in Massmart. Massmart oper-ates 288 unites in South Africa.

In Central America, Walmart gives away approximately 13,000 reusable bags each year. In Costa Rica, it has worked with vendors to ensure the large bags of rice and sugar are made with recyclable materials and handles, so once the customers consumes the product, they have a free reusable bag.

Walmart On CampusThe smallest Walmart in the world begins construction on the University of Arkansas campus in Fayetteville, Arkansas in December. The 3,500 square foot store features a full-service pharmacy and general merchandise.

2000

s PICK UP TODAY DIVERSITY

Walmart introduces Pick Up Today, an innovative tool for customers to use when shopping Walmart.com and pick-ing the item up directly from the store.

Walmart is a diverse employer with more than 257,000 African-American associates; more than 41,000 Asian and 5,900 Pacifi c Islander associates; more than 171,000 His-panic associates; more than 16,000 American Indian and Alaskan Native associates; more than 869,000 women; and more than 430,000 mature associates who are 50 and older.

Unbeatable PricesOur customers expect no less. They look for our Rollback signs, knowing we’re passing on even greater savings. They count on unbeatable prices on the most popular brands. They enjoy lower opening price points from us - no matter where else they might shop.

And we’re determined to keep them that way. How?> By watching competitors’ prices weekly

> By working closely with our suppliers

> By matching our competitors’ lowest prices

> By making our unbeatable prices promise

THE CLINIC AT WALMART WALMART EXPRESS

109

The Clinic at Walmart is staffed by licensed health care pro-fessionals who diagnose, treat, and prescribe medications, in compliance with federal and state regulations. These clinics are open for walk-in service seven days a week, including evenings and weekends, and treat patients age 18 months and older.

Walmart Express is introduced as a new format for urban and rural markets that will be less than 30,000 square feet and will sell grocery, pharmacy and limited general mer-chandise.

Smaller FormatsWalmart Express Neighborhood Market

Walmart Neighborhood Markets offer a quick and convenient shopping experience for customers who need groceries, pharmaceuticals, and general merchandise all at our famous Every Day Low Prices.

Walmart Express has been created to offer low prices every day in a smaller format store that provides convenient access for fill-in and stock-up shopping trips. The stores give Walmart flexibility in serving customers, especially in rural and urban areas where shoppers may not have access to larger stores.

HIG

HLI

GH

TSEXECUTIVE OFFICERS

CEO: CHIEF EXECUTIVE OFFICER CFO: CHIEF FINANCIAL OFFICER CIO: CHIEF INFORMAITON OFFICER

TITLE 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CEOPRESIDENT WALMART STORES INC.

CEO WALMART U.S.VICE PRESIDENT WALMART STORES INC.

CEO WALMART INTERNATIONALVICE PRESIDENT WALMART STORES INC.

CHAIRMAN OF THE BOARD OF DIRECTORS

CEO SAM’S CLUBVICE PRESIDENT WALMART STORES INC.

CFOVICE PRESIDENT WALMART STORES INC.

PRESIDENTWALMART REALTY

PEOPLE DIVISIONVICE PRESIDENT WALMART STORES INC.

VICE CHAIRMAN

CORPORATE AFFAIRSVICE PRESIDENT WALMART STORES INC.

SENIOR VICE PRESIDENT

GENERAL COUNSEL / CORPORATE SECRETARY

VICE PRESIDENT WALMART STORES INC.

H. LEE SCOTT

JOHN MENZER

THOMAS HYDE

JOSEPH FITZSIMMONS

COLEMAN PETERSON

THOMAS HYDE

THOMAS COUGHLIN

DONALD SODERQUIST

THOMAS SCHOEWE

THOMAS GRIMM

S. ROBSON WALTON

PAUL CARTER

MICHAEL DUKE

THOMAS COUGHLIN

KEVIN TURNER

MICHAEL DUKE

CHARLES HOLLEY

LAWRENCE JACKSON

MICHAEL DUKE

MICHAEL DUKE

DOUGLAS MCMILLON

EDUARDO CASTRO-WRIGHT

ERIC ZORN

JOHN MENZER

JOSEPH FITZSIMMONS

SUSAN CHAMBERS

LESLIE DACH

STEVEN WHALEY

DOUGLAS MCMILLON

BILL SIMON

BRIAN CORNELL

EDUARDO CASTRO-WRIGHT

Stock Price

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

HISTORY

40

50

60

111

DECADE ENDING DATA

Net Sales(In Billions)

Total Stores

Total Associates

(In Millions)

0

100

200

300

400

500

010002000300040005000600070008000

0.0

0.5

1.0

1.5

2.0

2.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

“You are on the front lines. You are the ones who serve the Next Generation Customer. You see how they react in real‐time ‐‐ way before insights and sales data make it down to Bentonville. You know better than anyone what works, what doesn’t and how to get better. We need you to lead the way. And I know you will. No one will serve the Next Generation Customer with more passion and greater purpose than Walmart associates. No one will be more committed to exceeding their expectations than you.”

Mike Duke

2010’sand beyond...

TODAY...

Today, Walmart’s global mission is saving people money so they can live better.

Net Sales: $419 billion Store Count: 8,970 Total Associates: 2.1 million

Saving people money to help them live better was the goal that Sam Walton envisioned when he opened the doors to the first Walmart. It’s the focus that underlies everything we do at Walmart. And for the millions of customers who shop in our stores and clubs around the world each week, it means a lot.

Walmart’s overall impact on the retail industry and beyond has changed the way business is conducted globally, and increased consumer benefits — regardless of where they shop.

Our financial PrioritiesGROWTHWalmart is continuing to grow around the world. We have many opportunities to grow by opening new stores, entering new markets, making acquisitions, integrating online channels, and developing new, innovative formats to allow people to experience the Walmart brand.

LEVERAGE Walmart is leveraging our scale and best practices to create competitive advantages. We also remain committed to leveraging operating expenses and finding additional ways to benefit from our global expertise, talented associates and company scale.

RETURNSWalmart has a rich heritage of delivering strong shareholder returns. Each operating segment is focused on contributing to consistent, strong company returns.

Today, Walmart’s global mission is saving people money so they can live better.

Our Key Operating Principles...

CUSTOMER LED The customer is the boss. Help them achieve their dreams.

MERCHANT DRIVEN Deliver a wide assortment at the lowest price possible.

Build a diverse workforce and an inclusive enviroment. Listen to assoicates. Act on their ideas.TALENT

EDLP

EDLC

SOCIAL ISSUES

INNOVATION

SENSE OF URGENCY

GLOBAL LEVERAGE

PROFITABLE GROWTH

It’s Walmart’s business philosophy. Sell brands for less. Don’t be undersold.

It’s the enabler of EDLP. Keep prices low, control cost, and cut waste.

Lead and stand for what’s right. Inclusive growth is good business.

Drive change. Invent new ways to serve customers and win their loyalty.

Have an ownership mentailty. Operate with the speed needed to beat competitors.

Leverage Walmart’s global size, scale, and knowledge. Use that knowledge to drive positive change.

Grow the company for shareholders, and share profits with associates.

International

OVERVIEWThe president and CEO of Walmart Argentina is Ezequiel Gómez Berard. Headquarters is located in Buenos Aires.Walmart Argentina began in August 1995 with a Sam’s Club in Avellaneda, near Buenos Aires. The fi rst Supercenter opened nearby a few months later. In October 2007, we announced the acquisition of three Auchan stores in Argentina, and as a result, we’ve converted stores in La Tablada, Quilmes and Avellaneda into Walmart Supercenters.

STORESWalmart Supercenter 28Changomas 27Changomas Express 7Mi Changomas 5

ARGENTINA BOTSWANA BRAZIL CANADA CHINA CHILE COSTA RICA EL SALVADOR GHANA GUATEMALA HONDURAS INDIA JAPAN LESOTHO

OVERVIEWIn June 2011, Walmart acquired a major-ity stake in Massmart Holdings Limited, the leading African retailer of general merchan-dise, home improvement equipment and supplies. Botswana has two retail chains, GAME Stores and CBW stores. Game is a dis-count retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa. A Builders Warehouse stores was also opened in September 2011, featuring home improvement merchandise.

STORESGAME 2CBW 8Builders Warehouse 1

OVERVIEWThe president and CEO of Walmart Brazil is Marcos Samaha. Our headquarters are located in Sao Paulo. In 1995, Walmart opened two Supercenters and three Sam’s Clubs in Brazil. Many more have opened since, including Todo Dia stores, a neighborhood format designed for our Brazilian customers.

STORESWalmart Supercenter 49Sam’s Club 25Todo Dia 142HyperMarket 36SuperMarket 63Magazine (Bompreco) 1Mercadorama (Sonae) 21BIG (Sonae) 36Maxxi Atacado (Sonae) 54Nacional (Sonae) 69

OVERVIEWThe president and CEO of Walmart Canada is Shelley Broader. Our headquarters are located in Mississauga, Ontario. Walmart Canada began in 1994 with the acquisition of the Woolco Canada chain of 122 stores.

STORESSupercentre 150Discount Store 179

OVERVIEWWe began our retail operations in China in 1996 with a Supercenter and Sam’s Club in Shenzhen. Neighborhood Markets soon followed, and in February 2007, Walmart China invested in the hypermarket chain Trust-Mart, which operates more than 100 retail units. Our headquarters are located in Shenzhen.

STORESWalmart Supercenter 235Sam’s Club 6Neighborhood Market 2Smart Choice 3Compact Hypermarket 2Trust-Mart Hypermarket 104

OVERVIEWWe acquired a majority stake in Distribución y Servicio D&S S.A., Chile’s leading food retailer, in January 2009. D&S began as a family-owned operation led by Manuel Ibáñez Ojeda in 1957 with its fi rst supermarket, Almac. The president and CEO of D&S is Enrique Ostale. With headquarters in Santiago, D&S has more than 34,500 associates and operates under a number of diff erent formats, including hypermarkets Hiper de LIDER, supermarkets Express de LIDER, Super Bodega Acuenta and Ekono convenience stores.

STORESLider Hiper 68Lider Express 54Acuenta 46Econo 129Revive 1El Buen Corte 1

OVERVIEWIn September of 2005, Walmart acquired more than a 33 percent interest in Central American Retail Holding Company (CARHCO) from the Dutch retailer Royal Ahold NV. In March 2006, we increased our interest to 51 percent and the CARHCO name became Walmart Centroamérica. We are the region’s largest retailer, with stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. In December 2009, Walmart Mexico announced the acquisition of Walmart´s operations in Central America from Walmart Stores and two minority partners. In early 2010, the transaction was completed and Walmart México became Walmart México and Central America. Our Centroamérica headquarters are located in San Jose, Costa Rica.

STORESMaxi Pali 17Mas X Menos 25Walmart Supercenter 6Pali 146

ARGENTINA BOTSWANA BRAZIL CANADA CHINA CHILE COSTA RICA EL SALVADOR GHANA GUATEMALA HONDURAS INDIA JAPAN LESOTHO

OVERVIEWIn September of 2005, Walmart acquired more than a 33 percent interest in Central American Retail Holding Company (CARHCO) from the Dutch retailer Royal Ahold NV. In March 2006, we increased our interest to 51 percent and the CARHCO name became Walmart Centroamérica. We are the region’s largest retailer, with stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. In December 2009, Walmart Mexico announced the acquisition of Walmart´s operations in Central America from Walmart Stores and two minority partners. In early 2010, the transaction was completed and Walmart México became Walmart México and Central America. Our Centroamérica headquarters are located in San Jose, Costa Rica.

STORESDespensa Familiar 50La Despensa de Don Juan 25Walmart Supercenter 2

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

OVERVIEWIn September of 2005, Walmart acquired more than a 33 percent interest in Central American Retail Holding Company (CARHCO) from the Dutch retailer Royal Ahold NV. In March 2006, we increased our interest to 51 percent and the CARHCO name became Walmart Centroamérica. We are the region’s largest retailer, with stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. In December 2009, Walmart Mexico announced the acquisition of Walmart´s operations in Central America from Walmart Stores and two minority partners. In early 2010, the transaction was completed and Walmart México became Walmart México and Central America. Our Centroamérica headquarters are located in San Jose, Costa Rica.

STORESPaiz 30Walmart Supercenter 7Despensa Familiar 131ClubCo 2Maxi Despensa 18

OVERVIEWIn September of 2005, Walmart acquired more than a 33 percent interest in Central American Retail Holding Company (CARHCO) from the Dutch retailer Royal Ahold NV. In March 2006, we increased our interest to 51 percent and the CARHCO name became Walmart Centroamérica. We are the region’s largest retailer, with stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. In December 2009, Walmart Mexico announced the acquisition of Walmart´s operations in Central America from Walmart Stores and two minority partners. In early 2010, the transaction was completed and Walmart México became Walmart México and Central America. Our Centroamérica headquarters are located in San Jose, Costa Rica.

STORESPaiz 7Walmart Supercenter 1Dispensa Familiar 48Maxi Despensa 6

OVERVIEWIn August 2007, Walmart announced an agreement with Bharti Enterprises to establish a joint venture, Bharti Walmart Private Limited, for wholesale cash-and-carry and back-end supply chain management operations in India. Our fi rst BestPrice Modern Wholesale opened in May 2009.The president and CEO of Walmart India is Raj Jain.

STORESBestPrice Modern Wholesale 9

OVERVIEWIn May of 2002, Walmart acquired a 6.1 percent stake in Seiyu. In December 2005, we acquired a majority interest in Seiyu, making Seiyu a Walmart subsidiary, and in December 2007, we increased our ownership stake of Seiyu from 50.9 percent to 95.1 percent. After acquiring the remaining shares, Seiyu became a wholly owned subsidiary in June 2008. The president and CEO of Seiyu is Steve Dacus. Seiyu’s headquarters are located in Tokyo.

STORESHypermarket (GMS) 88Supermarket 253Compact Hypermarket 27Wakana 46General Merchandise 1Trust-Mart Hypermarket 104

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies.

STORESCBW 1

We’ve created stores with diff erent styles and formats to fi t in with local customer needs, desires, and customs. More than 90 percent of our international stores operate under a diff erent banner than Walmart. But, whether we’re Pali in Costa Rica, Todo Dia in Brazil, or Despensa Familiar in

Central America, all of our stores share a common goal: Save people money, so they can live better. Today, Walmart International is a fast-growing part of Walmart's overall operations, with 5,366 stores and approximately 740,000 associates in 27 countries outside the continental U.S.

International

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

MALAWI MAURITIUS MEXICO MOZAMBIQUE NAMIBIA NICARAGUA NIGERIA SOUTH AFRICA SWAZILAND TANZANIA UGANDA UNITED KINGDOM ZAMBIA

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

OVERVIEWIn 1991, we entered into a joint venture with Cifra to open a Sam’s Club in Mexico City, making Mexico the fi rst country in Walmart’s International division. In 1997, we acquired a majority of Cifra, and in February 2000, the Cifra name offi cially changed to Walmart de México (WALMEX). In December 2009, Walmart Mexico announced the acquisition of Walmart´s operations in Central America from Walmart Stores and two minority partners. In early 2010, the transaction was completed and Walmart México became Walmart México and Central America. The president and CEO of Walmart de México and Central America is Scot Rank. Our headquarters are located in Mexico City.

STORESSupercenter 201Sam’s Club 121Bodega Aurrera 364Mi Bodega Aurrera 205Bodega Aurrera Express 506Superama 79Suburbia 91VIPS Restaurants 364Farmacia Walmart 1

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa. CBW’s new format stores are geared to compete with formal retail structures by off ering value to wholesale customers and convenience to retail shoppers.

STORESGame 1CBW 1Kawena 5

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa. CBW’s new format stores are geared to compete with formal retail structures by off ering value to wholesale customers and convenience to retail shoppers.

STORESGame 2 CBW 1

OVERVIEWIn September of 2005, Walmart acquired more than a 33 percent interest in Central American Retail Holding Company (CARHCO) from the Dutch retailer Royal Ahold NV. In March 2006, we increased our interest to 51 percent and the CARHCO name became Walmart Centroamérica. We are the region’s largest retailer, with stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica. In December 2009, Walmart Mexico announced the acquisition of Walmart´s operations in Central America from Walmart Stores and two minority partners. In early 2010, the transaction was completed and Walmart México became Walmart México and Central America. Our Centroamérica headquarters are located in San Jose, Costa Rica.

STORESPali 58La Unión 8Maxi Pali 1

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

MALAWI MAURITIUS MEXICO MOZAMBIQUE NAMIBIA NICARAGUA NIGERIA SOUTH AFRICA SWAZILAND TANZANIA UGANDA UNITED KINGDOM ZAMBIA

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies.

STORESTotal stores 288

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. CBW’s new format stores are geared to compete with formal retail structures by off ering value to wholesale customers and convenience to retail shoppers.

STORESCBW 1

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

OVERVIEWAsda traces its roots back to two Yorkshire brothers, Peter and Fred Asquith, and a group of Yorkshire farmers who formed Hindell’s Dairies in northern England in the 1920s. In 1965, Asquith and Hindell’s Dairies joined forces to form Asda. In June 1999, Asda was acquired by Walmart and has grown into Britain’s second largest supermarket. The president and CEO of Asda is Andy Clarke. Our headquarters are located in Leeds.

STORESSupercenter 29ASDA - Compact Hypermarket 306ASDA Living 27ASDA Supermarket 139Netto - Supermarket 41

OVERVIEWIn June 2011, Walmart acquired a majority stake in Massmart Holdings Limited, the leading African retailer of general merchandise, home improvement equipment and supplies. Game is a discount retailer of general merchandise and non-perishable groceries for home, leisure and business use, operating throughout South Africa and in twelve major cities in sub-Saharan Africa.

STORESGame 1

SAM’S 10 RULES

SAM’S 10 RULESof building a better business ...

1

COMMIT

1Commit to your business.Believe in it more than anybody else. I think I overcame every single one of my personal shortcomings by the sheer passion I brought to my work. I don't know if you're born with this kind of passion, or if you can learn it. But I do know you need it. If you love your work, you'll be out there every day trying to do it the best you possibly can, and pretty soon everybody around will catch the passion from you — like a fever.

2

2SHAREShare your profits with all your associates, and treat them as partners.In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations. Remain a corporation and retain control if you like, but behave as a servant leader in your partnership. Encourage your associates to hold a stake in the company. Offer discounted stock, and grant them stock for their retirement. It’s the single best thing we ever did.

3

3MOTIVATEMotivate your partners.Money and ownership alone aren’t enough. Constantly, day by day, think of new and more interesting ways to motivate and challenge your partners. Set high goals, encourage competition, and then keep score. Make bets with outrageous payoffs. If things get stale, cross-pollinate; have managers switch jobs with one another to stay challenged. Keep everybody guessing as to what your next trick is going to be. Don’t become too predictable.

4

4COMMUNICATECommunicate everything you possibly can.

The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them. If you don’t trust your associates to know what’s going on, they’ll know you really don’t consider them partners. Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.

5

5APPRECIATEAppreciate everything your associates do for the business.A paycheck and a stock option will buy one kind of loyalty. But all of us like to be told how much somebody appreciates what we do for them. We like to hear it often, and especially when we have done something we’re really proud of. Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free — and worth a fortune.

6

6CELEBRATECelebrate your success.

Find some humor in your failures. Don’t take yourself so seriously. Loosen up, and everybody around you will loosen up. Have fun. Show enthusiasm — always. When all else fails, put on a costume and sing a silly song. Then make everybody else sing with you. Don’t do a hula on Wall Street. It’s been done. Think up your own stunt. All of this is more important, and more fun, than you think, and it really fools competition. “Why should we take those cornballs at Walmart seriously?”

7

7LISTENListen to everyone in your company and figure out ways to get them talking. The folks on the front lines — the ones who actually talk to the customer — are the only ones who really know what’s going on out there. You’d better find out what they know. This really is what total quality is all about. To push responsibility down in your organization, and to force good ideas to bubble up within it, you must listen to what your associates are trying to tell you.

8

8EXCEED Exceed your customers expectations.

If you do, they’ll come back over and over. Give them what they want — and a little more. Let them know you appreciate them. Make good on all your mistakes, and don’t make excuses — apologize. Stand behind everything you do. The two most important words I ever wrote were on that first Walmart sign: “Satisfaction Guaranteed.” They’re still up there, and they have made all the difference.

9

9CONTROLControl your expenses better than your competition.This is where you can always find the competitive advantage. For twenty-five years running — long before Walmart was known as the nation’s largest retailer — we’ve ranked No. 1 in our industry for the lowest ratio of expenses to sales. You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient.

10

10SWIM UPSTREAMChallenge the status quo.

Go the other way. Ignore the conventional wisdom. If everybody else is doing it one way, there’s a good chance you can find your niche by going in exactly the opposite direction. But be prepared for a lot of folks to wave you down and tell you you’re headed the wrong way. I guess in all my years, what I heard more often than anything was: a town of less than 50,000 population cannot support a discount store for very long.

This book is just a glimpse of the historical impact Walmart has created for our customers, our associates, and for the rest of the world. Sam Walton’s vision was to build a business that would help ensure the customers that walked in the store would leave happy, and leave proud knowing they saved money by shopping at Walmart. We are allowing our customers to build confidence in themselves. As we live in a world where the economic environment is constantly changing, and in a world that rapidly evolves, rises a company that revolutionizes with it. Walmart has never been better positioned to do this and with the magnificent growth the company has seen over the past 50 years, our associates are the driving force behind the next generation Walmart, and we are most certainly proud of it.

Designed by Brandon Evano

All materials, including images, text, illustrations, designs, photographs, programs, and written and other materials that are part of this book (collectively, the “Contents”) are copyrights, trademarks, trade dress and/or other intellectual property owned, controlled or licensed by walmartstores inc., one of its affiliates or by third parties and are protected by U.S. and international copyright laws. The compilation (meaning the collection, arrangement, and assembly) of all content in this book are the exclusive property of walmartstores inc. and is also protected by U.S. and international copyright laws. The Walmart names and logos and all related product and service names, design marks and slogans are the trademarks or service marks of Walmart. All other marks are the property of their respective companies. No trademark or service mark license is granted in connection with the materials contained in this book. This book and all information within it is intended solely for personal, non-commercial use. You may not reproduce, publish, transmit, distribute, display, modify, create derivative works from, sell or participate in any sale of or exploit in any way, in whole or in part, any of the Contents, the book or any related images.