EL GRAN FLUJO LODOSO EN EL RIO STAVA, ITALIA

The Company has completed, or is in process of completing, the following transactions that impact the operations of Walmart International:

India Operations

During fiscal 2014, the Company acquired, for $100 million, the remaining ownership interest in Bharti Walmart Private Limited, previously a joint venture between Bharti Ventures Limited (“Bharti”) and the Company established in 2007, which operated the Company’s wholesale cash & carry business in India. Upon completion of the transaction, the Company became the sole owner of the cash & carry business in India. In addition, the Company also terminated its joint venture, franchise and supply agreements with Bharti Retail Limited (“Bharti Retail”), which operates Bharti’s retail business in India, and transferred its investment in that business to Bharti. In connection with the agreements related to the Bharti retail business, the Company paid and forgave indebtedness of approximately $234 million and recorded a net loss of approximately $151 million in the Company’s Consolidated Statements of Income.

Walmart Chile

In September 2013, certain redeemable noncontrolling interest shareholders exercised put options that required the Company to purchase a portion of their shares in Walmart Chile at the mutually agreed upon redemption value to be determined after exercise of the put options. In fiscal 2014, the Company recorded an increase to redeemable noncontrolling interest of $1.0 billion, with a corresponding decrease to capital in excess of par value, to reflect the estimated redemption value of the redeemable noncontrolling interest at $1.5 billion.

Subsequent to the initial exercise, the Company negotiated with the redeemable noncontrolling interest shareholders to acquire all of their redeemable noncontrolling interest shares. The Company completed this transaction in February 2014, after period end, using its existing cash and bringing its ownership interest in Walmart Chile to approximately 99.7 percent. The Company has since initiated a tender offer for the remaining 0.3 percent noncontrolling interest held by the public in Chile at the same value per share as was paid to the redeemable noncontrolling interest shareholders. The tender offer will expire in the first quarter of fiscal 2015.

Vips Restaurant Business in Mexico

In September 2013, Walmex, a majority-owned subsidiary of the Company, entered into a definitive agreement with Alsea S.A.B. de C.V. to dispose of Walmex’s Vips restaurant business (“Vips”) in Mexico for approximately $625 million. Accordingly, the Vips operating results are presented as discontinued operations in the Company’s Consolidated Statements of Income for fiscal 2014, 2013 and 2012. Additionally, the Vips assets and liabilities to be disposed of are reported separately in the Company’s Consolidated Balance Sheets as of January 31, 2014. The Vips sale is subject to approval by Mexican regulatory authorities and is currently expected to close during the first half of fiscal 2015. Upon completion of this transaction, the Company expects to record a net gain, which will be recorded in discontinued operations in the Company’s Consolidated Statements of Income.

14 Segments

The Company is engaged in the operation of retail, wholesale and other units located in the U.S., Africa, Argentina, Brazil, Canada, Central America, Chile, China, India, Japan, Mexico and the United Kingdom. The Company’s operations are conducted in three reportable business segments: Walmart U.S., Walmart International and Sam’s Club. The Company defines its segments as those operations whose results its chief operating decision maker (“CODM”) regularly reviews to analyze perfor- mance and allocate resources. The Company sells similar individual prod- ucts and services in each of its segments. It is impractical to segregate and identify revenues for each of these individual products and services. The Walmart U.S. segment includes the Company’s mass merchant con- cept in the U.S. operating under the “Walmart” or “Wal-Mart” brands, as well as walmart.com. The Walmart International segment consists of the Company’s operations outside of the U.S., including various retail web- sites. The Sam’s Club segment includes the warehouse membership clubs in the U.S., as well as samsclub.com. Corporate and support con- sists of corporate overhead and other items not allocated to any of the Company’s segments.

The Company measures the results of its segments using, among other measures, each segment’s net sales and operating income, which includes certain corporate overhead allocations. From time to time, the Company revises the measurement of each segment’s operating income, including any corporate overhead allocations, as determined by the information regularly reviewed by its CODM. When the measure- ment of a segment changes, previous period amounts and balances are reclassified to be comparable to the current period’s presentation.

Information for the Company’s segments, as well as the reconciliation to income from continuing operations before income taxes, is provided in the following table:

Walmart Corporate and

(Amounts in millions) Walmart U.S. International Sam’s Club Support Consolidated

Fiscal Year Ended January 31, 2014

Net sales $279,406 $136,513 $57,157 $ — $473,076

Operating income (loss) 22,351 5,454 1,975 (2,908) 26,872

Interest expense, net (2,216)

Income from continuing operations before income taxes $ 24,656

Total assets $ 98,745 $ 85,370 $14,053 $ 6,583 $204,751

Depreciation and amortization 4,660 2,658 645 907 8,870

Capital Expenditures 6,378 4,463 1,071 1,203 13,115

Fiscal Year Ended January 31, 2013

Net sales $ 274,433 $134,748 $56,423 $ — $465,604 Operating income (loss) 21,491 6,617 1,960 (2,343) 27,725 Interest Expense, net (2,063) Income from continuing operations before income taxes $ 25,662 Total assets $ 96,234 $ 85,695 $13,479 $ 7,697 $203,105 Depreciation and amortization 4,586 2,605 617 670 8,478 Capital Expenditures 5,994 4,640 868 1,396 12,898

Fiscal Year Ended January 31, 2012

Net sales $ 264,186 $125,435 $53,795 $ — $443,416 Operating income (loss) 20,381 6,113 1,844 (1,847) 26,491 Interest Expense, net (2,159) Income from continuing operations before income taxes $ 24,332 Total assets $ 93,143 $ 81,289 $12,824 $ 6,150 $193,406 Depreciation and amortization 4,557 2,438 595 540 8,130 Capital Expenditures 6,226 5,274 823 1,187 13,510

Walmart 2014 Annual Report 59 58 Walmart 2014 Annual Report

Total revenues, consisting of net sales and membership and other income, and long-lived assets, consisting primarily of property and equipment, net, aggregated by the Company’s U.S. and non-U.S. operations for fiscal 2014, 2013 and 2012, are as follows:

Fiscal Years Ended January 31,

(Amounts in millions) 2014 2013 2012 Total revenues U.S. operations $338,681 $332,788 $319,800 Non-U.S. operations 137,613 135,863 126,709 Total revenues $476,294 $468,651 $446,509 Long-lived assets U.S. operations $ 79,644 $ 77,692 $ 75,881 Non-U.S. operations 38,263 38,989 36,443 Total long-lived assets $117,907 $116,681 $112,324 No individual country outside of the U.S. had total revenues or long-lived assets that were material to the consolidated totals. Additionally, the Company did not generate material total revenues from any single customer.

15 Subsequent Event

Dividends Declared

On February 20, 2014, the Board of Directors approved the fiscal 2015 annual dividend at $1.92 per share, an increase compared to the fiscal 2014 dividend of $1.88 per share. For fiscal 2015, the annual dividend will be paid in four quarterly installments of $0.48 per share, according to the following record and payable dates:

Record Date Payable Date

March 11, 2014 April 1, 2014 May 9, 2014 June 2, 2014 August 8, 2014 September 3, 2014 December 5, 2014 January 5, 2015