Walmart Releases 2017 Annual Report, Proxy Statement, Global Responsibility Report and Global Ethics and Compliance Program Update

BENTONVILLE, Ark.–(BUSINESS WIRE)–Wal-Mart Stores, Inc. (NYSE: WMT) today issued its 2017 Annual Report,
Global Responsibility Report, an update on its Global Ethics and
Compliance Program and filed its Proxy Statement in preparation for the
company’s upcoming Annual Shareholders’ Meeting on Friday, June 2, 2017.

“We are a company of the future. We’re operating from a strong
foundation built by those before us and taking action aimed at
strengthening our business this year and beyond,” Walmart President and
Chief Executive Officer Doug McMillon said in his letter to
shareholders, associates and customers. “We’ll continue to strengthen
our stores around the world, we’ll continue to build our e-commerce and
digital capabilities and we’ll put them together in a way that saves
customers time and money.”

Annual Report Highlights

The 2017 Annual Report, Moving with Speed, provides shareholders with
highlights of Walmart’s achievements in the last fiscal year and key
company-wide initiatives for the upcoming year. The full report is
available here.

In the report, McMillon highlights how the company is continuing to
write its own history of innovation by harnessing the power of
technology and its investments in associates to create new ways of
serving customers and providing associates with more opportunities to
grow their careers. The company plans to focus on four key objectives in
the coming year – make every day easier for busy families, change the
way Walmart works, deliver results and operate with discipline and be
the most trusted retailer – to take advantage of opportunities resulting
from the fundamental transformation of the retail industry within the
economy and the communities Walmart serves.

Also in the report is an update on governance and shareholder engagement
from Chairman of the Board of Directors, Greg Penner. In his letter to
shareholders, Penner states, “The transformation of Walmart is gaining
momentum, and the Board of Directors is confident that we have the right
strategy to position the business for sustainable growth and shareholder
returns in this new era of retail. Today’s customer has more time
pressures than ever, and our focus on making life easier for busy
families is critical. Walmart is uniquely positioned to deliver on that

2017 Annual Shareholders’ Meeting and Proxy Statement

The company began distributing its Proxy Statement today with details of
its Annual Shareholders’ Meeting, to be held on Friday, June 2, 2017, at
8 a.m. (CDT) in Bud Walton Arena on the University of Arkansas campus in
Fayetteville, Ark. Shareholders of record as of the close of business on
April 7, 2017, the record date for the meeting, are entitled to vote at
this year’s meeting.

This year’s Proxy materials seek Shareholders’ vote on 11 director
nominees, three company proposals and three shareholder proposals. Linda
Wolf and Pam Craig are retiring from the Board and will not stand for
re-election. As Walmart maintains its commitment to an independent
board, it announced Carla Harris, vice chair of the Wealth Management
business segment of Morgan Stanley, as a new independent nominee.

“Linda and Pam have provided insightful leadership and demonstrated a
deep commitment to the Board and shareholders that will be missed,”
Penner said. “Linda’s brand management and international business
expertise have benefited Walmart tremendously while Pam’s global
perspectives, finance and technology experience have proven instrumental
as we reposition the business for sustainable growth through stores,
mobile and e-commerce. They both have also been strong advocates and
leaders for Walmart’s Womens’ Empowerment and Diversity and Inclusion
programs. With their retirements, we look forward to the deep experience
in capital markets and global finance that Carla is prepared to provide
to the Board.”

Wolf, who served as chair of the Compensation and Management Development
Committee and was a member of the Technology and eCommerce Committee and
the Nominating and Governance Committee, is rotating off of the Board
after 12 years of service in accordance with Walmart’s corporate
governance guidelines.

Craig joined the Board in 2013 and served on the Technology and
eCommerce Committee and the Audit Committee. She and Walmart mutually
agreed that she will not stand for re-election due to the technical
meaning of “independent” under the NYSE’s rules. As part of its annual
review, the Board recently determined that Craig is no longer
independent based on the 2016 promotion of her brother-in-law to
executive officer of a Walmart supplier. Payments by Walmart to the
supplier account for more than two percent of the supplier’s annual
revenues If not for this technical issue, the Board otherwise considers
Craig independent due to the fact that her brother-in-law is responsible
for a region with the supplier that does a minimal amount of business
with Walmart. Neither have a direct nor indirect material interest in
the relationship between Walmart and the supplier.

Harris’ experience during her 30-year career with Morgan Stanley has
included investment banking, equity capital markets, equity private
placements, and initial public offerings in a number of industries such
as technology, media, retail, telecommunications, transportation,
healthcare and biotechnology. In 2013, she was also appointed by
President Obama to serve as Chair of the National Women’s Business

The 2017 Proxy Statement can be read online.
Shareholders unable to attend the 2017 Annual Shareholders’ Meeting in
person may view a live webcast at

Global Responsibility Report

Walmart’s 2017 Global Responsibility Report, the company’s tenth,
outlines the company’s major milestones in fiscal year 2017 tied to
environmental, social and governance (ESG) initiatives, specifically
highlighting the company’s progress within those areas. The report also
outlines Walmart’s shared value priorities and aspirations for 2025 to
continue to advance global responsibility in the key areas of
opportunity, sustainability and community. The report is available
digitally and can be viewed online.

Global Ethics and Compliance Update

Five years ago, the company began a multi-year process to reorganize,
unify and professionalize its ethics and compliance program. The
company’s fourth report on ethics and compliance looks back at the
program’s growth over the past five years into a leading, world-class
organization, and efforts to continue to prioritize and enhance ethics
and compliance training, anti-corruption policies and procedures and
digitization of compliance processes and systems. The detailed report is
available here.

About Walmart

Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better – anytime and anywhere – in retail stores, online,
and through their mobile devices. Each week, over 260 million customers
and members visit our 11,695 stores under 59 banners in 28 countries and
e-commerce websites in 11 countries. With fiscal year 2017 revenue of
$485.9 billion, Walmart employs approximately 2.3 million associates
worldwide. Walmart continues to be a leader in sustainability, corporate
philanthropy and employment opportunity. Additional information about
Walmart can be found by visiting on
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Wal-Mart Stores, Inc.
Media Relations Contact
Hargrove, 800-331-0085
Investor Relations Contact
Schmitt, 479-258-7172