(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

Financial measures presented on a constant currency basis (each, a “Constant Currency Measure”). Constant Currency Measures are calculated by translating the results of our Walmart International operating segment (“Walmart International”) for a fiscal period in the local currencies in which Walmart International operates into U.S. dollars using the currency exchange rates used to translate the similar results of Walmart International for the prior year comparable period into U.S. dollars to report those prior period results in our consolidated financial statements.

Financial measures (the “Adjusted Financial Measures”) relating to our consolidated net sales and Walmart International’s consolidated net sales for certain periods and certain period-over-period increases in our consolidated net sales and consolidated operating income and Walmart International’s net sales and operating income, in each case, presented on a constant currency basis and excluding the results of the Netto stores in the United Kingdom and of Massmart Holdings Ltd. in South Africa, the acquisitions of which were completed during the three months ended July 31, 2011 (the “Acquisitions”).

Our total U.S. comparable store sales and the comparable club sales of our Sam’s Club operating segment (“Sam’s Club”) for the thirteen-week and fifty-two-week periods ended January 27, 2012 and January 28, 2011 calculated excluding the fuel sales of Sam’s Club for such periods.

The net sales of Sam’s Club for the three months and fiscal year ended January 31, 2012, excluding the fuel sales of Sam’s Club for that three-month period and that fiscal year, and the percentage increase in the net sales and operating income of Sam’s Club for the three months and fiscal year ended January 31, 2012, excluding the fuel sales of Sam’s Club for the three months and fiscal year ended January 31, 2012, over the net sales and operating income, respectively, of Sam’s Club for the three months and fiscal year ended January 31, 2011, excluding the fuel sales of Sam’s Club for the three months and fiscal year ended January 31, 2011.

We are required to translate Walmart International’s operating results as stated in local currencies into U.S. dollars to report our consolidated results of operations in accordance with generally accepted accounting principles as in effect in the United States. Period-over-period comparisons of our consolidated results of operations can be affected by the differences between currency exchange rates in the prior fiscal period to which the comparison is made and the currency exchange rates in the current fiscal period as reflected in our consolidated results of operations reported in U.S. dollars, making an investor’s assessment of the underlying performance of Walmart International and its effect on total company underlying performance for the current fiscal period more difficult. The presentation of the Constant Currency Measures permits investors to understand important aspects of Walmart International’s underlying performance in the current fiscal period without the effect of any period-to-period fluctuations in applicable currency exchange rates and how that performance would have affected our consolidated results of operations in the current fiscal period and in period-over-period comparisons had currency exchange rates remained constant since the comparable prior year period.

The presentation of the Adjusted Financial Measures permits investors to understand the combined effects of currency exchange rate translations and the Acquisitions on our consolidated net sales and Walmart International’s net sales and on the period-over-period increases in our consolidated net sales and consolidated operating income and Walmart International’s net sales and operating income, in each case for the periods as to

which the Adjusted Financial Measures are presented, and what our financial performance as reflected by those measures would have been for the periods for which the Adjusted Financial Measures are presented without the combined effects of currency exchange rate translations and the Acquisitions.

The presentation of our total U.S. comparable store sales, Sam’s Club’s comparable club sales, the net sales and operating income of Sam’s Club and the period-over-period percentage increase in the net sales and operating income of Sam’s Club, calculated, in each case, excluding the fuel sales of Sam’s Club, permits investors to understand the effect of such fuel sales, which are affected by the volatility of fuel prices, on our total U.S. comparable store sales, on Sam’s Club’s comparable club sales and on Sam’s Club’s net sales and operating income for the periods presented.