X0306 4 2015-11-19 0000104169 WAL MART STORES INC WMT 0001219112 WALTON S ROBSON 702 S.W. 8TH STREET BENTONVILLE AR 72716-0215 1 1 Common Stock 2015-11-19 4 J 0 9971069 0 D 184028931 I By Trust Common Stock 2925030.6182 D Common Stock 1415891131 I By Limited Liability Company The transaction is a distribution of 9,971,069 shares of Common Stock, for no consideration, by the Walton Family Holdings Trust (the "Trust") to certain beneficiaries of the Trust (the "Distribution"). The reporting person is a trustee of the Trust, the entity that owns 184,028,931 shares of Common Stock following the Distribution. The reporting person disclaims beneficial ownership of the reported securities held by the Trust except to the extent of his pecuniary interest therein. Balance adjusted to reflect phantom shares acquired as dividend equivalents on deferred stock. The reporting person is a member of Walton Enterprises, LLC, the entity that owns the reported securities. The reporting person disclaims beneficial ownership of the reported securities held by such LLC except to the extent of his pecuniary interest therein. /s/ Jennifer F. Rudolph, by power of attorney 2015-11-20