X0306 4 2016-12-20 0000104169 WAL MART STORES INC WMT 0001013440 WALTON ALICE L P.O. BOX 1860 BENTONVILLE AR 72712 1 Common Stock 2016-12-20 4 J 0 911500 0 D 148506019 I By Trust Common Stock 2016-12-20 4 J 0 71500 0 A 6820080 D Common Stock 2016-12-22 5 G 0 E 71500 0 D 6748580 D Common Stock 1415891131 I By Limited Liability Company The transaction is a distribution of 911,500 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 holds 148,506,019 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 her pecuniary interest therein. The transaction is the receipt of 71,500 shares of Common Stock, for no consideration, in the Distribution. On December 22, 2016, the reporting person made a charitable gift of 71,500 shares of Common Stock. The reporting person is a member of Walton Enterprises, LLC, the entity that owns 1,415,891,131 shares of Common Stock. The reporting person disclaims beneficial ownership of the reported securities held by such LLC except to the extent of her pecuniary interest therein. /s/ Jennifer F. Rudolph, by Power of Attorney 2016-12-22