Market Overview

Walmart and Flipkart Announce Completion of Walmart Investment in Flipkart, India's Leading Marketplace eCommerce Platform

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Underscores long-term commitment to India, where companies serve
customers, support job creation, small businesses, farmers and women
entrepreneurs

Partnership to leverage combined synergies, including market
insights, retail expertise and local and global supply-chain knowledge

Walmart Inc. (NYSE:WMT) and Flipkart Group ("Flipkart") today announced
the closing of the agreements for Walmart to become the largest
shareholder in the Flipkart Group.

"Walmart and Flipkart will achieve more together than each of us could
accomplish separately to contribute to the economic growth of India,
creating a strong local business powered by Walmart," said Judith
McKenna, president and CEO of Walmart International. "Our investment
will benefit India by providing quality, affordable goods for customers,
while creating new skilled jobs and opportunities for suppliers. As a
company, we are transforming globally to make life even easier for
customers, and we are delighted to learn from, contribute to and work
with Flipkart to grow in India, one of the fastest-growing and most
attractive retail markets in world."

"We are poised and ready to deliver the full value of this partnership
for India," said Binny Bansal, Flipkart's co-founder and group chief
executive officer. "By combining Walmart's omni-channel retail
expertise, supply-chain knowledge and financial strength with Flipkart's
talent, technology and local insights, we are confident that together we
can drive the next wave of retail in India."

The Flipkart investment transforms Walmart's position in a country with
more than 1.3 billion people, strong GDP growth, a growing middle class
and significant runway for smartphone, internet and eCommerce
penetration. As Walmart scales in India, the company will continue to
partner to create sustained economic growth across agriculture, food and
retail. Future investments by Walmart will support national initiatives
and will bring sustainable benefits in jobs creation, supporting small
businesses, supporting farmers and supply chain development and reducing
food waste.

Structure and Financial Details

Flipkart's existing management team will continue to lead the business.
Tencent Holdings Limited and Tiger Global Management LLC will remain
represented on the Flipkart board, in addition to independent board
members, and will be joined by new members from Walmart. The board will
work to maintain Flipkart's core values and entrepreneurial spirit,
while ensuring it has strategic and competitive advantages.

With the completion of the investment, Walmart now holds approximately
77 percent of Flipkart. The remainder of the business is held by other
shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger
Global and Microsoft Corp. Moving forward, Flipkart's financials will be
reported as part of Walmart's International business segment.

Walmart's investment includes $2 billion of new equity funding to help
accelerate the growth of the Flipkart business. Both companies will
retain their unique brands and operating structures in India.

Guidance

At the time the company disclosed the transaction, the estimated impact
to FY19 EPS was a negative $0.25-$0.30 assuming the transaction closed
mid-year. Consistent with guidance at the time of its second quarter
earnings report, the company anticipates this level of EPS impact,
prorated for today's close date.

In FY20, as we look to accelerate growth in this important market,
Walmart continues to anticipate a headwind to EPS of around $0.60.

About Walmart

Walmart 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, nearly 265 million customers
and members visit our more than 11,200 stores under 55 banners in 27
countries and eCommerce websites. With fiscal year 2018 revenue of
$500.3 billion, Walmart employs approximately 2.2 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 http://corporate.walmart.com,
on Facebook at http://facebook.com/walmartand
on Twitter at http://twitter.com/walmart.

About Flipkart

The Flipkart Group is one of India's largest e-commerce marketplace and
includes group companies Flipkart, Myntra, Jabong, and PhonePe.

Launched in 2007, Flipkart has enabled millions of customers, sellers,
merchants, and small businesses to be a part of India's e-commerce
revolution, offering over 80 million products across 80+ categories.
Flipkart is known for pioneering industry-first innovations such as Cash
on Delivery, No Cost EMI and easy returns – customer-centric services
that have made online shopping more accessible and affordable for
millions of customers. Together with Myntra and Jabong, which hold
prominent positions in the online fashion market, and PhonePe, India's
first UPI based payment app, the Flipkart Group has steered the
transformation of commerce in India.

Forward Looking Statements

The statements in this press release regarding the impact of this
investment, including management's guidance regarding the earnings per
share impact of this investment for the fiscal year ending January 31,
2019, and the subsequent fiscal year and as to the future operations of
Flipkart and Walmart in India, are believed to be "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended (the "Act"), that are intended to enjoy
the protection of the safe harbor for forward-looking statements
provided by the Act. Walmart's actual results may differ materially from
the guidance provided as a result of changes in circumstances,
assumptions not being realized or other risks, uncertainties and other
factors, including: the level of Walmart's investment in Flipkart from
time to time; currency exchange rate fluctuations; competitive pressures
and other economic, geo-political, capital markets and business
conditions, trends and events in India; changes in existing rules and
regulations regarding foreign direct investment in the retail business
in India; other changes in existing tax, labor or other law or
regulations in India; and other risks, uncertainties and factors
relating to Walmart's operations and financial performance discussed in
its filings with the SEC. You should read this press release in
conjunction with our Annual Report on Form 10-K for the year ended
January 31, 2018, and our subsequently filed Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. You should consider all of the
risks, uncertainties and other factors identified in those SEC reports
carefully when evaluating the forward-looking statements in this press
release. Walmart cannot assure you that the future results reflected in
or implied by any such forward-looking statement will be realized or,
even if substantially realized, will have the forecasted or expected
consequences and effects for or on our operations or financial
performance. Such forward-looking statements are made as of the date of
this release, and Walmart undertakes no obligation to update such
statements to reflect subsequent events or circumstances.

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