Investor Presentaiton

AUDIT AND CORPORATE GOVERNANCE COMMITTEES REPORT WAL-MART DE MÉXICO, S.A.B. DE C.V. ANNUAL REPORT BOARD OF DIRECTORS OF WAL-MART DE MÉXICO, S.A.B. DE C.V. DEAR SIRS, In accordance with article 43 of the Securities Market Law ("LMV", as per its initials in Spanish) in effect and with the internal regulations approved by the Board of Directors of Wal-Mart de México, S.A.B. (the "Company"), we hereby inform you of the activities undertaken during fiscal year ended December 31, 2013. In the performance of our duties, we have maintained strict compliance not only with LMV, but we have also considered the recommendations contained in the Code of Corporate Best Practices issued by the Consejo Coordinador Empresarial, A.C. and the Company's Code of Ethics. In order to comply with our supervisory process, the Audit and Corporate Governance Committees have held quarterly meetings to examine a general overview of the company's most relevant accounting, legal, operating and ethical issues, supplemented by our involvement in the results analysis meetings, Ethics Committee and monthly meetings with the CEO and Legal areas, and an emphasis on the following: I. AS TO CORPORATE GOVERNANCE: a) We were informed by Management of the following: 1. Performance assessment processes for relevant executives and the authorized replacement plan, with no observations noted. 2. Processes followed along the year to conduct transactions with related parties and relevant transfer price study, concepts which are mentioned by management in Note 10 to the Financial Statements of the Company, with no observations noted. We were also informed of a sale transaction involving the restaurant division of Wal-Mart de México S.A.B. de C.V. mentioned in Note 1, Paragraph b), Number II, to the financial statements. 3. Processes to determine comprehensive compensation packages for the CEO and other relevant executives listed under Note 10 to the Financial Statements of the Company, with no observations noted. b) The Board of Directors did not grant any waivers to board members, relevant executives or any other person with any of the authorities specified under Article 28, Section III, Paragraph f) of the Securities Market Law. c) During 2013, the Company's Management have been continuously informing us on the progress of the investigations conducted by Walmart Stores, Inc.'s Audit Committee with support from independent lawyers and other advisors on corrupt practices and of all measures taken by the Company to reinforce internal organization by training managing executives and associates and strengthening processes to be leaders in compliance worldwide, as explained in detail in Note 1, Paragraph b, Number 1, to the Financial Statements of Wal-Mart de México, S.A.B. de C.V. and Subsidiaries as of December 31, 2013. Additionally, it is our knowledge that the Company shall willingly cooperate with such investigations. 2013 Financial and Social Responsibility Report 61

View entire presentation