Wal-Mart Stores, Inc. (NYSE: WMT) has learned that TRC Capital Corporation (TRC) has made an unsolicited “mini-tender” offer dated Jan. 20, 2016. TRC has offered to purchase up to 2 million shares of Walmart’s common stock at $59.88 per share. The offering price is approximately 4.3 percent below the closing price per share of Walmart’s common stock on Jan. 19, 2016, the last trading day before the commencement of the offer. Walmart is in no way associated with TRC and recommends that shareholders reject this unsolicited offer.

Mini-tender offers seek less than 5 percent of a company’s outstanding shares. This allows the offering company to avoid many of the U.S. Securities and Exchange Commission (SEC) disclosure and procedural requirements for tender offers.

The SEC’s guidance to investors on mini-tender offers is available at www.sec.gov/investor/pubs/minitend.htm. This alert advises that mini-tender offers “have been increasingly used to catch investors off guard” and that investors “may end up selling their securities at below-market prices.”

TRC has a history of mini-tender offers. Like its other offers, this one puts individual investors at risk because they may not realize they’re selling their shares at a discount. Walmart urges investors to get current stock quotes for their shares of Walmart, consult their financial advisors and exercise caution with respect to TRC’s offer. Shareholders who may already have tendered their shares may withdraw them by providing, prior to the expiration of the offer, the written notice described in the TRC offering documents. The offer is set to expire at 12:01 a.m. Eastern Standard Time on Thursday, Feb. 18, 2016, but TRC may extend this offer at its discretion.

Walmart requests that a copy of this news release be included with all distributions of materials related to TRC’s offer for shares of Walmart common stock.

About Walmart

Wal-Mart Stores, 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 260 million customers and members visit our nearly 11,600 stores under 72 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2015 revenue of $485.7 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/walmart and on Twitter at http://twitter.com/walmart.

Wal-Mart Stores, Inc.Media Relations:Randy Hargrove, 800-331-0085orInvestor Relations:Pauline Mohler, 479-277-0218

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