Wal Mart de Mexico B de C : Results 3Q20 to the MSE

Wal-Mart de México, S.A.B. de C.V.	Consolidated
Ticker:	WALMEX	Quarter: 3 Year: 2020

Quarterly Financial Information

[105000]	Management commentary..................................................................................................................................	2
[110000]	General information about financial statements ...........................................................................................	15
[210000]	Statement of financial position, current/non-current.....................................................................................	18
[310000]	Statement of comprehensive income, profit or loss, by function of expense ...........................................	20
[410000]	Statement of comprehensive income, OCI components presented net of tax.........................................	21
[520000]	Statement of cash flows, indirect method ......................................................................................................	23
[610000]	Statement of changes in equity - Accumulated Current ..............................................................................	25
[610000]	Statement of changes in equity - Accumulated Previous ............................................................................	28
[700000]	Informative data about the Statement of financial position .........................................................................	31
[700002]	Informative data about the Income statement...............................................................................................	32
[700003]	Informative data - Income statement for 12 months.....................................................................................	33
[800001]	Breakdown of credits.........................................................................................................................................	34
[800003]	Annex - Monetary foreign currency position ..................................................................................................	36
[800005]	Annex - Distribution of income by product .....................................................................................................	37
[800007]	Annex - Financial derivate instruments ..........................................................................................................	38
[800100]	Notes - Subclassifications of assets, liabilities and equities .......................................................................	44
[800200]	Notes - Analysis of income and expense.......................................................................................................	48
[800500]	Notes - List of notes ..........................................................................................................................................	49
[800600]	Notes - List of accounting policies ..................................................................................................................	80
[813000]	Notes - Interim financial reporting ...................................................................................................................	97

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Wal-Mart de México, S.A.B. de C.V.	Consolidated
Ticker:	WALMEX	Quarter: 3 Year: 2020

[105000] Management commentary

Management commentary [text block]

Walmex's response to COVID -19.

Our priority remains consistent: keeping our associates and customers safe.

Measures to support our associates: change in payment frequency from biweekly to weekly so they can have quicker access to their earnings, a discount to buy every day needs in stores that is now also enabled for online shopping, and a medical line to support our associates' and their families' health and well-being. All those measures continue in place, and in addition to them, last quarter we made a partial early payment of the annual bonus for operations associates as a recognition to their constant effort to serve our customers.

As we enter the holiday season, it becomes increasingly important not to let our guard down, to continue monitoring the situation daily and to follow the authorities' guidelines.

Our customers' preferences have been changing as the pandemic evolves, and we are doing everything we can to serve them. Our supply chain is operating at full speed, our stores continue to operate with the required social distancing measures and health protocols, and we continue to take additional cleaning and sanitizing measures to keep customers safe.

We remain committed to our Every Day Low Prices philosophy, ensuring the lowest prices on a basket of goods.

Earlier in the year, we launched "Los Esenciales" campaign, which consists in providing the lowest prices for nearly 300 basic items and maintaining these low prices for an extended period of time, with the goal of reinforcing even further our Low Price value proposition. During the third quarter, we extended this program to 60 basic school supply items, to support our customers during the back-to-school season.

Our Private Brand products are a great alternative and have an important role during these times, as customers are becoming more price sensitive. We can offer great quality products at the lowest prices, while driving loyalty. We launched an event featuring our Private Label products in Walmart, Superama and Bodega Aurrera, where we achieved double-digit sales growth.

We continue to respond to the needs of our communities:

In collaboration with other organizations, we were able to support more than 45,000 people affected by COVID-19, by donating over $33 million pesos to help them afford everyday needs through our gift cards program.

In the past months, several areas of the region have been impacted by natural disasters, such as hurricane Hannah and tropical storm Hernan. Together with the Mexican Red Cross, we donated more than 27 tons of food to over 10,000 people to support relief efforts.

Frontline workers in our communities continue to be an example during these times, and they deserve our deepest admiration and respect. In an effort to support them, we decided to grant a 10% discount in pharmacy products to all doctors, nurses, paramedics, police officers and firefighters who shop at our stores.

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Wal-Mart de México, S.A.B. de C.V.	Consolidated
Ticker:	WALMEX	Quarter: 3 Year: 2020

We know these are challenging times for our business partners and suppliers too, especially for the small ones, as many of them were not prepared for the unprecedented and accelerated shift we are experiencing from the physical to the digital world.

We launched Walmart Reemprende Digital. A digital strengthening program designed for entrepreneurs with micro and small businesses that were affected by the COVID-19 contingency and that require support to enter the digital world as an alternative to face the crisis. We made this program possible through the alliance between Fundación Walmart and Fundación ProEmpleo Productivo, A.C., and we hope this initiative will contribute to reactivate the economic activity in the country.

Collaboration between our suppliers and our teams remains close and strong. As an additional measure to support our micro and small suppliers, we decided to keep the reduced payment terms indefinitely to help them finance their operations.

Disclosure of nature of business [text block]

Walmart de México y Centroamérica is one of the leader retail chains in the region.

As of September 30, 2020, it operates 3,452 units, throughout 6 countries (Costa Rica, Guatemala, Honduras, El Salvador, México, and Nicaragua), including self -service stores, membership clubs and omnichannel sales.

Walmart shares trade in the Mexican Stock Exchange since 1977; the ticker symbol is WALMEX .

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Wal-Mart de México, S.A.B. de C.V.	Consolidated
Ticker:	WALMEX	Quarter: 3 Year: 2020

Disclosure of management's objectives and its strategies for meeting those

objectives [text block]

The objective of the Company is to double total sales in 10 years and to leverage operating expenses to reinvest in the business.

Sales growth will come from:

• Same store sales
• Sales from new stores
• eCommerce

Disclosure of entity's most significant resources, risks and relationships [text block]

The Company is exposed to the effects of future events that could affect the purchasing power and/or buying habits of the population. These events may be economic, political or social in nature and some of the most important are described below:

I.	Changes in exchange rates. Exchange rate fluctuations tend to put upward pressure on
	inflation and reduce the population's purchasing power, which could ultimately adversely
	affect the Company's sales, particularly due to the purchases of imported goods.

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