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Joseph Agnese

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We believe colder weather is helping keep inventories under control. We expect international sales to continue showing strong growth as Wal-Mart pursues geographical expansion through acquisitions.

We continue to believe Wal-Mart is well positioned to benefit from international market expansion and reorganization of management structure with increased focus on local markets.

This is just another example of Wal-Mart's efforts to expand operations in India. The company already sources a significant amount of goods from India. There is plenty of room for expansion internationally, in our view. The company is looking at India as one of many opportunities.

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