Pauline Mohler - Senior Director-Corporate Finance C. Douglas McMillon - President, Chief Executive Officer & Director Gregory S. Foran - President & Chief Executive Officer, Walmart U.S. David Cheesewright - President & Chief Executive Officer, Walmart International, Wal-Mart Stores, Inc. Rosalind Gates Brewer - President & Chief Executive Officer, Sam's Club, Wal-Mart Stores, Inc. Neil M. Ashe - President & Chief Executive Officer, Global eCommerce and Technology Brett M. Biggs - Chief Financial Officer & Executive Vice President

Welcome. This is Pauline Mohler, Senior Director of Global Investor Relations for Wal-Mart Stores, Incorporated. Thanks for joining us today to review the results for the fourth quarter and full year of fiscal 2016. The date of this call is February 18, 2016. This call is the property of Wal-Mart Stores, Incorporated and is intended for the use of Walmart shareholders and the investment community. It should not be reproduced in any way. This call contains statements that Walmart believes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and that are intended to enjoy the protection of the safe harbor for forward-looking information provided by that act. Please note that a cautionary statement regarding the forward-looking statements will be made following Brett Biggs' remarks later in this call. Today, in addition to the earnings release, we announced our annual dividend for fiscal year 2017 and you will hear more about that in today's call. Information regarding today's news is available on the Investors portion of our corporate website, stock.walmart.com. At this site, we also post earnings terminology, which includes our definition of adjusted earnings per share, our global unit counts and a slide presentation that we recommend you should review in conjunction with this call and the earnings press release. The slide presentation has been updated to include the FCPA and compliance-related costs which we have typically discussed in the transcript. As a reminder for fiscal 2016, we utilized a 52-week comp reporting calendar. For this year, quarter-to-date and year-to-date comps will be based upon 13 and 52-week periods, respectively. Our Q4 reporting period ran from Saturday, October 31, 2015, through Friday, January 29, 2016. Now, let's move on to today's call. Doug McMillon, President and CEO of Wal-Mart Stores, Incorporated,…

This call included and the accompanying financial presentation, which is available at www.stock.walmart.com, include certain forward-looking statements intended to enjoy the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to management's guidance and forecasts as to, and expectations for, with respect to Walmart as a whole: Walmart's earnings per share for all of fiscal year 2017 and the first quarter of fiscal year 2017; Walmart's earnings per share in fiscal year 2017 to be down within a certain percentage range; consolidated net sales growth for fiscal year 2017 on a reported basis and a range of consolidated net sales growth for fiscal year 2017 on the basis that excludes the effect of the recently-announced store closures and currency exchange rate fluctuations; Walmart to make capital expenditures of approximately $11 billion in fiscal year 2017; the amount of its incremental investment in associates in fiscal year 2017 and for the earnings per share for the first quarter of fiscal year 2017 to be impacted somewhat more by such investment than other quarters in fiscal 2017; focus on the areas of continuing to build a digital relationship with its customers, scaling its online assortment and expanding online grocery; rolling out Walmart Pay in fiscal year 2017; continuing focus on expense management; fiscal year 2017 being a year in which Walmart digests foundational investments; the impact of currency exchange rate fluctuations on Walmart's net sales for fiscal year 2017 and its earnings per share for the first quarter of fiscal year 2017 and for the full fiscal year 2017; the range of Walmart's effective tax rate for fiscal year 2017, that rate to fluctuate quarterly and factors that may affect such rate; focus on building and delivery of a seamless shopping experience across…