• THE STORY OF WAL-MART

Many trace discount retailing birth to 1962, the first year of operation for
Kmart, Target and Wal-Mart. But by that time, Sam Walton's tiny chain of
variety stores in Arkansas and Kansas was already facing competition from
regional discount chains. Sam traveled the country to study this radical, new
retailing concept and was convinced it was the wave of the future. He and his
wife, Helen, put up 95 percent of the money for the first Wal-Mart store in
Rogers, Arkansas, borrowing heavily on Sam's vision that the American
consumer was shifting to a different type of general store.

Today, Sam's gamble is a global company with more than 1.3 million
associates worldwide and nearly 5,000 stores and wholesale clubs across 10
countries. The "most admired retailer" according to FORTUNE magazine has
just completed one of the best years in its history: Wal- Mart generated more
than $256 billion in global revenue, establishing a new record and adding
more than $26 billion in sales. The company earned almost $9.1 billion in net
income and grew earnings per share by more than 15 percent.

In the 1980s, Wal-Mart became one of the most successful retailers in

America. Sales grew to $26 billion by 1989, compared to $1 billion in 1980.
Employment increased tenfold. At the end of the decade there were nearly
1,400 stores. Wal-Mart Stores, Inc. branched out into warehouse clubs with
the first SAM'S Club in 1983. The first Super center, featuring a complete
grocery department along with the 36 departments of general merchandise,
opened in 1988. Wal-Mart had become a textbook example of managing
rapid growth without losing sight of a company's basic values. In Wal-Mart's
case, the basic value was, and is, customer service.

Wal-Mart Stores, Inc. is the world's largest retailer, with $244.5 billion in
sales in the fiscal year ending Jan. 31, 2003. The company employs more
than 1.3 million associates worldwide through more than 3,200 facilities in
the United States and more than 1,100 units in Mexico, Puerto Rico, Canada,
 Argentina, Brazil, China, Korea, Germany and the United Kingdom. More than
100 million customers per week visit Wal-Mart stores worldwide.

Guided by founder Sam Walton's passion for customer satisfaction and

"Every Day Low Prices," Wal-Mart's four retail divisions -- Wal-Mart Super
centers, Discount Stores, Neighborhood Markets and SAM'S CLUB
warehouses -- offer a wide variety of quality merchandise to consumers
around the world.

• WAL-MART FOUNDER

If judged by appearance Sam

Walton was a very ordinary man.
He was raised in the Depression
years, and served in the army
during World War II. It was he,
who from humble beginnings built
the world's most admired retail
organization.

Sam had a passion to compete and an appetite for adventure. He realized

that Wal-Mart needed to do more than offer low prices to be successful - it
also had to exceed customers' expectations for quality service. Sam devoted
his life to expanding and improving upon this concept.

He was also a good motivator of people, because he practiced what he

preached. He remained guided by the old-fashioned principles of hard work,
honesty, neighborliness and thrift. Even after his death in 1992, those
principles continue to guide the company as it expands into other countries
and cultures.
• WAL- MART HISTORY
Wal-Mart has achieved its present success because of a history of never
being satisfied with the way things are. Wal-mart as a Company is a
visionary Company that learns from and cherishes its past, but does not live
in it. Here are a few brief highlights of the greatest Retail Company ever!
These highlights are intended to show you how Mr. Sam's vision from a few
years ago has grown - a vision that now includes you as a new Associate.

• WAL- MART WORLD WIDE

WAL-MART INTERNATIONAL OPERATIONS
Wal-Mart became an international company in 1991 when a SAM'S CLUB
opened near Mexico City. Just two years later, the Wal-Mart International
Division was created to oversee growing opportunities worldwide. Today,
customers at more than 1,300 units in nine countries prove that Wal-Mart's
Every Day Low Price promise is a message clearly understood in any
language. The division currently operates stores and clubs employing more
than 300,000 associates in the following countries:

 ARGENTINA
 BRAZIL
 CANADA
 CHINA
 GERMANY
 JAPAN
 KOREA
 MEXICO
 PUERTO RICO
 UK
DEVELOPMENT OPPORTUNITIES.
Wal-Mart has experienced success internationally because of its ability to
transport the company's unique culture and effective retailing concepts to
each new country. Associates get involved in the local communities and
adapt to local cultures. They respond to customer needs, merchandise
preferences and local suppliers. By serving each hometown in its own unique
way, Wal-Mart International has realized significant growth with potential for
much greater development worldwide.

Wal-Mart International has achieved global expansion through a combination

of new store construction and acquisitions. This strategy has given the
company excellent market penetration and positioned it for future
development.
The company sees its development throughout North America, Latin America,
Asia and Europe as a good beginning with many promising areas for further
expansion.
This year, Wal-Mart International plans to open 120 to 130 units in existing
markets. The announced units include two restaurant formats, specialty
apparel retail stores and supermarkets in Mexico.

 WAL-MART ARGENTINA
Started its operations in August 1995 with the opening of a SAM'S
CLUB in Avellaneda, in the greater Buenos Aires area. Today, Wal-
Mart operates 11 Supercenters and one distribution center in the
provinces of Buenos Aires, Cordoba, Entre Rios, Santa Fe, Mendoza and
Neuquen. The company employs over 4,000 associates in Argentina.

 WAL-MART BRAZIL
Began operations in May 1995 when a SAM'S CLUB opened in São
Caetano do Sul, metropolitan area of São Paulo. In the past seven
years, Wal-Mart Brazil has opened 13 Wal-Mart Supercenters, 10
SAM'S CLUB and 2 Todo Dia. Wal-Mart Brazil also employs around 7,000
associates and does business with approximately 5,000 suppliers. Today Wal-
Mart Brazil is present in four states - São Paulo, Minas Gerais, Rio de Janeiro
and Paraná.

In March 2004, Wal-Mart Brazil announced the acquisition of Bompreco, a

retail chain in northeastern Brazil with 118 units. Bompreco is the leading
supermarket and hypermarket chain in Brazil's northeast region, present in
nine states across the region. Bompreco operates a number of different
formats including Hiper Bompreco hypermarkets ranging in size between
4,000 and 12,500 square meters and offering 45,000 lines and Bompreco
supermarkets, with a sales area of up to 3,200 square meters and offering
around 10,000 lines. Bompreco also operates mini-markets and Balaio
discount stores, as well as a small number of 'Hiper Magazine' stores.

 WAL-MART CANADA

Wal-mart entered in 1994 with the acquisition of 122 Woolco

stores. The company currently operates 231 discount department
stores and 5 SAM'S CLUBS and employs more than 62,000
associates across Canada. Each discount store houses more than 70,000
products and a wide range of specialty services. The first SAM'S CLUBS
opened in October 2003.
 WAL-MART CHINA

Wal-Mart first entered China in August 1996 with the opening of

its first Supercenter and SAM'S CLUB in Shenzhen. As a
harbinger of China economic reform and the fastest growing coastal city in
China, Shenzhen proved to be the best location for Wal-Mart investment.
Seven years later, Wal-Mart now has 34 stores employing more than 18,000
associates.

 WAL-MART GERMANY

In January 1998, Wal-Mart acquired 21 Wertkauf hypermarkets in

Germany. Later that same year, the company acquired 74 units of
the Interspar hypermarket chain. Wal-Mart has since invested in the
remodeling of these stores and today operates 92 Supercenters in Germany.
Wal-Mart Germany employs more than 14,000 associates across the country.

 WAL-MART JAPAN
 In 2002, Wal-Mart purchased a minority interest in The Seiyu, Ltd.
a leading Japanese retailer. Today, Wal-Mart holds a 37.8% stake
in the company. Seiyu operates over 400 supermarkets in Japan and
employs 30,000 associates.
 WAL-MART KOREA

Wal-Mart entered Korea in July 1998 through its acquisition and

conversion of four Makro stores. Today, Wal-Mart Korea employs
more than 3,000 associates and operates 15 Supercenters located in Anyang,
Buchon, Busan, Daegu(3), Daejeon, Hwajung, Ilsan, Inchon(2), Masan,
Seoul, Ulsan and Yongin. The Kangnam store in Seoul, which opened in July
1999, was the company's first new construction project.

 WAL-MART MEXICO
 In 1991, Wal-Mart entered into a joint venture with Cifra with the
opening of a SAM'S CLUB in Mexico City, and Mexico became the
first country in the International division. In 1997, Wal-Mart
acquired a majority position in Cifra and in February 2000 the name changed
to Wal-Mart de Mexico, S.A. de C.V. The company's ticker symbol changed
from CIFRA to WALMEX. Currently, Wal-Mart operates 640 units in 31 states
with annual sales of US$10.6 billion. The company employs more than
100,000 associates across the country.
 WAL-MART PUERTO RICO

Wal-Mart started operations in Puerto Rico in June of 1992 with the

opening of a Wal-Mart store in Fajardo. Since then, the company
has successfully opened 9 Wal-Mart stores, 9 SAM'S CLUBS and 3
Supercenters. In 2002, Wal-Mart acquired Supermercados Amigo, a local
supermarket chain with 32 stores. Wal-Mart employs approximately 12,500
associates and does business with more than 300 local suppliers on the
island.

 WAL-MART UNITED KINGDOM

 ASDA, Britain's best value food and clothing superstore, became
part of the Wal-Mart family on July 26, 1999. The company was
formed in 1965 by a group of farmers from Yorkshire, and now has 251
ASDA stores and 21 depots across the UK, employing around 125,000
colleagues. The Wal-Mart name appeared on a UK store for the first time in
2000, when the first ASDA-Wal-Mart Super centre opened in Bristol, bringing
a unique shopping experience to British customers with the best of both
organizations' products on offer. Today, the company operates 14 ASDA-Wal-
Mart Supercentres throughout the UK.

• WAL-MART BUSINESS CATEGORIES

There are four Business Categories of Wal-Mart:

WAL-MART SUPER CENTER

SAM'S CLUB

WAL-MART STORES

WAL-MART NEIGHBORHOOD MARKET

Now there are two categories of Wal-Mart in China: Wal-Mart Super center &
SAM'S CLUB.
WAL-MART SUPER CENTER
The growing demand for one-stop shopping led to Wal-
Mart's decision to build full-line grocery department into
many of its new stores. Referred to as Supercenters, Wal-Mart stores with
grocery departments offer the ultimate in convenience - grocery shopping
and 36 departments of discount general merchandise under one roof.
The Wal-Mart Supercenter provides one-stop family shopping convenience.
The store combines a full-line of groceries and general merchandise
department under one roof. The first Wal-Mart Supercenter opened in
Washington, Missouri, on March 1, 1988.

Wal-Mart Supercenters are designed to save customers time and money,

while providing a unique shopping experience. Through efficient operations
and high-volume sales, the Wal-Mart Supercenter offers Every Day Low
Prices on top-quality, name-brand merchandise.

The first Wal-Mart Supercenter opened on March 1, 1988 in Washington,

Missouri. One decade later, Wal-Mart Supercenters are a
Consumer hit, driving the continued growth of Wal-Mart and currently
numbering over 1,000 stores worldwide.

Wal-Mart designed the Supercenter concept to save customers time and

money, and also offer a unique shopping experience based on the Wal-Mart
philosophy of "Every Day Low Prices". Supercenters feature the traditional 36
general merchandise departments found in Wal-Mart Discount Stores.
Additionally the grocery area offers a bakery, delicatessen, frozen food
section, meat and dairy as well as fresh produce departments. Through high
volume sales, Supercenter customers find Wal-Mart's Every Day Low Prices
on everything from produce to washing powder.
SAM'S CLUB

SAM'S CLUB is a low-cost members-only warehouse club named after the

founder of Wal-Mart Stores, Inc. - Sam Walton. The first SAM'S CLUB was
founded in 1983. Acting like a purchasing agent for its members, SAM'S
CLUB offers exceptional value on famous-brand merchandise at "member
only" prices for both business and personal use.
SAM'S CLUB operates by selling high volumes of merchandise at very low
profit margins which are passed along to members in the form of low,
warehouse prices. In addition to its brand-name, low-cost merchandise mix,
SAM'S CLUB offers a variety of food items
including fresh seafood, produce and baked
goods, and other food and non-food
categories. Additional member benefits also
include discounts at local restaurants, and
recreational facilities. Everything we do is
to save you money!

WAL-MART STORES
Our Wal-Mart stores are the flagship retail division of Wal-Mart Stores, Inc.
We are a national discount retailer offering a wide variety of general
merchandise. Wal-Mart stores offer pleasant and convenient shopping in 36
departments including family apparel, health & beauty aids, household
needs, electronics, toys, fabrics & crafts, lawn & garden, jewelry and shoes.
In addition, some Wal-Mart stores offer a Pharmacy Department, Tire & Lube
Express, garden center, snack bar or restaurant, Vision Center and One-Hour
Photo Processing for customer convenience.

Wal-Mart stores operate on an "Every Day Low Price" philosophy and are able
to maintain their low price structure through conscientious expense control.
While other major competitors typically run 50 to 100 advertised circulars
per year, Wal-Mart produces only 12-13 major annual circulars. The cost
savings associated with fewer circulars are passed on to the customer
through lower shelf prices every day.

Wal-Mart Associates strive to provide exceptional customer service, a

characteristic unique to our chain. Everything possible is done to make
shopping at Wal-Mart a friendly experience.
 WAL-MART NEIGHBORHOOD MARKET
Wal-Mart Neighborhood Markets -- Neighborhood Markets offer a convenient
shopping experience for customers who need groceries, pharmaceuticals and
general merchandise. Generally, they are located in markets with Wal-Mart
Supercenters, supplementing a strong food distribution network and
providing added convenience while maintaining Wal-Mart's Every Day Low
Prices.

First opened in 1998, Neighborhood Markets range from 42,000 to 55,000

square feet and feature a wide variety of products, including fresh produce,
deli foods, fresh meat and dairy items, health and beauty aids, one-hour
photo and traditional photo developing services, drive-through pharmacies,
stationery and paper goods, pet supplies, and household chemicals.
Neighborhood Markets employ 80-100 associates and offer about 28,000
items.

• WAL-MART SPECIALITY CATEGORIES

WAL- MART has five major specialty categories which are as follows:

 WAL-MART TIRE AND LUBE EXPRESS

TLE is one of the fastest growing divisions within Wal-Mart. In the last 10
years, it has grown more than 300% - and still growing!
The Tire & Lube Express Division (TLE) prides itself on providing superior
customer service and offers fast, accurate and dependable tire and lube
service. It operates in an extremely fast-paced, competitive and rapidly
expanding environment.

Currently, wal-mart has more than 1,700 locations in more than 45 states,
meaning there are many career opportunities for both hourly and
management candidates. If you are interested in an hourly position with TLE,
your career will begin at your local Wal-Mart store.
 WAL-MART OPTICAL
The Wal-Mart Optical Department is one of the fastest growing areas in the
company and provides customers with superior goods and services at low
prices you can afford. They have always prided ourselves on 100 percent
customer satisfaction. We'll work tirelessly to continue meeting your needs
by providing Superior Vision with Outstanding Values for your entire family.

Today, they have many qualified Opticians and Professionals working in Wal-
Mart and in SAM'S CLUB Optical with a wide range of advancement
opportunities across the country. Eye exams are available by an Independent
Doctor of Optometry, located next to or inside Wal-Mart Vision Centers and
SAM'S CLUB Optical. The Wal-Mart Optical Department - seeing into the
future with you in mind.

 WAL-MART VACATIONS
Wal-Mart Vacations offers "Always Low Prices" on cruises, vacation packages,
car rental and hotel discounts, this is another important category of wal-mart
specialty division.

 WAL-MART PHARMACY
The Wal-Mart Pharmacy is a logical extension of the cherished company
philosophy: customers deserve superior goods and services at fair and
honest prices. Today, more than 720,000 associates across the nation,
including more than 6,500 Pharmacists, proudly call Wal-Mart home and
work hard to make our vision reality.

Our pharmacies are not just limited to Wal-Mart Stores now. We've opened
pharmacy clinics in medical facilities, in SAM'S Clubs and even provide a
drive-through window at our new Neighborhood Market grocery stores. We
believe in giving our Pharmacists the opportunity to grow and develop in a
multitude of ways during the course of their careers. We have wide-ranging
career paths that might be of interest to you.
  WAL-MART USED AND FIXTURE AUCTIONS
Wal-Mart's used fixture program allows for the resale of fixtures for reuse in
another location. When we cannot reuse our fixtures or equipment because
of outdated or excess supply, auctions are held to sell the remaining items.
All auctions are open to the public and held at that Wal-Mart location.
Everything from glass showcases, three-door freezers, trash compactors to
front-end alignment lifts may be available at an auction.

• WAL-MART BELIEFS

Sam Walton's 3 Basic Beliefs the company was built on.

Sam Walton built Wal-Mart on the revolutionary philosophies of excellence in
the workplace, customer service and always having the lowest prices. We
have always stayed true to the Three Basic Beliefs Mr. Sam established in
1962:

1. RESPECT FOR THE INDIVIDUAL

2. SERVICE TO OUR CUSTOMERS
3. STRIVE FOR EXCELLENCE
 RESPECT THE INDIVIDUAL
Every associate's opinion is respected. Managers are considered "servant
leaders" who help new associates realize their potential through training,
praise and constructive feedback. An "open door" management philosophy
encourages associates to raise questions and concerns in an open
atmosphere.

“‘Our people make the difference' is not a meaningless slogan - it's a reality
at Wal-Mart. We are a group of dedicated, hardworking, ordinary people who
have teamed together to accomplish extraordinary things. We have very
different backgrounds, different colors and different beliefs, but we do believe
that every individual deserves to be treated with respect and dignity."
Don Soderquist,
Senior Vice Chairman of Wal-Mart Stores, Inc. (Retired)
  SERVICE TO OUR CUSTOMERS

The customer is the boss. Everything possible is done to make shopping at

Wal-Mart and SAM'S CLUB a friendly, pleasant experience. The "Ten-Foot
Attitude" means that associates are to greet each person they see. The
"Satisfaction Guaranteed" refund and exchange policy allows customers to be
fully confident of Wal-Mart and SAM'S Club’s merchandise and quality.

We want our customers to trust in our pricing philosophy and to always be

able to find the lowest prices with the best possible service. We're nothing
without our customers.

"Wal-Mart's culture has always stressed the importance of Customer Service.

Our Associate base across the country is as diverse as the communities in
which we have Wal-Mart stores. This allows us to provide the Customer
Service expected from each individual customer that walks into our stores."
Tom Coughlin,
Vice Chairman, Wal-Mart Stores, Inc.
 STRIVE FOR EXCELLENCE

Wal-Mart and SAM'S CLUB associates share an exceptional commitment to

customer satisfaction. At the start of each day, store associates gather for
the Wal-Mart or SAM'S CLUB cheer and review sales from the previous day,
as well as discuss their daily goals. "The Sundown Rule" requires a continual
sense of urgency, with questions asked in the morning answered before the
end of the day.

New ideas and goals make us reach further than ever before. We try to find
new and innovative ways to push our boundaries and constantly improve.
"Sam was never satisfied that prices were as low as they needed to be or
that our product's quality was as high a they deserved - he believed in the
concept of striving for excellence before it became a fashionable concept."
• WAL-MART CUSTOMER SERVICE RULE
Following are some of the most important rule Wal-Mart follows to satisfy
their customer and providing best service:
1. SATISFACTION GUARANTEED
Simply stated, this means doing everything we can to please you. Repair,
exchange, or refund with a thank-you and a smile. You are our livelihood.
Our job is to make you feel like you are the most important part of our
business by meeting your needs and exceeding your expectations.
2. THE SUNDOWN RULE
This rule says that all Associates should respond to calls from -- customers,
suppliers or other associates by sundown of the day they are received. This is
just one example of our commitment to friendly customer service.
Responding quickly to you shows that we care. We won't always solve every
problem or complete every task before sundown, but by keeping you
informed we demonstrate one of the foundations of our Company that we
care.

3. MEET YOU AND GREET YOU

One way of meeting your needs and exceeding your expectations is
practicing aggressive hospitality. For example, if you ask our associates
where a product is:
• Meet your needs by showing you where the department is.
• Exceed your expectations by taking you to the product.

We encourage our associates to make you feel welcome when you visit our
store. We recruit and hire people who like to smile, look you in the eye, and
greet everyone who come within 3 meters. We call this the "3-Meter Rule". If
at all possible, we like to call you by name.
 The People Greeter program is one example of Wal-Mart's aggressive
hospitality that started a trend. The People Greeter has the unique
responsibility of meeting and welcoming you as you enter Wal-Mart facilities.
The People Greeter has many responsibilities, including the job of handing
out shopping carts, greeting you with a smile, and letting you know we're
glad you came to Wal-Mart.

4. Thank You!
Thank you for shopping our stores. We appreciate the opportunity to serve
you. We are continuously working to improve our business to meet your
needs, and exceed your expectations. Be sure and let us know how we can
improve.
If you have not been able to visit our stores, please be our guest. We look
forward to seeing you soon!

• WAL-MART FACTSHEET
INTERNATIONAL FAST FACT SHEET

WAL-MART GLOBAL 5,085 total units

UNITED STATES 3,586 total unites

Wal-Mart Stores(1,428)
Wal-Mart Supercenters(1,553)
SAM'S Clubs(538 clubs)
Wal-Mart Neighborhood Markets(67 stores)
WAL-MART 1,499 total units
INTERNATIONAL
Mexico (623)
Puerto Rico (53)
Canada (236)
Argentina (11)
Brazil (144)
China (38)
South Korea (15)
Germany (92)
United Kingdom (267)
DISTRIBUTION
103 locations
CENTERS
HISTORY First Wal-Mart opened in 1962 (Rogers, AR)
First SAM'S Club opened in 1983 (Midwest City, OK)
First Supercenter opened in 1988 (Washington, MO)
First International unit opened in 1991 (Mexico City)
First Neighborhood Market opened in 1998. (Bentonville, AR)

Entered Mexico in November 1991.

Entered Puerto Rico in August 1992.
Entered Canada in November 1994.*
Entered Argentina in November 1995.
Entered Brazil in November 1995.
Entered China in August 1996.
Entered Germany in January 1998.*
Entered South Korea in July 1998.*
Entered United Kingdom in July 1999.*
Entered Japan in March 2002.**
*Entered these countries through acquisitions.
**Wal-Mart owns a 37.8% interest in Seiyu, Ltd., a leading
retailer with over 400 stores throughout Japan.
COMPANY TRADE Wal-Mart serves more than 138 million customers weekly in 50
TERRITORY U.S. states and internationally in Puerto Rico, Canada, China,
Mexico, Brazil, Germany, United Kingdom, Argentina and
South Korea.
 Total Company Associates - more than 1.5 million worldwide
TOTAL ASSOCIATES
In U.S– more than 1.2 million
SALES FYE 1/31/04: $256.3 billion

LATEST COUNTS OF WAL-MART

To date, Wal-Mart has entered into 10 countries: US, Mexico, Brazil,
Argentina, Germany, Puerto Rico, UK, Korea, Canada and China.

UNITED STATES NUMBER OF STORES

WAL-MART STORES 1,428

WAL-MART SUPERCENTERS 1,553

SAM'S CLUBS 538

WAL-MART NEIGHBORHOOD 67
MARKETS

TOTAL 3,586

WAL-MART INTERNATIONAL (ALL NUMBER OF STORES

TYPES)

MEXICO 643

PUERTO RICO 53

CANADA 236

ARGENTINA 11

BRAZIL 144

CHINA 38

KOREA 15

GERMANY 92

UNITED KINGDOM 267

TOTAL 1,499
 ASSOCIATES NUMBER OF ASSOCIATES

UNITED STATES OVER 1,200,000

WAL-MART INTERNATIONAL OVER 300,000

TOTAL OVER 1,500,000

DISTRIBUTION CENTERS 103