Walmart THE STORY OF WAL

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					         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
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
     4. 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
TERRITORY          50 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 MARKETS                                 67

                 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

				
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