Stock Purchase Program

Many of you have expressed questions regarding the ability to purchase Wal-Mart stock. We are pleased to inform you that this service is available to you at a very reasonable rate. Following is information that relates to such a purchase and instructions on how to obtain more information. Information on Wal-Mart stock can be found on line at www.equiserve.com . At the home page of the Web site are three choices: Shareholder Services, Employee Plan Services, and Corporate Services. You will need to select Shareholder Services. You can navigate through the screens by making the following selections:

• Please select “Buy Stock Direct” from the column on the left hand side of the screen.
• Select a search bar called “Plan Finder”. Type “WMT” in the box and select the “Find Plan” button.
• You will see an orange colored bar labeled “Wal-Mart Stores”. You have two options on the right side of this bar. If you immediately wish to purchase stock select the “Buy Now” option. If you would like more information on the services available select “View Info”.
• From the “View Info” selection, you have the option of either having information mailed to you orviewing the information on-line. Select “Materials by Mail” and complete the address information toreceive an investment form, a prospectus, and a letter with additional information. Select “View Plan Materials” to view this same information on-line.

A summary of some of this information is shown below:

Plan Fees:

Purchases
Initial Setup Fee: (One-time new account setup fee) $20.00
Automatic Investment Fee: (Fee for each ongoing automatic investment) $1.00
Optional Cash Purchase Fee: (Charge for purchase of stock) $5.00
Dividend Reinvestment Fee: Company Paid

Sales
Sale Fee: (Sale of shares through plan) $20.00
IMPORTANT NOTE: Share purchases and sales are also generally subject to commission charges (per share) that
vary according to transaction type. Please consult the Plan documents for further details.

Plan Highlights

Initial Purchase Options
- Amount required to open a new account and enroll in the Plan
Minimum one-time purchase: $250.00

OR

Minimum ongoing automatic investment: $25.00
Requires $25 per transaction for at least 10 consecutive transactions
- Current shareholders may enroll in the Plan if owning a minimum of 1 share

Purchases
Minimum purchase* once enrolled in the Plan: $50.00
(* minimum purchase is applied separately to Ongoing Automatic Investments and Optional Cash Investments)

Maximum purchase for enrolled participants: $150,000.00
(The maximum purchase limit is calculated monthly using the total of all invested funds during that period of time)

Sales
Sale of Plan Shares:
· Mail Sell Requests Allowed
· Telephone Sell Requests Allowed 800-438-6278
· Internet Sell Requests Allowed

Options Available

Allows Ongoing Automatic Investments
Allows Certificate Safekeeping
IRA Option:
Allows Non-US Participants:
SHAREHOLDER INVESTMENT PROGRAM
Questions and Answers

What is the Shareholder Investment Program?
Wal-Mart Stores, Inc. has authorized its stock transfer agent, EquiServe Trust Company, N.A., to act as program administrator of the Shareholder Investment Program for current shareholders and new investors of Wal-Mart Common Stock. All shareholders of record, as well as new investors, are eligible to participate. If you choose to participate, your shares will be maintained in electronic registration (bookentry) form in your Program account with EquiServe. Your shares will continue to carry with them the same rights and characteristics as they did before you joined the Program. i.e. the same voting services to aid you in managing your investment, including purchasing additional shares, reinvesting your dividends at no cost, certificate safekeeping and sale of shares.

How do I join the Program?
New investors wishing to participate in the Program must either include a minimum initial investment of $250 or elect Automatic Deductions on their Initial Investment Form. Send your check or money order made payable to EquiServe Trust Company, N.A. and your completed Initial Investment Form to EquiServe.

I hold my shares in a brokerage account. Can I participate in the Program?
Even if you own Wal-Mart shares that are held for you by a broker, bank or trustee in street or nominee name ("broker"), you can still participate in the Program by becoming a shareholder of record. You can instruct your broker to move all or some of your shares electronically through the Direct Registration System from your brokerage account to a new book-entry account at EquiServe. Please contact your broker for more information. Once your shares are transferred from your broker into your name on the records of EquiServe, an account is automatically established for you and you may participate in the Program as a shareholder of record. Alternatively, you may request a stock certificate for your shares from your broker. You can then commence participation in the Program by sending EquiServe your certificate(s) for conversion into bookentry shares which will be credited to an account opened for you. There is no charge for holding shares in the Program. There are, however, modest charges for purchasing and selling shares through the Program.

What options do I have with future dividends?
You will be paid all dividends declared by Wal-Mart, regardless of whether or not you opt to participate in the Program. Shareholders of record owning more than 400 shares will receive cash dividends unless they elect to have their dividends reinvested. Shareholders owning 400 or fewer shares will automatically have their dividends fully reinvested in full and fractional shares of Wal-Mart Common Stock unless they affirmatively elect to receive cash dividends. Dividend reinvestment provides a convenient and cost-free means of increasing ownership in Wal-Mart over time, and is available on both shares held in certificate and electronic registration form.

I have physical certificates. Can I deposit them in the Program?
Yes, you can. EquiServe provides insurance coverage on certificates mailed by shareholders to EquiServe for safekeeping in their Program accounts. To be eligible for certificate mailing insurance, certificates must be mailed in brown, pre-addressed return envelopes supplied by EquiServe. Additional envelopes may be requested from EquiServe. Certificates mailed in this manner are insured for up to $25,000 current market value, provided they are mailed first class. EquiServe will promptly send you a statement confirming each deposit of your certificates. Certificate safekeeping is a valuable service because it avoids the risk of your certificates being lost or stolen. There is no charge to you for this service.

What if I want a certificate in the future? What are the costs?
You can request a certificate at any time at no cost. Once you have deposited your certificate shares into safekeeping through the Program, you may request Wal-Mart Common Stock certificate(s) for any number of whole shares held for you in your Program account. Simply contact EquiServe and your certificate(s) will be promptly mailed to you.

Who do I contact if I have questions?

Contact EquiServe:
• Shareholder customer service: 1-800-438-6278 (GET MART)
• New Investors requesting Program material: call 1-800-438-6278 (GET MART) or access EquiServe’s web page at www.equiserve.com and refer to "Company List."
• Internet: You can obtain information about your Wal-Mart account via the Internet on EquiServe’s web site - www.equiserve.com . At the web site, you can access your share balance and obtain online forms and other information about your account. To get access, you will need a password which will be sent to you, or you can request one by calling toll-free (1-800-438-6278).

This information is provided for informational purposes only and is not to be considered investment advice. No representations or warranties, express or implied, are made as to the accuracy, timeliness, completeness or relevance of this data and Wal-Mart expressly disclaims any liability for claims or damages resulting from the use of this information. Wal-Mart understands that the optometrists are independent leaseholders and therefore are not entitled to any salary, pension, stock, bonus, profit-sharing, health or similar benefits which are available only to employees of Wal-Mart.