Walmart Inc. — Director's Dealing 2003

Dec 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WAL MART STORES INC (WMT)
CIK: 0000104169
Period of Report: 2003-12-17

Reporting Person: WALTON S ROBSON (Director, Chairman of the Board (1), Chairman of the Board (1))

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-16	Common Stock	M	3964.00	$12.6250	Acquired	2783851.00	Direct
2003-12-16	Common Stock	M	5100.00	$11.4375	Acquired	2788951.00	Direct
2003-12-16	Common Stock	M	7300.00	$11.7500	Acquired	2796251.00	Direct
2003-12-16	Common Stock	M	8928.00	$12.0000	Acquired	2805179.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-16	Stock Option	$11.4375	M	5100.00	Disposed	2005-01-30	Common Stock (5100.00)	Direct
2003-12-16	Stock Option	$11.7500	M	7300.00	Disposed	2005-11-16	Common Stock (7300.00)	Direct
2003-12-16	Stock Option	$12.6250	M	3964.00	Disposed	2004-01-20	Common Stock (3964.00)	Direct
2003-12-16	Stock Options	$12.0000	M	8928.00	Disposed	2007-01-09	Common Stock (8928.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6144026.00	Indirect
Common Stock	54646.00	Indirect
Common Stock	1680506739.00	Indirect
Common Stock	1810632.00	Indirect

Footnotes

F1: See attached Footnote 1.

F2: See attached Footnote 5.

F3: See attached Footnote 4.

F4: See attached Footnote 2.

F5: See attached Footnote 3.