Walmart Inc. — Director's Dealing 2004

Jan 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: WAL MART STORES INC (WMT)
CIK: 0000104169
Period of Report: 2004-01-15

Reporting Person: SCOTT L LEE JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-15	Common Stock	M	11868.00	$11.3750	Acquired	793736.00	Direct
2004-01-15	Common Stock	M	17150.00	$11.7500	Acquired	810886.00	Direct
2004-01-15	Common Stock	M	34826.00	$12.0000	Acquired	845712.00	Direct
2004-01-15	Common Stock	M	6416.00	$12.6250	Acquired	852128.00	Direct
2004-01-15	Common Stock	F	18279.00	$53.4900	Disposed	833849.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-15	Stock Option	$11.3750	M	11868.00	Disposed	2004-11-17	Common Stock (11868.00)	Direct
2004-01-15	Stock Option	$11.7500	M	17150.00	Disposed	2005-11-16	Common Stock (17150.00)	Direct
2004-01-15	Stock Option	$12.6250	M	6416.00	Disposed	2004-01-20	Common Stock (6416.00)	Direct
2004-01-15	Stock Options	$12.0000	M	34826.00	Disposed	2007-01-09	Common Stock (34826.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25382.00	Indirect
Common Stock	3148.00	Indirect