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Sample Report

Title / Date

Report# / Source / Analyst / Pages

------------------------------------------

1 WAL-MART STORES, INC. /December 4, 03

RN=7745849 / CIBC WORLD MARKETS / BENEDICT, P.S., ET A / 10 pages

2 WAL-MART STORES, INC. /November 19, 03

RN=7722381 / BEAR, STEARNS & CO. / AUGUSTINE, C.K., ET / 6 pages

3 WAL-MART STORES, INC. /November 18, 03

RN=7721543 / LEHMAN BROTHERS, IN / DRBUL, R.S., ET AL / 16 pages

4 WAL-MART STORES, INC. /November 18, 03

RN=7720181 / BEAR, STEARNS & CO. / AUGUSTINE, C., ET AL / 58 pages

1 Table/Chart: Stock Market Data 2003 ........................ 1

1 Company Description ........................................ 1

1 Highlights ................................................. 1

1 Table/Chart: Earnings Per Share & P/E 2002-04 .............. 1

1 Graph (omitted): Stock Price Performance 2002-03 ........... 1

2 November Sales Recap ....................................... 2

2 Two-Year Comp Trends ....................................... 2

2 Both Traffic and Average Ticket Positive ................... 2

2 December Comp Guidance of 3%-5% Appears Reasonable ......... 2

3 Table/Chart: Exhibit 1. WMT U.S. Comp Trends 1996-2003 ..... 3

3 Table/Chart: Exhibit 2. Wal-Mart Division Comp Trends

1996-2003 ................................................ 3

3 Table/Chart: Exhibit 3. SAM's Club Comp Trends 1996-2003 ... 3

4 Investment Conclusion ...................................... 4

4 Price Target Calculation ................................... 4

4 Key Risks to Price Target .................................. 4

5 Table/Chart: EPS estimates 2002-04 ......................... 6

6 Graph (omitted): Historical Performance Of CIBC

Recommendations For WMT (NYSE) 2002-03 ................... 8

7 Table/Chart: Report Key .................................... 9

7 Table/Chart: ............................................... 9

8 Disclosure ................................................. 10

8 (Last page of document) .................................... 10

Equity Research

Company Rating:

Sector Outperformer

December 4, 2003 Company Update Sector Weighting:

Market Weight

Wal-Mart

November Results On Plan

Retailing

TABLE:

Stock Market Data 2003

WMT-NYSE (12/4/2003) $52.60

12-18 mo. Price Target $64.00

Key Indices: S&P 500, DJ Ind

3-5-Yr. EPS Gr. Rate (E) : 13.0%

52-week Range $60.20-$46.27

Shares Outstanding 4,372.0M

Float 2,700.0M shrs

Avg. Daily Trading Vol. 8,635,000

Market Capitalization $230.0B

Dividend/Yield $0.36/ 0.7%

Fiscal Year End January

Book Value 9.65 per Shr

2003 ROE 22.0%

LT Debt $17,090.0

Preferred Nil

Common Equity $42,200.00M

Convertible Available No

Company Description

Wal-Mart operates mass merchandising stores with three segments:Wal-Mart

Stores, SAM'S Club and International.

Highlights

"WMT reported total U.S. comps of 3.9% for Nov, in line with guidance of

3%-5%. By division, Wal-Mart comps were up 3.7% (vs CIBC/Street ests of

4.0%/3.8%) while SAM's comps rose a somewhat softer than expected 4.7% (vs

CIBC/Street ests of 6.0%/6.5%).

"Softer results at SAM's reflected a slowdown in comps to low-single

digits in the final week of the month from high- to mid-single-digits earlier.

Management says a lack of post-Thanksgiving promotional activity at SAM's vs

Competition contributed to the soft finish.

"We were pleased with December comp guidance of 3%-5%, as Wal-Mart faces

tougher two-year comparisons (5.2%) than what it faced in November (3.5%). The

mid-point of the December guidance implies a two-year average comp trend of

3.2%, in line with November's 3.3%.