John T. Chambers Stephen Friedman Stanley C. Gault David D. Glass Roland Hernandez Dr. Frederick S. Humphries E. Stanley Kroenke Elizabeth A. Sanders H. Lee Scott Jack C. Shewmaker Donald G. Soderquist Dr. Paula Stern Jose Villarreal John T. Walton S. Robson Walton OFFICERS: DIRECTORS: S. Robson Walton Chairman of the Board H. Lee Scott President & CEO David D. Glass Chairman, Executive Committee  of the Board Paul R. Carter Executive Vice President & President, Wal-Mart Realty Bob Connolly Executive Vice President, Merchandise  Thomas M. Coughlin Executive Vice President & President & CEO, Wal-Mart Stores Division David Dible Executive Vice President, Specialty Division Michael Duke Executive Vice President, Administration Thomas Grimm Executive Vice President & President & CEO, SAM’S CLUB Don Harris Executive Vice President, Operations John B. Menzer Executive Vice President & President & CEO, International Division Coleman Peterson Executive Vice President, People Division Thomas M. Schoewe Executive Vice President & Chief Financial Officer Robert K. Rhoads Senior Vice President, General Counsel & Secretary J. J. Fitzsimmons Senior Vice President, Finance & Treasurer FINANCIAL HIGHLIGHTS ANNUAL REPORT 2001 *Calculated giving effect to the amount by which a lawsuit settlement exceeded established reserves. If this settlement was not considered,  the return was 9.8%. 1 1997 $104.9 1998 $118.0 1999 $137.6 2000 $165.0 2001 $191.3 Net Sales 1997 $.67 1998 $.78 1999 $.99 2000 $1.21 2001 $1.41 Earnings Per Share 1997 7.9% 1998 8.5% 1999 9.6% 2000 9.5%* 2001 8.7% Return on Assets 1997 19.2 % 1998 19.8% 1999 22.4% 2000 22.9% 2001 22.0% Return on Shareholder’s Equity