ICCR Meets With Mr. Lee Scott,
CEO of Wal-Mart Stores

NEW YORK CITY, NY///February 11, 2005///On February 11, Mr. Lee Scott, CEO of Wal-Mart and four other company representatives met at the Interchurch Center in New York with over 75 concerned investors for two hours.

The purpose of the meeting was for Mr. Scott to speak to investors, hear investor concerns and respond to the their questions in the following five general areas:

-Wal-Mart business model
-People Issues (wages/benefits/diversity)
-Supply Chain Issues
-Sustainability Issues
-Community Issues (violent video games/products offensive to Native Americans)

Mr. Scott made introductory comments about Wal-Mart's mission to be first and foremost a growing retailer. His commentary was followed by two investor representatives asking a question on each of the above referenced subject areas. Mr. Scott personally responded to the questions or in some cases deferred to another company representative. A manager in Wal-Mart's People Division presented 2004 Wal-Mart demographic data in the United States for females and minorities in seven selected categories.

ICCR investors raised concerns about the impact of Wal-Mart's business model. One member proposed that a viable business model in today's globalizing context must be socially responsible, counting not only quarterly financial returns but include social and environmental accountability. This approach requires an assessment of the company's global impact and especially in the remotest regions of the world where products are manufactured and local communities are profoundly impacted by Wal-Mart's presence. Mr. Scott responded that he believes that by auditing factories and by following the law, the company is already addressing social and environmental issues. He stated that there is nothing wrong with the drive to cut costs; Wal-Mart customers can't afford to pay more.

Overall, the meeting evaluation forms concluded that the dialogue was constructive and served as a venue to build upon an established relationship between the company and its socially responsible investors. Mr. Scott verbally committed that eventually Wal-Mart will publish a corporate responsibility report.

During the course of the meeting questions were raised that required further deliberation by Wal-Mart management. Areas for follow-up dialogue or written response include:

-Wal-Mart's policy position with respect to the end of the Multifiber Arrangement after 2005, and the Company's willingness to consider involvement in multi-stakeholder initiatives, such as the MFA Forum, designed to address the negative impacts of the MFA phase-out
-Request that Wal-Mart provide data by job category for 50 rural and urban company stores on employee wages and benefits
-Wal-Mart's policy and criteria for selection of store locations
-Wal-Mart's consideration of discontinuing the sale of products that are offensive to Native Americans
-Wal-Mart's strategy in addition to factory auditing to ensure sustained compliance with the company's Standards for Suppliers by supplier factories
-Wal-Mart's plans to implement its newly-adopted standard for suppliers on freedom of association and collective bargaining, internationally and domestically
-Written commitment and timeline on comprehensive public reporting by Wal-Mart on equal employment opportunity, Glass Ceiling recommendations and diversity data;
-Written commitment and timeline on the publication of Wal-Mart's sustainability report.

Planned next steps with Wal-Mart include:

1) Sending a letter to Mr. Scott requesting a follow-up written response to the above seven follow-up items;
2) Meeting this Spring with the Vendor Standards dialogue group to address social compliance issues, including evaluating the Company's audit process and current training for suppliers, and how the inclusion of freedom of association and collective bargaining in its Standards for Suppliers will be implemented globally;
3) Building support for shareholder resolutions filed with the Company calling for
a) an Equal Employment Opportunity report and b) a sustainability report; and speaking at the Company's annual shareholder meeting;
4) Convening a caucus of Wal-Mart shareholders at ICCR's annual general meeting in June, 2005.

The summary of February 11, 2005 Wal-Mart meeting will distributed to Wal-Mart investors.