X0201 42003-08-0700000740670MICHAELS STORES INC MIK0001187638WELLEN JEFFREY L8000 BENT BRANCH DRIVEIRVINGTX750630100Head of Strategic P&IStock Option (Right to Buy)35.312003-08-074A0100000A2008-08-06Common Stock1000010000DGrant to the reporting person on August 7, 2003 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan (exempt) to purchase 10,000 shares of Michaels Stores, Inc. common stock; 3,333 of which will vest on each of August 7, 2004 and August 7, 2005, and 3,334 of which will vest on August 7, 2006. /s/ Elizabeth K. Giddens, Elizabeth K. Giddens, Attorney-in-Fact for Jeffrey L. Wellen, Head of Strategic Planning and Initiatives, Office of the CEO2003-08-11