<PAGE>

                                                                   Exhibit 4(b)

          This Note is a global security and is registered in the name of CEDE &
CO., as nominee of the Depositary, The Depository Trust Company. Unless and
until this Note is exchanged for Notes in definitive form, this Note may not be
transferred except as a whole by the Depositary or a nominee of the Depositary
to the Depositary or another depositary or by the Depositary or any such nominee
to a successor depositary or a nominee of such successor depositary.

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the issuer or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                              Wal-Mart Stores, Inc.

                              3.25% NOTES DUE 2003

Number A-                                                CUSIP No.: 931142BP7
$                                                        ISIN No.: US931142BP70
                                                         Common Code: 013757534

          WAL-MART STORES, INC., a corporation duly organized and existing under
the laws of the State of Delaware, and any successor corporation pursuant to the
Indenture (herein referred to as the "Company"), for value received, hereby
promises to pay to CEDE & CO. or registered assigns, the principal sum of
_______ on September 29, 2003 in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public and private debts, and to pay interest, computed on the basis of a
360-day year of twelve 30-day months, semi-annually in arrears on March 29 and
September 29 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an "Interest Payment Date"), commencing on March
29, 2002, on said principal sum in like coin or currency, at the rate per annum
specified in the title of this Note from October 18, 2001 or from the most
recent March 29 or September 29 to which interest has been paid or duly provided
for. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will be paid to the person in whose name this Note is
registered (the "holder") at the close of business on the preceding March 15, in
the case of an Interest Payment Date of March 29, and on the preceding September
15, in the case of an Interest Payment Date of September 29 (each, a "Record
Date").

          Reference is made to the further provisions of this Note set forth on
the succeeding sections hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

<PAGE>

          This Note shall not be valid or become obligatory for any purpose
until the certificate of authentication hereon shall have been signed by the
Trustee under the Indenture referred to in Section 1 hereof.

          IN WITNESS WHEREOF, the Company has caused this instrument to be
signed by its Chairman of the Board, its Vice Chairman, its President or one of
its Vice Presidents by manual or facsimile signature under its corporate seal,
attested by its Secretary, one of its Assistant Secretaries, its Treasurer or
one of its Assistant Treasurers by manual or facsimile signature.

                                        Wal-Mart Stores, Inc.


                                        By:_______________________________
                                           Name:
                                           Title:

[SEAL]                                  Attest:____________________________
                                                     Name:
                                                     Title:

Dated:  October 18, 2001

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

                                               Bank One Trust Company, NA,
                                                 as Trustee


                                        By:_______________________________
                                           Authorized Signatory

<PAGE>

                              WAL-MART STORES, INC.

                              3.25% NOTES DUE 2003

          1. Indenture; Notes.This Note is one of a duly authorized series of
Securities of the Company designated as the "3.25% Notes due 2003" (the
"Notes"), initially issued in an aggregate principal amount of $500,000,000 on
October 18, 2001. Such series of Securities has been established pursuant to,
and is one of an indefinite number of series of debt securities of the Company,
issued or issuable under and pursuant to, the Indenture, dated as of July 5,
2001 (the "Indenture"), duly executed and delivered by the Company, Wal-Mart
Cayman (Euro) Finance Co., Wal-Mart Cayman (Canadian) Finance Co. and Wal-Mart
Cayman (Sterling) Finance Co. as Issuers, the Company as Guarantor and Bank One
Trust Company, NA, as Trustee (the "Trustee"), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
rights, limitations of rights, obligations, duties and immunities thereunder of
the Trustee, the Company and the holders of the Notes and of the terms upon
which this Note is, and is to be, authenticated and delivered. The terms,
conditions and provisions of the Notes are those stated in the Indenture, those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (the "Trust Indenture Act"), and those set forth in this Note. To the
extent that the terms, conditions and other provisions of this Note modify,
supplement or are inconsistent with those of the Indenture, then the terms,
conditions and other provisions of this Note shall govern.

          All capitalized terms which are used but not defined in this Note
shall have the meanings assigned to them in the Indenture.

          The Company may, without the consent of the holders, issue and sell
additional Securities ranking equally with the Notes and otherwise identical in
all respects (except for their date of issue, issue price and the date from
which interest payments thereon shall accrue) so that such additional Securities
shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be
issued under the Indenture if an Event of Default has occurred and remains
uncured thereunder.

          2. Ranking. The Notes shall constitute the senior unsecured debt
obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior, unsecured and
unsubordinated debt obligations of the Company.

          3. Payment of Overdue Amounts. The Company shall pay interest,
calculated on the basis of a 360-day year of twelve 30-day months, on overdue
principal and overdue installments of interest, if any, from time to time on
demand at the interest rate borne by the Notes to the extent lawful.

          4. Payment of Additional Amounts; Redemption Upon a Tax Event. (a)
Payment of Additional Amounts. The Company shall pay to the holder of this Note
who is a United States Alien (as defined below) such additional amounts as may
be necessary so that every net payment of principal of and interest on this Note
to such holder, after deduction or withholding for or on account of any present
or future tax, assessment or other governmental charge imposed upon such holder
by the United States of America or any taxing authority thereof or therein, will
not be less than the amount provided in the Notes to be then due and

<PAGE>


payable (such amounts, the "Additional Amounts"); provided, however, that the
Company shall not be required to make any payment of Additional Amounts for or
on account of:

               (i)   any tax, assessment or other governmental charge that would
          not have been imposed but for (A) the existence of any present or
          former connection between such holder, or between a fiduciary,
          settlor, beneficiary of, member or shareholder of, or possessor of a
          power over, such holder, if such holder is an estate, trust,
          partnership or corporation, and the United States including, without
          limitation, such holder, or such fiduciary, settlor, beneficiary,
          member, shareholder or possessor, being or having been a citizen or
          resident of the United States of America or treated as a resident
          thereof or being or having been engaged in trade or business or
          present in the United States of America, or (B) the presentation of
          this Note for payment on a date more than 30 days after the later of
          (x) the date on which such payment becomes due and payable and (y) the
          date on which payment thereof is duly provided for;

               (ii)   any estate, inheritance, gift, sales, transfer, excise,
          personal property or similar tax, assessment or other governmental
          charge;

               (iii)  any tax, assessment or other governmental charge imposed
          by reason of such holder's past or present status as a passive foreign
          investment company, a controlled foreign corporation, a personal
          holding company or foreign personal holding company with respect to
          the United States of America, or as a corporation which accumulates
          earnings to avoid United States federal income tax;

               (iv)   any tax, assessment or other governmental charge which is
          payable otherwise than by withholding from payment of principal of or
          interest on this Note;

               (v)    any tax, assessment or other governmental charge required
          to be withheld by any paying agent from any payment of principal of or
          interest on this Note if such payment can be made without withholding
          by any other paying agent;

               (vi)   any tax, assessment or other governmental charge which
          would not have been imposed but for the failure to comply with
          certification, information, documentation or other reporting
          requirements concerning the nationality, residence, identity or
          connections with the United States of America of the holder or
          beneficial owner of this Note, if such compliance is required by
          statute or by regulation of the United States Treasury Department as a
          precondition to relief or exemption from such tax, assessment or other
          governmental charge;

               (vii)  any tax, assessment or other governmental charge imposed
         on interest received by (A) a 10% shareholder (as defined in Section
         871(h)(3)(B) of the United States Internal Revenue Code of 1986, as
         amended (the "Code"), and the regulations that may be promulgated
         thereunder) of the Company or (B) a controlled foreign corporation with
         respect to the Company within the meaning of the Code; or

               (viii) any combination of items (i), (ii), (iii), (iv), (v), (vi)
          and (vii) in this Section 4(a);


<PAGE>

nor shall any Additional Amounts be paid to any holder who is a fiduciary or
partnership or other than the sole beneficial owner of this Note to the extent
that a beneficiary or settlor with respect to such fiduciary, or a member of
such partnership or a beneficial owner thereof would not have been entitled to
the payment of such Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the holder.

          "United States Alien" means any corporation, partnership, individual
or fiduciary that is, as to the United States of America, a foreign corporation,
a non-resident alien individual who has not made a valid election to be treated
as a United States resident, a non-resident fiduciary of a foreign estate or
trust, or a foreign partnership one or more of the members of which is, as to
the United States of America, a foreign corporation, a non-resident alien
individual or a non-resident fiduciary of a foreign estate or trust.

          (b) Redemption Upon a Tax Event. The Notes may be redeemed at the
option of the Company in whole, but not in part, on a date (such date, the "Tax
Redemption Date") to be fixed by the Company on not more than 60 days' and not
less than 30 days' notice, at a redemption price equal to 100% of the principal
amount of the Notes (the "Redemption Price") plus accrued but unpaid interest,
if any, thereon, if the Company determines that as a result of any change in or
amendment to the laws, treaties, regulations or rulings of the United States of
America or any political subdivision or taxing authority thereof, or any
proposed change in such laws, treaties, regulations or rulings, or any change in
the official application, enforcement or interpretation of such laws, treaties,
regulations or rulings, including a holding by a court of competent jurisdiction
in the United States of America, or any other action, other than an action
predicated on laws generally known on or before October 11, 2001 except for
proposals before the U.S. Congress before such date, taken by any taxing
authority or a court of competent jurisdiction in the United States of America,
or the official proposal of any such action, whether or not such action or
proposal was taken or made with respect to the Company, (A) the Company has or
will become obligated to pay Additional Amounts or (B) there is a substantial
possibility that the Company will be required to pay such Additional Amounts.

          Prior to the publication of any notice of redemption pursuant to
Section 15 hereof, the Company shall deliver to the Trustee (1) an Officers'
Certificate stating that the Company is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to the
rights of the Company to so redeem have occurred and (2) an Opinion of Counsel
to such effect based on such statement of facts.

          If the Company elects to redeem the Notes pursuant to this Section
4(b), then it shall give notice to the holders pursuant to Section 15 hereof.

          The notice of redemption, shall specify the following:

          (i)  the Tax Redemption Date;

          (ii) a brief statement to the effect that the Notes are being redeemed
     at the option of the Company pursuant to this Section 4(b) and a brief
     statement of the facts permitting such redemption;

<PAGE>

          (iii)  that on the Tax Redemption Date, the Redemption Price, plus
     accrued but unpaid interest on the Notes, if any, will become due and
     payable;

          (iv)   the amount of the Redemption Price and accrued but unpaid
     interest, if any, that will be due and payable on the Notes on the Tax
     Redemption Date;

          (v)    the place or places of payment of the amounts due under clause
     (iv) above;

          (vi)   that payment of the amounts due under clause (iv) above will be
     made upon presentation and surrender of the Notes; and

          (vii)  that, following the redemption of the Notes pursuant to this
     Section 4(b), interest shall cease to accrue thereon.

          The notice of redemption regarding the Notes shall be, at the election
of the Company, given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company.

          On or before the opening of business on any Tax Redemption Date, the
Company shall deposit with the Trustee or with the Paying Agent or, if the
Company is acting as its own paying agent, segregate and hold in trust as
provided in Section 5.03 of the Indenture, an amount of money sufficient to pay
the Redemption Price of, and except if the Tax Redemption Date shall be an
Interest Payment Date, accrued but unpaid interest on, the Notes to be redeemed
on the Tax Redemption Date.

          The notice of redemption having been given as specified above, the
Notes shall, on the Tax Redemption Date, become due and payable at the
Redemption Price, and from and after such date, unless the Company shall default
in the payment of the Redemption Price and accrued but unpaid interest, if any,
the Notes shall cease to bear interest. Upon surrender of the Notes for
redemption in accordance with such notice, the Notes shall be paid by the
Company at the Redemption Price, together with accrued but unpaid interest, if
any, to the Tax Redemption Date.

          If the Notes, having been called for redemption, shall not be so paid
upon surrender thereof for redemption, the Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this
Note.

          5.     Place and Method of Payment. The Company shall pay principal of
and interest on the Notes at the office or agency of the Paying Agent in the
Borough of Manhattan, The City of New York; provided, however, that at the
option of the Company, the Company may pay interest by check mailed to the
person entitled thereto at such person's address as it appears on the Registry
for the Notes.

          6.     Defeasance of the Notes. Sections 11.02, 11.03 and 11.04 of the
Indenture shall apply to the Notes.

          7.     No Redemption; Sinking Fund. The Notes are not redeemable prior
to maturity, other than as set forth in Section 4(b) hereof, and are not subject
to a sinking fund.

<PAGE>

          8.   Amendment and Modification. Article Nine of the Indenture
contains provisions for the amendment or modification of the Indenture and the
Notes without the consent of the holders in certain circumstances and requiring
the consent of holders of not less than a majority in aggregate principal amount
of the Notes and Securities of other series that would be affected in certain
other circumstances. However, the Indenture requires the consent of each holder
of the Notes and Securities of other series that would be affected for certain
specified amendments or modifications of the Indenture and the Notes. These
provisions of the Indenture, which provide for, among other things, the
execution of supplemental indentures, are applicable to the Notes.

          9.   Default; Waiver. If an Event of Default with respect to the Notes
shall occur and be continuing, then either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Notes of this series then
Outstanding may declare the aggregate principal amount of the Notes of this
series to be immediately due and payable in the manner, with the effect and
subject to the conditions provided in the Indenture. The Indenture provides that
in the event of such a declaration, the holders of a majority in aggregate
principal amount of all of the Notes of this series then outstanding, voting as
a separate class, in accordance with the provisions of, and in the circumstances
provided by, the Indenture, may rescind and annul the declaration and its
consequences and the related default and its consequences may be waived with
respect to all of the Notes.

          10.  Absolute Obligation. No reference herein to the Indenture and no
provisions of the Notes or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the place, at the time and in the coin or currency
herein prescribed.

          11.  Form and Denominations; Global Notes; Definitive Notes. The Notes
are being issued in registered form without coupons in denominations of $1,000
and multiples of $1,000. The Notes are being issued in the form of global notes
(each, a "Global Note"), evidencing all or any portion of the Notes and
registered in the name of DTC or its nominee (including their respective
successors) as Depositary under the Indenture. The Notes shall be issued in
certificated form (each, a "Definitive Note") only in the following limited
circumstances: (1) the Depositary is at any time unwilling or unable to continue
as Depositary or ceases to be a clearing agency registered under applicable law,
and a successor depositary is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such ineligibility, (2) the
Company delivers to the Trustee a Company Order to the effect that this Note
shall be exchangeable for Definitive Notes or (3) an Event of Default has
occurred and is continuing with respect to the Notes, in each such case this
Note shall be exchangeable for Definitive Notes in an equal aggregate principal
amount. Such Definitive Notes shall be registered in such name or names as the
Depositary shall instruct the Trustee.

          12.  Registration, Transfer and Exchange. As provided in the Indenture
and subject to certain limitations therein set forth, the Company shall provide
for the registration of the Notes and the transfer and exchange of the Notes,
whether in global or Definitive form. At the option of the holders, at any
office or agency designated and maintained by the Company for such purpose (the
"Transfer Agent") pursuant to the provisions of the Indenture, and in the manner
and subject to the limitations provided in the Indenture, but without the
payment of any service charge, except for any transfer tax or other governmental
charges imposed in connection

<PAGE>

therewith subject to Section 4 hereof, the Notes may be transferred or exchanged
for an equal aggregate principal amount of the Notes of like tenor and of other
authorized denominations upon surrender and cancellation of the Notes upon any
such transfer.

          The Company, the Trustee, and any agent of the Company or of the
Trustee may deem and treat the holder as the absolute owner of this Note
(whether or not the Notes shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payments
hereon, or on account hereof, and for all other purposes, and neither the
Company nor the Trustee nor any agent of the Company or of the Trustee shall be
affected by any notice to the contrary. All such payments made to or upon the
order of such holder shall, to the extent of the amount or amounts paid,
effectually satisfy and discharge liability for moneys payable on this Note.

          Notwithstanding the preceding paragraphs of this Section 12, any
registration of transfer or exchange of a Global Note shall be subject to the
terms of the legend appearing on the initial page thereof.

          13.   No Recourse Against Others. No recourse under or upon any
obligation, covenant or agreement of the Company arising under or set forth in
the Notes or under the Indenture, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by
the enforcement of any assessment or penalty or otherwise, any and all such
personal liability, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such
incorporator, stockholder, officer or director, as such, being, by the
acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

          14.   Appointment of Agents. Bank One Trust Company, NA is hereby
appointed the Registrar for the purpose of registering the Notes and transfers
and exchanges of the Notes pursuant to the Indenture and this Note, Paying Agent
pursuant to Section 3.04 of the Indenture and Transfer Agent with respect to the
Notes at its offices in the Borough of Manhattan, The City of New York.

          15.   Notices. If the Company is required to give notice to the
holders of the Notes pursuant to the terms of the Indenture, then it shall do so
by the means and in the manner set forth in Section 1.06 of the Indenture.

          In addition, the Company shall give notices to the holders of the
Notes by publication in a leading daily newspaper in The City of New York and in
London. Initially, such publication shall be made in The City of New York in The
Wall Street Journal and in London in the Financial Times. Any such notice shall
be deemed to have been given on the date of publication or, if published more
than once, on the date of the first publication.

          16.   Separability. In case any provision of the Indenture or the
Notes shall, for any reason, be held to be invalid, illegal or unenforceable,
then the validity, legality and

<PAGE>

enforceability of the remaining provisions thereof and hereof shall not in any
way be affected or impaired thereby.

          17.   GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

     For the value received, the undersigned hereby assigns and transfers the
within Note, and all rights thereunder, to:

________________________________________________________________________________
                         (Insert assignee's legal name)

________________________________________________________________________________
        (Insert assignee's social security or tax identification number)

________________________________________________________________________________
             (Print or type assignee's name, address and zip code)

________________________________________________________________________________


________________________________________________________________________________


and irrevocably appoint ________________________________________________________

to transfer this Note on the books of Wal-Mart Stores, Inc. The agent may
substitute another to act for it.

                                           Your Signature:______________________

                    (Sign exactly as your name appears on the face of this Note)


Date: ___________________

Signature Guarantee

The signature(s) should be Guaranteed by an Eligible Guarantor Institution
pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended.

                                    * * * * *

     The following abbreviations, when used in the inscription on the face of
the within Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -    as tenants in common
TEN ENT -    as tenants by the entireties
JT ENT  -    as joint tenants with right
             of survivorship and not as
             tenants in common

__________  UNIF GIFT MIN ACT - ______ Custodian ______ under the Uniform Gifts
                                (Cust)           (Minor)
to Minors Act _____
             (State)

Additional abbreviations may also be used although not in the above list.