Form of Global Notes re 3.250% Notes



  
 Exhibit 4(g)

 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. 
 3.250% NOTES DUE 2020 

							
	 Number A-1

$500,000,000
	  		  		  	 CUSIP No.: 931142 CZ4

ISIN No.: US931142CZ44

Common Code: 55280860


 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 FIVE HUNDRED MILLION DOLLARS on October 25, 2020 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 consisting of twelve 30-day months, semi-annually in arrears on April 25 and October 25 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 April 25, 2011, on said principal sum in like coin or currency, at the rate per annum specified
in the title of this Note from October 25, 2010 or from the most recent April 25 or October 25 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 April 15, in the case of an Interest Payment Date of April 25, and on the preceding
October 15, in the case of an Interest Payment Date of October 25 (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. 







  
 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:	 	Brad M. Sikorski
		 		 		 	Title:	 	Vice President, Capital Markets
				
	[SEAL]	 		 	Attest:	 	  

		 		 		 	Name:	 	Anthony D. George
		 		 		 	Title:	 	 Senior Associate General Counsel, Finance and

Assistant Secretary


 Dated: October 25, 2010 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Trustee

		
	By:	 	  

		 	Authorized Signatory









  
 WAL-MART STORES,
INC. 
 3.250% NOTES DUE 2020 
 1. Indenture; Notes. This Note is one of a duly authorized series of Securities of the Company designated as the “3.250% Notes Due 2020” (the “Notes”), initially issued in an
aggregate principal amount of $1,750,000,000 on October 25, 2010. 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 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006 (the “Indenture”), by and between the Company, as Issuer, and The Bank of New York Mellon Trust
Company, N.A., 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, 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 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 and unsubordinated 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 consisting 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. 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. 







  
 5. Defeasance of the Notes.
Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 6. No Redemption or Sinking Fund. The Notes are not
redeemable prior to maturity and are not subject to a sinking fund. 
 7. 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. 

8. Event of Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be
continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain
cases, may automatically become, 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 an acceleration of the maturity of the Notes, 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
such acceleration and its consequences with respect to all of the Notes. 
 9. 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. 
 10. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without
interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes are being issued in the form of one or more 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. 







  
 11. 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 therewith, 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 11, 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. 
 12. 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. 
 13. Appointment of Agents. The Bank of New York Mellon Trust
Company, N.A. is hereby appointed (i) the Registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note, (ii) Paying Agent pursuant to Section 3.04 of the Indenture
and (iii) Transfer Agent with respect to the Notes at its offices in the Borough of Manhattan, The City of New York. 
 14. 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. 







  
 15. 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 enforceability of the remaining provisions thereof and hereof shall not in any way be affected or
impaired thereby. 
 16. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 







  
 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 appoints	  	  


 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 to Minors Act	 	  

		 		 	(Cust)	 		 	(Minor)	 		 	(State)

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







  
 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. 
 3.250% NOTES DUE 2020 

 

							
	 Number A-2

$500,000,000
	  		  		  	 CUSIP No.: 931142 CZ4

ISIN No.: US931142CZ44

Common Code: 55280860


 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 FIVE HUNDRED MILLION DOLLARS on October 25, 2020 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 consisting of twelve 30-day months, semi-annually in arrears on April 25 and October 25 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 April 25, 2011, on said principal sum in like coin or currency, at the rate per annum specified
in the title of this Note from October 25, 2010 or from the most recent April 25 or October 25 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 April 15, in the case of an Interest Payment Date of April 25, and on the preceding
October 15, in the case of an Interest Payment Date of October 25 (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. 







  
 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:	 	Brad M. Sikorski
		 		 		 	Title:	 	Vice President, Capital Markets
				
	[SEAL]	 		 	Attest:	 	  

		 		 		 	Name:	 	Anthony D. George
		 		 		 	Title:	 	 Senior Associate General Counsel, Finance and

Assistant Secretary


 Dated: October 25, 2010 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee

		
	By:	 	  

		 	Authorized Signatory









  
 WAL-MART STORES,
INC. 
 3.250% NOTES DUE 2020 
 1. Indenture; Notes. This Note is one of a duly authorized series of Securities of the Company designated as the “3.250% Notes Due 2020” (the “Notes”), initially issued in an
aggregate principal amount of $1,750,000,000 on October 25, 2010. 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 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006 (the “Indenture”), by and between the Company, as Issuer, and The Bank of New York Mellon Trust
Company, N.A., 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, 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 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 and unsubordinated 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 consisting 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. 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. 







  
 5. Defeasance of the Notes.
Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 6. No Redemption or Sinking Fund. The Notes are not
redeemable prior to maturity and are not subject to a sinking fund. 
 7. 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. 

8. Event of Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be
continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain
cases, may automatically become, 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 an acceleration of the maturity of the Notes, 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
such acceleration and its consequences with respect to all of the Notes. 
 9. 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. 
 10. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without
interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes are being issued in the form of one or more 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. 







  
 11. 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 therewith, 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 11, 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. 
 12. 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. 
 13. Appointment of Agents. The Bank of New York Mellon Trust
Company, N.A. is hereby appointed (i) the Registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note, (ii) Paying Agent pursuant to Section 3.04 of the Indenture
and (iii) Transfer Agent with respect to the Notes at its offices in the Borough of Manhattan, The City of New York. 
 14. 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. 







  
 15. 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 enforceability of the remaining provisions thereof and hereof shall not in any way be affected or
impaired thereby. 
 16. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 







  
 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 appoints	 	  


 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 to Minors Act	 	  

		 		 	(Cust)	 		 	(Minor)	 		 	(State)

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







  
 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. 
 3.250% NOTES DUE 2020 

 

					
	 Number A-3

$500,000,000
	 		  	 CUSIP No.: 931142 CZ4
 ISIN
No.: US931142CZ44
 Common Code: 55280860


 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 FIVE HUNDRED MILLION DOLLARS on October 25, 2020 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 consisting of twelve 30-day months, semi-annually in arrears on April 25 and October 25 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 April 25, 2011, on said principal sum in like coin or currency, at the rate per annum specified
in the title of this Note from October 25, 2010 or from the most recent April 25 or October 25 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 April 15, in the case of an Interest Payment Date of April 25, and on the preceding
October 15, in the case of an Interest Payment Date of October 25 (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. 







  
 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:	 	Brad M. Sikorski
		 		 		 	Title:	 	Vice President, Capital Markets
				
	 [SEAL]
	 		 	Attest:	 	  

		 		 		 	Name:	 	Anthony D. George
		 		 		 	Title:	 	Senior Associate General Counsel, Finance and Assistant Secretary

 Dated: October 25, 2010 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Trustee

		
	By:	 	  

		 	Authorized Signatory









  
 WAL-MART STORES,
INC. 
 3.250% NOTES DUE 2020 
 1. Indenture; Notes. This Note is one of a duly authorized series of Securities of the Company designated as the “3.250% Notes Due 2020” (the “Notes”), initially issued in an
aggregate principal amount of $1,750,000,000 on October 25, 2010. 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 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006 (the “Indenture”), by and between the Company, as Issuer, and The Bank of New York Mellon Trust
Company, N.A., 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, 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 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 and unsubordinated 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 consisting 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. 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. 







  
 5. Defeasance of the Notes.
Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 6. No Redemption or Sinking Fund. The Notes are not
redeemable prior to maturity and are not subject to a sinking fund. 
 7. 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. 

8. Event of Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be
continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain
cases, may automatically become, 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 an acceleration of the maturity of the Notes, 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
such acceleration and its consequences with respect to all of the Notes. 
 9. 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. 
 10. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without
interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes are being issued in the form of one or more 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. 







  
 11. 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 therewith, 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 11, 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. 
 12. 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. 
 13. Appointment of Agents. The Bank of New York Mellon Trust
Company, N.A. is hereby appointed (i) the Registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note, (ii) Paying Agent pursuant to Section 3.04 of the Indenture
and (iii) Transfer Agent with respect to the Notes at its offices in the Borough of Manhattan, The City of New York. 
 14. 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. 







  
 15. 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 enforceability of the remaining provisions thereof and hereof shall not in any way be affected or
impaired thereby. 
 16. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 







  
 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 appoints	 	  


 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 to Minors Act	 	  

		 		 	(Cust)	 		 	(Minor)	 		 	(State)

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







  
 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. 
 3.250% NOTES DUE 2020 

 

					
	 Number A-4

$250,000,000
	  		  	 CUSIP No.: 931142 CZ4
 ISIN
No.: US931142CZ44
 Common Code: 55280860


 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 TWO HUNDRED FIFTY MILLION DOLLARS on October 25, 2020 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 consisting of twelve 30-day months, semi-annually in arrears on April 25 and
October 25 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 April 25, 2011, on said principal sum in like coin or currency, at the rate
per annum specified in the title of this Note from October 25, 2010 or from the most recent April 25 or October 25 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 April 15, in the case of an Interest Payment Date of April 25, and on the
preceding October 15, in the case of an Interest Payment Date of October 25 (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. 







  
 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:	 	Brad M. Sikorski
		  		 	Title:	 	Vice President, Capital Markets
			
	[SEAL]	  	Attest:	 	  

		  		 	Name:	 	Anthony D. George
		  		 	Title:	 	 Senior Associate General Counsel, Finance and Assistant
 Secretary

				
	Dated: October 25, 2010	  		 		 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory









  
 WAL-MART STORES,
INC. 
 3.250% NOTES DUE 2020 
 1. Indenture; Notes. This Note is one of a duly authorized series of Securities of the Company designated as the “3.250% Notes Due 2020” (the “Notes”), initially issued in an
aggregate principal amount of $1,750,000,000 on October 25, 2010. 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 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006 (the “Indenture”), by and between the Company, as Issuer, and The Bank of New York Mellon Trust
Company, N.A., 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, 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 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 and unsubordinated 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 consisting 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. 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. 







  
 5. Defeasance of the Notes.
Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 6. No Redemption or Sinking Fund. The Notes are not
redeemable prior to maturity and are not subject to a sinking fund. 
 7. 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. 

8. Event of Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be
continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain
cases, may automatically become, 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 an acceleration of the maturity of the Notes, 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
such acceleration and its consequences with respect to all of the Notes. 
 9. 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. 
 10. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without
interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes are being issued in the form of one or more 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. 







  
 11. 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 therewith, 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 11, 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. 
 12. 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. 
 13. Appointment of Agents. The Bank of New York Mellon Trust
Company, N.A. is hereby appointed (i) the Registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note, (ii) Paying Agent pursuant to Section 3.04 of the Indenture
and (iii) Transfer Agent with respect to the Notes at its offices in the Borough of Manhattan, The City of New York. 
 14. 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. 







  
 15. 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 enforceability of the remaining provisions thereof and hereof shall not in any way be affected or
impaired thereby. 
 16. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 







  
 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 appoints	 	  


 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 to Minors Act	 	  

		 		 	(Cust)	 		 	(Minor)	 		 	(State)

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