Series Terms Certificate



 Exhibit 4(a) 
 WAL-MART STORES, INC. 
 Series Terms Certificate 
 Pursuant to Section 3.01 of the Indenture 
 Relating to 5.625% Notes Due 2034 
 Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005,
as amended and supplemented (the “Indenture”), made between Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Charles M.
Holley, Jr., Executive Vice President, Finance and Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Anthony D. George, Associate General Counsel, Finance and Assistant Secretary of the
Company, attests to the following certification. Any capitalized term used herein shall have the definition ascribed to that term as set forth in the Indenture unless otherwise defined herein. 
 A. This certificate is a Series Terms Certificate contemplated by Section 3.01 of the Indenture and is being executed to evidence the establishment
and approval of the terms and conditions of the Series that was established pursuant to Section 3.01 of the Indenture by means of a Unanimous Written Consent of the Executive Committee of the Board of Directors of the Company, dated
March 20, 2009 (the “Series Consent”), which Series is designated as the “5.625% Notes Due 2034” (the “2034 Series”), by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the
Series Consent. 
 B. Each of the undersigned has read the Indenture, including the provisions of Sections 1.02 and 3.01 and the definitions
relating thereto, and the resolutions adopted in the Series Consent. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to
whether or not all conditions precedent provided for in the Indenture relating to the execution and delivery by the Trustee of the Indenture, to the creation, establishment and approval of the title, the form and the terms of a Series under the
Indenture, and to the authentication and delivery by the Trustee of promissory notes of a Series, have been complied with. In the opinion of the undersigned, (i) all such conditions precedent have been complied with and (ii) there are no
Events of Default, or events which, with the passage of time, would become an Event of Default under the Indenture that have occurred and are continuing at the date of this certificate. 
 C. Pursuant to the Series Consent, the Company is authorized to issue initially £1,000,000,000 aggregate principal amount of promissory notes of the
2034 Series. A copy of the Series Consent is attached hereto as Annex A. Any promissory notes that the Company issues that are a part of the 2034 Series (the “2034 Notes”) shall be issued in registered book-entry form and shall be
represented by a global security substantially in the form attached hereto as Annex B (the “Form of 2034 Note”). Acting pursuant to authority delegated to him pursuant to the Series Consent, the Executive Vice President, Finance and
Treasurer, of the Company have approved and set the aggregate principal amount of the 2034 Notes initially to be issued (the “Initial 2034 Notes”) to be £1,000,000,000. 







 D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2034 Series and the
2034 Notes are established and approved to be the following: 
  

	 	1.	Designation: 

 The Series established by the Series
Consent is designated as the “5.625% Notes Due 2034”. 
  

	 	2.	Aggregate Principal Amount: 

 The 2034 Series is
not limited as to the aggregate principal amount of all the promissory notes of the 2034 Series that the Company may issue. The Company is issuing the Initial 2034 Notes in an aggregate original principal amount of £1,000,000,000. 

 

	 	3.	Maturity: 

 Final maturity of the 2034 Notes will
be March 27, 2034. 
  

	 	4.	Interest: 

  

	 	a.	Rate 

 The 2034 Notes will bear interest at the
rate of 5.625% per annum, which interest shall commence accruing from and including March 27, 2009. Additional Amounts (as defined in Section 4(a) of the Form of 2034 Note), if any, will also be payable on the 2034 Notes. 

 

	 	b.	Payment Dates 

 Interest will be payable on the
2034 Notes semi-annually in arrears on March 27 and September 27 of each year, commencing on September 27, 2009, to the person or persons in whose name or names the 2034 Notes are registered at the close of business on the immediately
preceding March 15 or September 15, as the case may be. Interest on the 2034 Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  

	 	5.	Currency of Payment: 

 The principal and interest
payable with respect to the 2034 Notes shall be payable in pounds sterling. 
 If, prior to the maturity of the 2034 Notes, the United
Kingdom adopts the euro as its lawful currency in accordance with the Treaty establishing European Communities, as amended from time to time, the 2034 Notes will be re-denominated into euro, and the principal, interest, any Tax 

  

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Redemption Price (as defined in the Form of 2034 Note) and any Additional Amounts (as defined in the Form of 2034 Note) will become payable in euro.

  

	 	6.	Payment Places: 

 All payments of principal of, any
Tax Redemption Price with respect to, and interest on, the 2034 Notes shall be made as set forth in Section 6 of the Form of 2034 Note. 
  

	 	7.	Optional Redemption Features: 

 The Company may
redeem the 2034 Notes upon the occurrence of certain tax events as set forth in Section 4(b) of the Form of 2034 Note. 
 There is no
sinking fund with respect to the 2034 Notes. 
  

	 	8.	Special Redemption Features, etc.: 

 None.

  

	 	9.	Denominations: 

 £50,000 and integral
multiples of £1,000 in excess thereof for the 2034 Notes. 
  

	 	10.	Principal Repayment: 

 100% of the principal amount
of the 2034 Notes. 
  

	 	11.	Registrar, Paying Agent and Transfer Agent: 

 The
Bank of New York Mellon Trust Company, N.A. will be the registrar, U.S. paying agent and U.S. transfer agent for the 2034 Notes. The Bank of New York Mellon will be the London paying agent and the London transfer agent for the 2034 Notes.

  

	 	12.	Payment of Additional Amounts: 

 The Company shall
pay additional amounts as set forth under Section 4(a) of the Form of 2034 Note. 
  

	 	13.	Book-Entry Procedures: 

 The 2034 Notes shall be
issued in the form of a single global note registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee for The Bank of New York Mellon, as common depositary for Clearstream Banking, société
anonyme and Euroclear Bank S.A./N.V., and will be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 12 and 13 of the Form of 2034 Note. 
  

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	 	14.	Other Terms: 

 Sections 2, 3, 5, 7, 8, 9, 10, 11,
12, 13, 14, 15, 16, 17 and 18 of the Form of 2034 Note shall also apply to the 2034 Notes. 
 The 2034 Notes will not have any terms or
conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), (xiv), (xvi), (xvii), (xix) or (xx) of Section 3.01 of the Indenture. 
 E. The 2034 Notes will be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2034 Notes
specifically or apply to the terms of all Securities of all Series established pursuant to and governed by the Indenture, such terms shall apply to the 2034 Notes. 
 [signature page follows] 
  

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 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of March 20,
2009. 
  

	
	 /s/ Charles M. Holley, Jr.

	Charles M. Holley, Jr.
	Executive Vice President, Finance and Treasurer


 ATTEST: 
  

	
	 /s/ Anthony D. George

	Anthony D. George
	Associate General Counsel, Finance and Assistant Secretary

 Series Term Certificate for WMT 5.625% Notes - Signature Page 







 ANNEX A 
 UNANIMOUS CONSENT TO ACTION 
 IN LIEU OF A SPECIAL MEETING 
 OF THE EXECUTIVE COMMITTEE OF 
 THE
BOARD OF DIRECTORS 
 OF WAL-MART STORES, INC. 
 March 20, 2009 
  
  
 The undersigned, being all of
the members of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), do hereby consent to the adoption of the following resolutions in accordance with the provisions of
Section 141(f) of the General Corporation Law of Delaware: 
 WHEREAS, the Company has registered with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder, the offer and sale in one or more offerings of an indeterminate amount of its debt securities, which debt
securities are to be issued pursuant to the terms of the Indenture, dated as of July 19, 2005, between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee under the Indenture (the
“Indenture Trustee”), as supplemented to date (the “Indenture”); and 
 WHEREAS, the Company desires to issue and
sell in an underwritten public offering (the “Offering”) its debt securities denominated in British pounds sterling and having an aggregate principal amount not to exceed £1,000,000,000, a portion of which debt securities are to be
offered and sold pursuant to the Company’s Registration Statement on Form S-3 (Registration No. 333-156724) (the “Registration Statement”) and the balance of which debt securities are to be sold in transactions outside of the
United States in reliance on Regulation S under the Securities Act and otherwise in accordance with the laws of the countries in which such debt securities are offered and sold, and to make application for the admission of such debt securities to
the Official List of the Irish Stock Exchange and for trading on the regulated market of the Irish Stock Exchange; it is 
 RESOLVED,
that a series of senior, unsecured promissory notes of the Company in an initial aggregate principal amount not to exceed £1,000,000,000, that shall mature on a date that shall be no earlier than the twentieth anniversary of, and no later than
the last day of the first full month next following the thirtieth anniversary of, the date of initial issuance of notes of such series (the “March 2009 Notes”) shall be, and it hereby is, created, established and authorized for issuance
and sale pursuant to the terms of the Indenture; and be it 
 FURTHER RESOLVED, that the March 2009 Notes shall have such terms,
including the rate at which interest will accrue on the Promissory Notes (as defined below) of the March 2009 Notes and the maturity date thereof, and shall be in such form as shall be established and approved by one or more of the Chairman of the
Board of Directors, the Chief Executive Officer, any Vice Chairman, the Chief Financial Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Controller and the Treasurer of the Company (each an 

  

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“Authorized Officer”) in accordance with the provisions of Section 3.01 of the Indenture pursuant to the authority granted by these
resolutions, which approval will be conclusively evidenced by that Authorized Officer’s or those Authorized Officers’ execution of a Series Terms Certificate (as defined in the Indenture) with respect to the March 2009 Notes; and be it

 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the
Company, to establish and to approve the terms and conditions of the March 2009 Notes, to set the aggregate principal amount of the March 2009 Notes to be sold in the Offering, which aggregate principal amount shall not exceed £1,000,000,000
(the “Offering Amount”), and to approve the form, terms and conditions of the promissory notes representing notes in the March 2009 Notes (the “Promissory Notes”); and be it 
 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the Company, to
execute Promissory Notes having an aggregate principal amount not to exceed the Offering Amount, all as provided in the Indenture, and to deliver those Promissory Notes to the Indenture Trustee for authentication and delivery in accordance with the
terms of the Indenture; and 
 FURTHER RESOLVED, that the Indenture Trustee shall be, and it hereby is, authorized and directed to
authenticate and deliver Promissory Notes having an aggregate principal amount not to exceed the Offering Amount to or upon the written order of the Company, as provided in the Indenture; and be it 
 FURTHER RESOLVED, that the Company shall be and hereby is authorized, and the Authorized Officers shall be, and each of them hereby is, authorized
and directed to take, or cause to be taken, for and on behalf of the Company, all actions necessary or advisable for the Company to make application for and to effect the admission of the March 2009 Notes or such Promissory Notes as are outstanding
from time to time to the Official List of the Irish Stock Exchange and for trading on the regulated market of the Irish Stock Exchange, and, in connection therewith, to prepare, execute and file all necessary applications, documents, forms and
agreements with the Irish Stock Exchange, to grant all powers of attorney to Arthur Cox Listing Services Limited, as the Company’s listing agent with respect to the admission of the March 2009 Notes or such Promissory Notes as are outstanding
from time to time to the Official List of, and for trading on the regulated market of, the Irish Stock Exchange, to pay all filing, listing and application fees and related expenses, and to take any other action necessary to achieve such admission
of the March 2009 Notes or such Promissory Notes as are outstanding from time to time to the Official List of, and for trading on the regulated market of, the Irish Stock Exchange; and be it 
 FURTHER RESOLVED, the Company shall be and hereby is authorized, and the Authorized Officers shall be, and each of them hereby is, authorized and
directed, for and on behalf of the Company, to take, or cause to be taken, all actions, to make all filings, and pay all fees necessary or advisable, in order to make application to the Irish Financial Services Regulatory Authority for, and to
obtain, the approval of a prospectus relating to the offer and sale of Promissory Notes having an aggregate principal amount not to exceed the Offering Amount in member states of the European Union, pursuant to the European Union’s Directive
2003/71/EC and the Republic of Ireland’s Prospectus (Directive 2003/71/EC) Regulations 2005; and be it 
  

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 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to enter into, execute
and deliver, and perform its obligations under, and each Authorized Officer is authorized to execute and deliver, for and on behalf of the Company, a Pricing Agreement and an Underwriting Agreement (collectively, the “Underwriting
Agreement”) between the Company and Goldman Sachs International, Citigroup Global Markets Limited, HSBC Bank plc and any other underwriters and managers named therein (collectively, the “Underwriters”), providing for the sale by the
Company and the purchase by the Underwriters of Promissory Notes having an aggregate principal amount equal to the Offering Amount as determined by one or more Authorized Officers, such determination to be evidenced by the execution and delivery of
the Underwriting Agreement by an Authorized Officer on behalf of the Company, and any other agreements necessary to effectuate the intent of these resolutions, the Underwriting Agreement and any other such agreements to be in the forms and to
contain the terms, including the price to be paid to the Company by the Underwriter for the Promissory Notes being purchased pursuant to the Underwriting Agreement, and conditions as the Authorized Officer executing the same approves, such approval
to be conclusively evidenced by that Authorized Officer’s execution and delivery of the Underwriting Agreement or other agreement; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to sell the Promissory Notes to the Underwriters pursuant to the Underwriting Agreement at the price set forth in, and pursuant to the other terms and
conditions of, the Underwriting Agreement; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to
perform its obligations under the Promissory Notes issued and sold by the Company and its obligations under the Indenture, as those obligations relate to those Promissory Notes; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to issue one or more global certificates to represent the Promissory
Notes authorized in accordance with these resolutions and not otherwise issue the Promissory Notes in certificated form, and to permit each global certificate representing Promissory Notes to be registered in the name of a common depository for, or
a nominee of, Clearstream Banking, S.A., Luxembourg (“Clearstream”) and Euroclear Bank, S.A./N.V. (“Euroclear”) or both and beneficial interests in the global certificates representing the Promissory Notes to be otherwise shown
on, and transfers of such beneficial interests effected through, records maintained by Clearstream and Euroclear and their respective participants, as the case may be; and be it 
 FURTHER RESOLVED, that the signatures of the Authorized Officers executing any Promissory Note may be the manual or facsimile signatures of the
present or any future Authorized Officers and may be imprinted or otherwise reproduced thereon, and any such facsimile signature shall be binding upon the Company, notwithstanding the fact that at the time the Promissory Notes are authenticated and
delivered and disposed of, the person signing the facsimile signature shall have ceased to be an Authorized Officer; and be it 
  

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 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to enter into, execute
and deliver, and perform its obligations under, and each Authorized Officer is authorized to execute and deliver, for and on behalf of the Company, a paying agent and transfer agent agreement with The Bank of New York Mellon and a calculation agency
agreement with The Bank of New York Mellon, each of which agreements shall be in such form and contain such terms and conditions as an Authorized Officer shall determine to be appropriate, such determination to be evidenced by the execution and
delivery of each of such agreements by an Authorized Officer for and on behalf of the Company; and be it 
 FURTHER RESOLVED,
that, without in any way limiting the authority heretofore granted to any Authorized Officer, the Authorized Officers shall be, and each of them individually is, authorized and empowered to do and perform all such acts and things and to execute and
deliver, for and on behalf of the Company, any and all documents and instruments and to take any and all such actions as they may deem necessary, desirable or proper in order to carry out the intent and purpose of the foregoing resolutions and fully
to establish the March 2009 Notes, to perform the provisions of the Underwriting Agreement, the Indenture and the Promissory Notes, to cause the March 2009 Notes or such Promissory Notes as are outstanding from time to time to be admitted to the
Official List of, and for trading on the regulated market of, the Irish Stock Exchange, and to incur on behalf of the Company all such expenses and obligations in connection therewith as they may deem proper. 
 Dated this 20th
day of March 2009 

									
				
	/s/ Michael T. Duke	 		 		 	/s/ S. Robson Walton
	Michael T. Duke	 		 		 	S. Robson Walton
				
	/s/ H. Lee Scott, Jr.	 		 		 	/s/ Christopher J. Williams
	H. Lee Scott, Jr.	 		 		 	Christopher J. Williams

  

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 ANNEX B 
 FORM OF GLOBAL NOTE 
 This Note is a global security and is registered in the name of The Bank of New
York Mellon Depository (Nominees) Limited, as nominee of the common depositary, The Bank of New York Mellon (the “Common Depositary”), for Clearstream Banking, société anonyme (“Clearstream”) and Euroclear
Bank S.A./N.V. (“Euroclear”). Unless and until this Note is exchanged in whole or in part for Notes in definitive form, this Note may not be transferred except as a whole by the Common Depositary or a nominee of the Common Depositary to
the Common Depositary or another depositary or by the Common Depositary or a nominee of the Common Depositary to a successor depositary or a nominee of such successor depositary. 
 WAL-MART STORES, INC. 
 5.625% NOTES DUE 2034 
  

					
	Number 1	  		 	ISIN No.: XS0419834931
	£1,000,000,000	  		 	Common Code: 041983493

 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 THE BANK OF NEW YORK MELLON DEPOSITORY (NOMINEES) LIMITED or registered assigns, the
principal sum of ONE BILLION POUNDS STERLING (£1,000,000,000) on March 27, 2034 in such coin or currency of the United Kingdom 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 March 27 and September 27 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 September 27, 2009, on said principal sum in like coin or currency, at the rate per annum specified in the title of this Note from March 27, 2009 or from the most recent March 27
and September 27 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 27, and on the preceding September 15, in the case of an Interest Payment Date of September 27 (each, a
“Record Date”). “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in New
York, New York or London, England. 
 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 and by its Secretary or one of its Assistant Secretaries, each by manual or facsimile signature and under its corporate
seal. 
  

					
		 	WAL-MART STORES, INC.
			
		 	By:	 	  

		 	Name:	 	Charles M. Holley, Jr.
		 	Title:	 	Executive Vice President, Finance and Treasurer
			
	[SEAL]	 	By:	 	  

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

 Dated: March 27, 2009 
 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:	 	THE BANK OF NEW YORK MELLON, as Authenticating Agent
			
		 	By:	 	  

		 		 	Authorized Signatory

  

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 WAL-MART STORES, INC. 
 5.625% NOTES DUE 2034 
 1. Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the “5.625% Notes Due 2034” (the “Notes”), initially issued in an aggregate principal amount of £1,000,000,000 on March 27, 2009. 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, by and between the Company, as Issuer, and The Bank of New York
Mellon Trust Company, N.A., as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, by and between the Company, as Issuer, and the Trustee (the “Indenture”), 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, create and 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 debt obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior unsecured 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. Payment of Additional Amounts; Redemption Upon a Tax Event. 
 (a) Payment of Additional Amounts. The Company shall pay to the Holder (including, for purposes of this Section 4, each beneficial owner) of
this Note who is a Non-U.S. Person (as defined below) 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 this Note to be then due and 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 on foreign personal holding company income or by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or a 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 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; 
  


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 (viii) any withholding or deduction that is imposed on a payment to an individual and is required to be
made pursuant to that European Union Directive relating to the taxation of savings adopted on June 3, 2003 by the European Union’s Economic and Financial Affairs Council, or any law implementing or complying with, or introduced in order to
conform to, such Directive; or 
 (ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) in this
Section 4(a); 
 nor shall any Additional Amounts be paid to any Holder who is a fiduciary or partnership 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.

 “Non-U.S. Person” 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 “Tax Redemption Price”) plus accrued but unpaid interest, if any, and any Additional Amounts
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 March 20, 2009 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 16 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 16
hereof. 
  

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 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; 
 (iii) that on the Tax Redemption Date, the Tax Redemption Price, plus accrued but unpaid interest on the Notes, if any, will become due and payable and
that interest thereon shall cease to accrue on and after such Tax Redemption Date; 
 (iv) the amount of the Tax 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 where the Notes
are to be surrendered for payment of the Tax Redemption Price and other 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) the ISIN and Common Code
numbers of the Notes. 
 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 U.S. Paying Agent or London 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 Tax 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 Tax Redemption
Price, and from and after such date, unless the Company shall default in the payment of the Tax 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 Tax 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 Tax Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this Note. 
 5. Re-Denomination in Euro. If, prior to the
maturity of the Notes, the United Kingdom adopts the euro as its lawful currency in accordance with the Treaty 

  

 4 








 
establishing European Communities, as amended from time to time, the Notes will be re-denominated into euro, and the regulations of the European Commission
relating to the euro shall apply to the Notes. The circumstances and consequences described in this Section 5 will not entitle the Company, the Trustee or any Holder of the Notes to redeem early, rescind or receive notice relating to the Notes,
repudiate the terms of the Notes or the Indenture, raise any defense, request any compensation or make any claim, nor will these circumstances and consequences affect any of the Company’s other obligations under the Notes or the Indenture.

 6. Place and Method of Payment. The Company shall pay principal (and the Tax Redemption Price, if any) of and interest on the Notes
at the office or agency of the U.S. Paying Agent in the Borough of Manhattan, The City of New York and of the London Paying Agent in London; 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. 
 7. Defeasance of the Notes.
Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 8. 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. 
 9. 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.

 10. 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. 
 11. 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. 
  

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 12. Form and Denominations; Global Note; Definitive Notes. The Notes are being issued in
registered form without interest coupons in denominations of £50,000 and integral multiples of £1,000 in excess thereof. The Notes are being issued in the form of a single global note (the “Global Note”), evidencing all or any
portion of the Notes and registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee of the Common Depositary (including its respective successors) under the Indenture. The Notes shall be issued in certificated
form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Common Depositary is at any time unwilling or unable to continue as the Common Depositary, or Clearstream Banking, société
anonyme or Euroclear Bank S.A./N.V. ceases to be a clearing agency registered under applicable law, and a successor Common Depositary is not appointed by the Company or a successor clearing agency satisfactory to the Company is not established
within 90 days after the Company receives notice thereof; (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 Common Depositary shall
instruct the Trustee. 
 13. 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 the offices of the U.S. Transfer Agent or the London
Transfer Agent (each as defined in Section 15 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose 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 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 13, 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. 
 14. 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 

  

 6 








 
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. 
 15. Appointment of Agents. The Bank of New York Mellon Trust Company, N.A. 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 (the “U.S. Paying Agent”) and transfer agent (the “U.S. Transfer Agent”) with respect to the Notes in the United States at its offices in the
Borough of Manhattan, The City of New York. 
 The Bank of New York Mellon is hereby appointed paying agent pursuant to Section 3.04 of
the Indenture (the “London Paying Agent”) and transfer agent (the “London Transfer Agent”) with respect to the Notes in the United Kingdom at its offices in London. 
 16. 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 and, so long as the Notes are admitted to the Official List of the Irish Stock Exchange and to trading on its regulated market, in Ireland. Initially, such
publication shall be made in The City of New York in The Wall Street Journal, in London in The Financial Times and in Ireland in the Irish 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. 
 17. 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. 
 18. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA.

  

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 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.