Document:

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                                                                    Exhibit 4(a)

                              WAL-MART STORES, INC.

                            Series Terms Certificate
                    Pursuant to Section 3.01 of the Indenture
                    -----------------------------------------

         Pursuant to Section 3.01 of the Indenture, dated as of July 5, 2001
(the "Indenture"), made by and among Wal-Mart Stores, Inc., a Delaware
corporation (the "Company"), Wal-Mart Cayman (Euro) Finance Co., a Cayman
Islands exempted company, Wal-Mart Cayman (Canadian) Finance Co., a Cayman
Islands exempted company, Wal-Mart Cayman (Sterling) Finance Co., a Cayman
Islands exempted company (collectively, the "Finance Subsidiaries"), Wal-Mart
Stores, Inc., in its capacity as guarantor of Securities issued by any of the
Finance Subsidiaries pursuant to the Indenture (the "Guarantor"), and Bank One
Trust Company, NA, as trustee (the "Trustee"), Rick W. Brazile, Vice President
of Planning and Analysis hereby certifies as follows, and Anthony D. George,
Senior Corporate Counsel 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 as of March 4, 2002 (the "Original
         Series Consent"), which Series is designated as the "4.15% Notes Due
         2005" (the "2005 Series"), by Rick W. Brazile, pursuant to the grant of
         authority under the terms of the Original 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 Original 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 (as
         defined in the Indenture), or events which, with the passage of time,
         would become an Event of Default under the Indenture.

         C. Pursuant to the Original Series Consent, the Company is authorized
         to issue $500,000,000 aggregate principal amount of promissory notes of
         the 2005 Series (the "Initial Notes"). A copy of the Original Series
         Consent is attached hereto as Annex A. Any promissory notes that the
         Company issues that are a part of the 2005 Series (the "Notes") shall
         be represented by one or more global securities substantially in the
         form attached hereto as Annex B (the "Form of Note").

<PAGE>

         D. Pursuant to Section 3.01 of the Indenture, the terms and
         conditions of the 2005 Series and the promissory notes forming a part
         of the 2005 Series, including the Notes, are established and approved
         to be the following:

                  1.       Designation:
                           -----------

                               The Series established by the Original Series
                               Consent is designated as the "4.15% Notes due
                               2005."

                  2.       Aggregate Principal Amount:
                           --------------------------

                               The 2005 Series is not limited as to the
                               aggregate principal amount of all the promissory
                               notes of the 2005 Series that the Company may
                               issue. The Company is issuing the Initial Notes,
                               which have an aggregate original principal amount
                               of $500,000,000.

                  3.       Maturity:
                           --------

                               Final maturity of the Notes of the 2005 Series
                               will be June 15, 2005.

                  4.       Interest:
                           --------

                               a.   Rate
                                    ----

                                            The Notes will bear interest at the
                                            annual rate of 4.15%, which interest
                                            shall commence accruing from and
                                            including March 11, 2002. Additional
                                            Amounts (as defined in Section 4(a)
                                            of the Form of Note) if any, will
                                            also be payable on the Notes.

                               b.   Payment Dates
                                    -------------

                                            Interest will be payable on the
                                            Notes semi-annually in arrears on
                                            June 15 and December 15 of each
                                            year, beginning on December 15,
                                            2002, to the person or persons in
                                            whose name or names the Notes are
                                            registered at the close of business
                                            on the preceding June 1 or December
                                            1, as the case may be. Interest on
                                            the Notes will be computed on the
                                            basis of a 360-day year of twelve
                                            30-day months.

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                  5.       Currency of Payment.
                           -------------------

                               The principal and interest payable with
                               respect to the Notes shall be payable in
                               United States dollars.

                  6.       Payment Places:
                           --------------

                               All payments of principal of and interest on
                               the Notes will be made to The Depository
                               Trust Company so long as the Notes are in
                               global form, otherwise payment shall be made
                               at the office or agency of the Company in
                               the Borough of Manhattan, The City of New
                               York.

                  7.       Optional Redemption Features:
                           ----------------------------

                               The Company may redeem the Notes upon the
                               occurrence of certain tax events pursuant to
                               Section 4(b) of the Form of Note.

                               There is no sinking fund with respect to the
                               Notes.

                  8.       Special Redemption Features, etc.:
                           ---------------------------------

                               None.

                  9.       Denominations:
                           -------------

                               $1,000 and integral multiples thereof for
                               the Notes.

                  10.      Principal Repayment:
                           -------------------

                               100% of the principal amount of each Note.

                  11.      Registrar and Paying Agent:
                           --------------------------

                               Bank One Trust Company, NA, will be the
                               registrar and paying agent for the Notes.

                  12.      Defeasance:
                           ----------

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

                  13.      Payment of Additional Amounts:
                           -----------------------------

                               The Company shall pay additional amounts as
                               set forth under Section 4 of the Form of
                               Notes.

                                        3

<PAGE>

                  14.      Book-Entry Procedures:
                           ---------------------

                               The Notes shall be issued in the form of
                               global Notes registered in the name of CEDE
                               & Co. as nominee of The Depository Trust
                               Company and will be issued in certificated
                               form only in limited circumstances, in each
                               case, as set forth under Sections 11 and 12
                               of the Form of Notes.

                  15.      Other Terms:
                           -----------

                               Sections 2, 3, 8, 9, 10, 11, 12, 13, 14, 15,
                               16 and 17 of the Form of Note attached
                               hereto as Annex B shall also apply to the
                               Notes.

                               The Notes will not have any terms or
                               conditions of the type contemplated by
                               clause (iii), (vi), (vii), (xii), (xiii),
                               (xiv), (xv), (xvi) (xvii), or (xx) of
                               Section 3.01 of the Indenture.

         E. The Notes will be issued pursuant to and governed by the Indenture.
         To the extent that the Indenture's terms apply to the 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 Notes.

                                        4

<PAGE>

          IN WITNESS WHEREOF, the undersigned has hereunto executed this
Certificate as of March 11, 2002.

                                         /s/ Rick W. Brazile
                                         ---------------------------------------
                                         Rick W. Brazile
                                         Vice President of Planning and Analysis

ATTEST:

/s/ Anthony D. George
-----------------------------
Anthony D. George
Senior Corporate Counsel and
Assistant Secretary

<PAGE>

                                     ANNEX A

                           UNANIMOUS CONSENT TO ACTION
                           IN LIEU OF SPECIAL MEETING
                          OF THE EXECUTIVE COMMITTEE OF
                             THE BOARD OF DIRECTORS
                            OF WAL-MART STORES, INC.

                                  March 4, 2002

                       ----------------------------------

         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:

         RESOLVED, that a series of senior, unsecured promissory notes of the
Company in the initial aggregate principal amount of $500,000,000 that shall
mature on or about June 15, 2005 (the "Series 2005 Notes") shall be, and it
hereby is, created, established and authorized for issuance and sale pursuant to
the terms of the Indenture dated July 5, 2001 (the "Indenture") between the
Company, Wal-Mart Cayman (Euro) Finance Co., Wal-Mart Cayman (Canadian) Finance
Co., Wal-Mart Cayman (Sterling) Finance Co. and Bank One Trust Company, NA, as
trustee (the "Indenture Trustee"), and

         RESOLVED, that the Series 2005 Notes shall have such terms, including
the rate at which interest shall accrue thereunder, and shall be in such form as
may be established and approved by an Authorized Officer or Authorized Officers
(each as defined below) 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 with respect to the Series
2005 Notes as contemplated by Section 3.01 of the Indenture.

         RESOLVED, that the Chairman, any Vice Chairman, the Chief Executive
Officer, the President, any Executive Vice President, any Senior Vice President,
the Vice President of Planning and Analysis and the Treasurer of the Company
(each an "Authorized Officer") shall be, and each of them hereby is, authorized,
in the name and on behalf of this Company, to establish and to approve the terms
and conditions of the Series 2005 Notes and to approve the form, terms and
conditions of the promissory notes representing notes in the Series 2005 Notes
and to execute up to $500,000,000 principal amount of promissory notes of the
Series 2005 Notes (the "2005 Promissory Notes"), all as provided in the
Indenture, and to deliver the 2005 Promissory Notes to the Indenture Trustee for
authentication and delivery in accordance with the terms of the Indenture.

         RESOLVED, that the Indenture Trustee shall be, and it hereby is,
authorized and directed to authenticate and deliver 2005 Promissory Notes to or
upon the written order of this Company, as provided in the Indenture.

<PAGE>

         RESOLVED, that the Company shall be, and it hereby is, authorized to
perform its obligations under the 2005 Promissory Notes and its obligations
under the Indenture, as those obligations relate to the 2005 Promissory Notes.

         RESOLVED, that the Company shall be, and it hereby is, authorized to
enter into 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 among the Company, on the one hand, and
J.P. Morgan Securities Inc., (the "Underwriter"), on the other hand, relating to
the sale by the Company and the purchase by the Underwriter of up to
$500,000,000 principal amount of 2005 Promissory Notes (the "Underwriting
Agreement") 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 2005 Promissory Notes being purchased
pursuant to the Underwriting Agreement, and conditions that 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.

         RESOLVED, that the Company shall be, and it hereby is, authorized to
sell the 2005 Promissory Notes to the Underwriter pursuant to the Underwriting
Agreement at the price and pursuant to the other terms and conditions of the
Underwriting Agreement.

         RESOLVED, that the Company shall be, and it hereby is, authorized to
issue one or more global certificates to represent all of the 2005 Promissory
Notes and not otherwise issue the Notes in definitive form, and to permit each
global certificate representing 2005 Promissory Notes to be registered in the
name of a nominee of The Depository Trust Company ("DTC") and beneficial
interests in the global Notes to be otherwise shown on, and transfers of such
beneficial interests effected through, records maintained by DTC and its
participants.

         RESOLVED, that the signatures of the Authorized Officers executing any
2005 Promissory Notes 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 Notes are authenticated and
delivered and disposed of, the person signing the facsimile signature shall have
ceased to be an Authorized Officer.

         RESOLVED, that, without in any way limiting the authority heretofore
granted to any Authorized Officer, the Authorized Officers shall be, and each of
them singly 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

<PAGE>

purpose of the foregoing resolutions and fully to establish the Series 2005
Notes and to perform the provisions of the Underwriting Agreement, the Indenture
and the 2005 Promissory Notes, and to incur on behalf of the Company all such
expenses and obligations in connection therewith as they may deem proper.

Dated to be effective as of March 4, 2002.

/s/ David D. Glass                             /s/ H. Lee Scott, Jr.
---------------------------------              ---------------------------------
David D. Glass                                 H. Lee Scott, Jr.

/s/ S. Robson Walton                           /s/ Thomas M. Coughlin
---------------------------------              ---------------------------------
S. Robson Walton                               Thomas M. Coughlin<PAGE>

                                                                    Exhibit 4(c)

     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.

                              4.15% NOTES DUE 2005

Number A-.                                              CUSIP No.: 931142BQ5
$ .                                                     ISIN No.:  US931142BQ53
                                                        Common Code:  014471561

     WAL-MART STORES, INC., a corporation duly organized and existing under the
laws of the State of Delaware, and any successor corporation pursuant to the
Indenture (herein referred to as the "Company"), for value received, hereby
promises to pay to CEDE & CO. or registered assigns, the principal sum of ? on
June 15, 2005 in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private
debts, and to pay interest, computed on the basis of a 360-day year of twelve
30-day months, semi-annually in arrears on June 15 and December 15 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 December 15, 2002, on said
principal sum in like coin or currency, at the rate per annum specified in the
title of this Note from March 11, 2002 or from the most recent June 15 or
December 15 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 June 1, in the case of an
Interest Payment Date of June 15, and on the preceding December 1, in the case
of an Interest Payment Date of December 15 (each, a "Record Date").

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

<PAGE>

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

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

                                            Wal-Mart Stores, Inc.

                                            By:________________________________
                                                  Name:
                                                  Title:

[SEAL]                                      Attest:____________________________
                                                        Name:
                                                        Title:

Dated:  March 11, 2002

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                            BANK ONE TRUST COMPANY, NA,
                                             as Trustee

                                            By:________________________________
                                               Authorized Signatory

<PAGE>
                                                                               2

                              WAL-MART STORES, INC.

                              4.15% NOTES DUE 2005

          1.   Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the "4.15% Notes due 2005" (the
"Notes"), initially issued in an aggregate principal amount of $500,000,000 on
March 11, 2002. Such series of Securities has been established pursuant to, and
is one of an indefinite number of series of debt securities of the Company,
issued or issuable under and pursuant to, the Indenture, dated as of July 5,
2001 (the "Indenture"), duly executed and delivered by the Company, Wal-Mart
Cayman (Euro) Finance Co., Wal-Mart Cayman (Canadian) Finance Co. and Wal-Mart
Cayman (Sterling) Finance Co. as Issuers, the Company as Guarantor and Bank One
Trust Company, NA, as Trustee (the "Trustee"), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
rights, limitations of rights, obligations, duties and immunities thereunder of
the Trustee, the Company and the holders of the Notes and of the terms upon
which this Note is, and is to be, authenticated and delivered. The terms,
conditions and provisions of the Notes are those stated in the Indenture, those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (the "Trust Indenture Act"), and those set forth in this Note. To the
extent that the terms, conditions and other provisions of this Note modify,
supplement or are inconsistent with those of the Indenture, then the terms,
conditions and other provisions of this Note shall govern.

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

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

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

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

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

<PAGE>
                                                                               3

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

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

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

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

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

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

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

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

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

<PAGE>
                                                                               4

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

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

          (b)  Redemption Upon a Tax Event. The Notes may be redeemed at the
option of the Company in whole, but not in part, on a date (such date, the "Tax
Redemption Date") to be fixed by the Company on not more than 60 days' and not
less than 30 days' notice, at a redemption price equal to 100% of the principal
amount of the Notes (the "Redemption Price") plus accrued but unpaid interest,
if any, thereon, if the Company determines that as a result of any change in or
amendment to the laws, treaties, regulations or rulings of the United States of
America or any political subdivision or taxing authority thereof, or any
proposed change in such laws, treaties, regulations or rulings, or any change in
the official application, enforcement or interpretation of such laws, treaties,
regulations or rulings, including a holding by a court of competent jurisdiction
in the United States of America, or any other action, other than an action
predicated on laws generally known on or before March 4, 2002 except for
proposals before the U.S. Congress before such date, taken by any taxing
authority or a court of competent jurisdiction in the United States of America,
or the official proposal of any such action, whether or not such action or
proposal was taken or made with respect to the Company, (A) the Company has or
will become obligated to pay Additional Amounts or (B) there is a substantial
possibility that the Company will be required to pay such Additional Amounts.

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

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

          The notice of redemption, shall specify the following:

          (i)  the Tax Redemption Date;

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

<PAGE>
                                                                               5

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
                                                                               6

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

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

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

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

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

<PAGE>
                                                                               7

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

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

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

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

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

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

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

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

<PAGE>
                                                                               8

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

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

                                   Schedule I

<PAGE>
Wal-Mart Stores, Inc.
March 11, 2002
Page 9

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

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

________________________________________________________________________________
                         (Insert assignee's legal name)

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

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

________________________________________________________________________________

________________________________________________________________________________

and irrevocably appoint ________________________________________________________

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

                              Your Signature:___________________________________
                                             Sign exactly as your name appears
                                             on the face of this Note)

Date: ___________________

Signature Guarantee

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

                                    * * * * *

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

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT ENT -  as joint tenants with right
          of survivorship and not as
          tenants in common
________  UNIF GIFT MIN ACT - ______ Custodian _______ under the Uniform Gifts
                              (Cust)           (Minor)
          to Minors Act _______
                        (State)

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

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