Document:

Form of Global Debenture

 Exhibit 4.1 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) 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 SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	 Number RB-1
	  	 $            
 CUSIP

 

 
 % Debenture Due
                        , 
  

					
	 Rate of Interest
	 	Maturity Date	 	Original Issue Date
	         %
	 		 	

 ANHEUSER-BUSCH COMPANIES, INC., a Delaware corporation (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the sum of
         DOLLARS on the Maturity Date shown above, and to pay interest thereon, at the annual rate of interest shown above, from the Original Issue Date shown above or from the most recent Interest Payment
Date (as hereinafter defined) to which interest has been paid or duly provided for, payable semi-annually on          and          of each year and at maturity (an
“Interest Payment Date”), commencing on         . (Capitalized terms used herein shall have the meanings assigned in the Indenture referred to on the reverse hereof unless otherwise indicated.)

 The interest payable hereon, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in said
Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
         and          (whether or not a Business Day) preceding such Interest Payment Date; provided that interest payable on the Maturity Date shall be paid to the
Person to whom principal is payable. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date, and may be paid to the Person in whose name this Debenture
(or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Debentures not less than 10
days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in such Indenture. Payment of the principal of (and premium, if any) and interest on this Debenture will be made at the office or agency of the Company maintained for that purpose in The Borough of Manhattan, The
City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest, other than interest due on a Maturity Date,
may be made at the option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register. 
 This Debenture is one of a duly authorized issue of Debentures of the Company designated as its         % Debentures Due
         (herein called the “Debentures”), issued and to be issued under an indenture dated as of July 1, 2001 (herein called the “Indenture”), between the Company and The Bank of New
York (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and under an Authorizing Resolution
delivered to the Trustee by the Company with respect to the issuance of the Debentures, to which Indenture, Authorizing Resolution and all indentures supplemental thereto reference is hereby made for the definition of certain terms used herein, for
a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Debentures, and for the terms upon which the Debentures are, and are to be, authenticated and delivered. This Debenture is one of a series of
securities issued or to be issued by the Company under the Indenture, limited (except as otherwise provided in the Indenture) in aggregate principal amount to $        . The Indenture provides that the
Securities of the Company referred to therein (“Securities”), including the Debentures, may be issued in one or more Series, each of which may consist of one or more issues, which different Series and Issues may be issued in such principal
amounts and on such terms (including, but not limited to, terms relating to interest rate or rates, provisions for determining such interest rate or rates and adjustments thereto, maturity, redemption (optional and mandatory), sinking fund,
covenants and Events of Default) as may be provided in or pursuant to the Authorizing Resolutions (as defined in the Indenture) relating to the several Series. 
 Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof which provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by The Bank of New York, the Trustee under the Indenture, or its successor
thereunder, or by another Authenticating Agent appointed pursuant to the Indenture, by the manual signature of one of its authorized signatories, this Debenture shall not be entitled to any benefit under the Indenture, nor be valid or obligatory for
any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 
  

									
	 DATED:
	 		 	 ANHEUSER-BUSCH COMPANIES, INC.

				
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	 		 		 	 
	 This is one of the Debentures referred to in the within-
mentioned Indenture.
	 		 	 By
	 
	 		 		 	Vice President and Treasurer
	 The Bank of New York, as Trustee
	 		 	 ATTEST:

					
	 BY
	 	 	 		 		 	 
		 	Authorized Signatory	 		 		 
		 		 		 		 	Vice President and Secretary

 

 

 ANHEUSER-BUSCH COMPANIES, INC. 
 % Debenture Due 
  

			
	 The Debentures will be redeemable, in whole or in part, at the option of the Company at any time at a redemption price
equal to the greater of (i) 100% of the principal amount of such Debentures and (ii) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest
thereon (not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury
Rate (as defined below) plus     basis points plus, in each case, accrued interest thereon to the date of redemption.
 “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Debentures to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Debentures.
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such
Quotations.
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Company.
 “Reference Treasury Dealer” means (i) Banc of America Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman,
Sachs & Co., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury
Dealer selected by the Company.
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by
such Reference Treasury Dealer at 5:00 p.m. New York City time on the third Business Day preceding such redemption date.
 Notice of
any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the Debentures to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Debentures or portions thereof called for redemption.
 Notwithstanding Section 1105 of
the Indenture, notice of such redemption need not set forth the redemption price but only the manner of calculation thereof. The Company shall give the Trustee notice of the redemption price promptly after the calculation thereof and the Trustee
shall not be responsible for such calculation.
 In the event of redemption of this Debenture in part only, a new Debenture or
Debentures for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the surrender hereof.
 The
Company shall offer to repurchase the Debentures upon a Change of Control Triggering Event, as follows:
 (i) If a Change of Control
Triggering Event occurs, unless a notice of redemption has been mailed to the Holders of the Debentures within 30 days after such Event stating that all of the Debentures will be redeemed, the Company shall be required to make an offer (the
“Change of Control Offer”) to each Holder of the Debentures to repurchase all or any part of that Holder’s Debentures on the terms set forth herein. In the Change of Control Offer, the Company shall be required to offer payment in
cash equal to 101% of the aggregate principal amount of Debentures repurchased, plus accrued and unpaid interest, if any, on the Debentures repurchased to the date of repurchase (the “Change of Control Payment”). Within 30 days following
any Change of Control Triggering Event, a notice (the “Change of Control Purchase Notice”) shall be mailed to the Holders of the Debentures (with a copy to the Trustee) describing the transaction that constitutes the Change of Control
Triggering Event and offering to repurchase the Debentures on the date specified in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment
Date”).
     (ii) In order to accept the Change of Control Offer, the Holder must deliver to the Tender Agent, at least five
Business Days prior to the Change of Control Payment Date, each of the Holder’s Debentures which (or a portion of which) are to be purchased together with the form attached to the Debentures entitled “Election Form” duly completed, or
a telegraph, telex, facsimile transmission or letter from a member of a national securities exchange, the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth with respect to each such
Debenture:
 (A) the name of the Holder of such Debenture;
 (B) the principal amount of such Debenture;
 (C) the principal amount of such Debenture to be repurchased;
 (D) a statement that the Holder is accepting
the Change of Control Offer; and
 (E) a guarantee that such Debenture, together with the form entitled “Election Form”
duly completed, will be received by the Tender Agent not later than the Change of Control Payment Date.
 Any exercise by a Holder
of its election to accept the Change of Control Offer shall be irrevocable, may be for less than the entire principal amount of a Debenture and shall be subject to such administrative requirements not inconsistent with the terms hereof or of the
Indenture as may be required by the Company or the Trustee.
 (iii) On the Change of Control Payment Date, the Company shall, to the
extent lawful:
 (A) accept for payment all Debentures or portions of Debentures properly tendered pursuant to the Change of Control
Offer;
 (B) deposit with the Tender Agent an amount equal to the Change of Control Payment in respect of all Debentures or portions
of Debentures properly tendered; and
 (C) deliver or cause to be delivered to the Trustee the Debentures properly accepted together
with an Officers’ Certificate stating the aggregate principal amount of Debentures or portions of Debentures being repurchased and that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase
by the Company of Debentures pursuant to the Change of Control Offer have been complied with.
	  	 (iv) The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Debentures properly tendered and not withdrawn
under its offer. In addition, the Company shall not be required to repurchase any Debentures if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment
of the Change of Control Payment upon a Change of Control Triggering Event.
 (v) The Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Debentures as a result of a Change of Control Triggering
Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Debentures, the Company shall comply with those securities laws and regulations and shall not be deemed
to have breached its obligations under the Change of Control Offer provisions of the Debentures by virtue of any such conflict.
 (vi) For purposes of the Change of Control Offer provisions of the Debentures, the following terms are applicable.
 “Change of Control” means the occurrence of any of the following: (A) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or a Subsidiary thereof) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of
the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (B) the direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in a transaction or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to one
or more Persons (other than the Company or a Subsidiary thereof); or (C) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction shall
not be deemed to be a Change of Control if (A) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (B) (y) the direct or indirect holders of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (z) immediately following that transaction no “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), other than a holding company satisfying the requirements of this sentence, is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company.
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.
 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (A) was a
member of such Board of Directors on the date the Debentures were issued or (B) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such
Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to
such nomination).
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company.
 “Moody’s” means Moody’s Investors Service, Inc.
 “Rating Agencies” means (A) each of Moody’s and S&P; and (B) if either of Moody’s or S&P ceases to rate the Debentures or fails to make a rating of the Debentures
publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement
agency for Moody’s or S&P, or both of them, as the case may be.
     “Rating Event” means the rating on the
Debentures is lowered by each of the Rating Agencies and the Debentures are rated below an Investment Grade Rating by each of the Rating Agencies within the 60-day period (which 60-day period shall be extended so long as the rating of the Debentures
is under publicly announced consideration for a possible downgrade by either of the Rating Agencies) after the earlier of (A) the occurrence of a Change of Control and (B) public notice of the occurrence of a Change of Control or the
Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and
thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating to which this definition would otherwise apply does not publicly announce or confirm
or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control has occurred at the time of the Rating Event).
 “S&P” means
Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.
 “Tender Agent” means the
Trustee or a tender agent selected by the Company which meets the requirements of Section 609 of the Indenture, as specified in the Change of Control Purchase Notice.
 “Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is
at the time entitled to vote generally in the election of the board of directors of such person.
 If an Event of Default with
respect to the Debentures, as defined in the Indenture and in the Authorizing Resolution, shall occur and be continuing, the principal of all the Debentures may be declared due and payable in the manner and with the effect provided in the Indenture.

			
	 If at any time the Depositary for this Debenture notifies the Company that it is unwilling or unable to continue as
Depositary for this Debenture or if at any time the Depositary shall no longer be eligible under the Indenture with respect to this Debenture, and if a successor Depositary eligible under the Indenture for this Debenture is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election that the Debentures of this Issue be represented by a Global Security shall no longer be effective with respect to this
Debenture, and the Company shall execute, and the Trustee upon receipt of a Company Order for the authentication and delivery of definitive Debentures shall authenticate and deliver, Debentures in definitive form in an aggregate principal amount
equal to the principal amount of this Debenture in exchange for this Debenture. If the Company determines that the Securities of this Series shall no longer be represented by Global Securities, in accordance with the procedures of the Depositary,
the Company shall execute, and the Trustee, upon receipt of a Company Order, shall authenticate and deliver, Securities of this Series in definitive form and in an aggregate principal amount equal to the principal amount of the Global Security or
Securities representing this Series in exchange for such Global Security or Securities.
 No Holder of any Securities shall have any
right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee, or for any other remedy under
the Indenture, unless (1) the Trustee shall have received written notice from such Holder of a continuing Event of Default in respect of such Securities; (2) the Trustee shall have received a written request from the Holders of not less
than 25% in principal amount of the Outstanding Securities of the Issue or Series in respect of which the Event of Default has occurred to institute proceedings in respect of such Event of Default in its own name as trustee under the Indenture;
(3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; (4) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity has failed to institute any such proceeding; and (5) no direction inconsistent with such written request has been given to the Trustee during such 60 day period by the Holders of a majority in principal amount of the
Outstanding Securities of such Series or Issue.
 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Debentures under the Indenture at any time by the Company with the consent of the Holders of a majority in aggregate principal amount of
the Securities affected thereby, voting as a single class (which may include the Debentures), at the time Outstanding, as defined in the Indenture. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities at the time Outstanding to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Debenture shall be conclusive and binding upon such Holder and upon all future Holders of this Debenture
	  	 and of any Debenture issued on transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is
made upon this Debenture.
 No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Debenture at the times, place, and rate, and in the currency, herein prescribed.
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Debenture is registrable on the Security
Register of the Company, upon surrender of this Debenture for registration of transfer at the office or agency of the Company provided for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Debentures, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. Notwithstanding any other provision of this Debenture, unless and until this Debenture is exchanged in whole or in part for Debentures in definitive form, this Debenture may not be transferred except as a
whole by the Depositary for this Debenture to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for this
Debenture or a nominee of such successor Depositary.
 The Debentures are issuable only as registered Debentures without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Debentures are exchangeable for a like aggregate principal amount of Debentures of a different authorized
denomination, as requested by the Holder surrendering the same.
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
 Prior to due presentment for registration of transfer of this Debenture, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debenture is registered
as the owner hereof for all purposes whether or not this Debenture is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
 No recourse shall be had for the payment of the principal of (or premium, if any) or the interest on this Debenture, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of 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, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

 ELECTION FORM 
 If you elect to have this Debenture purchased by the Company upon a Change of Control Triggering Event, check this box: 
  ̈ 
 If you want to elect to have only part of this Debenture purchased by the Company upon a Change of Control Triggering Event, state the principal
amount to be purchased in part (must be integral multiples of $1,000):
$                                        
            and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Debentures to be issued to the Holder for the portion
of the within Debenture not being repurchased (in the absence of any such specification, one such Debenture will be issued for the portion not being repurchased);
                                . 
  

							
	 Date:                             
	 		 	 Your Signature:
	  	
				
		 		 	 	  	
		 		 	 (Sign exactly as your name appears on the other side of the Debenture)
	  	

  

									
	 Signature Guarantee: 
	  	 	  	 	  		  	
		  		  	 (Signature must be guaranteed)
	  		  	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended. 
 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according to applicable laws or regulations 
  

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

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

 FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto 

					
			
	 	  		  	 
	 [PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE]
	  		  	 [PLEASE PRINT OR TYPE NAME AND ADDRESS
 INCLUDING ZIP CODE, OF ASSIGNEE]

	 the within Debenture and all rights thereunder, hereby irrevocably constituting and appointing such person attorney to transfer such Debenture on the books of the Issuer,
with full power of substitution in the premises.

			
	 	  		  	 
	DATE	  		  	SIGNATURE
	 NOTICE: The signature must correspond with the name as written upon the face of the within Debenture in every particular without alteration or
enlargement or any change whatsoever.SERIES TERM CERT. 5.800% NOTES

 Exhibit 4(a) 
 WAL-MART STORES, INC. 
 Series Terms Certificate 
 Pursuant to Section 3.01 of the Indenture  
 Relating to 5.800% Notes Due 2018 
 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 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
August 16, 2007 (the “Original Series Consent”), which Series is designated as the “5.800% Notes Due 2018” (the “2018 Series”), by the Certifying Authorized Officer 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, 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 Original Series Consent and a Note Issuance Approval, dated August 17, 2007 (the “Note Issuance Approval”), and executed
by the Chief Executive Officer and the Executive Vice President and Chief Financial Officer of the Company pursuant to the Original Series Consent, the Company is authorized to issue initially $2,750,000,000 aggregate principal amount of promissory
notes of the 2018 Series (the “Initial 2018 Notes”) and the other promissory notes of the other series of notes established by the Original Series Consent. A copy of the Original Series Consent is attached hereto as Annex A, and a
copy of the Note Issuance Approval is attached hereto as Annex B. Pursuant to authority delegated by the Original Series Consent to the Certifying Authorized Officer, the Certifying Authorized Officer has approved and set the aggregate
principal amount of the Initial 2018 Notes to be $500,000,000. Any promissory notes that the Company 

 
issues that are a part of the 2018 Series (the “2018 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 C (the “Form of 2018 Note”). 
 D. Pursuant to Section 3.01
of the Indenture, the terms and conditions of the 2018 Series and the promissory notes forming a part of the 2018 Series, including the 2018 Notes, are established and approved to be the following: 
  

	 	1.	Designation: 

 The Series established by the
Original Series Consent is designated as the “5.800% Notes Due 2018”. 
  

	 	2.	Aggregate Principal Amount: 

 The 2018 Series is
not limited as to the aggregate principal amount of all the promissory notes of the 2018 Series that the Company may issue. The Company is issuing the Initial 2018 Notes, which have an aggregate original principal amount of $500,000,000. 

 

	 	3.	Maturity: 

 Final maturity of the 2018 Notes will
be February 15, 2018. 
  

	 	4.	Interest: 

  

	 	a.	Rate 

 The 2018 Notes will bear interest at the
rate of 5.800% per annum, which interest shall commence accruing from and including August 24, 2007. Additional Amounts (as defined in Section 4(a) of the Form of 2018 Note), if any, will also be payable on the 2018 Notes. 

 

	 	b.	Payment Dates 

 Interest will be payable on the
2018 Notes semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2008, to the person or persons in whose name or names the 2018 Notes are registered at the close of business on the immediately
preceding February 1 or August 1, as the case may be. Interest on the 2018 Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  

 2 

	 	5.	Currency of Payment: 

 The principal and interest
payable with respect to the 2018 Notes shall be payable in United States dollars. 
  

	 	6.	Payment Places: 

 All payments of principal of, any
Tax Redemption Price with respect to, and interest on, the 2018 Notes shall be made as set forth in Section 5 of the Form of 2018 Note. 
  

	 	7.	Optional Redemption Features: 

 The Company may
redeem the 2018 Notes upon the occurrence of certain tax events as set forth in Section 4(b) of the Form of 2018 Note. 
 There is no
sinking fund with respect to the 2018 Notes. 
  

	 	8.	Special Redemption Features, etc.: 

 None.

  

	 	9.	Denominations: 

 $2,000 and integral multiples of
$1,000 in excess thereof for the 2018 Notes. 
  

	 	10.	Principal Repayment: 

 100% of the principal amount
of the 2018 Notes. 
  

	 	11.	Registrar, Paying Agent and Transfer Agent: 

 The
Bank of New York Trust Company, N.A. will be the registrar, paying agent and transfer agent for the 2018 Notes. 
  

	 	12.	Payment of Additional Amounts: 

 The Company shall
pay additional amounts as set forth under Section 4(a) of the Form of 2018 Note. 
  

	 	13.	Book-Entry Procedures: 

 The 2018 Notes shall be
issued in the form of a single global note registered in the name of Cede & Co., as nominee for 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 2018 Note. 
  

	 	14.	Other Terms: 

 Sections 2, 3, 6, 8, 9, 10, 11, 12,
13, 14, 15, 16 and 17 of the Form of 2018 Note attached hereto as Annex B shall also apply to the 2018 Notes. 
  

 3 

 The 2018 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 2018 Notes will be
issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2018 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 2018 Notes. 
  

 4 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of August 17,
2007. 
  

	
	 /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

 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. 
 August 16, 2007 
  

 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, 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 Trust Company, N.A., a national banking association, as trustee (the “Indenture Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, between the Company and the Trustee
(the “Indenture”); and 
 WHEREAS, the Company desires to issue and sell in an underwritten public offering (the
“Offering”) pursuant to the Company’s Registration Statement on Form S-3 (Registration No. 333-130569) the Company’s debt securities having an aggregate principal amount of $2,000,000,000 or such aggregate principal amount
in excess thereof as shall be approved by the Chief Executive Officer of the Company and the Executive Vice President and Chief Financial Officer of the Company and shall not exceed $3,000,000,000 (such amount, the “Authorized Principal
Amount”); it is 
 RESOLVED, that a series of senior, unsecured promissory notes of the Company in an initial aggregate principal
amount to be determined, in the manner described in and subject to the limitations contained in these resolutions, by the Authorized Officers (as defined below), that shall mature no earlier than on or about the tenth anniversary of, and no later
than on or about the eleventh anniversary of, the date of issuance of such promissory notes and otherwise having the terms established as provided in these resolutions (the “Series A Notes”) shall be, and it hereby is, created, established
and authorized for issuance and sale pursuant to the terms of the Indenture; and 
 RESOLVED, that a series of senior, unsecured
promissory notes of the Company in an initial aggregate principal amount to be determined, in the manner described in and subject to the limitations contained in these resolutions, by the Authorized Officers, that shall mature on or about the
thirtieth anniversary of the date of issuance of such promissory notes and otherwise having the terms established as provided in these resolutions (the “Series B Notes” and, together with the Series A Notes, the “August 2007
Notes”) shall be, and it hereby is, created, established and authorized for issuance and sale pursuant to the terms of the Indenture; and 

 RESOLVED, that each series of the August 2007 Notes shall have such terms, including the rate or
rates (whether such rates be fixed, floating, variable or otherwise determinable with reference to a formula or extrinsic event) at which interest will accrue on the Promissory Notes (as defined below) of such series of August 2007 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 “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 such series of
August 2007 Notes; and 
 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 each series of the August 2007 Notes, to set the aggregate principal amount of the notes of each series of the August 2007 Notes to be sold in the Offering and to approve
the form, terms and conditions of the promissory notes (including the global promissory notes) representing the notes of each series of the August 2007 Notes (the “Promissory Notes”); and 
 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 of each series of August 2007 Notes having an aggregate principal amount to be determined to be for sale in the Offering by one or more Authorized Officers pursuant to the authority delegated hereby, 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; provided that the aggregate principal amount of August 2007 Notes issued pursuant to the
authority granted by these resolutions for both such series shall not exceed the Authorized Principal Amount; and 
 RESOLVED, that
the Indenture Trustee shall be, and it hereby is, authorized and directed to authenticate and deliver Promissory Notes relating to the Series A Notes to or upon the written order of the Company in an aggregate principal amount determined by the
Authorized Officers, as provided in the Indenture; and 
 RESOLVED, that the Indenture Trustee shall be, and it hereby is, authorized
and directed to authenticate and deliver Promissory Notes relating to the Series B Notes to or upon the written order of the Company in an aggregate principal amount determined by the Authorized Officers, as provided in the Indenture; and

 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 
 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 

  

 2 

 
Underwriting Agreement (collectively, the “Underwriting Agreement”) between the Company and Banc of America Securities LLC, Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and any other underwriters 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 not to exceed the Authorized Principal Amount, which aggregate principal amount of such Promissory Notes shall be 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 of each series of August 2007 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 
 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 or prices set forth in, and pursuant to the other terms and conditions of, the Underwriting Agreement; and 
 RESOLVED, that the Company shall be, and it hereby is, authorized to issue one or more global notes to represent the Promissory Notes of each series of August 2007 Notes authorized in accordance with these resolutions and not
otherwise issue the Promissory Notes of either series of August 2007 Notes in definitive form, which global notes shall be in such form as the Authorized Officer executing the same shall approve, such approval to be conclusively evidenced by that
Authorized Officer’s execution and delivery of such global notes, and to permit each global note representing Promissory Notes to be registered in the name of a nominee of The Depository Trust Company (“DTC”) and beneficial interests
in the global notes representing the Promissory Notes to be otherwise shown on, and transfers of such beneficial interests effected through, records maintained by DTC and its participants; and 
 RESOLVED, that the signatures of the Authorized Officers executing any Promissory Note, including any global note representing any Promissory Note
or 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 Promissory Notes are authenticated and delivered and disposed of, the person signing the facsimile signature shall have ceased to be an Authorized Officer; and 
 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 agreements, documents and instruments and to take any and all such actions, for and on
behalf of the Company, 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 each series of August 2007 Notes and to perform the provisions of the
Underwriting Agreement, the Indenture and the Promissory Notes, and to incur on behalf of the Company all such expenses and obligations in connection therewith as they may deem proper. 
  

 3 

 Dated this 16th day of August 2007 
  

					
	 /s/ H. LEE SCOTT, JR.
	 		 	 /s/ S. ROBSON WALTON

	 H. Lee Scott, Jr.
	 		 	S. Robson Walton
			
	 /s/ CHRISTOPHER J. WILLIAMS
	 		 	
	 Christopher J. Williams
	 		 	

 4 
 
 ANNEX B 
 WAL-MART STORES, INC.

 Note Issuance Approval 
 In accordance with the resolutions adopted by the Unanimous Consent to Action in Lieu of Special Meeting of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc., dated August 16, 2007 (the “Consent”),
the undersigned hereby approve the sale and issuance of August 2007 Notes (as defined in the Consent) having an aggregate principal amount of $2,750,000,000 and as otherwise contemplated by such resolutions. 
 Dated: August 17, 2007 
  

	
	 /s/ H. LEE SCOTT, JR.

	H. Lee Scott, Jr., President and Chief Executive Officer of Wal-Mart Stores, Inc.
	
	 /s/ THOMAS M. SCHOEWE

	Thomas M. Schoewe, Executive Vice President and Chief Financial Officer of Wal-Mart Stores, Inc.

  

 ANNEX C 
 FORM OF GLOBAL NOTE 
 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. 
 5.800% NOTES DUE 2018 
  

					
	Number A-1	 		 	CUSIP No.: 931142 CJ0
	$500,000,000	 		 	ISIN No.: US931142CJ02
		 		 	Common Code: 031798191

 WAL-MART STORES, INC., a corporation duly organized and existing under the laws of the State of
Delaware, and any successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of FIVE HUNDRED MILLION
DOLLARS on February 15, 2018 in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, computed on the basis of a 360-day year
consisting of twelve 30-day months, semi-annually in arrears on February 15 and August 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 February 15, 2008, on said principal sum in like coin or currency, at the rate per annum specified in the title of this Note from August 24, 2007 or from the most recent February 15 or August 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
February 1, in the case of an Interest Payment Date of February 15, and on the preceding August 1, in the case of an Interest Payment Date of August 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. 
 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:	 	Charles M. Holley, Jr.
		 	Title:	 	Executive Vice President, Finance and Treasurer
			
	 [SEAL]
	 	Attest:	 	  

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

 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 TRUST COMPANY, N.A., as Trustee

		
	 By:
	 	  

		 	Authorized Signatory

 WAL-MART STORES, INC. 
 5.800% NOTES DUE 2018 
 1. Indenture; Notes. This Note is one of a duly authorized series of Securities of the
Company designated as the “5.800% Notes Due 2018” (the “Notes”), initially issued in an aggregate principal amount of $500,000,000 on August 24, 2007. Such series of Securities has been established pursuant to, and is one of
an indefinite number of series of debt securities of the Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006 (the
“Indenture”), by and between the Company, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the terms upon which this Note is, and is to be, authenticated and delivered. The terms, conditions and
provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and those set forth in this Note. To the extent that the terms, conditions and other provisions
of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note shall govern. 
 All capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture. 
 The Company may, without the consent of the Holders, issue additional Securities ranking equally with the Notes and otherwise identical in all respects (except for their date of issue, issue price and the date from
which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided, however, that no additional Securities of any existing or new series may be issued under
the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Ranking. The Notes shall constitute the senior, unsecured and
unsubordinated debt obligations of the Company and shall rank equally in right of payment among themselves and with all other existing and future senior, unsecured and unsubordinated debt obligations of the Company. 
 3. Payment of Overdue Amounts. The Company shall pay interest, calculated on the basis of a 360-day year consisting of twelve 30-day months, on overdue principal
and overdue installments of interest, if any, from time to time on demand at the interest rate borne by the Notes to the extent lawful. 
 4. 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, the beneficial owner) of this Note who is a Non-U.S. Person (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 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 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; 
  

 2 

 (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 “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 August 17, 2007 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. 
  

 3 

 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 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 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 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 CUSIP, 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 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 

  

 4 

 
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 or 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. 
 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. 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. 
 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 interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
The Notes are being issued in the form of one or more global notes (each, a “Global Note”), evidencing all or any portion of the Notes and registered in the name of DTC or its nominee (including their respective successors) as Depositary
under the Indenture. The Notes shall be issued in certificated form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Depositary is at any time unwilling or unable to continue as Depositary or ceases to
be a clearing agency registered under applicable law, and a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility; (2) the Company delivers to the
Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an 

  

 5 

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

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 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. 
 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 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.

  

 7 

 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.

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