Document:

Series Terms Certificate

 Exhibit 4(a) 
 WAL-MART STORES, INC. 
 Series Terms Certificate 
 Pursuant to Section 3.01 of the Indenture  
 Relating to 4.875% Notes Due 2029 
 Pursuant to Section 3.01 of the Indenture, dated as
of July 19, 2005, as amended and supplemented (the “Indenture”), made between Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the
“Trustee”), Christopher K. Gould, Vice President, Capital Markets 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
September 10, 2009 (the “Series Consent”), which Series is designated as the “4.875% Notes Due 2029” (the “2029 Series”), by the Certifying Authorized Officer pursuant to the grant of authority under the terms of
the Series Consent. 
 B. Each of the undersigned has read the Indenture, including the provisions of Sections 1.02 and 3.01 and the
definitions relating thereto, and the resolutions adopted in the Series Consent. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion
as to whether or not all conditions precedent provided for in the Indenture relating to the execution and delivery by the Trustee of the Indenture, to the creation, establishment and approval of the title, the form and the terms of a Series under
the Indenture, and to the authentication and delivery by the Trustee of promissory notes of a Series, have been complied with. In the opinion of the undersigned, (i) all such conditions precedent have been complied with and (ii) there are
no Events of Default, or events which, with the passage of time, would become an Event of Default under the Indenture that have occurred and are continuing at the date of this certificate. 
 C. Pursuant to the Series Consent, the Company is authorized to issue initially €1,000,000,000 aggregate principal amount of promissory notes of the
2029 Series. A copy of the Series Consent is attached hereto as Annex A. Any promissory notes that the Company issues that are a part of the 2029 Series (the “2029 Notes”) shall be issued in registered book-entry form and shall be
represented by a global security substantially in the form attached hereto as Annex B (the “Form of 2029 Note”). The aggregate original principal amount of the 2029 Notes to be issued and sold initially by the Company (the
“Initial 2029 Notes”) will be €1,000,000,000. 

 D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2029 Series and the
2029 Notes are established and approved to be the following: 
  

	 	1.	Designation: 

 The Series established by the Series
Consent is designated as the “4.875% Notes Due 2029”. 
  

	 	2.	Aggregate Principal Amount: 

 The 2029 Series is
not limited as to the aggregate principal amount of all the promissory notes of the 2029 Series that the Company may issue. The Company is initially issuing the Initial 2029 Notes in an aggregate original principal amount of €1,000,000,000.

  

	 	3.	Maturity: 

 Final maturity of the 2029 Notes will
be September 21, 2029. 
  

	 	4.	Interest: 

  

	 	a.	Rate 

 The 2029 Notes will bear interest at the
rate of 4.875% per annum, which interest shall commence accruing from and including September 21, 2009. Additional Amounts (as defined in Section 4(a) of the Form of 2029 Note), if any, will also be payable on the 2029 Notes.

  

	 	b.	Payment Dates 

 Interest will be payable on the
2029 Notes in arrears on September 21 of each year, commencing on September 21, 2010, to the person or persons in whose name or names the 2029 Notes are registered at the close of business on the immediately preceding September 15.
Interest on the 2029 Notes will be computed on an Actual/Actual (ICMA) day count fraction basis (as defined in the Form of 2029 Note). 
  

	 	5.	Currency of Payment: 

 The principal, interest, any
Tax Redemption Price (as defined in the Form of 2029 Note) and any Additional Amounts (as defined in the Form of 2029 Note) payable with respect to the 2029 Notes shall be payable in euro (the lawful single currency adopted by participating member
states of the European Monetary Union that have adopted or that will adopt the single currency in accordance with the Treaty Establishing the European Community, as amended by the Treaty on European Union). 
  

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	 	6.	Payment Places: 

 All payments of principal of, any
Tax Redemption Price with respect to, and interest on, the 2029 Notes shall be made as set forth in Section 5 of the Form of 2029 Note. 
  

	 	7.	Optional Redemption Features: 

 The Company may
redeem the 2029 Notes upon the occurrence of certain tax events as set forth in Section 4(b) of the Form of 2029 Note. 
 There is no
sinking fund with respect to the 2029 Notes. 
  

	 	8.	Special Redemption Features, etc.: 

 None.

  

	 	9.	Denominations: 

 €50,000 and integral
multiples of €1,000 in excess thereof for the 2029 Notes. 
  

	 	10.	Principal Repayment: 

 100% of the principal amount
of the 2029 Notes. 
  

	 	11.	Registrar, Paying Agent, Transfer Agent, Authenticating Agent and Common Depositary: 

 The Bank of New York Mellon Trust Company, N.A. will be the registrar, U.S. paying agent and U.S. transfer agent for the 2029 Notes. The Bank of New York
Mellon will be the London paying agent, the London transfer agent, the Authenticating Agent and the Common Depositary for the 2029 Notes. 
  

	 	12.	Payment of Additional Amounts: 

 The Company shall
pay Additional Amounts as defined in and set forth under Section 4(a) of the Form of 2029 Note. 
  

	 	13.	Book-Entry Procedures: 

 The 2029 Notes shall
initially be issued in the form of a single global note registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee for The Bank of New York Mellon, as common depositary for Clearstream Banking,
société anonyme and Euroclear Bank S.A./N.V., and will be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2029 Note. 
  

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	 	14.	Other Terms: 

 Sections 2, 3, 4, 5, 6, 8, 9, 10,
11, 12, 13, 14, 15, 16 and 17 of the Form of 2029 Note shall also apply to the 2029 Notes. 
 The 2029 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 2029 Notes will be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2029 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 2029 Notes. 
 [Signature page follows] 
  

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 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of
September 14, 2009. 
  

	
	 /s/ Christopher K. Gould

	Christopher K. Gould
	Vice President, Capital Markets

 ATTEST: 
  

	
	 /s/ Anthony D. George

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

 ANNEX A 
 UNANIMOUS CONSENT TO ACTION 
 IN LIEU OF A SPECIAL MEETING 
 OF THE EXECUTIVE COMMITTEE OF 
 THE
BOARD OF DIRECTORS 
 OF WAL-MART STORES, INC. 
 September 10, 2009 
  
  
 The undersigned, being all of
the members of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), do hereby consent to the adoption of the following resolutions in accordance with the provisions of
Section 141(f) of the General Corporation Law of Delaware: 
 WHEREAS, the Company has registered with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder, the offer and sale in one or more offerings of an indeterminate amount of its debt securities, which debt
securities are to be issued pursuant to the terms of the Indenture, dated as of July 19, 2005, between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee under the Indenture (the
“Indenture Trustee”), as supplemented to date (the “Indenture”); and 
 WHEREAS, the Company desires to issue and
sell in an underwritten public offering (the “Offering”) its debt securities denominated in euros and having an aggregate principal amount not to exceed €1,000,000,000, a portion of which debt securities are to be offered and sold
pursuant to the Company’s Registration Statement on Form S-3ASR (Registration No. 333-156724) (the “Registration Statement”) and the balance of which debt securities are to be sold in transactions outside of the United States in
reliance on Regulation S under the Securities Act and otherwise in accordance with the laws of the countries in which such debt securities are offered and sold, and to make application for the admission of such debt securities to the Official List
of the Irish Stock Exchange and for trading on the regulated market of the Irish Stock Exchange; it is 
 NOW THEREFORE RESOLVED, that
a series of senior, unsecured promissory notes of the Company that shall mature on a date that shall be no earlier than the twentieth anniversary of, and no later than the last day of the first full month next following the thirtieth anniversary of,
the date of initial issuance of notes of such series (the “September 2009 Notes”) shall be, and it hereby is, created, established and authorized for issuance and sale pursuant to the terms of the Indenture; and be it 
 FURTHER RESOLVED, that the September 2009 Notes shall have such terms, including the rate at which interest will accrue on the Promissory Notes
(as defined below) of the September 2009 Notes and the maturity date thereof, and shall be in such form as shall be established and approved by one or more of the Chairman of the Board of Directors, the Chief Executive Officer, any Vice Chairman,
the Chief Financial Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Controller 

  

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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 the
September 2009 Notes; and be it 
 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in
the name and on behalf of the Company, to establish and to approve the terms and conditions of the September 2009 Notes, including the exact maturity date thereof, which maturity date shall be consistent with these resolutions, and the rate at which
interest shall accrue thereon, to set the aggregate principal amount of the September 2009 Notes to be sold in the Offering, which aggregate principal amount shall not exceed €1,000,000,000 (the “Offering Amount”), and to approve the
form, terms and conditions of the promissory notes representing notes in the September 2009 Notes (the “Promissory Notes”); and be it 
 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the Company, to execute Promissory Notes having an aggregate principal amount equal to the Offering Amount,
all as provided in the Indenture, and to deliver those Promissory Notes to the Indenture Trustee for authentication and delivery in accordance with the terms of the Indenture; and be it 
 FURTHER RESOLVED, that the Indenture Trustee shall be, and it hereby is, authorized and directed to authenticate and deliver Promissory Notes
having an aggregate principal amount equal to the Offering Amount to or upon the written order of the Company, as provided in the Indenture; and be it 
 FURTHER RESOLVED, that the Company shall be and hereby is authorized, and the Authorized Officers shall be, and each of them hereby is, authorized and directed to take, or cause to be taken, for and on behalf
of the Company, all actions necessary or advisable for the Company to make application for and to effect the admission of the September 2009 Notes or such Promissory Notes as are outstanding from time to time to the Official List of the Irish Stock
Exchange and for trading on the regulated market of the Irish Stock Exchange, and, in connection therewith, to prepare, execute and file all necessary applications, documents, forms and agreements with the Irish Stock Exchange, to grant all powers
of attorney to Arthur Cox Listing Services Limited, as the Company’s listing agent with respect to the admission of the September 2009 Notes or such Promissory Notes as are outstanding from time to time to the Official List of, and for trading
on the regulated market of, the Irish Stock Exchange, to pay all filing, listing and application fees and related expenses, and to take any other action necessary to achieve such admission of the September 2009 Notes or such Promissory Notes as are
outstanding from time to time to the Official List of, and for trading on the regulated market of, the Irish Stock Exchange; and be it 
 FURTHER RESOLVED, the Company shall be and hereby is authorized, and the Authorized Officers shall be, and each of them hereby is, authorized and directed, for and on behalf of the Company, to take, or cause to be taken, all actions,
to make all filings, and pay all fees necessary or advisable, in order to make application to the Irish Financial Services Regulatory Authority for, 

  

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and to obtain, the approval of a prospectus relating to the offer and sale of Promissory Notes having an aggregate principal amount equal to the Offering
Amount in member states of the European Union, pursuant to the European Union’s Directive 2003/71/EC and the Republic of Ireland’s Prospectus (Directive 2003/71/EC) Regulations 2005; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to enter into, execute and deliver, and perform its obligations under,
and each Authorized Officer is authorized to execute and deliver, for and on behalf of the Company, an Underwriting Agreement or, in the alternative, a Pricing Agreement and an Underwriting Agreement (collectively, the “Underwriting
Agreement”) between the Company and Deutsche Bank AG, London Branch, The Royal Bank of Scotland plc, and Barclays Bank PLC and any other underwriters and managers named therein (collectively, the “Underwriters”), providing for the
sale by the Company and the purchase by the Underwriters of Promissory Notes having an aggregate principal amount equal to the Offering Amount as determined by one or more Authorized Officers, such determination to be evidenced by the execution and
delivery of the Underwriting Agreement by an Authorized Officer on behalf of the Company, and any other agreements necessary to effectuate the intent of these resolutions, the Underwriting Agreement and any other such agreements to be in the forms
and to contain the terms, including the price to be paid to the Company by the Underwriters for the Promissory Notes being purchased pursuant to the Underwriting Agreement, and conditions as the Authorized Officer executing the same approves, such
approval to be conclusively evidenced by that Authorized Officer’s execution and delivery of the Underwriting Agreement or other agreement; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to sell the Promissory Notes to the Underwriters pursuant to the Underwriting Agreement at the price set forth in, and pursuant to the
other terms and conditions of, the Underwriting Agreement; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is,
authorized to perform its obligations under the Promissory Notes issued and sold by the Company and its obligations under the Indenture, as those obligations relate to those Promissory Notes; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to issue one or more global certificates to represent the Promissory
Notes authorized in accordance with these resolutions and not otherwise issue the Promissory Notes in certificated form, and to permit each global certificate representing Promissory Notes to be registered in the name of a common depository for, or
a nominee of, Clearstream Banking, S.A., Luxembourg (“Clearstream”), Euroclear Bank, S.A./N.V. (“Euroclear”) or both and beneficial interests in the global certificates representing the Promissory Notes to be otherwise shown on,
and transfers of such beneficial interests effected through, records maintained by Clearstream and Euroclear and their respective participants, as the case may be; and be it 
 FURTHER RESOLVED, that the signatures of the Authorized Officers executing any Promissory Note may be the manual or facsimile signatures of the
present or any future Authorized Officers and may be imprinted or otherwise reproduced thereon, and any such facsimile signature shall be binding upon the Company, notwithstanding the fact that at the time the Promissory Notes are authenticated and
delivered and disposed of, the person signing the facsimile signature shall have ceased to be an Authorized Officer; and be it 
  

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

 Dated this 10th 
day of September 2009 
  

					
		 		 	
			
	/s/ Michael T. Duke	 		 	/s/ S. Robson Walton
	Michael T. Duke	 		 	S. Robson Walton

  

					
		 		 	
			
	/s/ H. Lee Scott, Jr.	 		 	/s/ Christopher J. Williams
	H. Lee Scott, Jr.	 		 	Christopher J. Williams

  

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 ANNEX B 
 FORM OF GLOBAL NOTE 
 This Note is a global security and is registered in the name of The Bank of New
York Mellon Depository (Nominees) Limited, as nominee of the common depositary, The Bank of New York Mellon (the “Common Depositary”), for Clearstream Banking, société anonyme (“Clearstream”) and Euroclear
Bank S.A./N.V. (“Euroclear”). Unless and until this Note is exchanged in whole or in part for Notes in definitive form, this Note may not be transferred except as a whole by the Common Depositary or a nominee of the Common Depositary to
the Common Depositary or another depositary or by the Common Depositary or a nominee of the Common Depositary to a successor depositary or a nominee of such successor depositary. 
 WAL-MART STORES, INC. 
 4.875% NOTES DUE 2029 
  

							
	Number 1	  		  		  	ISIN No.: XS0453133950
	€1,000,000,000	  		  		  	Common Code: 045313395

 WAL-MART STORES, INC., a corporation duly organized and existing under the laws of the State of
Delaware, and any successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to THE BANK OF NEW YORK MELLON DEPOSITORY (NOMINEES) LIMITED or registered assigns, the
principal sum of ONE BILLION EURO (€1,000,000,000) on September 21, 2029 in such coin or currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the treaty
establishing the European Community, as amended by the Treaty on European Union, as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, computed on an Actual/Actual (ISMA) day count fraction
basis, annually in arrears on September 21 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on September 21, 2010, on said principal sum in
like coin or currency, at the rate per annum specified in the title of this Note from September 21, 2009 or from the most recent September 21 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 September 15 (each, a “Record Date”).
“Business Day” means any day, other than a Saturday or Sunday, that (i) is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in New York, New York or
London, England and (ii) is a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the Target2 system), or any successor thereto, operates. “Actual/Actual (ISMA) day count fraction basis” means
that interest on this Note will be calculated on the basis of the actual number of days in the period from and including the last Interest Payment Date (or, with respect to the interest payable on the first Interest Payment Date, the issue date of
this Note) to but excluding the Interest Payment Date on which the interest payment falls due. 

 Reference is made to the further provisions of this Note set forth on the succeeding sections hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to in Section 1 hereof. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be signed by its Chairman of the Board, its Vice Chairman, its President or one of its Vice
Presidents and by its Secretary or one of its Assistant Secretaries, each by manual or facsimile signature and under its corporate seal. 
  

					
		  	 WAL-MART STORES, INC.

			
		  	By:	 	  

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

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

 Dated: September 21, 2009 
  

							
		  	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	  	
	  
 This is one of the Securities of the Series
designated herein referred to in the within-mentioned Indenture.

  

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

			
		 	By:	  	THE BANK OF NEW YORK MELLON, as Authenticating Agent
				
		 	By:	  	  
	  	
		 		  	Authorized Signatory	  	

  

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 WAL-MART STORES, INC. 
 4.875% NOTES DUE 2029 
 1. Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the “4.875% Notes Due 2029” (the “Notes”), initially issued in an aggregate principal amount of €1,000,000,000 on September 21, 2009. Such series of Securities has been
established pursuant to, and is one of an indefinite number of series of debt securities of the Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, by and between the Company, as Issuer, and The Bank of
New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, by and between the Company, as Issuer, and the Trustee (the “Indenture”), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the
terms upon which this Note is, and is to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended, and those set forth in this Note. To the extent that the terms, conditions and other provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note
shall govern. 
 All capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 The Company may, without the consent of the Holders, create and issue additional Securities ranking equally with the Notes and otherwise
identical in all respects (except for their date of issue, issue price and the date from which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Ranking. The Notes shall constitute the senior unsecured debt obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior unsecured debt obligations of the Company. 
 3. Payment of Overdue Amounts.
The Company shall pay interest on overdue principal and overdue installments of interest, if any from time to time, calculated on an Actual/Actual (ISMA) day count fraction basis (giving effect to the actual payment date for such overdue principal
and overdue installments of interest), on demand at the interest rate borne by the Notes to the extent lawful. 
 4. Payment of Additional
Amounts; Redemption Upon a Tax Event. 
 (a) Payment of Additional Amounts. The Company shall pay to the Holder (including, for
purposes of this Section 4, each beneficial owner) of this Note who is a Non-U.S. Person (as defined below) additional amounts as may be necessary so that every net payment of principal of and interest on this Note to such Holder, after
deduction or withholding for or on account of any present or 

 
future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, will
not be less than the amount provided in this Note to be then due and payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts for or on
account of: 
 (i) any tax, assessment or other governmental charge that would not have been imposed but for (A) the existence of any
present or former connection between such Holder, or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation, and the United
States including, without limitation, such Holder, or such fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident of the United States of America or treated as a resident thereof or being or
having been engaged in trade or business or present in the United States of America or (B) the presentation of this Note for payment on a date more than 30 days after the later of (x) the date on which such payment becomes due and payable
and (y) the date on which payment thereof is duly provided for; 
 (ii) any estate, inheritance, gift, sales, transfer, excise, personal
property or similar tax, assessment or other governmental charge; 
 (iii) any tax, assessment or other governmental charge imposed on foreign
personal holding company income or by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or a personal holding company with respect to the United States of America or as a
corporation which accumulates earnings to avoid United States federal income tax; 
 (iv) any tax, assessment or other governmental charge
which is payable otherwise than by withholding from payment of principal of or interest on this Note; 
 (v) any tax, assessment or other
governmental charge required to be withheld by any paying agent from any payment of principal of or interest on this Note if such payment can be made without withholding by any other paying agent; 
 (vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure to comply with certification, information,
documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of America of the Holder of this Note, if such compliance is required by statute or by regulation of the United
States Treasury Department as a precondition to relief or exemption from such tax, assessment or other governmental charge; 
 (vii) any tax,
assessment or other governmental charge imposed on interest received by (A) a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation with respect to the Company within the meaning of the Code; 
  

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 (viii) any withholding or deduction that is imposed on a payment to an individual and is required to be
made pursuant to that European Union Directive relating to the taxation of savings adopted on June 3, 2003 by the European Union’s Economic and Financial Affairs Council, or any law implementing or complying with, or introduced in order to
conform to, such Directive; or 
 (ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) in this
Section 4(a); 
 nor shall any Additional Amounts be paid to any Holder who is a fiduciary or partnership to the extent that a beneficiary or settlor
with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the payment of such Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder.

 “Non-U.S. Person” means any corporation, partnership, individual or fiduciary that is, as to the United States of America, a
foreign corporation, a non-resident alien individual who has not made a valid election to be treated as a United States resident, a non-resident fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is,
as to the United States of America, a foreign corporation, a non-resident alien individual or a non-resident fiduciary of a foreign estate or trust. 
 (b) Redemption Upon a Tax Event. The Notes may be redeemed at the option of the Company in whole, but not in part, on a date (such date, the “Tax Redemption Date”) to be fixed by the Company on not
more than 60 days’ and not less than 30 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes (the “Tax Redemption Price”) plus accrued but unpaid interest, if any, and any Additional Amounts
thereon, if the Company determines that as a result of any change in or amendment to the laws, treaties, regulations or rulings of the United States of America or any political subdivision or taxing authority thereof, or any proposed change in such
laws, treaties, regulations or rulings, or any change in the official application, enforcement or interpretation of such laws, treaties, regulations or rulings, including a holding by a court of competent jurisdiction in the United States of
America, or any other action, other than an action predicated on laws generally known on or before September 14, 2009 except for proposals before the U.S. Congress before such date, taken by any taxing authority or a court of competent
jurisdiction in the United States of America, or the official proposal of any such action, whether or not such action or proposal was taken or made with respect to the Company, (A) the Company has or will become obligated to pay Additional
Amounts or (B) there is a substantial possibility that the Company will be required to pay such Additional Amounts. 
 Prior to the
publication of any notice of redemption pursuant to Section 16 hereof, the Company shall deliver to the Trustee (1) an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth a statement
of facts showing that the conditions precedent to the rights of the Company to so redeem have occurred and (2) an Opinion of Counsel to such effect based on such statement of facts. 
 If the Company elects to redeem the Notes pursuant to this Section 4(b), then it shall give notice to the Holders pursuant to Section 16
hereof. 
  

 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 Tax Redemption Price, plus accrued but unpaid interest on the Notes, if any, will become due and payable and
that interest thereon shall cease to accrue on and after such Tax Redemption Date; 
 (iv) the amount of the Tax Redemption Price and accrued
but unpaid interest, if any, that will be due and payable on the Notes on the Tax Redemption Date; 
 (v) the place or places where the Notes
are to be surrendered for payment of the Tax Redemption Price and other amounts due under clause (iv) above; 
 (vi) that payment of the
amounts due under clause (iv) above will be made upon presentation and surrender of the Notes; and 
 (vii) the ISIN and Common Code
numbers of the Notes. 
 The notice of redemption regarding the Notes shall be, at the election of the Company, given by the Company or, at
the Company’s request, by the Trustee in the name and at the expense of the Company. 
 On or before the opening of business on any Tax
Redemption Date, the Company shall deposit with the Trustee or with the U.S. Paying Agent or London Paying Agent (or, if the Company is acting as its own paying agent, segregate and hold in trust as provided in Section 5.03 of the Indenture) an
amount of money sufficient to pay the Tax Redemption Price of, and except if the Tax Redemption Date shall be an Interest Payment Date, accrued but unpaid interest on, the Notes to be redeemed on the Tax Redemption Date. 
 The notice of redemption having been given as specified above, the Notes shall, on the Tax Redemption Date, become due and payable at the Tax Redemption
Price, and from and after such date, unless the Company shall default in the payment of the Tax Redemption Price and accrued but unpaid interest, if any, the Notes shall cease to bear interest. Upon surrender of the Notes for redemption in
accordance with such notice, the Notes shall be paid by the Company at the Tax Redemption Price, together with accrued but unpaid interest, if any, to the Tax Redemption Date. 
 If the Notes, having been called for redemption, shall not be so paid upon surrender thereof for redemption, the Tax Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this Note. 
 5. Place and Method of Payment. The Company
shall pay principal (and the Tax Redemption Price, if any) of and interest on the Notes at the office or agency of the U.S. Paying Agent in the Borough of Manhattan, The City of New York and of the London 

  

 4 

 
Paying Agent in London; provided, however, that at the option of the Company, the Company may pay interest by check mailed to the person entitled
thereto at such person’s address as it appears on the Registry for the Notes. 
 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. 
 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 Note; Definitive Notes. The Notes are being issued in registered
form without interest coupons in denominations of €50,000 and integral multiples of €1,000 in excess thereof. The Notes are being issued in the form of a single global note (the “Global Note”), evidencing all or any portion of
the Notes and registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee of the Common Depositary (including its respective successors) under the Indenture. The Notes shall be issued in certificated form (each, a
“Definitive Note”) only in the following limited circumstances: (1) the Common Depositary is at any time unwilling or unable to continue as the Common Depositary, or Clearstream Banking, société anonyme or
Euroclear Bank S.A./N.V. ceases to be a clearing agency registered under applicable law, and a 

  

 5 

 
successor Common Depositary is not appointed by the Company or a successor clearing agency satisfactory to the Company is not established within 90 days
after the Company receives notice thereof; (2) the Company delivers to the Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with
respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal amount. Such Definitive Notes shall be registered in such name or names as the Common Depositary shall instruct the Trustee.

 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 the offices of the U.S. Transfer Agent or the London Transfer Agent (each as
defined in Section 14 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose pursuant to the provisions of the Indenture, and in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except for any transfer tax or other governmental charges imposed in connection therewith subject to Section 4 hereof, the Notes may be transferred or exchanged for an
equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer. 
 The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note (whether or not the Notes shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any
notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge liability for moneys payable on this Note. 
 Notwithstanding the preceding paragraphs of this Section 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 Mellon Trust Company, N.A. is hereby appointed the registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note, paying agent 

  

 6 

 
pursuant to Section 3.04 of the Indenture (the “U.S. Paying Agent”) and transfer agent (the “U.S. Transfer Agent”) with respect to
the Notes in the United States at its offices in the Borough of Manhattan, The City of New York. 
 The Bank of New York Mellon is hereby
appointed paying agent pursuant to Section 3.04 of the Indenture (the “London Paying Agent”) and transfer agent (the “London Transfer Agent”) with respect to the Notes in the United Kingdom at its offices in London.

 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 and, so long as the Notes are admitted to the Official List of the Irish Stock Exchange and to trading on its regulated market, in Ireland.
Initially, such publication shall be made in The City of New York in The Wall Street Journal, in London in The Financial Times and in Ireland in the Irish Times. Any such notice shall be deemed to have been given on the date of
publication or, if published more than once, on the date of the first publication. 
 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, UNITED
STATES OF AMERICA. 
  

 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.Form of Global Note

 Exhibit 4(b) 
 This Note is a global security and is registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee of the common depositary, The Bank of New York Mellon (the “Common
Depositary”), for Clearstream Banking, société anonyme (“Clearstream”) and Euroclear Bank S.A./N.V. (“Euroclear”). Unless and until this Note is exchanged in whole or in part for Notes in definitive
form, this Note may not be transferred except as a whole by the Common Depositary or a nominee of the Common Depositary to the Common Depositary or another depositary or by the Common Depositary or a nominee of the Common Depositary to a successor
depositary or a nominee of such successor depositary. 
 WAL-MART STORES, INC.

 4.875% NOTES DUE 2029 
  

					
	 Number 1
	 		  	ISIN No.: XS0453133950
	 €1,000,000,000
	 		  	Common Code: 045313395

 WAL-MART STORES, INC., a corporation duly organized and existing under the laws of the State of
Delaware, and any successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to THE BANK OF NEW YORK MELLON DEPOSITORY (NOMINEES) LIMITED or registered assigns, the
principal sum of ONE BILLION EURO (€1,000,000,000) on September 21, 2029 in such coin or currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the treaty
establishing the European Community, as amended by the Treaty on European Union, as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, computed on an Actual/Actual (ISMA) day count fraction
basis, annually in arrears on September 21 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on September 21, 2010, on said principal sum in
like coin or currency, at the rate per annum specified in the title of this Note from September 21, 2009 or from the most recent September 21 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 September 15 (each, a “Record Date”).
“Business Day” means any day, other than a Saturday or Sunday, that (i) is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in New York, New York or
London, England and (ii) is a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the Target2 system), or any successor thereto, operates. “Actual/Actual (ISMA) day count fraction basis” means
that interest on this Note will be calculated on the basis of the actual number of days in the period from and including the last Interest Payment Date (or, with respect to the interest payable on the first Interest Payment Date, the issue date of
this Note) to but excluding the Interest Payment Date on which the interest payment falls due. 

 Reference is made to the further provisions of this Note set forth on the succeeding sections hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to in Section 1 hereof. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be signed by its Chairman of the Board, its Vice Chairman, its President or one of its Vice
Presidents and by its Secretary or one of its Assistant Secretaries, each by manual or facsimile signature and under its corporate seal. 
  

					
		  	WAL-MART STORES, INC.
			
		  	By:	 	  

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

		  	Name:	 	Anthony D. George
		  	Title:	 	Associate General Counsel, Finance and Assistant Secretary
			
	Dated: September 21, 2009	  		 	

  

							
		  	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	  	
	  
 This is one of the Securities of the Series
designated herein referred to in the within-mentioned Indenture.

  

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

			
		 	By:	  	THE BANK OF NEW YORK MELLON, as Authenticating Agent
				
		 	By:	  	  
	  	
		 		  	Authorized Signatory	  	

  

 2 

 WAL-MART STORES, INC. 
 4.875% NOTES DUE 2029 
 1. Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the “4.875% Notes Due 2029” (the “Notes”), initially issued in an aggregate principal amount of €1,000,000,000 on September 21, 2009. Such series of Securities has been
established pursuant to, and is one of an indefinite number of series of debt securities of the Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, by and between the Company, as Issuer, and The Bank of
New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, by and between the Company, as Issuer, and the Trustee (the “Indenture”), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the
terms upon which this Note is, and is to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended, and those set forth in this Note. To the extent that the terms, conditions and other provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note
shall govern. 
 All capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 The Company may, without the consent of the Holders, create and issue additional Securities ranking equally with the Notes and otherwise
identical in all respects (except for their date of issue, issue price and the date from which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Ranking. The Notes shall constitute the senior unsecured debt obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior unsecured debt obligations of the Company. 
 3. Payment of Overdue Amounts.
The Company shall pay interest on overdue principal and overdue installments of interest, if any from time to time, calculated on an Actual/Actual (ISMA) day count fraction basis (giving effect to the actual payment date for such overdue principal
and overdue installments of interest), on demand at the interest rate borne by the Notes to the extent lawful. 
 4. Payment of Additional
Amounts; Redemption Upon a Tax Event. 
 (a) Payment of Additional Amounts. The Company shall pay to the Holder (including, for
purposes of this Section 4, each beneficial owner) of this Note who is a Non-U.S. Person (as defined below) additional amounts as may be necessary so that every net payment of principal of and interest on this Note to such Holder, after
deduction or withholding for or on account of any present or 

 
future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, will
not be less than the amount provided in this Note to be then due and payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts for or on
account of: 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 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 “Tax Redemption Price”) plus accrued but unpaid interest, if any, and any Additional Amounts
thereon, if the Company determines that as a result of any change in or amendment to the laws, treaties, regulations or rulings of the United States of America or any political subdivision or taxing authority thereof, or any proposed change in such
laws, treaties, regulations or rulings, or any change in the official application, enforcement or interpretation of such laws, treaties, regulations or rulings, including a holding by a court of competent jurisdiction in the United States of
America, or any other action, other than an action predicated on laws generally known on or before September 14, 2009 except for proposals before the U.S. Congress before such date, taken by any taxing authority or a court of competent
jurisdiction in the United States of America, or the official proposal of any such action, whether or not such action or proposal was taken or made with respect to the Company, (A) the Company has or will become obligated to pay Additional
Amounts or (B) there is a substantial possibility that the Company will be required to pay such Additional Amounts. 
 Prior to the
publication of any notice of redemption pursuant to Section 16 hereof, the Company shall deliver to the Trustee (1) an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth a statement
of facts showing that the conditions precedent to the rights of the Company to so redeem have occurred and (2) an Opinion of Counsel to such effect based on such statement of facts. 
 If the Company elects to redeem the Notes pursuant to this Section 4(b), then it shall give notice to the Holders pursuant to Section 16
hereof. 
  

 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 Tax Redemption Price, plus accrued but unpaid interest on the Notes, if any, will become due and payable and
that interest thereon shall cease to accrue on and after such Tax Redemption Date; 
 (iv) the amount of the Tax Redemption Price and accrued
but unpaid interest, if any, that will be due and payable on the Notes on the Tax Redemption Date; 
 (v) the place or places where the Notes
are to be surrendered for payment of the Tax Redemption Price and other amounts due under clause (iv) above; 
 (vi) that payment of the
amounts due under clause (iv) above will be made upon presentation and surrender of the Notes; and 
 (vii) the ISIN and Common Code
numbers of the Notes. 
 The notice of redemption regarding the Notes shall be, at the election of the Company, given by the Company or, at
the Company’s request, by the Trustee in the name and at the expense of the Company. 
 On or before the opening of business on any Tax
Redemption Date, the Company shall deposit with the Trustee or with the U.S. Paying Agent or London Paying Agent (or, if the Company is acting as its own paying agent, segregate and hold in trust as provided in Section 5.03 of the Indenture) an
amount of money sufficient to pay the Tax Redemption Price of, and except if the Tax Redemption Date shall be an Interest Payment Date, accrued but unpaid interest on, the Notes to be redeemed on the Tax Redemption Date. 
 The notice of redemption having been given as specified above, the Notes shall, on the Tax Redemption Date, become due and payable at the Tax Redemption
Price, and from and after such date, unless the Company shall default in the payment of the Tax Redemption Price and accrued but unpaid interest, if any, the Notes shall cease to bear interest. Upon surrender of the Notes for redemption in
accordance with such notice, the Notes shall be paid by the Company at the Tax Redemption Price, together with accrued but unpaid interest, if any, to the Tax Redemption Date. 
 If the Notes, having been called for redemption, shall not be so paid upon surrender thereof for redemption, the Tax Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this Note. 
 5. Place and Method of Payment. The Company
shall pay principal (and the Tax Redemption Price, if any) of and interest on the Notes at the office or agency of the U.S. Paying Agent in the Borough of Manhattan, The City of New York and of the London 

  

 4 

 
Paying Agent in London; provided, however, that at the option of the Company, the Company may pay interest by check mailed to the person entitled
thereto at such person’s address as it appears on the Registry for the Notes. 
 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. 
 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 Note; Definitive Notes. The Notes are being issued in registered
form without interest coupons in denominations of €50,000 and integral multiples of €1,000 in excess thereof. The Notes are being issued in the form of a single global note (the “Global Note”), evidencing all or any portion of
the Notes and registered in the name of The Bank of New York Mellon Depository (Nominees) Limited, as nominee of the Common Depositary (including its respective successors) under the Indenture. The Notes shall be issued in certificated form (each, a
“Definitive Note”) only in the following limited circumstances: (1) the Common Depositary is at any time unwilling or unable to continue as the Common Depositary, or Clearstream Banking, société anonyme or
Euroclear Bank S.A./N.V. ceases to be a clearing agency registered under applicable law, and a 

  

 5 

 
successor Common Depositary is not appointed by the Company or a successor clearing agency satisfactory to the Company is not established within 90 days
after the Company receives notice thereof; (2) the Company delivers to the Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with
respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal amount. Such Definitive Notes shall be registered in such name or names as the Common Depositary shall instruct the Trustee.

 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 the offices of the U.S. Transfer Agent or the London Transfer Agent (each as
defined in Section 14 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose pursuant to the provisions of the Indenture, and in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except for any transfer tax or other governmental charges imposed in connection therewith subject to Section 4 hereof, the Notes may be transferred or exchanged for an
equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer. 
 The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note (whether or not the Notes shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any
notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge liability for moneys payable on this Note. 
 Notwithstanding the preceding paragraphs of this Section 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 Mellon Trust Company, N.A. is hereby appointed the registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note, paying agent 

  

 6 

 
pursuant to Section 3.04 of the Indenture (the “U.S. Paying Agent”) and transfer agent (the “U.S. Transfer Agent”) with respect to
the Notes in the United States at its offices in the Borough of Manhattan, The City of New York. 
 The Bank of New York Mellon is hereby
appointed paying agent pursuant to Section 3.04 of the Indenture (the “London Paying Agent”) and transfer agent (the “London Transfer Agent”) with respect to the Notes in the United Kingdom at its offices in London.

 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 and, so long as the Notes are admitted to the Official List of the Irish Stock Exchange and to trading on its regulated market, in Ireland.
Initially, such publication shall be made in The City of New York in The Wall Street Journal, in London in The Financial Times and in Ireland in the Irish Times. Any such notice shall be deemed to have been given on the date of
publication or, if published more than once, on the date of the first publication. 
 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, UNITED
STATES OF AMERICA. 
  

 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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