Document:

SERIES TERMS CERTIFICATE

 Exhibit 4(a) 
 WAL-MART STORES, INC. 
 Series Terms Certificate 
 Pursuant to Section 3.01 of the Indenture 
 Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as 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”), Rick W. Brazile, Vice President, Finance & Planning of the Company, 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
December 14, 2006 (the “Original Series Consent”), which Series is designated as the “Floating Rate Notes Due 2008” (the “2008 Series”), by Rick W. Brazile, Vice President, Finance & Planning of the
Company, pursuant to the grant of authority under the terms of the Original Series Consent. 
 B. Each of the undersigned has read the
Indenture, including the provisions of Sections 1.02 and 3.01 and the definitions relating thereto, and the resolutions adopted in the Original Series Consent. In the opinion of the undersigned, the undersigned have made such examination or
investigation as is necessary to enable the undersigned to express an informed opinion as to whether or not all conditions precedent provided for in the Indenture relating to the execution and delivery by the Trustee of the Indenture, to the
creation, establishment and approval of the title, the form and the terms of a Series under the Indenture, and to the authentication and delivery by the Trustee of promissory notes of a Series, have been complied with. In the opinion of the
undersigned, (i) all such conditions precedent have been complied with and (ii) there are no Events of Default (as defined in the Indenture), or events which, with the passage of time, would become an Event of Default under the Indenture.

 C. Pursuant to the Original Series Consent, the Company is authorized to issue $1,500,000,000 aggregate principal amount of promissory
notes of the 2008 Series (the “Initial Notes”). A copy of the Original Series Consent is attached hereto as Annex A. Any promissory notes that the Company issues that are a part of the 2008 Series (the “Notes”) shall be
represented by global securities substantially in the form attached hereto as Annex B (the “Form of Note”). 
 D. Pursuant to
Section 3.01 of the Indenture, the terms and conditions of the 2008 Series and the promissory notes forming a part of the 2008 Series, including the Notes, are established and approved to be the following: 

	 	1.	Designation: 

 The Series established by the
Original Series Consent is designated as the “Floating Rate Notes Due 2008.” 
  

	 	2.	Aggregate Principal Amount: 

 The 2008 Series is
not limited as to the aggregate principal amount of all the promissory notes of the 2008 Series that the Company may issue. The Company is issuing the Initial Notes, which have an aggregate original principal amount of $1,500,000,000. 
  

	 	3.	Maturity: 

 Final maturity of the Notes of the 2008
Series shall be June 16, 2008. 
  

	 	4.	Interest: 

  

	 	a.	Rate 

 The Notes shall bear interest at a floating
rate equal to the Three-Month LIBOR Rate (determined as set forth below) for each interest period minus 0.10% (10 basis points), which interest shall commence accruing from and including December 21, 2006. Additional Amounts (as defined in
Section 5(a) of the Form of Note), if any, shall also be payable on the Notes. 
  

	 	b.	Interest Calculation 

 The Bank of New York Trust
Company, N.A., as calculation agent (the “Calculation Agent”), shall compute interest accruing on the Notes on a daily basis from and including the last interest payment date to which interest has been paid (or from and including the date
of issue if no interest has been paid with respect to the notes) to but excluding the applicable interest payment date or the maturity date (or the date of a tax redemption), as the case may be. If any interest payment date for the Notes (other than
the maturity date or the date of a tax redemption) would otherwise be a day that is not a business day, then the interest payment date shall be postponed to the following date which is a business day, unless that business day falls in the next
succeeding calendar month, in which case the interest payment date shall be the immediately preceding business day. If the maturity date (or the date of a tax redemption) of the Notes falls on a day which is not a business day, then the Company
shall make the required payment of principal and interest on the following day which is a business day, as if it were made on the date the payment was due. Interest shall not accrue as a result of 
  

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 this delayed payment. The term “business day” means any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in The City of New York. The Calculation Agent shall reset the rate of interest on the Notes on each interest
payment date (for such purposes, an “interest reset date”). The interest rate set for the Notes on a particular interest reset date shall remain in effect during the interest period commencing on that interest reset date. Each interest
period shall be the period from and including an interest reset date (except for the initial interest period, which shall commence on and include December 21, 2006) to but excluding the next interest reset date or until the maturity date of the
Notes, as the case may be. The Calculation Agent shall determine the interest rate applicable to the Notes on the interest determination date, which shall be the second London Business Day immediately preceding the interest reset date. The interest
rate determined on an interest determination date shall become effective on and as of the next interest reset date. The initial interest determination date shall be December 19, 2006 for the interest period commencing December 21, 2006.
“London Business Day” means any day on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 The Calculation Agent shall determine the applicable LIBOR rate according to the following provisions: 
 (i) The Three-Month LIBOR
Rate shall be the rate for three-month deposits in U.S. dollars commencing on the second London Business Day immediately following the interest determination date that appears on Bridge Telerate, Inc. (or any successor service) on Telerate Page
3750, for the purpose of displaying the London interbank offered rates of major banks as of 11:00 A.M. (London time) on that interest determination date. 
 (ii) If the applicable LIBOR rate does not appear on the indicated Telerate Page, or if that Telerate Page is unavailable, then the calculation agent shall determine LIBOR as follows: 
 (A) The Calculation Agent shall select the principal London offices of four major banks in the London interbank market. It shall request each bank to
provide its offered quotation for deposits in U.S. dollars for a three-month maturity commencing on the second London Business Day immediately following the interest determination date, to prime 
  

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 banks in the London interbank market at approximately 11:00 A.M. (London time), on the interest
determination date. These quotes shall be for deposits of at least $1 million and in a principal amount that is representative for a single transaction in U.S. dollars in the market at that time. 
 (B) If at least two of these banks provide a quotation, the Calculation Agent shall compute LIBOR as the arithmetic mean of the quotations provided.

 (C) If fewer than two of these banks provide a quotation, the Calculation Agent shall request from three major banks in The City of New
York at approximately 11:00 A.M. (New York City time), on the interest determination date, quotations for three-month loans in U.S. dollars to leading European banks, commencing on the second London Business Day immediately following the interest
determination date. These quotes shall be for loans of at least $1 million and in a principal amount that is representative for a single transaction in the market at that time. If at least two of these banks provide a quotation, the Calculation
Agent shall compute LIBOR as the arithmetic mean of the quotations provided. 
 (D) If, however, only one or none of these banks provides a
quotation, the rate of interest shall be the interest rate then in effect. 
 The interest rate payable on the Notes shall not be higher than
the maximum rate permitted by New York law as that law may be modified by U.S. law of general application. The Calculation Agent shall promptly notify the Trustee of each determination of the interest rate. The Calculation Agent shall also notify
the Trustee of the interest period, the floating rate interest payment date, the floating interest rate for that interest period, and the amount of interest to be paid on the Notes related to each interest reset date. The Calculation Agent shall
make such information available to the holders of the Notes upon request. The calculations of the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the holders of the Notes. So long as Notes are
outstanding, there shall at all times be a Calculation Agent. 
  

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 The Company shall appoint a bank, trust company, investment banking firm or other financial institution
to act as the successor calculation agent to The Bank of New York Trust Company, N.A. or any of its successors in that capacity in the event that: 
 (i) any acting Calculation Agent is unable or unwilling to act, 
 (ii) any acting Calculation Agent fails to establish the floating
interest rate, or 
 (iii) the Company proposes to remove the Calculation Agent. 
  

	 	c.	Payment Dates 

 Interest shall be payable on the
Notes quarterly in arrears on March 16, June 16, September 16, and December 16 of each year, beginning on March 16, 2007 (subject to the first paragraph of 4(b) above), to the person or persons in whose name or
names the Notes are registered at the close of business on the fifteenth day preceding the day on which interest is payable. Interest on the Notes shall be computed on the basis of the actual number of days in the relevant interest period and a
360-day year. 
  

	 	5.	Currency of Payment: 

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

	 	6.	Payment Places: 

 All payments of principal of and
interest on the Notes shall be made as set forth in Section 6 of the Form of Note. 
  

	 	7.	Optional Redemption Features: 

 The Company may
redeem the Notes upon the occurrence of certain tax events pursuant to Section 5(b) of the Form of Note. 
  

	 	8.	Special Redemption Features, etc.: 

 None.

  

	 	9.	Denominations: 

 $100,000 and integral multiples of
$1,000 for the Notes. 
  

	 	10.	Principal Repayment: 

 100% of the principal amount
of the Notes. 
  

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	 	11.	Registrar, Calculation Agent and Paying Agent: 

 The Bank of New York Trust Company, N.A. shall be the registrar, calculation agent and paying agent for the Notes. 
  

	 	12.	Payment of Additional Amounts: 

 The Company shall
pay additional amounts as set forth under Section 5 of the Form of Note. 
  

	 	13.	Book-Entry Procedures: 

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

	 	14.	Other Terms: 

 Sections 2, 3, 4, 6, 7, 8, 9, 10,
11, 12, 13, 14, 15, 16, 17 and 18 of the Form of Note attached hereto as Annex B shall also apply to the Notes. 
 The Notes shall not have
any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), (xv), (xvi), (xvii), or (xx) of Section 3.01 of the Indenture. 
 E. The Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the Notes specifically or
apply to the terms of all Securities of all Series established pursuant to and governed by the Indenture, such terms shall apply to the Notes. 
  

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 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of December 14,
2006. 
  

	
	  
 /s/ Rick W. Brazile
  

	Rick W. Brazile
	Vice President, Finance & Planning

  

	
	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. 
 December 14, 2006 
 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 to Lehman Brothers Inc.
$1.500,000,000 of such debt securities, which debt securities Lehman Brothers Inc. will offer and sell to the public in negotiated transactions, or otherwise, at varying prices from time to time, it is 
 RESOLVED, that a series of senior, unsecured floating rate of interest promissory notes of the Company in an initial aggregate principal amount of
$1,500,000,000, that shall mature on or about June 16, 2008 (the “Series 2008 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 the Series 2008 Notes shall have such terms, including the terms setting forth the manner in which the rate at which interest on
the Series 2008 Notes will accrue from time to time during the term of the Series 2008 Notes will be determined and set, 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 the Series 2008 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 the Series 2008 Notes and to approve the form, terms and conditions of the promissory notes representing notes in the Series 2008 Notes (the “2008
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 2008 Promissory Notes having an aggregate principal amount of $1,500,000,000, all as provided in the Indenture, and to deliver those 2008 Promissory Notes to the Indenture Trustee for authentication and
delivery in accordance with the terms of the Indenture; and 
 RESOLVED, that the Indenture Trustee shall be, and it hereby is,
authorized and directed to authenticate and deliver up to $1,500,000,000 aggregate principal amount of 2008 Promissory Notes to or upon the written order of the Company, as provided in the Indenture; and 
 RESOLVED, that the Company shall be, and it hereby is, authorized to perform its obligations under the 2008 Promissory Notes issued and sold by
the Company and its obligations under the Indenture, as those obligations relate to those 2008 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
Underwriting Agreement (collectively, the “Underwriting Agreement”) between the Company and Lehman Brothers Inc. (the “Underwriter”), providing for the sale by the Company and the purchase by the Underwriter of 2008 Promissory
Notes having an aggregate principal amount of $1,500,000,000 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 2008 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 
 RESOLVED, that the Company shall be, and it hereby is, authorized to sell 2008 Promissory Notes having an aggregate principal amount of $1,500,000,000 to the Underwriter pursuant to the Underwriting Agreement at the price 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 certificates to represent the 2008 Promissory Notes authorized in accordance with these resolutions and not otherwise issue the 2008 Promissory Notes in definitive form, which global certificates
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 certificates, and to permit each global certificate
representing 2008 Promissory Notes to be registered in the name of a nominee of The Depository Trust Company (“DTC”) and beneficial interests in the global certificates representing the 2008 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 2008 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 2008 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, 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 Interest Calculation Agency Agreement with The Bank of New York Trust Company, N.A., relating to the Series 2008 Notes, such agreement to be in the form and to contain such terms and conditions that the Authorized
Officer’s execution and delivery of such Interest Calculation Agency Agreement for and on behalf of the Company; 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 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 Series 2008 Notes and to perform the provisions of the Underwriting Agreement, the Indenture and the 2008 Promissory Notes, and to incur on behalf of the Company all such expenses and obligations in connection therewith as they may
deem proper. 
 Dated this 14th day of December 2006 
  

					
	 /s/ H. Lee Scott, Jr.
	 		 	 /s/ S. Robson Walton

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

  

 Annex B 
 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. 
 FLOATING RATE NOTES DUE 2008 
  

							
	 Number A-
	  		  		  	CUSIP No.: 931142 CE 1
	 $500,000,000
	  		  		  	ISIN No.: US931142CE15
		  		  		  	Common Code: 028017871

 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 June 16, 2008 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 the actual number of
days in the relevant interest period and a 360-day year, quarterly in arrears on March 16, June 16, September 16 and December 16 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day, except that if such Business Day is in the next succeeding calendar month, such interest payment shall be made on the Business Day immediately preceding such day (each, an “Interest Payment Date”), commencing on March 16, 2007,
on said principal sum in like coin or currency, at the rate per annum specified herein from December 21, 2006 or from the most recent Interest Payment Date 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 fifteenth day next preceding the applicable Interest Payment
Date (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:	 	Rick W. Brazile
	Title:	 	Vice President, Finance & Planning

  

									
	[SEAL]	 		 		 	Attest:	 	  

		 		 		 	Name:	 	Anthony D. George
		 		 		 	Title:	 	Assistant Secretary

 Dated: December 21, 2006 
 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. 
 FLOATING RATE NOTES DUE 2008 
 1. Indenture; Notes. This Note is one of a duly authorized
series of Securities of the Company designated as the “Floating Rate Notes due 2008” (the “Notes”), initially issued in an aggregate principal amount of $1,500,000,000 on December 21, 2006. 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 and sell additional Securities ranking equally with the Notes and otherwise identical in all
respects (except for their date of issue, issue price and the date from which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided, however, that no
additional Securities of any existing or new series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Interest Rate. The rate at which interest shall be payable on the Notes shall be a floating rate, which for each interest period shall be the Three-Month LIBOR Rate determined for that interest period minus
10 basis points (0.10%). 
 The Calculation Agent (as defined below) will reset the rate of interest on the Notes for each Interest Period
(as defined below) on the Interest Payment Date at the beginning of such Interest Period (each, an “Interest Reset Date”). 
 The
Calculation Agent shall determine the applicable interest rate on the Notes for the succeeding Interest Period on the date that is two London Business Days prior to the applicable Interest Reset Date (each, an “Interest Determination
Date”). The Interest Determination Date for the initial applicable interest rate on the Notes was December 19, 2006. 
 The
interest rate determined on an Interest Determination Date for the Notes (a) shall become effective on and as of the next succeeding Interest Reset Date and (b) shall be the rate at which interest is payable on the Notes for the period
from and including the Interest Reset Date on which that interest rate becomes effective to but excluding the succeeding Interest Reset Date (each, an “Interest Period”). 

 The Bank of New York Trust Company, N.A., shall act as calculation agent (together with its successors in
that capacity, the “Calculation Agent”) in connection with the Notes. The Calculation Agent shall serve as the calculation agent hereunder unless and until a successor calculation agent is appointed by the Company. The calculations of the
Calculation Agent will, in the absence of manifest error, be conclusive for all purposes and binding on the Holders of the Notes. 
 The
Company shall appoint a bank, trust company, investment banking firm or other financial institution to act as the successor calculation agent to The Bank of New York Trust Company, N.A., or any of its successors in that capacity, in the event that:
(i) any acting calculation agent is unable or unwilling to act; (ii) any acting calculation agent fails to establish the floating interest rate; or (iii) the Company proposes to remove the Calculation Agent. 
 “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are
generally authorized or required by law or regulation to close in The City of New York. 
 “London Business Day” means any day on
which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 “Three-Month LIBOR Rate” means, with
respect to any Interest Determination Date, the rate for deposits in U.S. dollars commencing on the second London Business Day immediately following the Interest Determination Date and having a three-month maturity which appears on the Telerate Page
3750 (as defined below) as of 11:00 a.m., London time, on such Interest Determination Date; provided that, if on any Interest Determination Date the applicable London interbank offered rate for deposits in U.S. dollars having a three-month maturity
does not appear on Telerate Page 3750, or if Telerate Page 3750 is not available, then the Three-Month LIBOR Rate will be determined on the basis of the rates at which deposits in U.S. dollars are offered by four major banks in the London interbank
market, which banks are to be selected by the Calculation Agent, at approximately 11:00 a.m. (London time) on such Interest Determination Date, to prime banks in the London interbank market commencing on the second London Business Day immediately
following the Interest Determination Date and having a three-month maturity and in a principal amount equal to at least $1 million and in a principal amount that is representative for a single transaction in U.S. dollars in such market at such time.
The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate for such deposits. If at least two such quotations are provided, the rate in respect of such Interest Determination Date will be
the arithmetic mean of the quotations provided to the Calculation Agent. If fewer than two such quotations are provided, the Three-Month LIBOR Rate in respect of such Interest Determination Date will be determined on the basis of the rates quoted by
three major banks located in the Borough of Manhattan, The City of New York, which banks are to be selected by the Calculation Agent, at approximately 11:00 am (New York City time) on such Interest Determination Date for loans in U.S. dollars to
leading European banks, commencing on the second London Business Day immediately following the Interest Determination Date and having a three-month maturity and in a principal amount equal 
  

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 to an amount of at least $1 million and in a principal amount that is representative for a single transaction in U.S.
dollars in such market at such time. If quotations are provided by at least two such banks, the rate in respect of such Interest Determination Date will be the arithmetic mean of the quotations provided by such banks; provided, however, that
if fewer than two such banks or none of such banks selected as aforesaid by the Calculation Agent are quoting as described in the immediately preceding sentence, the interest rate will be the interest rate on the Notes in effect on such Interest
Determination Date. 
 “Telerate Page 3750” means the display page designated as page 3750 on the Bridge Telerate, Inc. (or any
successor service) or such other page as may replace page 3750 on that service for the purpose of displaying London interbank offered rates. 
 The interest rate on the Notes will in no event be higher than the maximum rate permitted by the laws of the State of New York, as the same may be modified by the laws of the United States of general application. 
 At the request of the Holder hereof, the Trustee will provide to such Holder the interest rate then in effect for this Note, if available, and, if
different, the interest rate to be in effect as a result of a determination made on the most recent Interest Determination Date with respect to this Note, and the Interest Period related to an Interest Reset Date specified in the Holder’s
request, the amount of interest to accrue for the Interest Period to commence on such Interest Reset Date and the Interest Payment Date related to such Interest Reset Date, as soon as such information is available to the Trustee. 
 Interest payments hereon will include the amount of interest accrued from and including the most recent Interest Payment Date to which interest has been
paid to but excluding the applicable Interest Payment Date. 
 Unless otherwise specified herein, all percentages resulting from any
calculation of the rate of interest on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 4.526545% (or .04526545) will be
rounded upward to 4.52655% (or .0452655)), and all U.S. dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
 3. 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. 
 4.
Payment of Overdue Amounts. The Company shall pay interest, calculated on the basis of the actual number of days in the relevant interest period and a 360-day year, 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. 
  

 3 

 5. 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 5, 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, a personal holding company or foreign personal holding company with respect to the United States of America, or as a corporation which accumulates earnings to avoid United States federal income
tax; 
 (iv) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or
interest on this Note; 
 (v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of
principal of or interest on this Note if such payment can be made without withholding by any other paying agent; 
 (vi) any tax, assessment
or other governmental charge which would not have been imposed but for the failure to comply with certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the
United States of America of the Holder 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;

  

 4 

 (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; 
 (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 5(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 December 14, 2006 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 
  

 5 

 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 5(b), then it shall give notice to the Holders pursuant to Section 16 hereof. 
 The notice of redemption, shall specify the following: 
 (i) the Tax Redemption Date; 
 (ii) a brief statement to the effect that the Notes are being redeemed at the option of the Company pursuant to this Section 5(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. 
  

 6 

 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. 
 6.
Place and Method of Payment. The Company shall pay principal of and interest on the Notes at the office or agency of the Paying Agent in the Borough of Manhattan, The City of New York; provided, however, that at the option of the
Company, the Company may pay interest by check mailed to the person entitled thereto at such person’s address as it appears on the Registry for the Notes. 
 7. Defeasance of the Notes. Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 8. No Redemption or Sinking Fund. The Notes are not redeemable prior to maturity, other than as set forth in Section 5(b) hereof, and are not subject to a sinking fund. 
 9. Amendment and Modification. Article Nine of the Indenture contains provisions for the amendment or modification of the Indenture and the Notes
without the consent of the Holders in certain circumstances and requiring the consent of Holders of not less than a majority in aggregate principal amount of the Notes and Securities of other series that would be affected in certain other
circumstances. However, the Indenture requires the consent of each Holder of the Notes and Securities of other series that would be affected for certain specified amendments or modifications of the Indenture and the Notes. These provisions of the
Indenture, which provide for, among other things, the execution of supplemental indentures, are applicable to the Notes. 
 10. Event of
Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or
the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain cases, may automatically become, immediately due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture. The Indenture provides that, in the event of such an acceleration of the maturity of the Notes, the Holders of a majority in aggregate principal amount of all of the Notes of this series then Outstanding, voting
as a separate class, in accordance with the provisions of, and in the circumstances provided by, the Indenture, may rescind and annul such acceleration and its consequences with respect to all of the Notes. 
 11. Absolute Obligation. No reference herein to the Indenture and no provisions of the Notes or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the time and in the coin or currency herein prescribed. 
 12. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without coupons in denominations of
$100,000 and integral multiples of $1,000 in excess thereof. The Notes are being issued in the form of global notes (each, a “Global Note”), evidencing all or any portion of the Notes and registered in the name of 
  

 7 

 DTC or its nominee (including their respective successors) as Depositary under the Indenture. The Notes shall be issued
in certificated form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Depositary is at any time unwilling or unable to continue as Depositary or ceases to be a clearing agency registered under
applicable law, and a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility; (2) the Company delivers to the Trustee a Company Order to the effect that
this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal
amount. Such Definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee. 
 13. Registration,
Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive
form. At the option of the Holders, at 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 5 hereof, the Notes may be transferred or exchanged for an
equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer. 
 The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note (whether or not the Notes shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any
notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge liability for moneys payable on this Note. 
 Notwithstanding the preceding paragraphs of this Section 13, any registration of transfer or exchange of a Global Note shall be subject to the terms
of the legend appearing on the initial page thereof. 
 14. No Recourse Against Others. No recourse under or upon any obligation,
covenant or agreement of the Company arising under or set forth in the Notes or under the Indenture, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such,
past, present or future, of the Company or 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. 
  

 8 

 15. 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. 
 16. Notices. If the Company is required
to give notice to the Holders of the Notes pursuant to the terms of the Indenture, then it shall do so by the means and in the manner set forth in Section 1.06 of the Indenture. 
 17. Separability. In case any provision of the Indenture or the Notes shall, for any reason, be held to be invalid, illegal or unenforceable, then
the validity, legality and enforceability of the remaining provisions thereof and hereof shall not in any way be affected or impaired thereby. 
 18. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 9 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 For the value received, the undersigned hereby assigns
and transfers the within Note, and all rights thereunder, to: 
  

	
	  
 

 (Insert assignee’s legal name) 
  

	
	  
 

 (Insert assignee’s social security or tax identification number) 
  

	
	  
 

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

	
	  
  
 

	
	  
 

 and irrevocably 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) 
 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. 
 FLOATING RATE NOTES DUE 2008 
  

							
	 Number A-
	  		  		  	CUSIP No.: 931142 CE 1
	 $500,000,000
	  		  		  	ISIN No.: US931142CE15
		  		  		  	Common Code: 028017871

 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 June 16, 2008 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 the actual number of
days in the relevant interest period and a 360-day year, quarterly in arrears on March 16, June 16, September 16 and December 16 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day, except that if such Business Day is in the next succeeding calendar month, such interest payment shall be made on the Business Day immediately preceding such day (each, an “Interest Payment Date”), commencing on March 16, 2007,
on said principal sum in like coin or currency, at the rate per annum specified herein from December 21, 2006 or from the most recent Interest Payment Date 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 fifteenth day next preceding the applicable Interest Payment
Date (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:	 	Rick W. Brazile
		 	Title:	 	Vice President, Finance & Planning
			
	[SEAL]	 	Attest:	 	  

		 	Name:	 	Anthony D. George
		 	Title:	 	Assistant Secretary

 Dated: December 21, 2006 
 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. 
 FLOATING RATE NOTES DUE 2008 
 1. Indenture; Notes. This Note is one of a duly authorized
series of Securities of the Company designated as the “Floating Rate Notes due 2008” (the “Notes”), initially issued in an aggregate principal amount of $1,500,000,000 on December 21, 2006. 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 and sell additional Securities ranking equally with the Notes and otherwise identical in all
respects (except for their date of issue, issue price and the date from which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided, however, that no
additional Securities of any existing or new series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Interest Rate. The rate at which interest shall be payable on the Notes shall be a floating rate, which for each interest period shall be the Three-Month LIBOR Rate determined for that interest period minus
10 basis points (0.10%). 
 The Calculation Agent (as defined below) will reset the rate of interest on the Notes for each Interest Period
(as defined below) on the Interest Payment Date at the beginning of such Interest Period (each, an “Interest Reset Date”). 
 The
Calculation Agent shall determine the applicable interest rate on the Notes for the succeeding Interest Period on the date that is two London Business Days prior to the applicable Interest Reset Date (each, an “Interest Determination
Date”). The Interest Determination Date for the initial applicable interest rate on the Notes was December 19, 2006. 
 The
interest rate determined on an Interest Determination Date for the Notes (a) shall become effective on and as of the next succeeding Interest Reset Date and (b) shall be the rate at which interest is payable on the Notes for the period
from and including the Interest Reset Date on which that interest rate becomes effective to but excluding the succeeding Interest Reset Date (each, an “Interest Period”). 

 The Bank of New York Trust Company, N.A., shall act as calculation agent (together with its successors in
that capacity, the “Calculation Agent”) in connection with the Notes. The Calculation Agent shall serve as the calculation agent hereunder unless and until a successor calculation agent is appointed by the Company. The calculations of the
Calculation Agent will, in the absence of manifest error, be conclusive for all purposes and binding on the Holders of the Notes. 
 The
Company shall appoint a bank, trust company, investment banking firm or other financial institution to act as the successor calculation agent to The Bank of New York Trust Company, N.A., or any of its successors in that capacity, in the event that:
(i) any acting calculation agent is unable or unwilling to act; (ii) any acting calculation agent fails to establish the floating interest rate; or (iii) the Company proposes to remove the Calculation Agent. 
 “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are
generally authorized or required by law or regulation to close in The City of New York. 
 “London Business Day” means any day on
which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 “Three-Month LIBOR Rate” means, with
respect to any Interest Determination Date, the rate for deposits in U.S. dollars commencing on the second London Business Day immediately following the Interest Determination Date and having a three-month maturity which appears on the Telerate Page
3750 (as defined below) as of 11:00 a.m., London time, on such Interest Determination Date; provided that, if on any Interest Determination Date the applicable London interbank offered rate for deposits in U.S. dollars having a three-month maturity
does not appear on Telerate Page 3750, or if Telerate Page 3750 is not available, then the Three-Month LIBOR Rate will be determined on the basis of the rates at which deposits in U.S. dollars are offered by four major banks in the London interbank
market, which banks are to be selected by the Calculation Agent, at approximately 11:00 a.m. (London time) on such Interest Determination Date, to prime banks in the London interbank market commencing on the second London Business Day immediately
following the Interest Determination Date and having a three-month maturity and in a principal amount equal to at least $1 million and in a principal amount that is representative for a single transaction in U.S. dollars in such market at such time.
The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate for such deposits. If at least two such quotations are provided, the rate in respect of such Interest Determination Date will be
the arithmetic mean of the quotations provided to the Calculation Agent. If fewer than two such quotations are provided, the Three-Month LIBOR Rate in respect of such Interest Determination Date will be determined on the basis of the rates quoted by
three major banks located in the Borough of Manhattan, The City of New York, which banks are to be selected by the Calculation Agent, at approximately 11:00 am (New York City time) on such Interest Determination Date for loans in U.S. dollars to
leading European banks, commencing on the second London Business Day immediately following the Interest Determination Date and having a three-month maturity and in a principal amount equal 
  

 2 

 to an amount of at least $1 million and in a principal amount that is representative for a single transaction in U.S.
dollars in such market at such time. If quotations are provided by at least two such banks, the rate in respect of such Interest Determination Date will be the arithmetic mean of the quotations provided by such banks; provided, however, that
if fewer than two such banks or none of such banks selected as aforesaid by the Calculation Agent are quoting as described in the immediately preceding sentence, the interest rate will be the interest rate on the Notes in effect on such Interest
Determination Date. 
 “Telerate Page 3750” means the display page designated as page 3750 on the Bridge Telerate, Inc. (or any
successor service) or such other page as may replace page 3750 on that service for the purpose of displaying London interbank offered rates. 
 The interest rate on the Notes will in no event be higher than the maximum rate permitted by the laws of the State of New York, as the same may be modified by the laws of the United States of general application. 
 At the request of the Holder hereof, the Trustee will provide to such Holder the interest rate then in effect for this Note, if available, and, if
different, the interest rate to be in effect as a result of a determination made on the most recent Interest Determination Date with respect to this Note, and the Interest Period related to an Interest Reset Date specified in the Holder’s
request, the amount of interest to accrue for the Interest Period to commence on such Interest Reset Date and the Interest Payment Date related to such Interest Reset Date, as soon as such information is available to the Trustee. 
 Interest payments hereon will include the amount of interest accrued from and including the most recent Interest Payment Date to which interest has been
paid to but excluding the applicable Interest Payment Date. 
 Unless otherwise specified herein, all percentages resulting from any
calculation of the rate of interest on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 4.526545% (or .04526545) will be
rounded upward to 4.52655% (or .0452655)), and all U.S. dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
 3. 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. 
 4.
Payment of Overdue Amounts. The Company shall pay interest, calculated on the basis of the actual number of days in the relevant interest period and a 360-day year, 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. 
  

 3 

 5. 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 5, 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, a personal holding company or foreign personal holding company with respect to the United States of America, or as a corporation which accumulates earnings to avoid United States federal income
tax; 
 (iv) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or
interest on this Note; 
 (v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of
principal of or interest on this Note if such payment can be made without withholding by any other paying agent; 
 (vi) any tax, assessment
or other governmental charge which would not have been imposed but for the failure to comply with certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the
United States of America of the Holder 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;

  

 4 

 (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; 
 (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 5(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 December 14, 2006 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 
  

 5 

 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 5(b), then it shall give notice to the Holders pursuant to Section 16 hereof. 
 The notice of redemption, shall specify the following: 
 (i) the Tax Redemption Date; 
 (ii) a brief statement to the effect that the Notes are being redeemed at the option of the Company pursuant to this Section 5(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. 
  

 6 

 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. 
 6.
Place and Method of Payment. The Company shall pay principal of and interest on the Notes at the office or agency of the Paying Agent in the Borough of Manhattan, The City of New York; provided, however, that at the option of the
Company, the Company may pay interest by check mailed to the person entitled thereto at such person’s address as it appears on the Registry for the Notes. 
 7. Defeasance of the Notes. Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 8. No Redemption or Sinking Fund. The Notes are not redeemable prior to maturity, other than as set forth in Section 5(b) hereof, and are not subject to a sinking fund. 
 9. Amendment and Modification. Article Nine of the Indenture contains provisions for the amendment or modification of the Indenture and the Notes
without the consent of the Holders in certain circumstances and requiring the consent of Holders of not less than a majority in aggregate principal amount of the Notes and Securities of other series that would be affected in certain other
circumstances. However, the Indenture requires the consent of each Holder of the Notes and Securities of other series that would be affected for certain specified amendments or modifications of the Indenture and the Notes. These provisions of the
Indenture, which provide for, among other things, the execution of supplemental indentures, are applicable to the Notes. 
 10. Event of
Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or
the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain cases, may automatically become, immediately due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture. The Indenture provides that, in the event of such an acceleration of the maturity of the Notes, the Holders of a majority in aggregate principal amount of all of the Notes of this series then Outstanding, voting
as a separate class, in accordance with the provisions of, and in the circumstances provided by, the Indenture, may rescind and annul such acceleration and its consequences with respect to all of the Notes. 
 11. Absolute Obligation. No reference herein to the Indenture and no provisions of the Notes or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the time and in the coin or currency herein prescribed. 
 12. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without coupons in denominations of
$100,000 and integral multiples of $1,000 in excess thereof. The Notes are being issued in the form of global notes (each, a “Global Note”), evidencing all or any portion of the Notes and registered in the name of 
  

 7 

 DTC or its nominee (including their respective successors) as Depositary under the Indenture. The Notes shall be issued
in certificated form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Depositary is at any time unwilling or unable to continue as Depositary or ceases to be a clearing agency registered under
applicable law, and a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility; (2) the Company delivers to the Trustee a Company Order to the effect that
this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal
amount. Such Definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee. 
 13. Registration,
Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive
form. At the option of the Holders, at 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 5 hereof, the Notes may be transferred or exchanged for an
equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer. 
 The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note (whether or not the Notes shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any
notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge liability for moneys payable on this Note. 
 Notwithstanding the preceding paragraphs of this Section 13, any registration of transfer or exchange of a Global Note shall be subject to the terms
of the legend appearing on the initial page thereof. 
 14. No Recourse Against Others. No recourse under or upon any obligation,
covenant or agreement of the Company arising under or set forth in the Notes or under the Indenture, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such,
past, present or future, of the Company or 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. 
  

 8 

 15. 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. 
 16. Notices. If the Company is required
to give notice to the Holders of the Notes pursuant to the terms of the Indenture, then it shall do so by the means and in the manner set forth in Section 1.06 of the Indenture. 
 17. Separability. In case any provision of the Indenture or the Notes shall, for any reason, be held to be invalid, illegal or unenforceable, then
the validity, legality and enforceability of the remaining provisions thereof and hereof shall not in any way be affected or impaired thereby. 
 18. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 9 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 For the value received, the undersigned hereby assigns
and transfers the within Note, and all rights thereunder, to: 
  

	
	  
 

 (Insert assignee’s legal name) 
  

	
	  
 

 (Insert assignee’s social security or tax identification number) 
  

	
	  
 

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

	
	  
  
 

	
	  
 

 and irrevocably 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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